APC Welcomes China’s Acceptance of Naira, Calls It a Boost for Tinubu’s Economic Reforms

By Diafa Doubra,

The All Progressives Congress (APC), Lagos State chapter, has applauded the recent decision by China to officially accept the naira as a means of trade settlement, describing the move as a major victory for President Bola Tinubu’s economic policies.

In a statement released on Monday, the party said the development marks a new chapter in Nigeria’s foreign trade relations, as it reduces the over dependence on the U.S. dollar and eases pressure on Nigeria’s foreign reserves.

According to the APC, China’s acceptance of the naira will not only strengthen bilateral trade but also open the door for Nigerian businesses to engage more confidently in international transactions without the bottlenecks caused by dollar shortages.

“This is a clear endorsement of President Tinubu’s economic reforms. For decades, Nigeria has been trapped in the stranglehold of dollar dependency. China’s move validates our currency and will encourage other nations to follow suit,” the party noted.

Nigeria and China already share strong trade ties, with China serving as one of Nigeria’s largest import partners for goods ranging from electronics and textiles to heavy machinery. The acceptance of the naira is expected to make trade more cost-effective for Nigerian businesses, many of whom have struggled under rising foreign exchange costs.

Economic observers have also hailed the move, pointing out that it could help stabilize the naira in the long run by increasing its utility outside Nigeria. However, some caution that the benefit will only be felt if Nigeria improves its export capacity, rather than remaining heavily import-dependent.

The APC further urged Nigerians to be patient with ongoing reforms, stressing that while the transition may be tough, measures like this prove that the country is on the right path toward economic recovery.