China Naira policy earns APC praise as Lagos chapter hails it a game-changer for forex relief, trade ease, and economic recovery
China Naira policy earns APC praise as Lagos chapter hails it a game-changer for forex relief, trade ease, and economic recovery.
Also read: APC, Opposition Clash Over Tinubu’s 2025 Revenue Target Claim
China Naira policy has been described as a historic economic breakthrough by the Lagos State Chapter of the All Progressives Congress (APC), following China’s approval of the Nigerian Naira for international transactions.
In a statement issued on Monday, APC spokesman Seye Oladejo said the policy marks a decisive shift in Nigeria’s economic diplomacy and offers real-time relief to local businesses, importers, and manufacturers struggling with foreign exchange challenges.
Oladejo emphasized that China’s decision to transact in Naira will reduce Nigeria’s overdependence on the US dollar, ease pressure on the FX market, and help stabilize the local currency.
“China remains one of Nigeria’s largest trading partners,” he noted. “The ability to settle transactions directly in Naira means lower costs, faster payments, and improved ease of doing business.”
He said the development would immediately make imports of essential goods, machinery, and raw materials more affordable, while creating broader access for Nigerian exports into Chinese markets.
According to Oladejo, local manufacturers now have a stronger incentive to ramp up production, knowing they can tap into the vast Chinese consumer base without the dollar bottleneck.
The China Naira policy is also expected to boost global investor confidence, attract foreign direct investment, and position Nigeria within the growing global movement toward a multipolar currency system where emerging economies push for currency sovereignty in trade.
Taking a swipe at critics, the APC spokesman said the development undercuts opposition claims that the economy is on the brink.
“This shatters their doomsday narrative. President Tinubu has shown strong, visionary leadership and Nigeria is firmly on the path of recovery and growth,” Oladejo said.
Also read: APC, Opposition Clash Over Tinubu’s 2025 Revenue Target Claim
The party commended President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance, urging stakeholders—especially manufacturers, traders, and financial institutions—to take full advantage of the policy shift.
