The Lagos State chapter of the All Progressives Congress (APC) has lauded China’s decision to accept the Nigerian Naira for bilateral transactions, hailing it as a landmark achievement in Nigeria’s economic diplomacy and a significant boost to President Bola Tinubu’s economic recovery agenda. This move, according to the party’s spokesman, Seye Oladejo, represents a strategic step towards diversifying Nigeria’s foreign exchange reserves and reducing its reliance on the US dollar, a dependence that has often exposed the nation’s economy to vulnerabilities stemming from dollar fluctuations and global economic shocks. By facilitating trade directly in Naira, the policy is expected to streamline international transactions, mitigate exchange rate volatility, and foster a more stable economic environment conducive to growth and development.
The APC emphasizes the considerable economic advantages this agreement offers Nigerian businesses, importers, and manufacturers. Conducting trade in Naira eliminates the need for costly dollar conversions, reduces transaction fees, and expedites payment processes, effectively lowering the overall cost of doing business. This cost efficiency will have a ripple effect across the economy, making imported goods, essential machinery, and vital technologies more affordable for Nigerian businesses. Simultaneously, it opens up broader access to the vast Chinese market for Nigerian exports, promoting diversification of the nation’s export portfolio and strengthening its international trade position.
This policy shift also provides a much-needed impetus for local producers to expand their operations, knowing that the accessibility of the Chinese market has significantly improved. The removal of the dollar dependency as a barrier to entry empowers Nigerian manufacturers to compete more effectively on the global stage and capitalize on the vast consumer base that China represents. This, in turn, is expected to generate increased domestic production, create more jobs, and contribute to overall economic expansion.
The implications of China accepting the Naira extend beyond immediate trade benefits. The APC believes this move signifies a growing global confidence in the Nigerian economy and will attract increased foreign direct investment. It aligns Nigeria with the emerging trend towards a multipolar financial world, where emerging economies play a more prominent role and assert the strength and viability of their respective currencies in international trade. This underscores the Tinubu administration’s commitment to positioning Nigeria as a key player in the evolving global economic landscape.
The APC contrasts this positive development with what they perceive as the opposition’s pessimistic outlook, characterizing their predictions as a “doomsday narrative” that has been effectively challenged by this significant economic breakthrough. The party views this policy as a tangible demonstration of President Tinubu’s ability to navigate complex economic challenges and deliver on his promise of economic revitalization. It further reinforces the narrative of a nation on a clear trajectory towards recovery and sustainable growth.
Finally, the APC extends its congratulations to President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance for their collective efforts in achieving this landmark agreement. The party recognizes this as a testament to the administration’s visionary leadership and strategic economic planning. Furthermore, they urge Nigerian manufacturers, traders, exporters, and financial institutions to fully leverage the opportunities presented by this development, maximizing its potential to drive economic prosperity and enhance Nigeria’s position in the global marketplace.
