China’s Acceptance of Naira: A Landmark Development for Nigeria’s Economy

China’s Acceptance of Naira: A Landmark Development for Nigeria’s Economy

The All Progressives Congress (APC), Lagos State Chapter, welcomes the recent announcement that Chinese businesses will now accept the Nigerian Naira for transactions. This bold step represents a milestone in Nigeria’s economic diplomacy and signals growing global confidence in the Naira under the leadership of President Bola Ahmed Tinubu.

1. Strengthening the Naira

By reducing Nigeria’s overdependence on the US Dollar for international trade, this policy provides immediate relief for businesses, importers, and manufacturers. It also reduces pressure on the foreign exchange market and strengthens the value of the Naira, ensuring greater stability in the economy.

2. Boost to Bilateral Trade

China remains one of Nigeria’s largest trading partners. The ability to settle transactions directly in Naira means lower transaction costs, faster payments, and improved ease of doing business. This will make imports of essential goods, machinery, and technology cheaper while also opening wider access for Nigerian exports into Chinese markets.

3. Encouraging Local Production

Beyond trade facilitation, this development will encourage Nigerian producers to scale up production, knowing that their goods and services can now access one of the world’s largest consumer markets without the heavy burden of dollar dependence. This aligns with the government’s commitment to diversify the economy and promote non-oil exports.

4. Attracting Investments

China’s acceptance of the Naira will boost investor confidence globally. It sends a clear signal that Nigeria is a serious player in the global economy and that its currency is gaining international recognition. This is expected to attract new foreign direct investments into strategic sectors like infrastructure, energy, and technology.

5. A Step Toward a Multipolar Financial Order

This move is not just about Nigeria and China-it reflects the broader global shift toward a multipolar financial system where emerging economies assert their currencies in global trade. Nigeria is rightly taking its place in this new order, ensuring that our economy is not perpetually tied to the vagaries of a single foreign currency.

6. A Sad Day for the Opposition

It must also be said that while this development brings renewed hope for Nigerians, it is a sad day for the opposition parties who thrive on bad news and setbacks. For too long, they have prayed for economic failure to score cheap political points. This breakthrough shatters their doomsday narrative and reinforces that under President Tinubu and the APC, Nigeria is firmly on the path to economic recovery and growth.

Conclusion

The APC congratulates President Bola Ahmed Tinubu, the Central Bank of Nigeria, and the Ministry of Finance for this visionary achievement. For Nigerian businesses and households, this means reduced forex scarcity, stronger purchasing power, and a more resilient economy.

It is now incumbent upon all stakeholders-manufacturers, traders, exporters, and financial institutions-to seize this opportunity and work towards maximizing the benefits of this historic breakthrough.

Mogaji (Hon) Seye Oladejo. 

Lagos APC Spokesman. 

08/09/25.