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Opposition blasts deal: ADC says £746m UK-Nigeria port deal favours Britain, burdens Nigeria with debt.
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Commercial loan, not aid: Party claims funding largely returns to UK via procurement of British goods.
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Calls for transparency: ADC urges disclosure of interest rates, repayment terms, job creation, and local participation.
The African Democratic Congress (ADC) has criticised the £746 million port rehabilitation agreement signed between Nigeria and the United Kingdom during President Bola Tinubu’s recent London visit, labelling it a “mugu agreement” that benefits Britain more than Nigeria.
In a statement on Sunday, the party’s National Publicity Secretary, Bolaji Abdullahi, said the deal, meant to upgrade Lagos’ Tin Can and Apapa ports, essentially serves the UK’s manufacturing sector while saddling Nigeria with significant debt.
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Abdullahi explained, “Although the APC government has tried to hoodwink Nigerians by portraying the agreement as a diplomatic success, it is, in reality, a commercial loan arrangement with conditionalities that ensure that a substantial portion of the funds either remains within the United Kingdom or is repatriated back to it.”
The ADC highlighted that the deal is structured through the UK Export Finance Buyer Credit Facility and arranged by Citibank London, allowing foreign buyers to access loans to purchase goods and services from UK firms.
According to the party, at least £236 million of the £746 million in supplier contracts would go to British companies, including a £70 million contract for 120,000 tonnes of steel billets from British Steel.
The opposition warned that Nigeria could be disadvantaged and urged the Federal Government to provide full details, including applicable interest rates, repayment terms, local content participation, job creation, project timeline, skills transfer, and limits on expatriate staff.
Abdullahi added, “If the APC government has answers to these questions, it should make them available to Nigerians. Without such disclosures, citizens may view the agreement as one that risks mortgaging the country’s future.”
