Nigeria Opposition Party Slams UK Port Deal as ‘Debt-Burdened’
Nigeria’s opposition African Democratic Congress (ADC) has condemned a £746 million port rehabilitation agreement signed with the United Kingdom, calling it a commercially structured loan that disproportionately benefits the British economy and saddles Nigeria with debt.
The deal, signed during President Bola Tinubu’s recent state visit to London, targets the rehabilitation of Lagos’s Tin Can and Apapa ports. However, the ADC asserts the arrangement, facilitated through the UK Export Finance Buyer Credit Facility and arranged by Citibank’s London branch, is designed to ensure most funding flows back to UK companies.
In a statement, ADC National Publicity Secretary Bolaji Abdullahi accused the government of misrepresenting the agreement as a diplomatic triumph. “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,” he said.
Citing the UK government’s own description of the deal as a “major vote of confidence in UK manufacturing,” the party noted that at least £236 million in supplier contracts are earmarked for British firms. It highlighted a reported £70 million contract for British Steel to supply 120,000 tonnes of steel billets as the largest export order backed by the UK export credit agency.
The ADC warned the arrangement could leave Nigeria at a financial disadvantage in exchange for “a few hours of pomp and pageantry.” The party has demanded full transparency from the Federal Government, calling for public disclosure of the agreement’s full terms, including interest rates, repayment schedules, and details on local participation.
Specific questions raised include the number of jobs for Nigerians, the project timeline, provisions for skills transfer, and quotas for Nigerian small and medium enterprises and host communities. “Without such disclosures, citizens may view the agreement as one that risks mortgaging the country’s future,” the statement concluded.
The port rehabilitation aims to address chronic congestion at Nigeria’s busiest ports, critical hubs for West African trade. The government has yet to publicly respond to the ADC’s detailed critiques.
