The African Democratic Congress (ADC) has criticised a £746 million port rehabilitation agreement signed between Nigeria and the United Kingdom during President Bola Ahmed Tinubu’s recent visit to London, describing the deal as unfavourable to Nigeria and overly beneficial to the British economy.
In a statement issued on Sunday, the party’s National Publicity Secretary, Bolaji Abdullahi, argued that the agreement—targeting the rehabilitation of the Tin Can and Apapa ports in Lagos—is structured in a way that primarily supports the United Kingdom’s manufacturing sector while placing significant debt obligations on Nigeria.
According to the ADC, the Federal Government has presented the deal as a diplomatic milestone. However, the party insists it is essentially a commercial loan with strict conditions that ensure a large portion of the funds is either retained within or redirected back to the UK through the procurement of British goods and services.
The ADC noted that the financing arrangement will be executed through the UK Export Finance Buyer Credit Facility, with Citibank’s London branch acting as the arranger. Under this model, foreign buyers can access loans from commercial banks specifically to purchase goods and services from UK-based companies.
Citing information from the UK government, the party highlighted that the agreement has been described as a “major vote of confidence in UK manufacturing.” It added that approximately £236 million of the total contract value is expected to go to British suppliers. Furthermore, British Steel is reportedly set to supply about 120,000 tonnes of steel billets under a £70 million contract—its largest export order supported by the UK’s export credit agency.
The ADC expressed concern that Nigeria could be entering a deal that places it at a disadvantage, questioning the long-term economic implications. The party called on the Federal Government to disclose full details of the agreement, including interest rates, repayment terms, and the extent of local participation.
It also demanded clarity on job creation, project timelines, and provisions for skills transfer, urging the government to ensure meaningful involvement of Nigerian businesses and host communities.
