The African Democratic Congress (ADC) has criticised the £746 million port rehabilitation agreement between Nigeria and the United Kingdom, saying the deal favours Britain over Nigeria.
The party made this known in a statement on Sunday by Bolaji Abdullahi, its national publicity secretary.
According to the ADC, the deal, which was signed during President Bola Tinubu’s state visit to London, is structured to benefit the UK, which already enjoys a trade advantage over Nigeria.
The party argued that the federal government misrepresented the agreement as a diplomatic success. It said the deal is, in reality, a commercial loan with conditions that ensure much of the funds remain in or return to the UK.
DEAL STRUCTURE FAVOURS UK FIRMS
The ADC said the agreement will be executed through the UK Export Finance (UKEF) buyer credit facility. Citibank’s London branch will arrange the financing.
It explained that UKEF allows foreign buyers to access loans to procure UK goods and services.
In simple terms, the party said Nigeria will take a loan to pay for British goods and services. The bank will pay UK exporters directly.
The ADC added that at least £236 million in contracts will go to British companies.
It also said British Steel will supply 120,000 tonnes of steel billets under a £70 million contract. It described this as the company’s largest UKEF-backed export order.
ADC RAISES QUESTIONS, DEMANDS TRANSPARENCY
The party expressed concern over the terms of the agreement. It said the government entered into a deal that places Nigeria at a disadvantage.
It argued that the move reflects a push for foreign validation, despite rising poverty, unemployment, and insecurity.
The ADC raised several questions about the loan’s repayment terms, duration, and interest rate.
The party raised concerns over the level of local content in the project, asking how many jobs the deal will create for Nigerians.
The party further demanded clarity on the project timeline and completion date.
It also asked about provisions for training, apprenticeships, and skills transfer.
In addition, the ADC queried the limits on expatriate workers. It asked whether there are clear quotas for local businesses and community benefits.
The party urged the federal government to provide answers, warning that failure to do so will reinforce concerns that the deal offers limited value to Nigeria while placing long-term obligations on the country.
