ADC queries Tinubu’s £746m port deal, demands details

The African Democratic Congress (ADC) has criticised the £746 million Port rehabilitation agreement signed by President Bola Tinubu during his recent visit to the United Kingdom, describing it as heavily tilted in favour of Britain and potentially burdensome for Nigeria.

The ADC in a statement on Sunday by Bolaji Abdullahi, its National Publicity Secretary, argued that the deal presented by the All Progressives Congress, APC-led Government as a diplomatic milestone, primarily serves the economic interests of the UK, particularly its manufacturing and steel sectors, while placing Nigeria under significant financial obligations.

BusinessDay reports that Nigeria and the UK have signed a £746 million export finance deal to support the redevelopment of Lagos’ Apapa and Tin Can Island Port complexes.

UK Prime Minister Keir Starmer disclosed this during a bilateral meeting with President Tinubu at 10 Downing Street on the second day of Tinubu’s historic state visit to Britain.

But the ADC said the agreement, structured under the UK Export Finance (UKEF) Buyer Credit Facility and arranged by Citibank’s London branch, ensures that a substantial portion of the funds is channelled back to British companies.

The party noted that at least £236 million in contracts would go to UK firms, with British Steel securing a major supply deal.

The ADC expressed concern that the arrangement might offer limited direct benefits to Nigerians, warning that the country risks incurring debt without commensurate economic returns.

The opposition party called on the Federal Government to disclose full details of the agreement, including interest rates, repayment terms, local content provisions, job creation prospects, and technology transfer plans.

It also raised questions about timelines, expatriate labour limits, and opportunities for Nigerian businesses and communities.

The ADC maintained that without transparency, Nigerians may view the deal as disproportionately beneficial to foreign interests, urging the government to provide clarity and accountability on the agreement.