ADC faults UK-Nigeria £746m port deal, demands details
From Dele Anofi, Abuja The African Democratic Congress (ADC) has criticised the £746 million agreement between Nigeria and the United Kingdom (UK) for the rehabilitation of Apapa and TinCan Island
From Dele Anofi, Abuja
The African Democratic Congress (ADC) has criticised the £746 million agreement between Nigeria and the United Kingdom (UK) for the rehabilitation of Apapa and TinCan Island ports.
The opposition platform described it as skewed in favour of the UK.
In a statement yesterday, the party’s National Publicity Secretary, Bolaji Abdullahi, said the deal, signed during President Bola Ahmed Tinubu’s visit to London, was “in reality, a commercial loan arrangement with conditionalities that ensure a substantial portion of the funds would either remain in the United Kingdom or is repatriated back to it”.
Citing the UK government’s website, the ADC noted the agreement was described as “a major vote of confidence in UK manufacturing” and would be delivered through the UK Export Finance Buyer Credit Facility, arranged by Citibank, London Branch.
According to the party, the facility allows foreign buyers to obtain loans tied to the purchase of UK goods and services, with payments made directly to British exporters.
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“At least, £236 million of the £746 million in supplier contracts will be awarded to British companies, while British Steel will supply 120,000 tonnes of steel billets under a £70 million contract,” the party said.
It expressed concern over the implications of the deal, saying it puts Nigeria “at a clear disadvantage, particularly in the context of existing trade imbalances”.
ADC also demanded details of the loan’s repayment terms, interest rates, local content provisions, job creation potential and skills transfer components.
“If the APC government has answers to these questions, it should make them available to Nigerians,” the statement said.
The opposition party warned that should the ruling party fail to do the needful, the public might perceive the agreement as a semblance of a “colonial-era treaty”.
The party urged the Federal Government to disclose full details of the agreement, stressing that infrastructure deals of such scale must demonstrate clear economic benefits for Nigerians.
