African Democratic Congress (ADC) has criticised the £746 million export finance agreement between Nigeria and the United Kingdom, describing it as heavily tilted in favour of British interests.
Gatekeepers News reports that the deal, signed during the visit of Bola Ahmed Tinubu to London, is aimed at funding the rehabilitation of key port facilities in Lagos, including Apapa and Tin Can Island ports.
In a statement issued by its national publicity secretary, Bolaji Abdullahi, the party argued that the agreement is not a straightforward investment but a structured loan arrangement with conditions that largely benefit the UK.
He said the financing is being provided through the UK Export Finance (UKEF) buyer credit facility, which enables loans to be used mainly for the purchase of British goods and services, with payments made directly to UK exporters.
According to the ADC, at least £236 million from the deal will go to British companies, while British Steel is set to supply 120,000 tonnes of steel under a £70 million contract, raising concerns about limited local economic benefits.
The party further questioned the transparency of the agreement, asking the federal government to disclose key details such as repayment terms, interest rates, local content participation, and job creation prospects for Nigerians.
ADC warned that without full disclosure, Nigerians may view the agreement as one that places the country at a disadvantage, especially given existing trade imbalances with the United Kingdom.
While federal government has presented the deal as part of broader efforts to boost infrastructure and economic growth, the opposition insists that the long-term implications must be carefully scrutinised to ensure it delivers real value for Nigeria.
