ADC Critiques £746M Nigeria-UK Port Rehabilitation Deal

The African Democratic Congress (ADC) has criticized a £746 million port rehabilitation agreement signed between Nigeria and the United Kingdom during President Bola Tinubu's recent visit to London. The ADC, represented by Bolaji Abdullahi, described the deal as a "mugu agreement" that allegedly favors the British economy while saddling Nigeria with significant debt obligations.

The party argues that the deal is intended to support the rehabilitation of the Apapa Port in Lagos, primarily benefiting the UK’s manufacturing sector rather than Nigeria’s economy. The ADC contends that the agreement is essentially a commercial loan structure that ensures funds return to the UK for procuring British goods and services.

They express concerns that the deal will disadvantage Nigeria, demanding full transparency regarding interest rates, repayment terms, and local participation in the project. The ADC also calls for clarification on job creation timelines and skill transfer provisions, warning that without disclosure, citizens may view the agreement as mortgaging the country's future.