Economist Critiques Nigeria-UK Port Deal's Benefits

Prof. Akpan Ekpo, an economist, criticized the recent Nigeria-UK port deal during an appearance on Arise Television's morning show on Monday.

He argued that the agreement primarily benefits the United Kingdom's economy, particularly its steel and banking sectors, while offering little advantage to Nigeria. Ekpo highlighted that the deal would increase Nigeria's debt burden and warned that job creation would predominantly favor British workers rather than Nigerians.

He pointed out that the process leading to the agreement was flawed, stressing the need for the Nigerian Commission to allow full negotiations on the terms of the memorandum of understanding (MoU) signed. Ekpo described the UK government's approach as a clever economic diplomacy tactic that reinforces a new colonial status, emphasizing that the deal would not yield significant local economic gains.

He expressed concern that the agreement would involve long-term debt for Nigeria without considering the broader implications for its citizens.