By Achile Danjuma
The African Democratic Congress (ADC) has sharply criticized the £746 million port rehabilitation agreement signed by President Bola Tinubu during his recent state visit to the United Kingdom, describing it as a “mugu” deal—a Nigerian slang term for a foolish or exploitative arrangement—that disproportionately benefits the British economy while saddling Nigeria with significant debt.
In a statement issued on Sunday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC argued that the agreement, which aims to rehabilitate the Tin Can and Apapa ports in Lagos, effectively functions as a commercial loan designed to channel Nigerian funds toward the preservation of UK industries.
“While the APC government has tried to pass off the deal as President Tinubu’s major achievement, it is in fact an achievement of the UK Government, which, through this deal, has managed to save its steel industry, protect thousands of UK jobs, and get Nigeria to pay for it,” the statement read.
According to details cited by the ADC from the UK Government’s official website, the agreement is structured through UK Export Finance’s (UKEF) Buyer Credit Facility, arranged by Citibank, N.A., London Branch. The party noted that such facilities are typically used to finance the procurement of UK goods and services.
The ADC highlighted specific contractual obligations, noting that at least £236 million of the total will be awarded to British companies. Additionally, British Steel is set to supply 120,000 tonnes of steel billets under a £70 million contract, described by UKEF as its largest export order of its kind.
The party expressed alarm that Nigeria appears to be assuming substantial debt to fund foreign industrial interests. The ADC called on the Federal Government to provide full transparency regarding the agreement, demanding details on interest rates, repayment terms, local content provisions, job creation for Nigerians, and skills transfer requirements.
“If the APC government has answers to these questions, it should make them available to Nigerians,” the statement added. “Otherwise, Nigerians are justified in concluding that, 66 years after independence, President Bola Tinubu has travelled to London to sign an agreement that resembles a colonial-era treaty, one that risks mortgaging the country’s future for limited value and symbolism.”