UK-Nigeria Port Deal Reinforces Nigeria's Neo-colonial Status, Not beneficial — Economist

Renowned economist, Prof Akpan Ekpo, has faulted the Nigeria-United Kingdom port deal noting that it would not be beneficial to Nigeria, but rather leave the country in debt.

Ekpo spoke in an interview on Arise Television on Monday. 

Nigeria and the United Kingdom, had signed three Memorandum of Understanding, MoUs, to strengthen bilateral cooperation, when President Bola Tinubu visited the UK on a state visit last week 

The MoUs cover border intent on expansion of business visas for UK companies operating in Nigeria, border security, migration partnership as well as cooperation on organised immigration crimes.

As part of the deal, Britain is guaranteeing a loan of £746 million (approximately $902 million) for Nigeria to upgrade the Lagos Port Complex and TinCan Island Port Complex. 

This financing deal, backed by UK Export Finance, UKEF, aims to modernize Nigeria's ports, enhance trade efficiency, and strengthen economic ties between the two countries.

However, reacting to the development, Prof Ekpo said, “The British government is very clever. They’ve turned economic diplomacy upside down and reinforced our neo-colonial status.

“The rehabilitation deal for Apapa and Tincan ports will only benefit the British economy. It’ll revitalise their ailing steel industry and enhance their banks, leaving Nigeria in debt. Even the job creation will benefit the British, not Nigerians.

“So my view is that, aside from the glamorous reception, they should have allowed the experts. We have the investment promotion commission to work out this deal. Because if you look at it, if you go further, all the equipment needed to renovate the ports and so on, they all come from the British government. So really, there’s no much gain for Nigerians.”