Ezekwesili Demands Cancellation of Nigeria's £746 Million UK Ports Deal, Citing Opacity and Debt Concerns

Former Minister of Education and Solid Minerals, Obiageli Ezekwesili, has called on President Bola Tinubu to terminate a £746 million ports financing deal between Nigeria and the United Kingdom. Ezekwesili described the agreement, signed in March 2026, as opaque and potentially detrimental to Nigeria's fiscal future.

Ezekwesili raised concerns about the lack of public disclosure regarding the deal's terms, including interest rates and repayment schedules, by both the Nigerian and British governments. This opacity is particularly troubling given Nigeria's escalating public debt, which has reportedly risen from N87 trillion in May 2023 to over N152 trillion, with debt servicing consuming more than 60% of government revenue.

The deal, intended to refurbish the Lagos Port Complex and Tin Can Island Port Complex, has drawn criticism for its structure. Ezekwesili pointed out that at least £236 million is contractually reserved for British suppliers, with British Steel securing a significant £70 million contract. "Nigeria borrowed the money that British companies will harvest the contracts and Nigerians will repay the debt," she stated, questioning the rationale behind the undisclosed interest rates and repayment timelines.

Further concerns involve currency risk, as the loan is denominated in pounds sterling and benchmarked to a floating dollar rate, while Nigeria's economy faces currency depreciation. Ezekwesili also flagged potential issues with the procurement process, referencing the involvement of ITB Nigeria, a company allegedly owned by Gilbert Chagoury, a close associate of President Tinubu.

Civil society organizations and opposition parties have also demanded transparency regarding the agreement, but substantive responses remain elusive. Ezekwesili's call for termination underscores a broader debate about the transparency and fiscal implications of international financing deals for critical infrastructure.

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Nigeria borrowed the money that British companies will harvest the contracts and Nigerians will repay the debt.