An economist, Prof. Akpan Ekpo, has raised concerns over the Nigeria-UK port agreement, saying it tilts in favour of Britain while leaving Nigeria with little value.
He shared this on Arise Television’s Morning Show on Monday, the 23rd of March, 2026, where he questioned the real impact of the deal on Nigeria’s economy.
Ekpo said the arrangement is structured to boost key sectors in the United Kingdom, including steel production and banking, with limited returns for Nigeria.
He warned that the country could face a heavier debt load, noting that the promised employment opportunities may not favour Nigerians.
He added that much of the equipment for the port upgrade would come from the UK, reducing chances for local participation and growth.
The economist also criticised how the deal was handled, insisting that agencies like the Investment Promotion Commission should have taken the lead in working out the terms before any memorandum of understanding was signed.
He said: Well, I think the British government is very clever. They’ve turned economic diplomacy upside down and reinforced our new colonial status.
“What that deal that you’ve mentioned, you’ve detailed, would only benefit the British economy, revitalize their steel industry, which was ailing, and also enhance their banks.
“At the end of it, Nigeria will be into debt. You know, the so called job creation is jobs for the British, not job for Nigerians.
“So my view is that, aside of the sumptuous banquet and the glamorous reception, the Nigerian commission should have allowed the experts – we have an Investment Promotion Commission – to work out this deal.
READ ALSO: Tinubu Oversees £746 Million Deal To Revamp Lagos Ports Infrastructure
“If you look at it, if you go further, all the equipments needed for to renovate the ports and so on, they all come from the British government, their export investment unit.
“So really, there’s not much gain for Nigerians. That is why, at times these deals, you have to allow experts to do the work and not just go in and sign an MOU.
“My feeling is that at some point I’m not a lawyer, the MOU, they should be submitted to the country’s parliament for discussion before it is approved. But I don’t know how far that will go now, because what we are saying is that it will involve our citizens into debt for a very long time.
“When we take out these loans, we don’t consider the intergenerational aspect of it. So for me, the British government has been very clever.
“They’ve turned what I call economic diplomacy upside down by giving that glamorous reception to our president. But underneath, they will strengthen their steel industry.”