Economist Akpan Ekpo criticises Nigeria-UK port deal, saying it benefits UK more and may increase Nigeria’s debt burden and economic risks
Economist Prof. Akpan Ekpo has criticised the recent Nigeria-UK port agreement, warning that it may offer minimal benefits to Nigeria while largely supporting the United Kingdom’s economy and industrial sectors.
Ekpo made the remarks during an appearance on Arise Television’s Morning Show, where he assessed the implications of the deal and its potential impact on Nigeria’s economic future.
Also read: ‘Difficult situation’ Economists slam FG over Debt servicing reaching N10.43tn
He argued that the agreement could strengthen Britain’s steel industry and banking sector, while leaving Nigeria with increased financial obligations.
According to him, most of the equipment required for the port rehabilitation project is expected to be sourced from the UK, which he said limits opportunities for local industrial participation and economic gain.
The economist also expressed concern that the deal could deepen Nigeria’s debt burden, warning that projected job creation benefits may not significantly favour Nigerians.
He further criticised the negotiation process, stating that relevant institutions such as the Investment Promotion Commission should have been fully involved in structuring the agreement before any memorandum of understanding was signed.
Ekpo described the arrangement as one that reflects imbalanced economic diplomacy, suggesting that Nigeria risks entering long-term financial commitments without adequate safeguards.
He also called for greater parliamentary oversight of international agreements, arguing that memoranda of understanding should undergo proper legislative scrutiny before approval.
Also read: ‘Stagflation is looming, right?’ Economists say otherwise as panic grips US economy
The economist concluded that while the UK may benefit from the deal through industrial revitalisation, Nigeria may face long-term debt implications if proper due process and expert consultation are not ensured.
Discover more from Freelanews
Subscribe to get the latest posts sent to your email.
