Former Minister of Education Dr Obiageli Ezekwesili publicly urged President Bola Tinubu to cancel a £746 million UK ports financing agreement, alleging that hidden commercial loan terms benefit foreign suppliers while increasing national public debt. The agreement has drawn controversy, with critics arguing it is not in Nigeria’s best interest.
Ezekwesili’s intervention adds to the growing chorus of criticism against the deal. The allegation that the loan terms benefit foreign suppliers is serious and raises questions about the agreement's transparency. Cancelling the deal would be a significant move, but it could also have diplomatic and financial consequences.
This echoes the 2019 criticism of infrastructure loans, which also raised questions about debt sustainability. The mechanism was different then, but the result was the same: a debate over the terms of foreign financing.
The winners: the Nigerian public, if the deal is cancelled or renegotiated; and Ezekwesili, who has raised important questions. The losers: the UK suppliers, who may lose business; and the Nigerian government, which faces questions about the deal.
Bottom Line: Ezekwesili wants the UK ports deal cancelled. The terms are under scrutiny. The question is whether the government will act or the deal will proceed.