Obiageli Ezekwesili urges termination of £746m Nigeria-UK ports deal

Former Minister of Education Obiageli Ezekwesili has called on President Bola Tinubu to terminate a £746 million ports financing deal signed with the United Kingdom at Windsor Castle. Ezekwesili criticized the agreement for its lack of transparency, noting that the terms have not been disclosed 152 days after signing.

The deal is described as a sovereign debt obligation rather than aid, arranged by Citibank London and guaranteed by UK Export Finance. Ezekwesili highlighted that the structure benefits British exporters, with at least £236 million contractually reserved for British suppliers. Notably, British Steel reportedly secured a £70 million contract through the arrangement.

These concerns come amid Nigeria’s rising public debt, which has increased from approximately ₦87 trillion in May 2023 to over ₦152 trillion. Ezekwesili noted that debt servicing currently consumes more than 60 percent of government revenues and criticized the National Assembly for approving a $21.45 billion external borrowing plan without substantive public hearings.