African Democratic Congress (ADC) has strongly criticised the £746 million agreement between the United Kingdom and the Federal Government of Nigeria, describing it as lopsided and tilted in favour of British economic interests.
In a statement issued by its National Publicity Secretary, Bolaji Abdullahi, the party argued that the deal, signed during President Bola Ahmed Tinubu’s recent state visit to London, disproportionately benefits the UK, which it said already enjoys a favourable trade balance with Nigeria.
The ADC stated, “The African Democratic Congress (ADC) views the £746 million agreement… as disproportionately skewed in favour of the UK, which already enjoys a significant balance of trade advantage over Nigeria.”
The party dismissed the Federal Government’s portrayal of the agreement as a diplomatic breakthrough, insisting it is essentially a loan arrangement with strict conditions. According to the statement, “Although the APC Government has tried to hoodwink Nigerians by portraying the agreement… as a diplomatic success, it is, in reality, a commercial loan arrangement with conditionalities that ensure that a substantial portion of the funds either remains within the United Kingdom or is repatriated back to it.”
Citing details from the UK Government, the ADC noted that the deal is structured through the UK Export Finance (UKEF) Buyer Credit Facility and arranged by Citibank’s London branch. It added that the arrangement is designed to finance the purchase of UK goods and services, describing it as “a ‘major vote of confidence in UK manufacturing.’” The party explained that UKEF-backed loans typically guarantee payments directly to British exporters, thereby limiting the financial benefits that remain within Nigeria.
The ADC further highlighted that under the agreement, at least £236 million in supplier contracts will go to British companies, while British Steel is set to supply 120,000 tonnes of steel billets under a £70 million contract. It warned that such provisions reinforce its concerns about limited local participation and economic gains for Nigerians.
Raising broader concerns, the party questioned the rationale behind entering into what it described as an unfavourable deal. It said, “The ADC is particularly concerned that the Nigerian government has entered into an agreement that leaves the country at a clear disadvantage, seemingly in exchange for a few hours of pomp and pageantry.” The statement added that the move appears aimed at securing foreign validation despite ongoing domestic challenges, including poverty, unemployment, and insecurity.
The opposition party also demanded clarity on several aspects of the agreement, including repayment terms, interest rates, local content requirements, job creation potential, and timelines for project completion. It queried the provisions for skills transfer, training opportunities, and limits on expatriate involvement.
Concluding, the ADC urged the Federal Government to make full details of the agreement public. “If the APC government has answers to these questions, it should make them available to Nigerians,” the party said, warning that failure to do so could reinforce public suspicion. It added, “Otherwise, Nigerians are justified in concluding that, 66 years after independence, President Bola Tinubu has travelled to London to sign an agreement that resembles a colonial-era treaty, one that risks mortgaging the country’s future for limited value and symbolism.”