An economist, Akpan Ekpo, has criticised the recently announced port development agreement between Nigeria and the United Kingdom, arguing that the arrangement appears to favour the British economy more than Nigeria’s.

Ekpo made this known while speaking on Morning Show, a programme on Arise Television on Monday. According to him, the deal is likely to support key sectors in the UK, including its steel industry and banking sector.

He warned that the agreement could also increase Nigeria’s debt obligations, adding that the expected employment opportunities may largely benefit workers in the United Kingdom rather than Nigerians.

The economist further explained that much of the equipment required for the rehabilitation and upgrade of Nigerian ports under the agreement would be imported from the UK, which in his view reduces the potential economic gains for Nigeria.

Ekpo also criticised how the agreement was reached, suggesting that relevant agencies, including the Nigerian Investment Promotion Commission, should have been fully involved in negotiating the terms before any memorandum of understanding was signed.

According to him, agreements of such magnitude should involve experts who can properly evaluate the economic implications before the government commits to them.

He also expressed concern that deals involving loans may create long-term financial obligations for citizens, stressing the importance of considering the impact on future generations.

Ekpo suggested that memoranda of understanding of this nature should ideally be presented to the country’s parliament for proper debate and scrutiny before final approval is granted.

Overall, he argued that while the diplomatic engagements and ceremonies surrounding the agreement may appear impressive, the underlying economic benefits could end up strengthening industries in the United Kingdom more than Nigeria’s own economy.