An economist, Prof. Akpan Ekpo, has criticised the recent Nigeria-UK port deal, saying it offers little benefit to Nigeria while favouring the British economy.
Speaking on Arise Television’s Morning Show on Monday, Ekpo argued that the agreement would primarily support the United Kingdom’s industrial and financial sectors, particularly its steel industry and banking system.
He said the deal could increase Nigeria’s debt burden, warning that the projected job creation would largely benefit British workers rather than Nigerians.
According to him, most of the equipment required for port rehabilitation under the agreement would be sourced from the UK, further limiting local economic gains.
Ekpo also faulted the process leading to the agreement, stressing that relevant institutions such as the Investment Promotion Commission should have been allowed to fully negotiate the terms before any memorandum of understanding (MoU) was signed.
He said: Well, I think the British government is very clever. They’ve turned economic diplomacy upside down and reinforced our new colonial status.
“What that deal that you’ve mentioned, you’ve detailed, would only benefit the British economy, revitalize their steel industry, which was ailing, and also enhance their banks.
“At the end of it, Nigeria will be into debt. You know, the so called job creation is jobs for the British, not job for Nigerians.
“So my view is that, aside of the sumptuous banquet and the glamorous reception, the Nigerian commission should have allowed the experts – we have an Investment Promotion Commission – to work out this deal.
“If you look at it, if you go further, all the equipments needed for to renovate the ports and so on, they all come from the British government, their export investment unit.
“So really, there’s not much gain for Nigerians. That is why, at times these deals, you have to allow experts to do the work and not just go in and sign an MOU.
“My feeling is that at some point I’m not a lawyer, the MOU, they should be submitted to the country’s parliament for discussion before it is approved. But I don’t know how far that will go now, because what we are saying is that it will involve our citizens into debt for a very long time.
“When we take out these loans, we don’t consider the intergenerational aspect of it. So for me, the British government has been very clever.
“They’ve turned what I call economic diplomacy upside down by giving that glamorous reception to our president. But underneath, they will strengthen their steel industry.”
Click to signup for FREE news updates, latest information and hottest gists everydayAdvertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com