President Bola Tinubu’s recent visit to the United Kingdom generated about $1.5 billion in trade and investment agreements, including a £746 million UK Export Finance package for refurbishing Lagos’ Apapa and Tin Can Island ports.
While the visit was celebrated with historic fanfare, critics argue the deals disproportionately benefit the UK, leaving Nigeria with significant debt and limited tangible gains.
Dele Oye, Chairman of the Alliance for Economic Research and Ethics and Life Vice-President of NACCIMA, described the visit as a “squandered opportunity for Nigerian business advancement.”
He noted that crucial areas, like leveraging $21 billion in annual diaspora remittances from over 500,000 Nigerians in the UK, could have been better explored to boost local enterprise and exports.
The African Democratic Congress (ADC) echoed these concerns, labeling the £746 million agreement a “mugu” deal favoring UK interests.
The party highlighted that the deal helps protect thousands of UK jobs and supports its steel industry, while Nigeria assumes repayment obligations, potentially undermining local economic priorities.
Despite headlines about infrastructure financing and trade boosts, Oye stressed that the visit lacked a clear roadmap for Nigerian SMEs to access UK markets or benefit from bilateral trade.
He criticized the trip as largely diplomatic theatre, with speeches referencing history and culture but offering little concrete strategy for long-term economic impact.
The ADC has called on the Federal Government to disclose full details of the agreement, including interest rates, repayment terms, and local content provisions.
Critics argue that the visit prioritized pomp over measurable benefits, leaving ordinary Nigerians grappling with poverty, unemployment, and insecurity while the optics of a “historic” visit dominated media coverage.