Indications have emerged that ITB Nigeria, a construction firm owned by Lebanese-Nigerian businessman Gilbert Chagoury, a longtime associate of President Bola Tinubu, will execute the renovation contract for the Apapa and Tin Can Island ports in Lagos. The project, valued at N1.4 trillion, is being financed through a £746 million export finance deal with the UK, signed during President Tinubu’s recent state visit to London. Chagoury, who was conferred with Nigeria’s second-highest national honour by Tinubu in January, was part of the delegation to the UK, where the agreement was sealed...READ FULL; ORIGINAL POST; FROM SOURCE.
KEY POINTS
The selection of a presidential associate for a major infrastructure contract raises questions about transparency and procurement processes.
Maritime stakeholders have criticized the government for prioritizing Lagos ports while neglecting ports in the South-East, South-South, and other regions.
The UK Export Finance deal requires significant British content, with at least £236 million awarded to UK companies, sparking concerns about local economic benefits.
Critics argue the loan arrangement disproportionately favours the UK economy while adding to Nigeria’s debt burden.
Regional groups, including the Ohanaeze Youth Council, have condemned the deal as evidence of marginalization of the South-East.
As the federal government defends the strategic importance of the ports upgrade, growing criticism from maritime experts, regional advocates, and opposition parties underscores the contentious nature of the deal and its implications for Nigeria’s infrastructure policy.
Sources: Daily Trust