Former Education Minister and former World Bank vice-president, Dr. Oby Ezekwesili, has criticised the Federal Government over its approach to the rehabilitation and financing of Apapa and Tin Can Island ports, questioning why the facilities were not subjected to a private-capital model rather than relying on sovereign borrowing.
Ezekwesili argued that Apapa and Tin Can Island ports, among the most commercially important ports in West Africa, have sufficient economic potential to attract private investment without adding further pressure to Nigeria’s public debt.
In a statement, she questioned why the Tinubu administration had not provided a detailed economic justification for its chosen financing model, particularly when private capital could potentially be mobilised to rehabilitate the ports.
According to her, the two ports do not necessarily require sovereign debt for rehabilitation, but rather “a governance framework that attracts private capital on Nigeria’s terms.”
She maintained that the government’s failure to adequately explain why it did not pursue what she described as a proven alternative financing model raised questions about the rationale behind the deal.
Ezekwesili further alleged that the transaction lacked sufficient transparency and could expose taxpayers to financial obligations while benefiting politically connected interests.
Her criticism comes amid wider debates over how Nigeria should finance the rehabilitation and modernisation of critical port infrastructure, with proponents of private-sector participation arguing that concessioning and other private investment models can reduce the financial burden on government while improving efficiency.
Nigeria’s major ports, particularly Apapa and Tin Can Island, remain central to the country’s international trade and supply chains. However, persistent challenges including congestion, inadequate infrastructure, high logistics costs, bureaucratic bottlenecks and delays in cargo clearance have continued to affect port efficiency and raise the cost of doing business.
Ezekwesili called for greater scrutiny of major public-sector transactions, insisting that Nigerians deserve clear explanations of the financial and economic implications of agreements involving public resources and sovereign obligations.
She also questioned whether the arrangement represents the best possible value for the country, warning against what she characterised as opaque transactions in which government assumes the financial risks while private interests receive the associated contracts.
Her comments are likely to intensify public debate over the financing of Nigeria’s port infrastructure and the broader question of whether strategic assets should be developed through public borrowing, concessions, public-private partnerships or other private-capital arrangements.
Credit: TheCable
