The federal government has defended its 746 pounds million ports upgrade agreement with the United Kingdom, saying the deal is balanced and designed to deliver major economic benefits to Nigeria despite concerns that foreign partners may gain more.

The agreement, valued at about 997 million dollars, focuses on modernizing two of Nigeria’s busiest ports, Apapa and Tin Can Island, in a move expected to improve trade, reduce delays and create jobs across the country.

Responding to criticisms today, the Ministry of Finance said the partnership is not one-sided, stressing that both Nigeria and its international partners stand to benefit in different but complementary ways.

According to the ministry, Nigeria will gain modern and efficient port infrastructure that will improve productivity and reduce congestion. It added that businesses will benefit from lower logistics costs, while thousands of jobs are expected to be created in construction, logistics and related industries.

The ministry also said the project would strengthen Nigeria’s trade position, opening up more opportunities for local businesses under the African Continental Free Trade Area and in global markets.

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