Chairman of the Alliance for Economic Research and Ethics LTD/GTE, Dele Oye, has said President Bola Tinubu’s recent visit to the United Kingdom, despite generating about $1.5 billion in deals, could have been better leveraged to deliver better economic outcomes for Nigeria.

Similarly, the African Democratic Congress (ADC) described the £746 million agreement the President signed during the visit as a ‘mugu’ deal, which disproportionately favoured the United Kingdom and its economy, while leaving Nigeria with a massive debt.

In a statement, yesterday, Oye, who is Life Vice-President and 22nd National President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), argued that while the visit recorded milestones, including trade and investment agreements, it ultimately fell short of translating diplomatic engagement into tangible benefits for Nigerian businesses and investors.

He described the trip as a “squandered opportunity for comprehensive Nigerian business advancement,” noting that critical areas, such as the $21 billion in yearly diaspora remittances from over 500,000 Nigerians living in the UK, among other business opportunities, could have been better explored.

While acknowledging gains such as infrastructure financing and increased bilateral trade discussions, he stressed that the outcomes “do not sufficiently address Nigeria’s need to boost exports, support local businesses and attract sustainable investment,” adding that the visit lacked clear, sector-specific strategies that could enable Nigerian Small and Medium-sized Enterprises (SMEs) to access UK markets or benefit from bilateral trade arrangements.

“President Tinubu’s recent two-day state visit to the UK, the first by a Nigerian leader in 37 years, was a masterclass in diplomatic pageantry. With King Charles III rolling out the red carpet at Windsor Castle and toasting to the pidgin expression, ‘Naija No Dey Carry Last’, the optics were undeniably historic. On paper, the numbers are equally impressive.

“Officials valued the resulting agreements at roughly $1.5 billion, with bilateral trade sitting at an all-time high of £8.1 billion yearly. From a massive £746 million UK Export Finance package to refurbish the Apapa and Tin Can Island ports, to a $496 million integrated dairy platform to boost local food security, the visit undeniably unlocked a bundle of headline-grabbing wins,” he said.

According to him, when the royal fanfare fades and the ink on the Memoranda of Understanding (MoU) dries, a critical question remains: Was this a triumph of government economic diplomacy, or a missed opportunity masked by private sector resilience?

“A closer examination reveals a troubling reality. Despite the impressive figures, the visit exposed a fundamental misalignment between the President’s rhetoric about economic partnership and the actual prioritisation of Nigerian business interests.

“The visit was meticulously choreographed for diplomatic theatre. Tinubu’s speeches were steeped in history, referencing the Magna Carta, Shakespeare and Britain’s past influence on Nigerian governance. What was conspicuously absent, however, was a concrete, forward-looking roadmap for transforming this ‘special relationship’ into measurable economic outcomes for Nigerian businesses,” he added.

IN a statement signed by its National Publicity Secretary, Bolaji Abdullahi, the ADC noted that while the APC government tried to pass off the deal as Tinubu’s major achievement, it is in fact an achievement of the UK government, which, through this deal, has managed to save its steel industry, protect thousands of UK jobs and get Nigeria to pay for it.

The party calls on the Federal Government to provide full transparency by disclosing comprehensive details of the agreement, including the applicable interest rates, repayment terms and any local content provisions or obligations associated with the deal.

The statement reads: “ADC views the £746 million agreement between the government of the UK and the Federal Government of Nigeria, concluded during Tinubu’s state visit to London, as disproportionately skewed in favour of the UK, which already enjoys a significant balance of trade advantage over Nigeria.

“Although the APC government has tried to hoodwink Nigerians by portraying the agreement to rehabilitate the Tin Can and Apapa Ports in Lagos as a diplomatic success, it is, in reality, a commercial loan arrangement with conditionalities that ensure that a substantial portion of the funds either remains within the UK or is repatriated back to it.”

Based on information available on the UK Government website, which described the deal as a “major vote of confidence in UK manufacturing,” the £746 million agreement, ADC pointed out, will be delivered through UK Export Finance’s (UKEF) Buyer Credit Facility and arranged by Citibank, N.A., London Branch.

The ADC said it was particularly concerned that the Nigerian government entered into an agreement that left the country at a clear disadvantage, seemingly in exchange for a few hours of pomp and ceremony, and as part of a broader attempt to secure foreign validation, even as millions of Nigerians continue to face poverty, unemployment and worsening insecurity.