7 potential impact of Brexit on Nigeria [LIST]
– It is no longer news that the Britain have pulled out of their membership of the European Union (EU)
– Many allies of Britain, includin
g Nigeria will no doubt feel the impact of this decision
– Economic experts say there is a risk of a contagion effect beyond the borders of Britain
As a member of the British Commonwealth, Nigeria has strong economic ties with Britain.
Nigeria is Britain’s second largest trading partner in Africa after South Africa, with £6 billion (about N2.4 trillion or $8.52 billion) in bilateral trade volume last year.
The decision of Britain to pull out of the EU will affect Nigeria in different ways.
NAIJ.com lists seven reasons how Brexit will affect Nigeria.
Gross Domestic Product
1. The Gross Domestic Product (GDP) of the United Kingdom would shrink over time and a weaker and smaller UK economy would scale back its investment in development projects in Nigeria.
Immigration and Visa application
2. It would foster anti-immigration around the world, and this will affect Nigeria who have a large population of its citizens in diaspora. It is expected that Britain will be very strict on visa applications especially from countries like Nigeria which has a large visa applicants to the United Kingdom.
3. Investment in Britain by Nigerian businessmen would be less attractive since the country would no longer offer full access to the lucrative EU market. Trade agreements between EU countries and non-EU countries are negotiated by the European Commission.
Integration and economic development
4. The benefits of deepening integration and socio-economic development through economic blocs in Africa especially Nigeria would be punctured due to Brexit.
Tough immigration policies
5. Brexit will bring about enforcement of tougher immigration policies that would affect Nigerians travelling to the UK and the estimated over 2 million Nigerian migrants in the country.
May fuel secessionist sentiments
6. It will have a strong influence on secessionist sentiments in Nigeria as the unification of the United Kingdom will be affected, as some regional agitators in Nigeria would find the example worth emulating.
Nigeria internal politics
7. The toll of Brexit on Nigeria would have deeper implications on Nigeria’s politics because it is a signal that political unions can no longer be seen as self-perpetuating.Follow GuyFancy