Suddenly we can hear the term Brexit everywhere and why some of as wondering what the word means others are more concerned as to what this means to Nigerians, find out here.
The UK has voted to leave the European Union. It is scheduled to depart at 11pm UK time on Friday 29 March, 2019. The UK and EU have provisionally agreed on the three "divorce" issues of how much the UK owes the EU, what happens to the Northern Ireland border and what happens to UK citizens living elsewhere in the EU and EU citizens living in the UK. Talks are now moving on to future relations - and a plan for a two year "transition" period to smooth the way to post-Brexit relations.
Here is how the brexit will affect Nigeria:
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.
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.
4.Integration and economic development: The benefits of deepening integration and socio-economic development through economic blocs in Africa especially Nigeria would be punctured due to Brexit.
5.Tough immigration policies: 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.
6.May fuel secessionist sentiments: 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.
7. Nigeria internal politics: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.
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