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Brexit threatens £6bn Nigeria-UK trade balance

27 June 2016, 18:11

Abuja - Britain’s decision to leave the European Union will have a negative impact on the bilateral trade between Nigeria and the UK, currently valued at six billion pounds and projected to reach about 20 billion pounds by 2020, Leadership reports.

This is according to the Abuja Chamber of Commerce and Industry (ACCI).

ACCI President, Tony Ejinkeonye, who stated this yesterday in Abuja, noted that trade agreements contracted under the umbrella of the European Union would also have be renegotiated.

Britain voted in a historic referendum last Thursday to leave the EU.

He said, “The markets anticipate that Brexit may be bad for the economy, and so investors are likely to move their money out of the UK.

Also read: Also read: David Cameron announces resignation following Brexit vote

“Now that the referendum has taken place, the first practical impact of Brexit is that the pound and Euro is already falling against the dollar on the foreign exchange markets, which is encouraging for the Naira,” he said.

Ejikeonye noted, however, that Brexit will create anxiety for Nigeria’s policy makers.

News24 had reported that the decision of Britain to pull out of the European Union will undoubtedly have a negative impact on Nigerians as the country is a member of the British Commonwealth.

Nigeria has strong economic ties to Britain with it being the second largest largest trading partner in Africa, behind South Africa.

Economic experts now say that Brexit will have a rippling effect on countries outside of United Kingdom borders with many markets already showing losses on stock markets.

The UK markets will now invariably shrink which will impact its foreign investment policies that could see it cut back on investing on Nigerian businesses.

- News 24


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