The UK’s decision to end its relationship with the European Union has prompted David Cameron to resign his post as British Prime Minister.

On June 23, 2016, with the exception of London, England voted massively leave the European Union. It appears, Brexit will not only affect the current British PM, but the world as a whole.

Economically, the pound sterling has already taken a battering, falling to its lowest level in 31 years (http://www.telegraph.co.uk/business/2016/06/23/markets-live-will-sterling-surge-or-slump-as-the-eu-referendum-c/)

According to a Wall Street Journal publication – “Brexit would lead to a 6% Drop In UK’s GDP” as Britain draws inwards towards itself.
“Britain would be permanently poorer if it left the European Union. Under any alternative, we’d trade less, do less business and receive less investment,” – UK treasury chief , George Osborne. ( http://www.wsj.com/articles/u-k-government-says-exit-from-eu-will-cause-economy-to-shrink-6-by-2030-1460968985)

How does this affect Nigeria?
The UK has been one of Nigeria’s traditional trading partners, and because of a shares a common language, has remained a destination of choice for many Nigerians going abroad. With a population of 201,184 according to the 2011 Census, the UK is home to one of the largest concentrations of Nigerians living outside the country.

In 2015 Nigerians received a total of $3.7 billion from relatives residing in the UK according to the Global Knowledge Partnership on Migration and Development - a figure seconded only, to the United States.

According to the Senate Committee on Tertiary Institution and Tertiary Education Trust Fund, Nigeria currently spends over $2 billion annually as capital flight on education abroad. The UK chalks up the lion share of those education dollars as 66 per cent of Nigerian foreign students attend universities in the UK, according to Euromonitor International.

Thanks to Brexit, should the predicted dip in the economy of Britain occur, all the impressive figures will surely drop. Nigerians dependent on their relatives abroad would be in for tougher times. Those schooling in Britain might be in for higher taxes, as Britain may make moves to balance the effects of the exit on their economy.

Issuance of visas to Nigerians may also take a hit as immigration was one of the key issues swinging the vote. Directly or indirectly this may lead to seeing more stringent international co-operation between both countries.

Also, a contracting UK economy will have a deep impact on aid programmes to Nigeria, especially at the Department for International Development (DIFD) Interventions – an initiative backed by Britain and the EU.

Nigeria and Africa as a whole may begin to receive less aids from Europe.

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