The U.K Prime Minister Theresa May will officially trigger article 50 of Lisbon treaty today, March 29.

The process that will take at least two years to finalise is expected to impact both the Euro-area and the United Kingdom economies going forward.

However, business sentiment in the U.K has plunged since the announcement of the date, and so is the manufacturing and construction sectors.

Consumer prices in the U.K accelerated more than expected in February to exceed the Bank of England’s target for the first time in almost four years. This persistent rise in the cost of goods, especially imported goods is expected to affect consumer spending and subsequently impact factory production as businesses would be forced to adjust to the loss of economic momentum.

Also, data showed unsecured lending, consumer credit, has climbed by 1.4 billion pounds ($1.7 billion) from December, according to Bank of England. Adding to evidence that consumers are cautious of taking on debt ahead of Brexit.

For many consumers, rising cost of goods and fuel remain the biggest concern, while business organizations are concern about the surge in the cost of input that is eroding profits gained from competitive edge of a lower exchange rate.

The U.K economy which grew by 0.7 percent in the final quarter of 2016 and enjoys the unusual surge in consumer spending during the summer as tourists across the world spend more following June referendum that plunged the pound against most of its counterparts is projected to contract by 1 percent this year from 3 percent recorded last year to 2 percent.

http://investorsking.com/theresa-may-officially-trigger-article-50-today/

Come in here, let us discuss how Brexit will impact Nigerian economy or how Nigeria as a nation can capitalise on British desperation to form a strong trade alliance as the nation looks to avert an economic downturn and Nigeria looks to recover from one.

Modified: The United Kingdom is seeking trade alliance across the world, and in Africa Nigeria top the list. According to Theresa May, the U.K is breaking out of the EU to take charge of its own affair and deal with other nations without constrain. But how does this affect Nigeria?

Currently, Nigeria-U.K trade volume stood at about £8 billion, even though oil constituted 60 percent of this number. Experts believed that with Brexit and Nigeria's ongoing diversification campaign that Nigeria can easily double this number and even surpass £20 billion projected for 2020.

Likewise, with the U.K out of the picture, the EU that has been pressuring us to sign Economic Partnership Agreement between the European Union (EU) and the Economic Community of West African States (ECOWAS) in order to access our market, will have to bring more to the table and exclude products we can produce locally as demanded previously. Giving us an edge.

As Nigeria's capital market investment inflows continued to drop. It's time to focus on manufacturing sector and non-oil sector to further strengthens our weak manufacturing and increase new job creation.

Truth234:
Come in here, let us discuss how Brexit will impact Nigerian economy or how Nigeria as a nation can capitalise on British desperation to form a strong trade alliance as the nation looks to avert an economic downturn and Nigeria looks to recover from one.

what has brexit got in common with ur economy? Its for brits go to asshole rock and discuss with buhari i heard he is back

UK should do whatever they want abeg.... We Nigerians are solidly behind them

9ja which way Uk economy growing a developed country while we underdeveloping country is in recession yet some immature mumu will come here nd fight over tribe ur tribe ft carry u go heaven Uganda jews my foot

H

That's IT!

All forex traders should be wary of GBP pairs today. Let's apply caution with SL and TPs

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So?
Make we cry?

Britain case is like someone living in past glory. in the words of Dino. ajekun iya ni o je eyin britiani

How can brexit possibly impact our economy? When our pantastically kwarrupt leaders are padding budgets, forging certificates, cutting grass with hundreds of millions, etc.


Abeg make we hear word!

Whoever that moved this topic to front-page should be penalised.

This is Britain's and Europe Affair.

how does this relate to nairalan/nigeria?

Start frying beans

UK problem non of our business

I know that no matter how bad the UK economy might become as a result of brexit in this few years,Nigerians will always prefer UK to this hell hole we call a country.

Op.. I just want to let you know a good number of Nairaland members don't know what brexit is, and how it may affect the UK economy. Talk more of relating it to the Nigerian economy

AmuEwu:
Op.. I just want to let you know a good number of Nairaland members don't know what brexit is, and how it may affect the UK economy. Talk more of relating it to the Nigerian economy

Truth234:
Come in here, let us discuss how Brexit will impact Nigerian economy or how Nigeria as a nation can capitalise on British desperation to form a strong trade alliance as the nation looks to avert an economic downturn and Nigeria looks to recover from one.

The only thing we ha e am is Oil . They got that next?

mmb:
Whoever that moved this topic to front-page should be penalised.

This is Britain's and Europe Affair.

Well it might intrested you to know NL came to be cos of Nigerians from UK and US in the quest for travel and auto import .

erico2k2:

The only thing we ha e am is Oil . They got that next?

What are you trying to say?

Brexit was already triggered 23June 2016! All these they are doing is damage control and " ceremonializing" to make it look they are all happy about it.

Scotland has already voted for an independence referendum....so only England will be exiting the EU...

Integrityfarms:
All forex traders should be wary of GBP pairs today. Let's apply caution with SL and TPs

Best pair to trade for now is USDCAD short. Guaranteed 200 pips in two to three weeks.

If you want something intelligent to discuss.. Analyse what Nigeria is doing in ECOWAS and if NIGXIT can benefit the nation more.

Bollinger:


Best pair to trade for now is USDCAD short. Guaranteed 200 pips in two to three weeks.

UsdJpy is fairly stable too.

The night of Brexit would ever remain green in my memory. Past midnight there was this certainty that vote remain would have it. Even farage and Boris had subtly conceded defeat, but the results from Wales was the tie breaker and by morning those who left to France the previous day returned by principle to a non-EU country. The result was catastrophic. GBP took a serious bashing and crashed to records low. As article 50 is being triggered it's important we begin assessing it's impact and the subtle opportunities it's going to create. How will education be affected. What incentives would be available for businesses since they would need to provide some incentives for their companies like tax rebates etc to cushion the effects of leaving the free market. How can we tap into this market and benefit maximally should be up for discussion. I see some peeps arguing that UK isn't Nigeria. It would do us a lot good if we just keep an open mind and learn from others as the world is only separated geographically. In essence it's a global village.
Furthermore UK would be re-negotiating alot of trade deals with fellow EU countries and would obviously be looking for deals that offer it the best value. Nations like South Africa would be looking to boost their exports of wine etc to the UK. Nigeria that wants to recover from recession and diversify her economy has been aware since referendum day of this day. Instead of getting our house in order to compete with South America in exporting things like mango and pawpaw and increasing our market share of other products was rather getting our beans banned to EU due to lack of proper management and due diligence.
Brits are cautious now. Spending is dropping and credits are increasing. Scotland is around the corner tinkering with the idea of another referendum to leave the UK and the economy is expected to contract up to 2% this year. With this uncertainty the government would no doubt want to encourage spending to stimulate the economy. Furthermore to keep London attractive would take alot by the government as many EU companies may be forced to relocate their HQs from London to maybe Paris or Brussels or Berlin etc to remain in the free market.
I'm willing to learn from advanced minds on this platform the paradigm shift and economic implications of triggering article 50. What opportunities are there for entrepreneurs and academics. These are my interests and would welcome further enlightenment.

ANBAKO:
Brexit was already triggered 23June 2016! All these they are doing is damage control and " ceremonializing" to make it look they are all happy about it.

Scotland has already voted for an independence referendum....so only England will be exiting the EU...

No they haven't

Integrityfarms:


UsdJpy is fairly stable too.

You are right. I see USDJPY going long soon. But my money is a long on EURJPY for a take profit of 12465. Long term trade though.

Good, it's long overdue.