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How Does Brexit Affect Nigeria? - Politics - Nairaland

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What Does Brexit Mean For Nigeria / What Does Brexit Mean For Nigeria / What Does Brexit Mean For Nigerians Both At Home And In The United Kingdom? (2) (3) (4)

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How Does Brexit Affect Nigeria? by Chxta(m): 12:59pm On Jun 24, 2016
People talk about political earthquakes. The UK’s decision to end its relationship with the European Union is not so much an earthquake, just for Britain, but a tsunami for the whole world. Britain’s place in the world will shift, and the United Kingdom of Great Britain and Northern Ireland itself, may come to an end.

The vote within the UK highlighted deep divisions. With the exception of London, England voted massively to leave the EU. Scotland, which only a year ago, voted by a thin margin to remain in the UK, voted by almost 2 to 1 to remain in the EU. Wales voted to leave, while Northern Ireland voted to remain. These divisions have already had an immediate impact as politicians in both Scotland and Northern Ireland have begun to take positions regarding the continued stay of their countries in the UK. We may well see Scotland hold another referendum, and leave the UK in short order. Northern Ireland may decide to join the Republic of Ireland, itself, an EU country.

Economically, the pound sterling has already taken a battering, falling to its lowest level for 31 years. There is going to be volatility as the UK eventually comes to terms with being a smaller economy. With the decrease in the size of its economy, and possibly reach of its economy, Westminster will have to find other forms of revenue. It will either have to raise taxes, or cut its budget, neither decision will be taken lightly, and either one taken, will feed into the political mood in the UK home countries.

How does this affect Nigeria?

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