By Abu Samuel, 200 L
Brexit Brexit Brexit the new word you now see on international headline news these past few days. CNN , BBC, AJZ, etc. have got them all over their News digest or Breakfast analysis. Brexit simply means Britain’s Exit, exit apparently from the European Union ( EU). I’m Sure it’s really nothing new, that the just concluded referendum on the 23rd July, 2016 which was a shocker back then, doesn’t Seem to be anymore. Aside from the vote to leave, there’s been a lot of dooms day talk with regards to this action of theirs, but nonetheless majority still believe they’ve made the right choice. At least a 51.7% vote to leave is a clear cut simple majority that explicates the justifiable reasonable number of the total working population.
Although, the votes have been cast and a result has been pushed forward, the impending doom with regards to Brexit seems to have created a more receptive signal among the British populace than before. In fact, right now theirs is an online petition signed by over 3 million Britons that a new referendum need be conducted. Not only do we hear of Moody’s analysis of the economic backdrop of Britain, pounds has lost considerable value, going retrospective, dropping 24 years low. Now we have 1.4 dollars = 1 pounds. Let me tell you something, this will probably affect the Premier League, and that your Cable subscription that grants access to those league matches might have a little increase in their billings.
One more thing, there seems to be an unfriendly aura behind Brexit , and one considerable fact is that just as Brexit was poised to bring some bad news as projected.. The three lions also got iced from the Euros 2016 at France. Well that could be something symbolic if you think.
In relation to the aforesaid, the notion among most Nigerians would end up not less than such comments as “ well that’s brexit it’s apparently Britain’s Problem, that’s Not our concern here in Nigeria…. ..” However, let it be known that this article isn’t solely intended to look at Nigeria as being disadvantageous but also what benefit the supposed “demise” of Brexit might be to Nigeria.
Okay so, Britain’s economy has been affected by this Brexit action , and Nigeria is of course a former colony and a commonwealth member. Nigeria is Britain’s Largest economic partner especially with regards to funding the northern insurgency ( at least to the best of my knowledge). Now, since Britain is seemingly out of EU, pursuant to a decision whether or not to conduct another referendum .it’s highly probable that it’ll begin to look inwards, and this would impliedly affect the economic support it gives to commonwealth nations. Therefore, with no regrets, I think it’s Better if we stop being dependent on them, cause that would probably happen sooner or later.
Does this mean Nigeria doesn’t have a rigid stance? Well we do have a considerable advantage, and that’s one over the fall of the great pounds. Since the pound has plummeted down, we could actually transact our economic activities with an advantage over it’s economic value. Well not as if the Naira would Overturn it’s economic value over the pounds (honestly as a Nigerian I pray the Naira has an economic value almost as high as the Pound) but nonetheless as a country, we can leverage on this reduction in the foreign exchange to suit our capital expenditures for present times and the long run.
Thus according to Prof Sesay, of international relations, at the university of Ilorin, , Nigeria and other countries may technically benefit from the exit of Britain from the EU by making use of some of the advantages, such as the devaluation of pound sterling against other international currencies. “With the exit (of Britain from EU), the Pound Sterling has fallen against the U.S. Dollar, while Euro too has also fallen. For fear of the unknown, investors immediately began to move their investments thinking of relocation and that affected the value of the Pound and it began to fall.
“So, if the Pound Sterling is falling, it is good for Nigeria, particularly at this time that the Naira is struggling to find it true value in the interbank market under the new policy introduced recently by the Central Bank of Nigeria. It is a welcome development at that level
Note : This was a quick review on the seemingly effects of Brexit over Nigeria as a whole, but also all information as provided here are subject to change in comparative value , so don’t take them prejudicial, look at it as a sneak pick into the areas of international decisions affecting our Homeland. Thanks for reading