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UK leaves EU today !..benefits for Nigeria

The United Kingdom (UK) is due to leave the European Union (EU) at 23:00 GMT today.

European Parliament members kicked off the final process by overwhelmingly backing the terms of the UK’s departure on Wednesday.

They ratified the withdrawal agreement by 621 votes to 49, following an emotional debate. After the vote, MEPs marked the UK’s exit by singing Auld Lang Syne. The Parliament members, thereafter, bided farewell to their UK colleagues.

The 27-member states yesterday also ratified the UK exit.

After the UK leaves, there will be an 11-month transition period in which the two sides hope to negotiate their future economic relationship.

Trade talks are expected to begin in earnest in early March. The European Parliament will also get a say in ratifying any future trade deal.

Before the breakup, Nigeria was one of the countries trying to exploit the opportunities that may prop up after Brexit. Minister of Industry, Trade and Investment Niyi Adebayo, at an event late last year, said if Britain is looking beyond the EU after tomorrow’s exit, it would find a credible resources-rich and talent-endowed partner in Nigeria.

The minister said Nigeria was very well-positioned as a partner of choice for the British Government in Africa and the Federal Government’s plan of an economy beyond oil agreed with the major set-pieces of a British economy beyond Brexit.

Senior Research Analyst with FXTM, Lukman Otunuga, also argued that Nigeria has the potential to secure better trade deals with the UK after the exit of Britain from the EU.

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