Brexit: What It Entails For The Rest Of Europe And Africa
23rd Of June 2016 will definitely go down in the history of Europe as the day Britain voted out Of the European Union.
Well this day will not be remembered by Britain alone but the entire Europe as this marks the exit of a powerful member Of EU.
52% Of Britons voted to leave the European Union superceding the 48% That voted to remain.
This according to the UKIP leader, Nigel Farage would be remembered as the ‘’British Independence Day.’’
The Referendum turnout was 71% with more than 30 million people voting and this has become the highest turnout at a UK election since 1992.
The campaign for Britain’s exit led by Nigel Farage had been on for the past 20 years
With a long history of relationship, Britain contributes between 8 billion Pounds and 20 billion Pounds to the European Union budget yearly.
However, this step taken by the United Kingdom has continued to generate reactions and the predictions of its ripple effects have remained on the lips of experts.
The resignation of the British Prime Minister, David Cameron was an immediate consequence of Brexit. Cameron believes that he has to step down for another person to take the mantle of leadership.
The British currency, the pound sterling fell as much as 6.5% against the euro and other major currencies including the naira.
Other ripple effects as projected by experts include unemployment and stiffer immigration laws among others.
The possibility of other European countries considering a referendum cannot be ruled out as France and Netherlands have voiced out their plan to do same.
However, some Britons have talked about the consideration of the second referendum in Britain but only time will tell if this will be allowed to see the light of the day.
Countries have also continued to react to this move, for example, the European Union states have called on the United Kingdom to reconsider its exit from EU.
Likewise, Scotland’s first Minister, Nicola Sturgeon plans to block the UK’s exit from the E.U.
No doubt, Brexit will surely have its effects on African countries like Nigeria which is the second largest trading partner in Africa with 6 billion pounds bilateral trade volume last year.
Also, the stiffer immigration law is expected on immigrants and this does not leave out Nigeria which has many of her citizens in the UK.
Now the question that has been in the minds of different people is how would Brexit affect E.P.A trade relations with Nigeria and economic relationship with the European Union?