Lagos – An economist, Dr Ayo Teriba, says the impact of Britain’s exit from the European Union (EU) on Nigeria’s economy cannot be determined now.
Teriba told the News Agency of Nigeria (NAN) on Monday in Lagos that the impact would become real when the outcome of the exit was ratified by the British Parliament.
NAN recalls that Britain exited from the EU on June 23, the outcome of which caused David Cameron to resign as Prime Minister.
Since June 23, world financial markets have reacted negatively to the exit while the exit has also forced the sterling to a sharp fall.
He said, “What Britain has just done is a referendum, it is not in itself a decision.
“The parliament may decide not to ratify it in favour of the majority.
“It is too early to analyse what the impact will be. The impact is uncertain because the fact that they will leave or remain is not yet certain.
“They have done referendum in the past that they set aside, they have done referendum that they did again, it’s not an Act of Parliament, it’s not a law yet.”
The economist stressed that Britain exit had its merits and demerits for Nigeria’s economy but that would depend on the outcome .
“We do not know whether the exit will be of benefit to them or not, therefore, we do not know if it will be of benefit to us because they have not discussed the practical implications of the exit.
“They (Britons) never thought the ‘No’ will win. They will now begin to debate this as a government, as a parliament and may renegotiate with the EU to return.
“Until we know that, it is uncertain. Right now, nothing has changed. It is just people’s thinking that has changed and nothing may eventually change because they may not even leave,” Teriba said.
Also speaking, Mr Adeyemi Adefulu, former President, Nigerian-British Chamber of Commerce, said that the exit might not have any adverse effects on Nigeria’s economy.
He said, “The exit does not mean that the trade relations in Europe will disintegrate.
“They will still continue to trade but in terms of creating special rights and special relationship with Europe, Britain has just put that on hold.
“Nigeria has to re-examine its relationship with Britain, see how we can get more benefits from it so that we do not get short-changed by what is happening”. (NAN)