Aug 16, 2019

Brexit and African Trade | An #NBAAGC2019 Session



With the exit of Britain from the European Union, now popularly called Brexit, there remains an uncertainty for the future of Britain especially as it relates to African Trade, most especially what are the consequences for Africa. 


While there are some schools of thought which say Post-Brexit Britain will be African’s largest G7 investor, for many, this may not be the case.


According to the UK’S trade Commissioner for Africa, Emma Wade- Smith Brexit is an opportunity not a threat, with Britain poised to improve an existing EU trade agreements and invest billions in Africans growth. 


Most definitely, Trade between Africa and the UK is growing, according to figures from the British office of National Statistics (ONS), UK-Africa trade increased 7% to 33.1BN Pounds in 2018. More so, according to Jeremy Hunt, British deals in Ghana and Nigeria worth E82m ($108m).


News that the British government also plans to put in place a Trade Preference Scheme for approximately 70 developing countries, which will provide the same level of access as the current EU Generalized Scheme of Preferences is good news for African Countries.


Generally, depending on the general focus of the UK government and ability of Africa nations to prepare for British investment, the future will hold a number of truths for the African Continent and the UK.


To be better prepared, nations in Africa such as Nigeria must begin to position itself as big trading spots within the continent. Most especially, Nigeria has to begin to see how it can grow its manufacturing capacity and reduce its imports from foreign countries.


This topic will be adequately discussed at the upcoming Annual General Conference of the Nigerian Bar Association.


Quite a number of experts will be on hand to deliberate the issue and it would be great for lawyers to learn her roles and how they can better participate in the UK-Africa relationship.


So what does Brexit mean for Africa, join the discuss at the AGC.


@legalnaija
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