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UK Recession To Affect Nigeria’s Bilateral Trade

UK Recession To Affect Nigeria’s Bilateral Trade

The United Kingdom (UK) economy has officially entered a recession for the first time in 11 years. With financial experts saying the recession will certainly have negative impacts on bilateral trade between Nigeria and the United Kingdom.

Financial Analyst with FXTM based in the UK, Lukman Otunuga said: “A possible spillover effect on Nigeria amid a reduction in trade and investment could enforce further pressure on the country which is already entangled in a fierce battle against COVID-19.”

The UK economic growth during the second quarter was abysmal, plunging 20.4% after a 2.2% fall in the first three months of 2020. This was the largest recession on record and worst GDP seen in Western Europe.

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Data released earlier in the week revealed an estimated one million jobs had already been erased during the coronavirus induced lockdown.

UK Economy Recession To Affect Nigeria’s Bilateral Trade

Otunuga said: “As we move deeper into the third quarter of 2020, the outlook for Nigeria will remain influenced by not only the coronavirus developments but Oil prices and implementation of the revised 2020 budget of N10.81 trillion.

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FG Reacts To Forceful Closure Of Shops Owned By Nigeria Traders In Ghana – Geoffery Onyeama

Recall LIB earlier shared a video of a Nigerian trader complaining bitterly as Ghanaian authorities locked up his shop.

And those of other Nigerians for failing to pay the Ghana Investment Promotion Council (GIPC) registration. The registration fee which is $1 million minimum foreign equity. while the registration fee is 31,500 cedis.

Nigerians took to social media to condemn the actions of the Ghanaian authorities. They Also accused them of making life unbearable for Nigerians residing in their country.

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