As Theresa May signs the letter that will trigger Brexit, concerns have been raised on its impact on Africa. But Brexit presents a better business opportunity and trade deal with the United Kingdom outside of the EU.
The continent has a natural strong resilience for such fallouts. The EU is now a trading bloc comprising of 27 countries in Europe. Africa is among the major import-export markets for the EU.
Africa recorded a 5.1 per cent of global domestic product (GDP) in 2015 compared with UK’s 2.4 per cent. The continent holds an upper and stronger market potential yet to be explored. Through the African Union’s Continental Free Trade Area, it is going to succeed in expanding intra-African trade through better harmonisation of trade regulations and a coordination of trade liberalisation.
Africa has not always found it that easy to do trade deals with the EU. The EU Trade Policy has strict trade terms that are unfavourable to the Africa trade market. Brexit presents an opportunity for Africa to escape the EU trade bully. The Africa trade market must strategise to take advantage of this. The UK is not too sure about the challenges Brexit will cause for its own trade relations.
Brexit presents an opportunity for Africa to have a better trade deal with UK. Once the EU see how the UK and Africa are trading, they may be persuaded to relax their own regulations. This is an opportunity that will lead the way to Africa’s economic freedom.
For Africa-British immigrants in the EU, it is the time to come home to take advantage of the business opportunities that your continent presents. There are business opportunities in agribusiness, internet access, education, electronic financial transactions, apps and online services, arts, entertainment, real estate etc. According to a World Bank report, Africa’s agribusiness industry is expected to be worth US$1 trillion by 2030.
Just do not freak out. Come home. You will just do well. Untapped opportunities await you.