Nigerian Country Director, Nigerian London Business Forum, Prof Chris Onalo has said that the current recession in the United Kingdom will have a negative effect on bilateral trade between Nigeria and the UK as both countries will count their losses during the period.
The forum, headquartered in London, boosts bilateral relationship between Nigeria and UK in support of other bilateral agencies set up by the two countries’ governments.
The UK officially entered into recession after the coronavirus pandemic dragged the economy into contraction by a record 20.4 per cent between April and June, the Office for National Statistics said on Wednesday.
According to a report earlier by the Punch, the ONS confirmed the second quarter contraction, the worst in Western Europe.
Onalo said, “The economic recession currently going on in UK will definitely have a spillover effect on Nigeria in terms of lockdown in investment exchange, getting goods which Nigerians normally buy from the UK not being produced at maximum capacity down in UK for export purposes.”