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Wednesday, 29 July 2015

Greece’s Debt Woes - Good and Bad News for Nigeria

Why can the Greek crisis in the EU be good news for EU-Nigeria trade? As the global economic and financial crisis takes its toll on mature economies, such as Greece, there are lessons for emerging countries. Some onlookers suggest that emerging markets such as Nigeria can boost their bargaining power when negotiating with economic giants such as the EU, both in bilateral trade talks and in terms of increasing exports to the bloc. The implications of the Greek crisis and the simalrities of debt-burdened governments deserve attention, especially as the EU is gaining increased market presence in Nigeria, amongst other emerging economies. In sum, emerging economies can gain buying power, but they also rsik to lose selling power: importing good will be cheaper with a fall in the euro, but at the same time, demand from the EU bloc may drop and impact government tax revenues. The longer the crisis drags on for, the more harm would be done to the bloc’s exchange rate stability with trading partners, which brings both opportunities and risks.