An economic think-tank led by Professor Silva Opuala-Charles has been founded in Port Harcourt to address potential economic turmoil linked to emerging global trends, particularly ‘Trumpism’. The initiative focuses on enhancing competitiveness in the Niger Delta, emphasizing the need for diversified strategies and innovative approaches to strengthen local economies. Panel discussions underscored the importance of agriculture and technology in fostering economic growth and attracting investments.
An economic think-tank has been established in Port Harcourt, aimed at tackling anticipated economic turmoil, particularly in the context of “Hurricane Trump.” Professor Silva Opuala-Charles, a distinguished economist and former commissioner for finance in Bayelsa State, spearheads this initiative and emphasizes the need for the Niger Delta to adapt to changing economic realities.
During the inaugural Garden City Business Breakfast, Opuala-Charles highlighted the substantial economic gap between Lagos and the Niger Delta, noting Lagos’s GDP has reached over $107 billion, while the Niger Delta significantly lags behind. He stressed the necessity for regional leaders to strategically enhance business competitiveness and leverage available investment opportunities.
Opuala-Charles cautioned that unprepared regions may suffer severe consequences in the face of incoming global trade shifts. He elaborated on Trumpism’s potential impacts on the world economy, suggesting it could lead to significant declines in GDP across nations. He urged leaders to be proactive in reassessing their regional economic strategies in light of global dynamics involving oil policies and geopolitical shifts.
Concerns were raised regarding the trade wars predicted to arise, which may exacerbate Nigeria’s economic challenges through increased living costs and tariffs harming exports. Opuala-Charles posited that the fluctuating oil market, shaped by Trump’s policies, could jeopardize Nigeria’s budget and necessitate urgent diversification efforts beyond oil dependency.
Panelists echoed these sentiments, recommending a pivot back to agriculture as a means of economic fortification. Heavy emphasis was placed on using advanced technologies like AI in agriculture and local resource processing to enhance productivity. Additionally, there were calls for governments to prioritize creating environments conducive to fostering local businesses and investments.
The discussion further touched upon the relocation of Nigerian investments to Lagos, with a need to address perceptions that hinder Port Harcourt’s appeal to potential investors. Experts suggested establishing think-tanks focused on strategic business development to reclaim investor confidence.
A critical examination of the factors driving Trump’s rise to popularity was offered, with suggestions for Nigeria to adapt and formulate constructive responses to his policies. A proactive approach, mirroring India’s strategic innovations, was advocated to develop robust industries catering to local and export markets.
The establishment of the economic think-tank in Port Harcourt marks a significant step towards addressing the impending economic challenges posed by global shifts such as Trumpism. With leaders urged to reassess their strategies and capitalize on regional resources, particularly in agriculture and technology, the potential for resilience against future economic crises is within reach. Collaborative efforts and innovative thinking will be essential to navigate the complexities of the evolving economic landscape effectively.
Original Source: businessday.ng
