The establishment of a new economic think-tank in Port Harcourt aims to address economic challenges posed by global changes, particularly Trumpism. Led by Professor Silva Opuala-Charles, the initiative stresses the urgency for local leaders to innovate and adapt. Panelists advocate for a return to agriculture and strategic engagement of local investments to improve the region’s economic resilience against external shocks.
An economic think-tank has recently established a presence in Port Harcourt, aiming to address impending economic challenges. Led by Professor Silva Opuala-Charles, who has extensive experience in both the banking sector and government finance, this initiative seeks to develop innovative solutions to economic distress in the Niger Delta region, emphasizing the urgent need for strategic reform and readiness for change.
During the inaugural Garden City Business Breakfast, Professor Opuala-Charles expressed concern over the economic disparity between Port Harcourt and Lagos, citing Lagos’s GDP now exceeding $107 billion, while the Niger Delta remains significantly behind. He urged local leaders to reassess the factors hindering their economic progress and to investigate how to attract investments and startup funding previously allocated to other regions.
Opuala-Charles warned that the global political climate characterized by Trumpism could adversely impact Nigeria’s GDP and international trade. He highlighted the potential effects of the rise of far-right ideologies in the U.S. and Europe, which may disrupt oil markets and threaten Nigeria’s economic stability. Opuala-Charles articulated the critical examination required to prepare for geopolitical shifts and trade wars likely to affect living costs in Nigeria.
The panelists, including Professor Lezaasi L. Torbira, echoed Opuala-Charles’s sentiments, advocating a return to agriculture as a sustainable solution. They emphasized the existence of abundant arable land across states in Nigeria and the need for the government to enhance local food production. Additionally, they recommended that Nigeria utilize artificial intelligence to streamline production processes.
Panelists also discussed creating business-friendly environments by encouraging local investments and reducing dependence on foreign goods. They pointed out the importance of governors engaging with business experts rather than individuals who exploit resources without vision. This approach is essential for addressing the socio-economic challenges facing the region.
Amidst these discussions, a note of caution was issued regarding the alarming trend of economic migration from the Niger Delta to Lagos. Numerous participants highlighted the urgent need for a strategy to retain local talent and investment while enhancing the business ecosystem. Shuaibu Idris, a management expert, urged the Nigerian government to establish a think-tank to evaluate global policies and formulate adaptive responses to international changes and domestic needs.
Idris also indicated the potential repercussions of Trump’s policies, suggesting that Nigeria must prepare for economic fallout resulting from shifts in U.S. trade and immigration policy. He posited that understanding and adapting to these changes is crucial for Nigeria’s economic survival in the forthcoming years. With a clear call for immediate action, he recommended learning from India’s successful approach to leveraging its diaspora and establishing technology hubs.
In conclusion, the establishment of the economic think-tank in Port Harcourt highlights the urgent need for strategic adaptation to looming economic challenges driven by global political changes. The insights from Professor Silva Opuala-Charles and the panelists emphasize the critical role of local leadership in revitalizing the region’s economy through innovation and agriculture while navigating the complexities posed by Trumpism and other geopolitical factors. Immediate action and collaborative efforts are necessary to transform the economic landscape in the Niger Delta.
Original Source: businessday.ng
