Addressing Economic Challenges: Insights from Port Harcourt’s Economic Think-Tank
An economic think-tank led by Professor Silva Opuala-Charles has launched in Port Harcourt, Nigeria, aiming to address economic challenges posed by ‘Hurricane Trump’. The discussions centered on the economic disparity with Lagos, strategies for agricultural investment, local industry enhancement, and the need for proactive governance in light of global changes. The initiative urges stakeholders to prepare for potential economic disruptions by adapting swiftly to changing conditions.
An economic think-tank has commenced operations in Port Harcourt, South-South Nigeria, aimed at addressing upcoming economic challenges represented figuratively as ‘Hurricane Trump’. Under the direction of Professor Silva Opuala-Charles, this initiative seeks innovative solutions to economic malaises prevalent in the region. Professor Opuala-Charles, with significant experience in finance and as a founder of the Garden City Premier Business School, emphasizes the alarming economic disparity compared to Lagos, whose GDP exceeds $107 billion while the South-South lags.
In his opening remarks at the inaugural Garden City Business Breakfast held on March 6, 2025, Professor Opuala-Charles urged regional leaders to assess the factors hindering Port Harcourt’s economic potential and to re-evaluate strategies for competing with Lagos’s burgeoning market. He highlighted the necessity of capturing available funding for startups and leveraging resources towards nurturing local industries.
He cautioned that unprepared regions would face severe repercussions as global economic shifts loom. Principal among his concerns was the impact of Trumpism on global trade, GDP fluctuations, and potential geopolitical conflicts that threaten Nigeria’s economic stability. He noted that changes in U.S. policies could drastically alter oil prices, affecting Nigeria’s revenue and budget.
The discussion also stressed the threat posed by trade wars and tariffs to Nigerian exports, which could further escalate the cost of living. Given the dependence on oil revenue, the panelists debated strategies for adapting to potential crises, urging diversification and agricultural investment as pivotal for economic resilience.
Panelists like Professor Lezaasi L. Torbira argued for a return to agriculture, leveraging Nigeria’s vast land resources for local production, while others suggested forming think-tanks to harness technology and agriculture synergistically. Calls were made for a reorganization of governmental engagement with business leaders rather than political interests to foster sustainable economic growth.
Citing international practices, members of the think-tank suggested Nigeria emulate strategies seen in countries like India to capitalize on diaspora strengths while developing robust local industries. They urged state governments to empower citizens through investments using successful economic models.
The dialogue underscored a need for a shift in governance, advocating for strategy formulation that aligns with securing Nigeria’s interests amid rising nationalism and the potential repercussions of U.S. policies under Trump. As panelists urged action, the consensus was that rapid adaptation and strategic planning could mitigate the risks posed by changing global dynamics, hence fortifying Nigeria’s economic future.
In conclusion, the establishment of the economic think-tank in Port Harcourt signals a proactive approach to upcoming economic challenges, particularly those associated with global shifts epitomized by Trumpism. With a focus on fostering local industry, emphasizing agriculture, and enhancing collaboration between governments and business leaders, the initiative aims to prepare the South-South region for potential economic turmoil. By adopting innovative strategies and engaging constituents, stakeholders hope to position Nigeria favorably in a rapidly evolving global landscape.
Original Source: businessday.ng
