An economic think-tank has launched in Port Harcourt to confront impending economic challenges in Nigeria’s South-South region. Led by Professor Silva Opuala-Charles, it aims to bridge the economic gap with Lagos by emphasizing strategic development in agriculture, technology, and local resources. As global political changes unfold, the think-tank advocates for proactive government engagement with businesses to foster sustainable economic growth.
An economic think-tank has commenced operations in Port Harcourt, the capital of Nigeria’s South-South region, to address impending economic challenges. The initiative, driven by Professor Silva Opuala-Charles, aims to provide innovative solutions to the economic disparities that persist between Lagos and the South-South. He emphasized the need for regional leaders to develop strategies to enhance local economic competitiveness and capitalize on opportunities for growth and investment within Nigeria and Africa.
Professor Opuala-Charles expressed concern regarding the significant GDP gap between Lagos, currently over $107 billion, and the South-South. He urged leaders to critically examine barriers to business growth in the region and to seek ways to engage with the booming market for startups. He indicated that regions unprepared for upcoming economic shifts may suffer dire consequences due to stagnation or failure to adapt.
Discussing the economic implications of emerging global political trends, Opuala-Charles noted that “Trumpism” could negatively affect global trade, leading to potential GDP declines for many countries. He highlighted the risks posed by geopolitical unrest, fluctuations in oil prices, and anticipated trade wars that could elevate living costs in Nigeria, all of which might threaten the stability of Nigeria’s economy.
In the discussions that followed, panelists underscored the necessity for Nigeria to pivot towards agriculture, leveraging its vast land resources. They called for innovation in sectors like technology and fish farming, identifying local production as a way to reduce dependency on foreign imports and potentially stabilize the economy amid global shifts.
Participants also highlighted the importance of establishing think-tanks to guide Nigeria’s approach to technology, agricultural advancements, and economic diversification. This includes focusing on artificial intelligence and local resource utilization to enhance productivity and competitiveness in both agriculture and oil industries.
The speakers urged governmental leaders to engage with business experts, as seen in the successful strategies employed by international leaders. Furthermore, they suggested pooling resources from local industries to develop viable business solutions that engage citizens actively in wealth creation.
As an expert noted, societal failure is driven by conflicting economic ideologies among those in power, indicating a need for policies that genuinely benefit the populace. During the open forum, concerns were raised about the outmigration of citizens from the South-South region and the detrimental impact on local investments.
They also explored the future of Nigeria’s relationship with the United States amid the changing political landscape, urging the government to prepare for possible policy changes under President Trump. The risks of losing valuable diaspora remittances and facing budget constraints were discussed, emphasizing the importance of proactive measures in domestic policy and economic planning.
The creation of an economic think-tank in Port Harcourt aims to equip Nigeria’s South-South region with strategic pathways to mitigate impending economic challenges caused by global political shifts. The discussions underscored the pressing need for regional leaders to prioritize agriculture, technological innovation, and local resource utilization. As the world navigates significant changes, it is crucial for Nigeria to prepare and adapt to ensure resilience against potential downturns in trade and economic stability.
Original Source: businessday.ng
