An economic think-tank in Port Harcourt aims to tackle the challenges posed by ‘Hurricane Trump,’ highlighting the need for strategic adaptations to enhance the south-south region’s competitiveness and economic positioning. Led by Silva Opuala-Charles, discussions focused on leveraging local resources, addressing geopolitical risks, and fostering a business-friendly environment.
An economic think-tank has launched in Port Harcourt, focusing on mitigating the imminent economic challenges posed by ‘Hurricane Trump.’ Led by Silva Opuala-Charles, a seasoned economist, the think-tank aims to stimulate new ideas and strategies to advance the economic landscape in the Niger Delta, which currently lags behind regions like Lagos in GDP contributions.
During the inaugural Garden City Business Breakfast, Opuala-Charles highlighted that the south-south region must address competitive disadvantages and seek opportunities for growth amidst the changing economic climate influenced by global shifts and policies from the US. He cautioned local leaders about the necessity of preparedness, emphasizing that unprepared regions may face dire consequences.
Opuala-Charles linked the effects of Trumpism on global trade, warning of potential GDP drops in various countries. He urged the region to reassess its economic strategies, especially in oil and gas production, and recognize external influences like geopolitical tensions affecting oil prices and domestic revenue structures.
Economic woes could arise from increased tariffs and geopolitical trade wars, especially with Nigeria’s heavy reliance on oil exports. He warned that rapid changes could lead to inflation surges and heightened unrest in vulnerable areas.
Panelists at the event echoed a return to agriculture and advised leveraging local resources and technology to address potential declines in oil revenue. They underscored the need for Nigeria to diversify its economy while suggesting ways to create advantageous market conditions.
Government officials were encouraged to cultivate business-friendly environments, akin to strategies seen in the private sector under Trump. Moreover, adopting think-tank models for local economic development may enable regions to capitalize on investments and improve governance.
Additionally, the discussion included insights on the contrasting “Organic” and “Mechanistic” views of economic policy-making, with implications for socio-economic prosperity based on governmental leadership styles.
Experts argued that Nigeria must act quickly to harness diaspora strengths and stay ahead of global policy shifts, drawing lessons from successful international models. Citing India’s strategic responses to their diaspora, participants called for establishing robust think-tank systems in Nigeria for proactive economic engagement.
The urgency to adapt to emerging trends like technological advancement and agricultural processing was emphasized, with recommendations to support local industries and reduce dependency on foreign markets.
Facing potential disruptions from changing US policies, particularly concerning immigration and trade agreements, the think-tank’s deliberations made it clear: Nigeria must prepare strategically to navigate the future economic landscape.
The establishment of the economic think-tank in Port Harcourt signals a proactive step towards addressing the imminent economic challenges facing Nigeria, particularly from the influence of Trumpism. By focusing on regional competitiveness, the think-tank aims to leverage local resources and foster innovation in agriculture and technology. The well-being of the Niger Delta and broader Nigerian economy depends on swift, strategic actions and the cultivation of effective leadership that prioritizes sustainable growth.
Original Source: businessday.ng
