Garden City Think-Tank Initiates Strategic Responses to Economic Challenges in Nigeria

The newly formed Garden City Business Think-Tank in Port Harcourt aims to prepare Nigeria’s South-South region for impending economic changes, particularly the impacts of ‘Trumpism.’ Led by Professor Silva Opuala-Charles, the think-tank emphasizes addressing GDP disparities, supporting local investments, leveraging technology, and creating a favorable business environment. The discussion highlights robust preparations for global trade shifts and the importance of collaboration between government and businesses to foster economic resilience.

An economic think-tank has been established in Port Harcourt, Nigeria, to address imminent economic challenges. Led by Professor Silva Opuala-Charles, a seasoned economist and former commissioner for finance, the Garden City Business Think-Tank aims to equip leaders in the Niger Delta with strategies to compete economically. At the inaugural Garden City Business Breakfast on March 6, 2025, Opuala-Charles highlighted the significant GDP disparity between Lagos and the South-South region, emphasizing the urgent need to identify barriers limiting local business growth.

Opuala-Charles articulated the repercussions of rising global nationalist sentiments, particularly under the influence of ‘Trumpism.’ He warned that Nigeria’s GDP could suffer due to trade shifts instigated by U.S. policies and cautioned regional leaders to prepare for potential economic disruptions. The need for regional leaders to harness local resources and capitalize on international investment opportunities was stressed, as well as the dangers associated with unpreparedness for upcoming economic changes.

The discussion continued with panelists echoing concerns about the impacts of Trump’s policies on global trade dynamics, Nigeria’s export capacities, and overall living costs. They suggested that Nigeria should focus on agricultural investments, particularly in Rivers State, to enhance food security and economic stability, given the vast untapped resources available.

Panelists addressed the necessity of embracing technological advancements, such as artificial intelligence, to improve Nigeria’s strategic position in emerging markets. Recommendations included fostering local production to minimize foreign exchange demand, supporting local enterprises through accessible funding, and aggressively targeting intra-African markets.

Consensus among the panelists highlighted the need for collaboration between governments and businesses, encouraging investment in sectors that could be profitable for citizens. They pointed to successful initiatives in Rivers State, showcasing how strategic economic summits can lead to tangible benefits for the local economy. Ultimately, the urgency for robust think-tanks to guide policy responses to global shifts was underscored, fostering resilience against impending economic storms.

During the open discussion, concerns were raised regarding the exodus of potential investors and talent from Rivers State to Lagos due to fears associated with the local business environment. Suggestions for solutions to improve the investment climate were made, emphasizing the importance of stable governance and creating an appealing business landscape for enterprises.

Experts highlighted the parallels between Nigeria and India regarding leveraging diaspora expertise to revitalize local industries. They urged local leaders to proactively harness the skills and financial contributions of Nigerians abroad. The need for systemic reform focused on wealth distribution and job creation was emphasized for the benefit of society as a whole.

While some panelists took a harder stance on Trumpism, others suggested recognizing potential opportunities within this framework. They stressed that Nigeria must enhance its strategic thinking to adapt to the complexities of global economic policies originating from the United States, especially as geopolitical and economic realities continue to evolve rapidly.

In conclusion, the establishment of the Garden City Business Think-Tank seeks to enhance economic resilience in Nigeria’s South-South region in light of rising global challenges. Through fostering local resources, promoting technological innovation, and encouraging strategic collaboration, regional leaders are urged to prepare for the shifts caused by both domestic and international factors. The wise positioning of Nigeria will be crucial in navigating the impending ‘Hurricane Trump’ and emerging stronger economically.

Original Source: businessday.ng