The head of Garden City Premier Business School, Professor Silva Opuala-Charles, emphasized on Monday that the blue economy has the potential to contribute an additional $500 billion to Nigeria’s GDP if effectively harnessed.
In an interview with Atlantic Television Network in Port Harcourt, Opuala-Charles lamented the government’s failure to diversify the economy, attributing it to the country’s economic stagnation.
Discussing the blue economy, Opuala-Charles highlighted the government’s struggle to diversify the economy as a significant issue. He expressed the opinion that Nigeria should explore the blue economy, suggesting that with proper development and utilization, an additional $500 billion could be comfortably added to the current $475 billion economy.
Opuala-Charles underscored the importance of private sector collaboration as a key driver of economic growth. He urged the government to involve private players in the economic landscape.
Government participation in private sector partnerships is crucial for economic growth, according to Opuala-Charles. He referenced India and China as examples where the introduction of private sector participation played a pivotal role in boosting economic growth.
Drawing a parallel to China’s economic transformation in 1998, Opuala-Charles pointed out that opening up the economy to the world and inviting private sector investments contributed significantly to China’s economic growth. He emphasized that attracting outside investments and partnering with private companies is essential for expanding the economy’s capacity.
Opuala-Charles emphasized the need for the government to carefully select private partners based on their capacity to enhance government assets while expressing confidence that private companies would be interested in such collaborations.
Original News Reporter: Reginald Tobin
News Source: Nariameterics
