Trump’s victory may prolong Nigeria’s economic woes – Utomi, others

Trump’s victory may prolong Nigeria’s economic woes – Utomi, others

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F ollowing the election of Mr. Donald Trump as the next President of the United States of America, economic and investment experts have tasked the President Muhammadu Buhari-led administration on the need to restructure its economic policies. This, they said, would enable the country to adequately prepare for the negative effects that Trump’s presidency in the US would likely have on Nigeria and other developing economies around the world. The experts, in separate interviews with The Point, said that the emergence of Trump, who did not believe in globalisation, as US President, was an indication that America could be moving back into isolation and might shut its doors against developing nations like Nigeria. A renowned economist, Prof. Pat Utomi, is of the view that the outcome of the US election will definitely affect the Nigerian economy. For Utomi, the consequences of Trump’s emergence as President would be profound for the Nigerian economy. Utomi said, “Nigeria needs to restructure its economy because nobody is coming to bail us out. If we do not manage the economy seriously, we will be in the dungeon for a long time. Did you not hear when Trump said Africa needs to be re-colonised; that means all free funds from the World Trade Organisation and others might be put on hold. Our planners need to rethink and restrategise on policies to transform the economy.” Another potential impact the experts expressed fears about is the possible influx of Nigerians returning from the US, who he said might take the chances of coming back home if Trump goes ahead with his anti-immigrants policy. But while some critics insisted that such an influx from the US would present an opportunity for Nigeria to harness her abundant talents, An investment analyst, Dr. Charles Okereocha, argued that such a development would hike unemployment rate as most of the returnees might not come back with much money as expected. “If some of them come home to invest, they may be frustrated out of the country to neighbouring West African nations, because the business environment is still not conducive. Their skills and expertise would only benefit other African states. If certain infrastructure is not in place to boost production, those investors that had been used to operating in saner environment would be scared from the country,” he explained. On the Nigerian political scene, analysts argued that Trump’s emergence as US President may be a time bomb for the country. To a political observer, Mr. Tobi Ejioye, a Hillary Clinton presidency would have continued to provide material, moral and political support for the Federal Government of Nigeria.
“Trump’s Presidency will not be interested in issues outside the shores of the US and Nigeria will not be on its list of interests.
This means that should the Buhari Presidency make a mistake in some of its political calculations, he will not be able to count on the support of the Americans, which may have proved very critical,” he added.

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