Port Harcourt is already one of Nigeria’s major centres of formal economic activity, but a proposed 24-hour electricity corridor linking Enugu and Port Harcourt could give the city another advantage in the race for investment.
The proposal comes as the Nigerian Economic Summit Group, NESG, prepares for its 32nd Nigerian Economic Summit, where one of the major conversations will be how Nigeria can spread economic opportunities beyond a few dominant cities.
Interestingly, Port Harcourt is itself one of the cities the NESG identified as concentrating a large share of Nigeria’s formal economic activity, financial flows, investment and corporate presence, alongside Lagos, Abuja and Kano.
That recognition is significant because the discussion is not simply about which cities are already doing well. The NESG wants states to develop their own economic strengths and compete for private investment by improving infrastructure, governance, land administration, regulations and the ease of doing business.
For Port Harcourt, that creates an interesting position. The city already has oil and gas, maritime activity, commerce and a large consumer market working in its favour. But investors also look at the practical cost of doing business, and electricity remains one of the biggest considerations.
This is where the proposed Enugu-Port Harcourt power corridor becomes particularly relevant.
Reliable electricity could make it easier for manufacturers, food processors, hotels, technology businesses and other industries to operate without depending so heavily on generators. Lower energy uncertainty could also make the city more attractive to investors looking for locations where production can be sustained.
The NESG’s wider argument is that Nigeria should stop concentrating too much economic activity in a few cities and instead build regional economies around each state’s competitive advantages. Its upcoming summit will examine regional value chains, infrastructure, investment and how states can build economies capable of competing nationally and globally.
For Port Harcourt, therefore, the question is not whether the city is an investment centre. The NESG has already placed it among Nigeria’s major economic hubs.
The bigger question is whether Port Harcourt can use that position to attract a new wave of investment beyond its traditional dependence on oil and gas..
If those pieces begin to come together, Port Harcourt could move from being simply one of Nigeria’s established economic centres to becoming a stronger and more diversified investment destination.
