By NAOMI UZOR
The Lagos Chamber of Commerce and Industry, LCCI, has declared that the extreme dependence of government finances and externaltrade balances on proceeds from the sector exposes the nation to significant risks from oil price and production shocks.
The President of LCCI, Mr. Goodie Ibru, said the evolving global energy market dynamics suggest an urgent need to take a sober look at the Nigerian oil and gas sub-sector in particular and the energy sector in general, especially given the importance of the sector to the Nigerian economy.
“Despite the declining contribution to the nation’s Gross Domestic Product (GDP) – currently at 14.7 per cent, the extreme dependence of government finances and external trade balances on proceeds from the sector exposes the nation to significant risks from oil price and production shocks.
“There are profound concerns over dwindling performance of the sector which has been attributed to the structural gaps in its regulatory, fiscal and business practices which have supported highinefficiencies” he said.
Unfortunately, he said, the Petroleum Industry Bill (PIB) which was adjudged the most significant attempt to address these challenges through the reform of the governance and business structure of thesector as well as resolution of fiscal issues is yet to see the light of the day. “From 18.89 per cent in the first quarter of 2009, the year after the PIB was first presented to the national Assembly, oil contribution to GDP has fallen to 14.7 per cent by the first quarter of 2013.
“The international oil market landscape is changing very fast and eroding the competitive value of Nigeria’s oil and gas. “First, the number of countries discovering oil and gas reserves within their national boundaries is increasing; thus expanding the supply base of oil and gas products in the international market.
Also, improvement in refining technology is helping to eradicate the difference between the Nigeria light crude and the other types of crude oil; a feature that reduced the price premium on Nigerian’s bonny light for many years” he said.

http://www.vanguardngr.com/2013/07/nigeria-at-risk-over-dependence-on-oil-lcci/

WELL DAYUMMMM. DEPENDENCE ON OIL IS OUR THING. YOU CANT TEACH AN OLD DOG NEW TRICKS

ok

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No problem God dey

I see the nigerian spring; I see dead people

Gullible people and their fake prophecy!

revolution in near

iamswizz: revolution in near

Okpe

What kind of country is this, wh cant we jst reasn nd go back to d basis, yrs bak, we depends solely on agriculture nd our fathers then were living gud, things were easy bt since d discovery of petroleum, thngs had realy changd, d stardard of livn had reducd nd nigerians ar complainin of 1 or more thngs everydy. It wil be beta if we can jst divert our source frm dis petrol nd decide on beta product dt wil gv room 4 al nigerians nd nt d ruling clas alone

Make the oil dry first, make we see.

you guys are in for a rude awakening once they put an end to the petrodollar

scipher: I see the nigerian spring; I see dead people

punish you

Why are you telling me what I already knew?

i pity those studying petroleum engineering

Agriculture offers a brighter future than crude oil. Expanding agriculture can boost the economy and can also create millions of jobs for unemployed Nigerians.

[size=36pt]Na Today Una Just Dey Know Abi

RUBBISH PAR EXCELLENCE!!![/size]

NoContract: [size=36pt]Na Today Una Just Dey Know Abi

RUBBISH PAR EXCELLENCE!!![/size]

Abi oooo. As if this was just discovered. This warning has been on since in the 80s, when oil prices crashed and we had to adopt the austerity measure such as SAP to survive.

When a thread about Nigeria's oil spurred economy been in decline made FP about 2 weeks back, the FG goons lamblasted the Premium Times authored piece as propaganda
I hope the ethnic warriors esp from the ND get big jugs to drink their 'oyel' as the bubble bursts
Many of out current political leaders -from the North to the South,East and West- lack the vision to put Nigeria right side up
The sooner the youth realise this and unite to flush them out, the better

tell us something we don't know

why can't we just develop our industries or at least support those who are trying to do so. See what happened to hiTV. Those hopeless politicians politicising everything. . .i hope they live long enough to reap the fruits of their labour SMH

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Me thinks Nigeria's youths are in a coma.
They are idly watching our corrupt govt squander their inheritance.

ochukoccna: When a thread about Nigeria's oil spurred economy been in decline made FP about 2 weeks back, the FG goons lamblasted the Premium Times authored piece as propaganda
I hope the ethnic warriors esp from the ND get big jbetterugs to drink their 'oyel' as the bubble bursts
Many of out current political leaders -from the North to the South,East and West- lack the vision to put Nigeria right side up
The sooner the youth realise this and unite to flush them out, the better

[size=20pt]Nigerians deserve to suffer.I have never seen a country full of such greedy ,evil ,selfish, wicked ,dubious ,dumb,self defeating and heartless people like Nigeria.They are getting their just deserve.Nigeria is an eyesore to the human race.The worst nation for a child to be born and raised.[/size]

Walexz02: Why are you telling me what I already knew?

^
Wrong

Why were you telling me what i already knew?
Why are you telling me what i already know?

EmperorOlu: [size=20pt]Nigerians deserve to suffer.I have never seen a country full of such greedy ,evil ,selfish, wicked ,dubious ,dumb,self defeating and heartless people like Nigeria.They are getting their just deserve.Nigeria is an eyesore to the human race.The worst nation for a child to be born and raised.[/size]

Am sure that am not d only one who thinks that dis is guy is an slowpoke!!!
@OP.. I belive dat d nigerian youths should just 4get d government, make their money, and if they like, leave d country.. Dats just my Opinion sha

EmperorOlu: [size=20pt]Nigerians deserve to suffer.I have never seen a country full of such greedy ,evil ,selfish, wicked ,dubious ,dumb,self defeating and heartless people like Nigeria.They are getting their just deserve.Nigeria is an eyesore to the human race.The worst nation for a child to be born and raised.[/size]

AND YET YOU HAVE A PICTURE FULL OF MONEY ON YOUR AVATAR AND SAYING 'I AM ALL ABOUT THE MONEY' SEEMS TO ME LIKE YOU ARE A POTENTIAL THIEF AND A GREEDY PERSON YOURSELF. YOU ARE SIMPLY ANGRY THAT YOU ARE NOT IN THE SAME POSITION OF POWER SO YOU CAN STEAL YOUR OWN. I IMPLORE YOU ALL TO CLICK ON THIS GUYS PROFILE. LOOK AT THE PIC AND HIS WRITTEN SIG

obadiah777: AND YET YOU HAVE A PICTURE FULL OF MONEY ON YOUR AVATAR AND SAYING 'I AM ALL ABOUT THE MONEY' SEEMS TO ME LIKE YOU ARE A POTENTIAL THIEF AND A GREEDY PERSON YOURSELF. YOU ARE SIMPLY ANGRY THAT YOU ARE NOT IN THE SAME POSITION OF POWER SO YOU CAN STEAL YOUR OWN. I IMPLORE YOU ALL TO CLICK ON THIS GUYS PROFILE. LOOK AT THE PIC AND HIS WRITTEN SIG

[size=15pt]The money on my profile is an internet picture dummy.You are one of those dumb Nigerians who think that everybody is greedy or criminal minded like you.What i have said is the truth ,the only reason it "pains" you is because you know it is the truth.It is you who is a donkey with no form of intellect or the ability to admit the truth about Nigeria.Nigeria remains the dustbin of the world and a disease to mankind.A nation that is rated the most corrupt and most unpleasant place on the planet.The whole world can't be wrong about Nigeria.It is what is it so deal with it.[/size]

flawless911:
Am sure that am not d only one who thinks that dis is guy is an slowpoke!!!
@OP.. I belive dat d nigerian youths should just 4get d government, make their money, and if they like, leave d country.. Dats just my Opinion sha

[size=15pt]Na your father be dumbass ,you f_cking donkey.[/size]

EmperorOlu:

[size=15pt]The money on my profile is an internet picture dummy.You are one of those dumb Nigerians who think that everybody is greedy or criminal minded like you.What i have said is the truth ,the only reason it "pains" you is because you know it is the truth.It is you who is a donkey with no form of intellect or the ability to admit the truth about Nigeria.Nigeria remains the dustbin of the world and a disease to mankind.A nation that is rated the most corrupt and most unpleasant place on the planet.The whole world can't be wrong about Nigeria.It is what is it so deal with it.[/size]

'I AM ALL ABOUT THE MONEY' <<<<< WHAT DOES THAT MEAN ? GO AND SIT DOWN SOMEWHERE MY FRIEND. YOU ARE ANGRY THAT YOU ARE NOT IN A POSITION TO STEAL. THATS WHATS WORRYING YOU. I SMELL YOU A MILE AWAY

I KNOW NIGERIA IS A PIECE OF SHYTT COUNTRY WITH PIECE OF SHYTTT PEOPLE IN IT. BUT YOU ARE PART OF THE PROBLEM. I ONLY NEED TO LOOK AT YOUR PROFILE TO KNOW YOU ARE PART OF THE PROBLEM. ITS PEOPLE WITH YOUR KIND OF MINDSET THAT IS WRONG WITH NIGERIA >>>>>> 'IM ALL ABOUT THE MONEY'