juman:


Not only this government that squandered a great opportunity to build nigeria to world standard, obasanjo also wasted the opportunity.

pdp should be voted out.

2sExy1:
our leaders are so so so so so daft. Their ideas are so so so so crude. They are not innovative...

onyxo76:
65 ke? even it should be 30 naira- nobody send your 'oil' anymore !

juman:
This one nigeria lack serious minded leaders that can direct the country to the path of greatness whereby other areas of economics would be explored and exploited.

Spydamannn:
Nigeria could have bee great. All the money made during the oil boom but nothing to show for it

kenex4ever:
Words of a mediocre, must u attribute every thing to ur leaders? Is it d president of US dat set up all those technology companies they have? We r virtually "low brains" in africa dats why we can't survive without natural resources and it has nothing to do with government. The rich ones like dangote, instead of dem investing in technology they r investing 85% on importation and 15% in sugar and noodles production

odimbannamdi:
From the information above, oil prices can be likened to FOREX: It hits support and resistance lines and bounces off or breaks through it. Its unfortunate that it has currently broken through its support level. Sorry if my illustration above sounds like swahili to you.

"Cheap gas here to stay? If those predictions are accurate, it could also mean gas in the U.S. might not go above $3 again. Thanks to the oil meltdown, the national average price of gas has plunged to $2.13, compared with $3.31 a year ago, according to AAA."


The price of oil in the outside market has dropped and, correspondingly, the price at which the citizens of the US buy gas has dropped from 3.13USD to 2.13USD. a whooping near-35% reduction! Unfortunately, this is not the case in Nigeria. We produce the oil, the price drops much more than our national budget anticipates in the foreign market, but still, we the citizens, buy exactly the same price we used to when the prices were high. Its pitiable.

Left to me, i would suggest that the price keeps falling and consequently our naira currency. CBN shouldnt deplete our foreign reserves by trying to boost the USD/NGN rate. It is just a futile attempt towards delaying the inevitable.

The United Arab Emirates forsaw this fall in oil prices, so they invested in their tourism sector, erecting magnificent 5-star hotels and creating conducive environments for tourists. Nigerian leaders are not proactive. in our time of bloom, we dined and wined and never prepared for the rainy day. Now it has happened!

Our problems arose as a result of our total dependence on oil revenue. Other sectors of the economy should be revived. The Agricultural sector, if efficiently harnessed and honed, can turn our economy around for the better.

The problem of Nigeria is a case of MAN THE CAUSE, MAN THE SOLUTION

100Cents:


What are you trying to say ?

100Cents:


What are you trying to say ?

100Cents:


This is not a party matter.

I know you all wanna sell your party.

Most of these men are lacking in mental capacity. A man cannot give what he doesn't have. More pitiable for those sponsoring buhari based on popularity alone. Yet he is a mental pauper.

Then the problem of corruption which is a general problem from the highest office to the lowest one in Nigeria..

bushdoc9919:


Oil reliant economies, even the boom ones, are not stable economies.....as the article quoted below puts it...



This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.


Infact, oil economies that do well are

1.Have populations below 15 million (Saudi and UAE and Norway)

2.Have strongly diversified economies....especially industrial economies. (Norway again).

bushdoc9919:


OPEC politics. Simples.

bushdoc9919:


Farming won't work anymore. We are still far behind Asia....and besides...it is resource dependency by another name...because prices of farm products fluctuate...plus there is that thing called the blight....and famine.

Industrial development is the answer.

But you Nigerians love ready, shareable money. You don't want to work for it.

ThoniaSlim:
Now we can go back to our groundnut pyramids and palm oil.

Lesgupnigeria:

my brother, agriculture is the answer.
if the agro-raw materials are not available or sufficient,how will there be industrial development.

Check the agric section to see my articles and other articles that will help you know revolution thats going on in the agric sector.
thanks.

bushdoc9919:


They will soon.....

Whoever is in charge in Aso Villa...OPEC will be the scene of a massive fight soon. Them Saudis may soon have to give up their fight against the US...especially as it is paining them too.

100Cents:
This is good news

motherlode:
Oboi no be Nigeria enter one chance ooo but nah GEJ enter ooo and dem go sell im part if e no smart!
By may 29 Nigeria would have a good and competent leader in Buhari/osinbajo to fully diversify the economy to reduce the dependence on oil.