danjumakolo:


That shows oil will soon become cheap and will no longer dictate our revenue generation... Let's diversify our economy

Then keep mute till that time.

elampiro:


Are you owing a bank?

nope! Just a simple professional opinion.

Ahmed4002:
Oil slump: Dollar now sells for N208. Jona
might not certainly have control over forces
controlling oil price, but what happen to
diversification. Only a clueless president does
not understand d risk of overdependence on
one sector. Yet he keeps fooling Nigerians
(those who want to be fooled, not me) that he
has made Nigerian economy d largest in
Africa. with this kind of devaluation imagine
how our naira would be in d nxt 3-4 yrs if he's
re-elected. # wewantchange#

Is it in Jonathan's administration that nigeria started over dependence on oil revenue?You people are always looking for unjustifiable ways to crucify this innocent man.

moderatorr1:
Its hitting Russia and Iran hardest . To the extent that the president of Iran said the fall in oil price is being caused by the enemies of his religion...Lol

previously mouthy, Iran has now started negotiating with US.
North Korean president had to travel out of his country for the first time ever, he went to Russia for talks, but they too are in trouble , now he has opened talks with US.

Saudi Arabia is not hurt at all. They have billions of dollars stock piled in reserves over they years. They can last for several more years without selling a single barrel.

Buhari has promised to stabilise this world oil market.

Some people think this fall is caused locally .
Obama fulfilled his promise, America started digging their own oil, and stopped importing. This affected all oil producing states.
Oil full everywhere in the world now berekete. lol

Our eye go clear na!
All the politicians who have stolen oil money to build refineries abroad, ntooor!
All the government cronies who enjoy subsidy in billions of naira on empty vessels on their way out that they just turn around and make them appear to be laden with petroleum products, ntoooooor!
Niger delta militants, how far na? which way to go now?!
Soon, filling stations will be doing adverts and giving presents to customers @ 20 naira per litre.

hunkydory:

Is it in Jonathan's administration that nigeria started over dependence on oil revenue?You people are always looking for unjustifiable ways to crucify this innocent man.

America had said they would reduce their oil consumption by exploring cleaner energy sources since the days of Bush.
Jonah may not have started this but what did he use the information for?
How would you rate Nigerian farmers on a scale of 1 - 10 in terms of mechanized farming? 1 being abysmal and 10 being excellent.
What is the duty payable when you import a tractor?
Should we have invested in local assembly plants for tractors first or saloon cars and luxury jeeps?!
What is being done as incentives to turn the army of graduates (50% half baked anyway) being churned out yearly to agriculture?!
We have a cash crop called cassava with great export potential. How many cassava processing plants are there? What is the export rate?!
If we process cassava before we export it we create more jobs locally or do we plan to go the way of crude oil with that one too?! But wait, where is the steady power to run the plants? Let me guess, power outage didn't start with Jonathan.
Enough of Jonathanians blaming his predecessors! It's called assets and liabilities!!

yemivictor:


America had said they would reduce their oil consumption by exploring cleaner energy sources since the days of Bush.
Jonah may not have started this but what did he use the information for?
How would you rate Nigerian farmers on a scale of 1 - 10 in terms of mechanized farming? 1 being abysmal and 10 being excellent.
What is the duty payable when you import a tractor?
Should we have invested in local assembly plants for tractors first or saloon cars and luxury jeeps?!
What is being done as incentives to turn the army of graduates (50% half baked anyway) being churned out yearly to agriculture?!
We have a cash crop called cassava with great export potential. How many cassava processing plants are there? What is the export rate?!
If we process cassava before we export it we create more jobs locally or do we plan to go the way of crude oil with that one too?! But wait, where is the steady power to run the plants? Let me guess, power outage didn't start with Jonathan.
Enough of Jonathanians blaming his predecessors! It's called assets and liabilities!!

You have said nothing reasonable.All the problems you mentioned has been with nigeria for decades and Jonathan on them.Go through what you wrote again.

Profkenny1:


Also I don't think shale gas production will stop because it has created thousands of jobs around the world. Presently in the US, it contributes to 46% of the total gas production and it has been projected to increase.

There is Shale Oil and there is Shale Gas also

My Analysis is based mainly on Shale oil as we've not mentioned the price of "Gas" the
Reason why is that these reserves are fixed and Estimates are made based on this fixed reserve and a time period when they'll reach a breakeven point and start making profit.


The reason why they may slow down, stop or discontinue field development is because it doesn't make economic sense at the moment.

Remember Hydraulic Fracturing techniques didn't start now it's been around for over 50 years but didn't make economic sense because of huge investment and technology available to drill mainly horizontally and frack.

Even before when oil price is high, i dont think the real amount that is being spent on the populace is high anyways. Most are just stolen. Budget are usually based on around $65/barrel and thats where the excess crude oil money arises.

Even from the budget, how much was really spent on education, healthcare etc?

Still questionable. Hopefully we might not have big issue if whatever is realised is better spent.