Abeg they should start tapping da oil there. Let them contribute like the East is doing and then can understand what the hell we are talking about. Maybe then the Yoruba will not feel the need to support the North in the event of any war.

LOL, funny country, the country can't generate employment, stimulate an economy or even sustain one, accomodate development of indigeneuous innovative products or designs in any fields, nah, the country prefers to wait an eternity for what would seem like an equivalent to mana from above.
Very soon you will get people selling suya and bole inviting oil companies to come and "explore" their own 2m by 2m square of real estate to check for oil and then all that is left to do upon discovery is sit down and wait for oil derivation and at the end of the day citizens can drive home in their cars made of oil on roads made of oil to their mansions made of oil and settle to an evening of oil cocktails with a selection of hors d'oeuvres made of oil, even have baths in oil and the children will go to schools made of oil and read books made of oil. Because oil is development.

A country with people doing no work and being completely unproductive, can't even refine the oil taken from their land, others buy that oil refine it and sell it back to them at higher prices and the people think they are "clued up"? Even market women sef will soon start learning derivation formula and start having 'enlightened discourse' on the benefits true federalsim would bring. Gosh how amusing it would be when the price of oil plunks below $1. That would be a real eye opener and perhaps that day can't come any sooner. What does the country Nigeria bring to the global table apart from oil?

Sky Blue

Real talk.

MrCrackles:


Why cant we discover something else, so our over-reliance on oil can be sorted out?

Apart from oil, God blessed this country with almost all mineral resources there are including uranium whose mining is under strict control worldwide. I learnt sometime ago that a whole local government in Osun State is sitting on gold. There are also gold deposits in Edo State and some other states in the north. In Jos, anytime there is a heavy rain and soon after the rain water has dried, you notice some black powdery things on the ground and poeple say that is tin. In Kogi, there is iron ore. We aslo have the sand used in making glasses. There are so much more that I can not mention here.

We have different weather and topography in different parts of the country that are suitable for different crops yet agriculture potentials are not been harnessed fully.

Our leaders are like lame ducks who seem contended with easy oil money, now that oil prices are tumbling they are now restless.

lets wait and see how the oil money will be spent. well, we are all hoping for the best

they must settle me, else i will go ahead and form Movement for emancipation of eko area.

Sky Blue:

LOL, funny country, the country can't generate employment, stimulate an economy or even sustain one, accomodate development of indigeneuous innovative products or designs in any fields, nah, the country prefers to wait an eternity for what would seem like an equivalent to mana from above.
Very soon you will get people selling suya and bole inviting oil companies to come and "explore" their own 2m by 2m square of real estate to check for oil and then all that is left to do upon discovery is sit down and wait for oil derivation and at the end of the day citizens can drive home in their cars made of oil on roads made of oil to their mansions made of oil and settle to an evening of oil cocktails with a selection of hors d'oeuvres made of oil, even have baths in oil and the children will go to schools made of oil and read books made of oil. Because oil is development.

A country with people doing no work and being completely unproductive, can't even refine the oil taken from their land, others buy that oil refine it and sell it back to them at higher prices and the people think they are "clued up"? Even market women sef will soon start learning derivation formula and start having 'enlightened discourse' on the benefits true federalsim would bring. Gosh how amusing it would be when the price of oil plunks below $1. That would be a real eye opener and perhaps that day can't come any sooner. What does the country Nigeria bring to the global table apart from oil?

There is some truth in there, albeit tinged with a large dose of bitterness.

Oil won't 'plunk' below $1, it may get cheaper in the short term due to economic problems but it will rise much more soon. But then again, that isn't the core of your post, I just wanted to mention that.

I don't think many people are waiting for oil to be found so they can start claiming derivation. If anything, lots are praying oil is NOT found, so they don't encounter the fate of the ND people.

Oil can lead to development - we have gotten it wrong in many areas, but that should not lead to us closing that door or making oil equivalent with all the problems we have. Governments that learn from history can use oil to boost other parts of the economy and spur growth. Negativity about past mistakes should not result in us not making the best use of whatever resources available INCLUDING oil.

Regarding importing refined products, Iran and a number of oil producers also import refined products, so it isn't a peculiar Nigerian issue.

People shouldn't get their hopes up too much anyways - this will not be anything more than a 'small field' as it stands. At it's peak, I'd be surprised if it yielded more than 40,000 barrels/day - compared to the 1.8-2.0 million barrels/day produced by the rest of the country, it is miniscule - remove development costs and profits, not a whole lot will be left over anyways.

honeric01:

they must settle me, else i will go ahead and form Movement for emancipation of eko area.

Typical Naija mentality

debosky:

There is some truth in there, albeit tinged with a large dose of bitterness.

Oil won't 'plunk' below $1, it may get cheaper in the short term due to economic problems but it will rise much more soon. But then again, that isn't the core of your post, I just wanted to mention that.

I don't think many people are waiting for oil to be found so they can start claiming derivation. If anything, lots are praying oil is NOT found, so they don't encounter the fate of the ND people.

Oil can lead to development - we have gotten it wrong in many areas, but that should not lead to us closing that door or making oil equivalent with all the problems we have. Governments that learn from history can use oil to boost other parts of the economy and spur growth. Negativity about past mistakes should not result in us not making the best use of whatever resources available INCLUDING oil.

Regarding importing refined products, Iran and a number of oil producers also import refined products, so it isn't a peculiar Nigerian issue.

People shouldn't get their hopes up too much anyways - this will not be anything more than a 'small field' as it stands. At it's peak, I'd be surprised if it yielded more than 40,000 barrels/day - compared to the 1.8-2.0 million barrels/day produced by the rest of the country, it is miniscule - remove development costs and profits, not a whole lot will be left over anyways.

You didn't need to address my post. Bitterness is not a word I would use to describe the post rather frustration and irritance seems more adequate. I was not insinuating that oil will ever drop below $1 but using hyperbole to highlight how sensitive the whole economy of a nation is to oil prices simply because it is practically the only thing exported. Neither did I say Oil cannot bring development rather the sarcasm was aimed at the fact that OIL is not equal to DEVELOPMENT unless you want to claim it is, do you live in a house made of oil? It is how you manage and use the resources you have that matters. How many countries can we list that don't have oil and are more developed than Nigeria? I don't even think I need to name countries that fall into such category because I am stating the obvious and for some reason I think you should know better.

Nigeria is too reliant on OIL. You say people don't care much for oil and pray for it not to be found yet stories circulate in the news papers of how so and so was bribed with oil blocks? Then comparing Nigeria to Iran as a means of some bar to measure up to and be proud, why don't we compare ourselves to congo or somalia while we are at it since such might make us feel better and perhaps more content with our present situation. The issue is that for a country that seems so heavily dependent on oil to rely so heavily on imported fuel bought at an obviously higher price than the crude oil they sell, for all these years and decades is simply foolish. And please let us not pretend as if such was a result of prefference, how many defunct oil refineries does Nigeria have? How many plans have existed to start oil refineries? What sector of the country is actually functioning even with all the oil wealth? LOL, I'm done.

Oh the Prophecy is coming true!

Don't get me wrong sky - I appreciate your hyperbole and I mentioned as such. I simply felt a need to bring some balance to your post and show an alternate possibility.

Sky Blue:

I don't even think I need to name countries that flall into such category because I am stating the obvious and for some reason I think you should know better.

I appreciate that as well, nowhere did I state that we have done the best with our resources - I have simply said that even in the light of what has gone on, we need to harness oil and gain the benefits from it and possibly use it as a driver to boost the rest of the economy.

That said, very few countries have succeeded without a major natural resource serving as a catalyst. Yes Japan is an obvious example, but for every Japan, you will find an Australia, Canada and South Africa as well. Not excusing our failure or overdependence, just offering an alternate view.

Nigeria is too reliant on OIL. You say people don't care much for oil and pray for it not to be found yet stories circulate in the news papers of how so and so was bribed with oil blocks? [/b]Then comparing Nigeria to Iran as a means of some bar to measure up to and be proud, why don't we compare ourselves to congo or somalia while we are at it since such might make us feel better and perhaps more content with our present situation. The issue is that for a country that seems so heavily dependent on oil to rely so heavily on imported fuel bought at [b]an obviously higher price than the crude oil they sell, for all these years and decades is simply foolish. And please let us not pretend as if such was a result of prefference, how many defunct oil refineries does Nigeria have?

Maybe you didn't understand my intent - people are not eager for oil to be found underneath their land because it brings (or has brought) degradation. This is completely different from a well connected man getting an oil block for personal profit.

Let's not start a second debate here, but let me highlight a few things.

1. Comparison with Iran is valid - they are an oil exporting country importing refined products. I am not excusing it, simply pointing out that it is not a strictly Nigerian malaise.

2. I won't go further into this, but I am not convinced building MORE domestic refineries will be beneficial to us compared with importing, given the failure to manage the ones we have - you will have to do a cost-benefit analysis before determining which is more suitable.

3. We didn't start importing fuel till the late mid to late 90s when demand outstripped domestic supply, so we haven't 'always' been in this situation as you claim.

4. The 'defunct' refineries are actually not defunct - they are running, with varying levels of capacity utilisation, which has worsened over time due to poor maintenance. Even with maximum capacity of the current refineries, we cannot meet supply, especially of given products. The odd thing is, even within this situation, we are exporting some refined products.

Given the competing needs of government - poverty reduction and the like - building refineries is not a priority, they are expensive with long lead times, and with spare global refining capacity, it makes little sense for foreign companies to put money into new refineries, especially in Nigeria, where prices are controlled by the government. Without appreciating these constraints, it is easy to make over generalisations about these things.

This does not call for any jubilation at all, this is not the first oil dicovery in Nigeria, neither will it be the last. Having said that, the only matter that will arise is what we are facing in the niger Delta which is as follows:
1. Environmental Degradation
2. NNPC will not be able to account for oil produced, as it is happening now .
3. Continuous bunkuring of that oil by the politicians("big boys" around.
4. Community agitation to be stakeholders in the production of oil.
5. Some Communuity chiefs will be settled appropraitely, which in turn will empower some youths(potential MEND) to maintain peace in the community
6. The youths become disatified with the peanuts from the chiefs, then partake in the bunkuring by themselves and graduate to the full fledge MEND
7. Total collapse of law and order.
8. Niger Delta is replicated in Lagos state, maybe the oil companies will then relocate to Abuja.

What goes around , comes around.

We have to make judicious use of what we have and diversify and not jubilate that we have dicovered another deposit of oil, which is the only source of revenue for the country.