Vanquay:

princemillla:
I think it's best to look into non oil areas. Oil across the world has fallen and no longer encouraging. We lost our chances to develop this nation when oil sales was at its best rate. See where bad leadership has led us to

baralatie:
The future is bright for Nigeria and I see Nigeria economy growing and become a critical economic powerhouse as far as Africa hub is concerned

NAIJASOM:


There more to mention but I will stop here. What does this mean for the future of Nigeria?

NAIJASOM:


I hear people say this since I was a small child. How can Nigerian accomplish this at the current oil crash and considering all the facts I listed. Thank you.

baralatie:

If you have studied Nigeria's economic growth carefully you will notice that as at 1980 oil was 90% of revenue but as now the oil is only 53% with 47% coming from non oil receipts.
That is why your economy is not hit like greece

baralatie:

If you have studied Nigeria's economic growth carefully you will notice that as at 1980 oil was 90% of revenue but as now the oil is only 53% with 47% coming from non oil receipts.
That is why your economy is not hit like greece

parrygee:
Oil only 53 percent? Pls wats Ur source?

IGBOPRINCE:
We lost our chances in the 70s(oil boom) and we also lost our chances from the 3rd/4th republic(1999) due to bad leadership lacking visions and wisdom to do something useful with the funds being raised.
Buhari should picked up a map, look into every each country's profiles. There re countries outside nigeria that he needs to form a good relationship with. Discuss with them,tell them what his country(nigeria) gat to offers,bargain with them and develop a mutual understanding like partnership, Out of many countries in the world, there must be a buyers in need our oils especially those countries that re lacking oils. All these countries like china,india,and america should be ignored. they behaved too pompous and arrogant, they felt we can't raised funds without them.
Buhari need to work as one of the marketers outside the countries if he really need a buyers. He should work with his head.
I do my business, look for my buyers,partner with them,and work for my money.
He can do it. Don't just seat in your office alone and expecting good things to come in. Work with your brain. At least they re paying you.

NAIJASOM:


Oil make up about 15% of our Gdp but about 85 to 90 % of government revenue. Our economy is not strictly oil based but oil is responsible for sustanance of the rest of the economic sectors. Without petrol-dollars, we won't have the forex to import goods which will affect all sectors of the economy because we are an import dependent nation. That's why the CBN was ordered by the administration to limit how dollars importers can get in order to conserve our forex.

baralatie:

You have stated 85% of GDP is from non oil avenues

NAIJASOM:


Yes that is true but oil sector has a "Trickle Down Effect" on the rest of the economic sectors. Remove the oil sector and you will see the rest of the sectors crumble away. Why did you think Stubborn Nigerian government was willing to give amnesty to the niger delta millitants. The strength of any economy lies in its revenue source

NAIJASOM:


That will be a waste of time because there are more competent oil producers that will meet those demands more efficiently than Nigeria. The low cost oil is simply an oversupply of oil to the market. It will only get worse if you consider the facts that I posted.

baralatie:

The oil revenue is as at now 53% of receipts while non oil is 47%.
If PMB is serious by now the budgetary plan would be 38% oil receipts :to 61% non oil receipts

baralatie:

If you have studied Nigeria's economic growth carefully you will notice that as at 1980 oil was 90% of revenue but as now the oil is only 53% with 47% coming from non oil receipts.
That is why your economy is not hit like greece

Ghandi12:
You have raised an important question about the nation future but tying the unity of the nation to oil is inaccurate.

Although the reality is that we are now poor as an oil-dependent nation but fragmenting the nation will not, necessarily, make any unit(s) richer.

The new oil 'normal' price has come to stay - a reality we have to live with. In my humble opinion we have to:

""start walking all those diversification talks we like bragging on tv and radio : solid minerals and agriculture can become our new forte.

""we also need to cut-down on government expenses - e.g security votes for governors to tune of billion is inexplicable, long convoy for public office-holders should be reported to BH if you have their contacts, public officers should safe us lavish family celebration.

"" we should start discussing our population - should we not re-adopt planned parenthood policy? Shouldn't indigent people be advised not bringing more children into abject poverty? Is it not time to adopt some level of China-population-moderation policy.

"" we should review the number of our foreign missions until things improve.

"" new corruption cases should be met with capital punishment.

"" our leaders should lead modest lifestyle to reduce youth thirst for quick fame/money.

"" university graduates should be told the truth : there won't be many employers for the next two years - entrepreneurship and innovation should be preached.

NAIJASOM:
If Nigeria is ever going to stay together without oil unity, then this country must be restructured into a fedralism.

NAIJASOM:


I hear people say this since I was a small child. How can Nigerian accomplish this at the current oil crash and considering all the facts I listed. Thank you.

NAIJASOM:


Oil make up about 15% of our Gdp but about 85 to 90 % of government revenue. Our economy is not strictly oil based but oil is responsible for sustanance of the rest of the economic sectors. Without petrol-dollars, we won't have the forex to import goods which will affect all sectors of the economy because we are an import dependent nation. That's why the CBN was ordered by the administration to limit how dollars importers can get in order to conserve our forex.