lielbree:
May only those who voted for this scam called change be affected by the economic hardship Nigeria is about to face!
It's their fault.

Actually

1.It is the fault of the previous PDP government for failing to save and for failing to curb corruption. (They did do some good trying to improve power and public transport....but at the same time were busy wasting money that should have been saved)>

2.Even if we saved, we may still have had to take drastic austerity type measures. Saudi Arabia and the UAE which saved far more than we could ever hope for...from their oil money....are looking at cutting subsidies, and raising Value Added tax.

Judge Buhari on how he responds to this crisis.....he was not its cause. Blame your PDP for that.

And blame you Nigerians for being so import dependent.....

Aurelius1:
So its Buhari's fault that that the price of oil has fallen so low? Guy, I pray for you to receive sense.

Was Gej not blamed for fall in oil prices?
Is that not why your da.ura du.llard promised to stabilise oil prices if elected?
Did Gej not handle the situation better? Pms was 87 naira now it's 140 and even scarce!
All u apc e-rats are to blame!

PassingShot:

Olodo, when last did you watch CNN, BBC or Aljazeera? When last did you read Yahoo News, MSN, or even The Economist for analysis on the crude price?

no wonder, na their dem dey giv u hope..lolz...projected indeed

With this economic imbroglio, what the government need to do are as follows:-

1. Sell licence to foreign investors who would come to nigeria to build a 20,000 b/d refinary each (micro refinaries) all around the country within 6 months. Since this is a small capacity refinary, it can be built within a short space of time.

This action will help end the huge demand for forex with respect to fuel importation as petroleum products will now be 100% manufactured locally.

The oil companies will thereby create massive jobs as they totally capture not just Nigeria but indeed the whole of west africa.

Dollar income generated from sale of licence and elimination of forex for oil import would surely strengthen our currency, it will eliminate fuel scarcity and it will create employments.

The current epileptic government owned refinaries should be downgraded to its effective capacity and sold off. Government should only regulate the industry.

2. Government should stop providing dollars to religious pilgrims as it has zero economic benefit to the nation. Aggregate dollar demand from these people are very high, just imagine providing about $5,000 each for say 1 million pilgrims annually ( both christians and muslims ), that is about $5billion! . If this amount is made available to the manufacturing sector, we can imagine what that will do to that sector!

The National Govt is not a play ground for kindergarten, appointing a mere commissioner of finance from a state to be minister of finance was a fundamental mistake especially at a time when the Nigerian economic ship is tremendously voyaging towards doldrums.

And I studied oil and gas..... fatal mistake

Psalm18:


Quite true. It's why its imperative that when the cycle of boom is upon us - we as nation should have invested wisely and build up new areas of revenue. But ALL the leaders,ALL of them acted like drunken sailor- stealing and stealing money

Well, while I think that all Nigeria's past leaders have questions to answer....

1.We did try to develop an industrial blueprint back in the 1970's.

2.The palaver is that when you are dependent on resources....and it is not just oil, we were resource dependent on agriculture too up to the 1980's.....it becomes easy to accumulate money and spend it importing, rather than manufacturing.And let's be honest.....becoming a manufacturing society is not easy. You have to go through a period of hardship while people do not buy what you make...but eventually the results are worth it.

3.Where our problems really began IMO....was the Second Republic. THose guys kept on chopping money....EVEN when oil prices crashed in 1982.Buhari took over and attempted to steady the ship by dealing with corruption while keeping industry afloat. But...that was not enough....and when IBB took over...things got worse...so we had to take the SAP medicine , and then devalue the Naira.Problem is that Nigerians do not cut their coats according tosize.....

Whenever the democrats are in power and prepping up for the presidential election to retain their incumbent, there is always a global oil industry meltdown heralding such an election year.

Psalm18:
2016 willl be tough.

Things will start looking up by next year 2017, if the budget is passed and the various projects are judiciously executed.

On a personal level- don't spend on girls like before
Before you go on a date ask her if she willing to split the bill

Save- cut down on buying for buying sake.

We might be entering a recession..government must give confidence to the citizens and the markets (formal market I mean)by giving out positive pronouncements not reminding us every time that things are tough. Nigerians are not idioots..we know things are tough.

In recession is also when some wise investor and investment pay off. The wise will understand. If you have saved cash and have assest: now is the time to put it to use.
Access soft loans from CBN if you have a good business proposal but its wiser to go as a group not individual. We still run business as one man idea. You cut down on risk more by spreading across: profit might also be less but still better than been jailed for defaulting on loans.

In recession, is time to look at acquiring other skills,-jobs like IT, energy provider(solar panels technician) medical and lecturing will always be in high demand.
Now is a perfect time to start a Church

Dont buy shares except for long term investment. Invest rather in treasury bill- the reward are not much but the risk is less.

No more COT on banks charges from January 1, which is good news.

If you transact in bulk- go to your banks and negotiate benefits. Squeeze them by the ball

Since CBN has proscribed COT. Banks are greedy, they will look for new ways to rip off customers.

There's one babe I met recently, she just took a drink after I pressurized her to. I was amazed and I like her more tho. Just that am more concerned about being successful now than dating..

Kikero112:


Well, while I think that all Nigeria's past leaders have questions to answer....

1.We did try to develop an industrial blueprint back in the 1970's.

2.The palaver is that when you are dependent on resources....and it is not just oil, we were resource dependent on agriculture too up to the 1980's.....it becomes easy to accumulate money and spend it importing, rather than manufacturing.And let's be honest.....becoming a manufacturing society is not easy. You have to go through a period of hardship while people do not buy what you make...but eventually the results are worth it.

3.Where our problems really began IMO....was the Second Republic. THose guys kept on chopping money....EVEN when oil prices crashed in 1982.Buhari took over and attempted to steady the ship by dealing with corruption while keeping industry afloat. But...that was not enough....and when IBB took over...things got worse...so we had to take the SAP medicine , and then devalue the Naira.Problem is that Nigerians do not cut their coats according tosize.....

I agree entirely. I Still lay the blame on our leadership what is good planning without the execution. Or political Will. Especially IBB, he was the worst of the lot.

Saudi government saved for its citizens and the princes also had foresight to carry out massive infrastructural buildup and human development of its citizens.

They are rolling back some of the social services that was once subsidised but also were it not for the massive funds they pour into defence due to the peculiar terrain they find themselves, this oil drop won't have affected them.massively.

But I agree with the sentiments you shared.

Cutehector:
And I studied oil and gas..... fatal mistake

It isn't a mistake....so long as people drive cars ,fly in planes ,and use motorbikes and speedboats....there will always be a need for oil and gas people.

Once upon a time, a major producer of milk collapsed. Does that mean that people who trained in the milk business lost hope? Not when people continue to demand for milk in their tea/coffee/flakes/etc.

When you should start worrying is when the first nuclear fusion reactors come on line......

Kikero112:


1.Job losses brought about by the fall in oil prices....ie government agencies no longer have much money to spend, meaning things like contracts would be restricted....means that the average worker who patronises the danfo driver and tomato seller and mechanic would have less money to spend....meaning things become tighter for them

2.Fall in oil prices means that government's pocket becomes leaner. And that means state govt pockets become leaner, meaning the worker's pocket both in public and private companies (I work in the private sector and have seen a fall in my salary)....meaning Danfo driver, tomatoe seller etc become poorer...because people ain't spending money.

3.Lack of forex means that there would be difficulty importing items...because no forex.(And forex is dropping, because the CBN, in order to prevent the naira from being devalued....which you Nigerians do not like....is hoarding dollars.). For mechanic....difficulty in getting good spare parts since .....you guessed it....most spares are imported. And prices go up too....driving people away from the mechanic....except when necessary. Mechanic income falls. Also, as most loads in the park are imported, fall in imports means less goods to carry at the park....agbero loses money too.

4.As the subsidy goes, prices may rise up.(Caveat....it may not rise by much because the oil price has fallen too....but YMMV on that).Transport fares go up....meaning that less people patronise motor park....less kudi for danfo and agbero.It also affects the cost of the tomato seller's transporting the tomato from rural areas....as transport price rises up....leading her to either raise prices of the tomato she sells....or sell at a loss.

5.People are going to save more....good news for the banks,bad news for danfo,mechanic, tomato seller,etc....less disposable income= less income for them.

Yesso,
The fall in oil prices will affect the economy to some extent but not really d category of people he mentioned
When oil was over 100usd per barel transport route of 50naira was stil the same as that when fuel price droped to 35usd per barel.

As long as the official pump price for fuel remains constant and their is no scarcity.
Tomatoes seller, owo loaders and transporr cost remains constant.

As regards people loosing their jobs, it will only reduce their purchasing power and would inturn lead to low sales of tomatoe sellers and bus loaders.
Business will just be dull but would remain fair.

Kikero112:




It isn't a mistake....so long as people drive cars ,fly in planes ,and use motorbikes and speedboats....there will always be a need for oil and gas people.

Once upon a time, a major producer of milk collapsed. Does that mean that people who trained in the milk business lost hope? Not when people continue to demand for milk in their tea/coffee/flakes/etc.

When you should start worrying is when the first nuclear fusion reactors come on line......

enlighten me on dat

If they are to sack anybody they should pay them off with good money . So that they too can invest their money and also help employ others

Cutehector:
enlighten me on dat

Off topic....but nuclear fusion has the potential to produce lots of cheap energy...rendering dependence on heating oils....a vital part of crude oil sales....worthless.

Then add the fact that nuclear fusion...means more cheap electricity....which may make an electric car more feasible.

It is still decades away....so rest easy.

Very technical article here:http://www.theoildrum.com/node/2164

theV0ice:


You're 100% correct and i support it. Oil isn't our only resource.

Olisa Agbakoba on Channels said as much yesterday. We can't have bitumen in large quantities in this country and be complaining of bad roads. It's a shame.

Oil has fallen and we must survive. There are many countries on earth living large without oil so enough of the oily excuses.

Wish I could give you 2 likes: one for your comment above, and one for your signature.

Kikero112:


Off topic....but nuclear fusion has the potential to produce lots of cheap energy...rendering dependence on heating oils....a vital part of crude oil sales....worthless.

Then add the fact that nuclear fusion...means more cheap electricity....which may make an electric car more feasible.

It is still decades away....so rest easy.

Very technical article here:http://www.theoildrum.com/node/2164

these Chinese chaps won't agree I believe research is currently on that as we chat

Cutehector:
these Chinese chaps won't agree I believe research is currently on that as we chat

Em...did you read the link he sent to you.

It's a research been done all over the western world,- the leaders are actually the Germans and the United States and not China.

The recent leap of the tokamak was done in Germany.
The OP sent you a good link, the best you can do is read it. Peace!

WaffenSS:


Wish I could give you 2 likes: one for your comment above, and one for your signature.

Thanks but can we monetize it? Dasuki style

Psalm18:

Em...did you read the link he sent to you.

It's a research been done all over the western world,- the leaders are actually the Germans and the United States and not China.

The recent leap of the tomakin was done in Germany.
The OP sent you a good link, the best you can do is read it. Peace!

oh he sent a link, I didn't see that part... standin under d sun readin his comment dats why... I willcheck it asap

Cutehector:
oh he sent a link, I didn't see that part... standin under d sun readin his comment dats why... I willcheck it asap

OK. I thought it was a case of the 'Blackman not reading things with rigor'

I apologize.
There was a recent breakthrough in Germany with their own version of the nuclear reactors.
As well as a research lab in Texas.
Like he said though, we are few decades away from massive power production from nuclei fussion.

Psalm18:


OK. I thought it was a case of the 'Blackman not reading things with rigor'

I apologize.
There was a recent breakthrough in Germany with their own version of the nuclear reactors.
As well as a research lab in Texas.
Like he said though, we are few decades away from massive power production from nuclei fussion.

yeah true that. Am switching over to i.c.t

modath:


I get your point, something to buy tide the nation over...

We shall overcome, distractions from saboteurs & enemies of the state will not stop us from getting to the top.

who r the enemies of the state? n saboteurs?
apc r their own enemy n buhari is his own enemy, i dont see why a fada will discriminate against his children no matter what they did or not.
that 97 n 5 percent thing reactivated biafra thingy, lets stop being economical wif d truf.
if it was gej that made such silly statement, by now junaid mohammed, the whole NEF N apc for dey on explosion mode!
i wish naija well!

theV0ice:




Thanks but can we monetize it? Dasuki style

Sure. I can give you dollars...but you're solely responsible for crediting it to your domiciliary account.

poiZon:
who r the enemies of the state? n saboteurs?
apc r their own enemy n buhari is his own enemy, i dont see why a fada will discriminate against his children no matter what they did or not.
that 97 n 5 percent thing reactivated biafra thingy, lets stop being economical wif d truf.
if it was gej that made such silly statement, by now junaid mohammed, the whole NEF N apc for dey on explosion mode!
i wish naija well!

I'm sure you are a Christian!! Honour your father & mother is before, Parents do not drive your children to wrath!!

To whom much is given, a lot is expected!!

He who sows wind, will reap whirlwind!!

The bible also goes further to state " what thou sow, thou shall reap"...

Ruminate about that & be truthful right within your own thoughts & opinions...

No one is a saint, people bleed when cut. Peace!

[quote author=kingviny post=41639649]With this economic imbroglio, what the government need to do are as follows:-

1. Sell licence to foreign investors who would come to nigeria to build a 20,000 b/d refinary each (micro refinaries) all around the country within 6 months. Since this is a small capacity refinary, it can be built within a short space of time.

There are factors affecting citing a refinery,have you put that into consideration? where will you get the oil refine in those refineries?

This action will help end the huge demand for forex with respect to fuel importation as petroleum products will now be 100% manufactured locally.

2. Government should stop providing dollars to religious pilgrims as it has zero economic benefit to the nation. Aggregate dollar demand from these people are very high, just imagine providing about $5,000 each for say 1 million pilgrims annually ( both christians and muslims ), that is about $5billion! . If this amount is made available to the manufacturing sector, we can imagine what that will do to that sector!

This is the only valid point you have, guess you are a religious commentator!!

WaffenSS:


Sure. I can give you dollars...but you're solely responsible for crediting it to your domiciliary account.

Oya keep your dollars....Dont Dasukilize me

I hope the price of oil falls to $20 or less per barrel before the end of the third quarter, it will be a catalyst for a great Nigeria.
Nigerians have lived in folly for too long due to free windfall from oil revenue. All man has been lazy and lax for too long, we would be wise and less tolerant of bullshit if we have to work-off our arses to survive. Oil price I beg touch ground!

theV0ice:




Oya keep your dollars....Dont Dasukilize me

God save you. I for don Buharize you.

WaffenSS:


God save you. I for don Buharize you.

abeg o...

Time 4 dubious pastors 2 make doe in d name of village witches blocking Ur chances in making cash.......b wise!!!

[quote author=PassingShot post=41634303]We shall overcome.

Oil is projected to stabilize at $45 to $50 in 2016,


Bros that projection will be diffcult to achieve, if you take into account that Iran will start crude oil export in 2016