NaLaugh:


This is my exact sentiment. When I see talks online about the price of crude going to crap, and its effect on the Nigerian economy, I just laugh.

Nigeria's economic/developmental problems have NEVER been about a lack of incoming funds. Greed is the root cause.

If it sells at $200 or $20, the outlook for the average Nigerian makes no drastic change. Only those who perpetually steal the money will feel significant effects.

Some even mention "recession" in relation to this. How can an economy go from comatose to recession?

recession is a situation where u have a decline for 3 consecutive quarters. Like what we are having in d manufacturing sector where job losses Have continue for the 4th quarter. It is spreading to every sector for now it is a technical recession not yet a full recession where the entire economy witnesses a sustained decline Q on Q.

When I watch some green horn federal civil servants spend anyhow, i pity them..

Culture shock..

chinchum:
You are kidding ??

If it gets to 20usd for prolonged period, most states civil service will shut down this year. @over40usd, 22 states needed bail out to pay salaries.

Bro let it fall to $15 sef. Atleast that will force the government to seek for alternative sources of income. We have iron ore, gold,bauxite and other solid minerals in abundance. Whats stopping us from exploiting them.

Chosen1984:
I don't think so... Enlighten me

Saudi Arabia is the largest producer of oil after the US. Saudi Arabia is also bordered by countries that supply significant quantities of crude such as Bahrain, Qatar, UAE, Kuwait and Iraq. 

If a conflict/war occurs in this region, it will seriously affect the supply of crude, which will ultimately lead to a significant increase in price. The lesser the supply, the higher the price.

Iran has consistently threatened to block the strait of Homuz if threatened by the US and its allies. A very significant quantity of the produced crude oil in the world is transported through this place. Infact this is the major reason why US has also been prevailing on Isreal to dialogue with Iran instead of attacking Iran.

Recall that the first gulf war btw US and Iraq led to an upward surge in crude oil prices.

The recent invasion of Iraq also led to an increase in oil prices that Obj, Yaradua and GEJ enjoyed.

Infact if Saudi Arabia and it's allies attack Iran....the kind of increase in fuel price that will happen will be unprecedented.

Ganjafama:
Bro let it fall to $15 sef. Atleast that will force the government to seek for alternative sources of income. We have iron ore, gold,bauxite and other solid minerals in abundance. Whats stopping us from exploiting them.

offcourse it is a sweet bitter situation that will force a change, but in the immediate, there would be gnashing of teeth, all those things you listed will not start fetching considerable income at least within 12 months, the best time to diversify an economy is in the midst of plenty.

kevinscore:
We can still scale through this,japan and china doesn't have a single oil field but they are among the world's richest country.

They started fixing their father land on time, just like the likes of the UAE less than 2 decades ago it has become the economic power of the Middle East .. We just starting to plan for our future under this current leadership, Nigeria was never planned from its inception after our independence, we just live as the day come and go never thinking of how the next generation of Nigerians will fare, without building a foundation for them. Singapore got her independence 5yrs after us, but look at that nation today 5th most tech advanced in the world. Singapore is a high-tech, business-friendly nation. It is a
knowledge-based, innovation driven economy. The nation
has fastest internet in the world. The home internet speed is
up to 1 Gbps. All the citizens of Singapore own a
smartphone. The nation is well-known for its high-tech
infrastructure. What are we known for aside corruption. We need the likes of PMB two for the next 16 years to completely lift this country out of its shit hole, for the sake of our unborn children.

I see... Great one.. Cheers

agabusta:


Saudi Arabia is the largest producer of oil after the US. Saudi Arabia is also bordered by countries that supply significant quantities of crude such as Bahrain, Qatar, UAE, Kuwait and Iraq. 

If a conflict/war occurs in this region, it will seriously affect the supply of crude, which will ultimately lead to a significant increase in price. The lesser the supply, the higher the price.

Iran has consistently threatened to block the strait of Homuz if threatened by the US and its allies. A very significant quantity of the produced crude oil in the world is transported through this place. Infact this is the major reason why US has also been prevailing on Isreal to dialogue with Iran instead of attacking Iran.

Recall that the first gulf war btw US and Iraq led to an upward surge in crude oil prices.

The recent invasion of Iraq also led to an increase in oil prices that Obj, Yaradua and GEJ enjoyed.

Infact if Saudi Arabia and it's allies attack Iran....the kind of increase in fuel price that will happen will be unprecedented.

Obidikejr:


They started fixing their father land on time, just like the likes of the UAE less than 2 decades ago it has become the economic power of the Middle East .. We just starting to plan for our future under this current leadership, Nigeria was never planned from its inception after our independence, we just live as the day come and go never thinking of how the next generation of Nigerians will fare, without building a foundation for them. Singapore got her independence 5yrs after us, but look at that nation today 5th most tech advanced in the world. Singapore is a high-tech, business-friendly nation. It is a
knowledge-based, innovation driven economy. The nation
has fastest internet in the world. The home internet speed is
up to 1 Gbps. All the citizens of Singapore own a
smartphone. The nation is well-known for its high-tech
infrastructure. What are we known for aside corruption. We need the likes of PMB two for the next 16 years to completely lift this country out of its shit hole, for the sake of our unborn children.

I totally agree with you,PMB has a blueprint of how to get this country out of the abyss just that distractors wouldn't allow him to work but whichevere way we must prevail.

phemmie06:
Biafra, you don't need water again o, you go drink crude oil tire. I am sure that is why you're liaising with the south south

they can still secede without the oil...at least they arent much afraid like the other parts of nigeria who have chosen not to evem fight for true federalism..oil would bounce back..though that isnt enough reason for nigeria to look into other means of creating revenue...laziness and wickedness is what has landed us where we are..

profmallory:

I am a proud Buhari supporter, but I am glad the oil prices are crashing. We as Nigerians need this to happen and to happen now. If this has happened during GEJs time, believe me it would have been chaos, cause his administration lacked the will to think - they only knew one thing, how to steal

Now that Nigeria would have no choice but to start to look for alternatives to oil, Baba would indeed lay the foundation to ensure sustainable growth of the Nigerian economy by diversifying, then and only then can only people with some thing to offer run for elective posts knowing that the time of free largess is gone.

This is the time that intelligent Nigerian across the globe must take the bull by the horn and lead. If you are leader but don't have anything to offer, you wont have to be told to get out, the hunger of the masses and cries of late salaries wont give you rest.

This is beginning of Nigeria's greatness. Mind you oil would never go above 50 USD ever, America's shale oil wont allow is, neither would their spite for Russia allow it. Iran has returned as a major oil exporter and Saudi would gladly give out free oil to ensure they retain the No 1 spot as the world major oil exported. Oil prices would never rise again.. coupled with the fact that more countries now have oil wells all over.

The Venezuela's, Russia's, Nigeria's and Angola's of the world would have to think out of the box. UAE had already envisaged this day would come, so they are prepared. we lost the chance to amass wealth when the times were good, that's why Baba must collect as much money has he can from anyone that he can lay his hands on - they helped us to save it, now we need our money back badly.

lies...gej would have thought better...gej opted for true federalism..gej handled the ebola crisis well and would have handled this even better as long as it had to deal with the economy..buharis budget as we know apportioned little or nothing for diversification even with the realities on ground...he made himself minister of petroleum and not even mining or agriculture...


I hope that budget is worked on to espouse real diversification of the economy..

If in the time of plenty, GEJ handled the economy the way he did that today we are in a crisis, I dont see any positives in how he would have handled this time of little.

IzonOwei:
lies...gej would have thought better...gej opted for true federalism..gej handled the ebola crisis well and would have handled this even better as long as it had to deal with the economy..buharis budget as we know apportioned little or nothing for diversification even with the realities on ground...he made himself minister of petroleum and not even mining or agriculture...


I hope that budget is worked on to espouse real diversification of the economy..

profmallory:
If in the time of plenty, GEJ handled the economy the way he did that today we are in a crisis, I dont see any positives in how he would have handled this time of little.

oya make buhari handle am na...where is the proposed budget pegged with oil price at 38 dollars...it has being withdrawn abi

GEJ was favoured, just like Saul in the bible. But just like Saul he blew it. The kingdom has been taken from him and given to Buhari(David), see if Buhari is true to himself knowing it is only God that got him there, Yes he and indeed Nigeria would success even if Oil falls to 20USD per barrel. If Buhari fails then people would suffer, so in our interest and the generation unborn May he succeed.

IzonOwei:
oya make buhari handle am na...where is the proposed budget pegged with oil price at 38 dollars...it has being withdrawn abi

profmallory:
GEJ was favoured, just like Saul in the bible. But just like Saul he blew it. The kingdom has been taken from him and given to Buhari(David), see if Buhari is true to himself knowing it is only God that got him there, Yes he and indeed Nigeria would success even if Oil falls to 20USD per barrel. If Buhari fails then people would suffer, so in our interest and the generation unborn May he succeed.

we hope he does..

kevinscore:


Mumu have u seen it b4

Please tell me you're not serious.
China has SEVERAL oil fields. Were you born yesterday? You can't be this ignorant.

God is aware of what is happening, he will always make away where there is see no way. Millions of years has past, and millions of people has lived and gone, crude oil is a thing of just yesterday, no matter what, we shall live more stronger. It is well.