IyaIode:


I stopped reading this trash when i got here. Dangote's refinary is 600,000 bpd

there are 70 liters of petrol in a barrel of oil

70 x 600,000 = 42 million liters a day.

Get ur facts right.

Read this and recalculate

baralatie:

Like I said,as long as pmb "thinks" there is no fuel in the car while "doing nothing" but shouting "there is no fuel!",I no agree!
Only for a passerby tell pmb "oga enter the motor make you check the fuel gauge,

/
He is already in the car, checking the fuel guage and requesting fuel.

But naysayers are shouting at him to move the damn car forward.

Oil is heading back up to $80/barrel. Once bitten, twice shy. If they like, let them
keep partying like change is not constant.

\

9jatriot:
All things going with the rhetoric's that agriculture should be our main stay should pay a visit to interior villages and see products being produced and wasted each year. The problem is not in farming but in creating a market that takes these products from the farmers at a good rate that will encourage them to farm again next season.

A lot of people whose parent are farmers will not go into farming today because they grew up with their parents living as paupers whereas their neighbour who was a politician was living large. If agriculture becomes lucrative today, Nigerians will naturally gravitate there.

Farming alone doesn't cut it. Processing farm produce is the solution. I will put it simply, any economy that depends only resources (farming crude oil etc) will never be advance

Standing5:
I agree on state, fiscal federalisw, and nation building above. We can't just build nation by wishing it. Monies have been stolen and should be recovered

Money has been stolen, we all know that it a status quo to and among our ruling class. Right from inception top government official have been stealing from the national pocket, even till late.
must we keep on chase shadows were their are other challenging and battling problem facing us.
The problem we have in this country is WE!
if we don work together as one body unlike our head c0- ordinate other parts of the body, we wont be able to achieve anything . Is not as if we dnt have a good and enabling policy in Nigeria that will bring that developmental change we quest for, but we have more of greed people and saboters more than the good people.
whatever we are suffering now is a self inflicted injury.
from insecurity to lack of infastructural facility to high unemployment rate to dullard youths to greedy top government official.

gohome:


Read this and recalculate

I am on mobile, so can't read the illustration, tell us how many liters of petrol are in a barrel of crude

gohome:


Can we discuss without name calling? Plus I need solutions not blames. Please let us focus on the solutions to our problems with minimal or no blame.

That said


Comparing Russia to Nigeria is like comparing an ant with an elephant. Russia has a strong economy base. In the range of x100. They have human resources, (among the top 3 in the world)
They can manufacture heavy duties. Heavy duties to be used for road construction power station manufacturing plants compressor heat engines cars etc. We can not even make pensils. What this means is that even though you have all the resources in the world and close your boarders you will still be at the mercy of others. you will need to beg IMF, world bank, Russia and China for help.

Contrary to popular opinion our main problem is incompetence. We are too dumb. Incompetence is what will make a man still billions, ride fancy cars in an unkept road. corruption like lies and stealing is a vice and cannot go away. And like any other vice, you can use it for you and also against you.Do you know corruption built the western world as we know it. Our problems are hydra headed and solving it without proper framework is a tall dream. We need competent people cutting across political divide always there churning out strategies and ideas for growth.

Brazil with almost the same population as Nigeria has a budget of 980 billion Dollars, guess what's Nigerian budget, more than 10 times less. Which leader will harness effectively harness our potential? Even if we stop the looting of the money we currently have, we would still be in a mess. Do you know that the Nigeria budget is the same as Saudi budget for education alone? Do you also know that New York City budget for 9 million people is more that Nigeria budget of 170 million people?

exactly my point our meagre $40bn economy is poor. if the cost of 1gigawatt is $1bn. then ....

gohome

even our useless refineries produce 6 million ltrs a day. I am interested in your calculations.


www.premiumtimesng.com/business/196250-nigerian-refineries-now-produce-6-7-million-litres-of-petrol-daily-nnpc.html

I will make sure I sack, remove or delete Min of Info
Liar Mohammed cos Nigerians don`t belive in any
info he pass accross again and will replace him with
Maupe Ogun of Channels tv, I will also sack Min of
Finance Kemi Adeosun she is abig time illitrate in
finance duty and will replace her with Chukwuma Soludo the Prof with extraordinary brain to redrawn
the map and policy of Nigeria`s economy within 24
hours, I will also remove CBN Gov Emefiele the man
is an economic retardeen I will replace him with My
mother cos she`s a better economist even if she has
no degree in economics she knows what to do to make Dollar less valuable to the naira, I will also
remove Minister of transport Rotimi Amaechi cos
he`s a thief that needs to be stoned according to his
word and will replace him with overall president of
the NURTW cos he knows much about transportation
using road as yardstick and his deputy will be a technocrat in other transport sector to balance the
equation, Finally I will drop a letter for Buhari
WARNING him not to change what I did and also if
He at anytime needs advice he should call on me I
will tell him what to do..... With these changes
achievement of mine within 24 hours Nigeria`s economy will revatilize quickly and the citizens will
start feeling the original change they have been
craving for........

Nice Post OP

I haven't posted anything on NL for long because Alot of youth turned themselves into what i cant explain ... with no research ... just google it!!!...

First The economy is in shambo , the budget is a fraud you cant survive with such budget , When people keep blaming past government i laugh because you cant fight corruption when you still have same laws that harbors corruption and getting bail doesn't mean you have returned the money.

No country at this era can survive the way oil is going down without looking into other areas like Agriculture , Research , tourism and other minerals. Russia and saudi had a budget bench mark projection of 30-50 but since the price keeps going down and iran coming into the physical scenario most have gone back to get their bench mark for 18-27 as projections.

Nigeria can survive it if they take some steps like Agriculture , Powering Small business through SME but should be done at interest rates of 4-10% because if a small business gets loan and pays 24% how do you make profit and how would you employ people , government can restructure the SME which is currently Zero since this administration took over , at least i know 2-3 Ywin from past administration , as small business boast any economy more than Big companies which would also curb out unemployment ... because it more-less like we have no middle class anymore.

I advice the president to look at Modi The PM of India what he did to curb stolen money , In india they have what they call black money , Indians are more corrupt than Nigerians especially evading taxes and stealing government money , he traveled to swiss and held a meeting with Indians and swizz government , they give this corrupt politicians time frame to bring back the money , by imposing 30-35% capital tax for the government and this money Most be used for capital Projects , Back in 2009-2011 delhi had no much infrastructures , but now alot of sky scrapers and good roads and people are still returning it while is trying to get capital punishment for politicians who steal government money . You cant win corruption with same law and structure which this people still use..

True federalism will still remain the answer to major Nigeria problems.

We need more money to pumped into Education , Research , industrialization this is what grows any country to meet up the world top nations

I still believe in Nigeria , But we as youth need to come with one voice and get this old men ruling us since 1960 out of the chair

kayfra:


That's the bane of our problem. The role of the government is not to setup and run farms. It's to create an enabling environment for entrepreneurs to run farms. Government can subsidize farmers especially those interested in mechanized and large scale operation, but asking for government to setup and run anything is an invitation for continous failure and looting. Haven't you learnt anything from NNPC and different comatose parastatals?

When will you people realize how difficult it is to act fast in a democracy with varying interests? This is not government by military decree or fiat. You have different interests both good and bad. You just don't wake up and declare this or that.

We need money to run the government.. .. Agriculture produce fast money.. . And the LNG is a success story

What we need is to stop the names calling and put our brains to work. I was born into a country with epileptic social infrastructure and my children are most likely going to be born in same state, this is an indication that I've existed but not lived to create a difference for my yet unborn generation.

The past is gone with its irresponsible leadership we are in today going to tomorrow and we can make a difference if we have the will and decide to work hard.

Firstly we need to cut government spending I suggest we the people initiate a 75% cut on political office spending, how will this be done? There is a call back clause for senators and honourables, if they refuse let's call them back home, when a few are called back the others know we mean business.

Secondly investing in agriculture each local government should have modern farming tools that can be rented to farmers to farm. And the products sold outside and inside the country. We can forces on cash crops to sell outside the country.

Investing in mining, we got too many natural resources wasting in the ground.

We also need to revamp our manufacturing sector to process all we mine and grow, there by adding value to raw material.

Deep sea fishing is also a lucrative venture.

This things take time to grow but best time to grow an apple tree is 10 years ago, the next best time is now. We cut cost, invest the cut, and gain profit in the future.

InvertedHammer:

/
He is already in the car, checking the fuel guage and requesting fuel.

But naysayers are shouting at him to move the damn car forward.

Oil is heading back up to $80/barrel. Once bitten, twice shy. If they like, let them
keep partying like change is not constant.

\

You back to what I am saying
"Pmb in a car with fuel and up to date working systems is screaming "no fuel"
Haba!!

mrvitalis:

We need money to run the government.. .. Agriculture produce fast money.. . And the LNG is a success story

We need agriculture fast but governments are the worst business managers. They will turn it to another bureaucracy and it will get ran down. Let government give incentives to business men interested in farming so they can run it profitably.

Areas where government can help:

1. Low interest loans for farmers
2. Access to cheap forex for any farmer willing to import processing machines and equipment for mechanized farming
3. Creation of trading boards so the farmers can have easy Avenue to export and earn forex
4. Training farmers on latest farming practices and trends
5. Banning imports of any agricultural products we can grow here. Total ban.
6. Give easy access to fertilizers
7. Creating standards boards to make sure our produce meets export standard

Etc etc

The remedy to succor dewindling and off balance system in Nigeria is to start something on our own.
●A good mechanize Agriculture will boost our economy,their by creating employment opportunity.
● We have lots of natura/mineral resourses other than the crude oil. lets harness them and place less dependant crude.
● No country grow or succed more than its contemporaies without innovation. Talking about the national academic system wether they are fortified with the right equipment to raise innovators.
● A good running politcal system is a true way to a good national affairs. Having a good opposition party to construct a good critizem against the ruling party, helps to put and shapen politcal affairs.(:not politicians in PDP migrating to APC like SIM SWAPP for national moi-moi.)
● For us to move forward we must have a better understanding about our religion and also respect our cultural /tribal ethics irŕespective of our difference. No country grow socially without repect for these.
●
●→□■◇◇◆♧♣★☆→←↓↑◀▶▼▲:O:-D;-):-)▪€£₩%~`¤♡♥_\|《》¡¿
,

kayfra:


We need agriculture fast but governments are the worst business managers. They will turn it to another bureaucracy and it will get ran down. Let government give incentives to business men interested in farming so they can run it profitably.

Areas where government can help:

1. Low interest loans for farmers
2. Access to cheap forex for any farmer willing to import processing machines and equipment for mechanized farming
3. Creation of trading boards so the farmers can have easy Avenue to export and earn forex
4. Training farmers on latest farming practices and trends
5. Banning imports of any agricultural products we can grow here. Total ban.
6. Give easy access to fertilizers
7. Creating standards boards to make sure our produce meets export standard

Etc etc

Not so fast

baralatie:

Not so fast

Biko?

Standing5:
You are being political with the truth here. Russia with all of its technological might even did not attempt to diversify their economy in less than a year, they set a 7-year window for it. That's what they did in reaction to the oil price crash which they know is no fault of Putin or their ruling party. Here you open your brain and try to blame APC for OPEC slipping cartel-like grip on oil prices control.
Buhari or APC isn't the reason Nigeria can't attempt to diversify the economy in 7-years, the 16 years of wasteful spending of excess crude accruals under Africa's largest clique (atleast as proven by arms scandal and oil fraud) looked a better time to have divesifyed the economy and substituted as many foreign goods and service with local alternative to boost the economic sustainance of Nigeria. Russia, with all its technological might, still saved for their current state same time Nigeria was experiencing same proportiönal surge in oil earning the did. We know OBJ tried to spur on local production capacity by banning or heavily taxing foriegn alternatives. What i don't know is why one particular man thinks cassava bread as economic diversification stsategy will cushion the massive effects of leakages from oil theft, NNPC looting, arms scandal, ministries stealing etc.

@Standing5, if you are truly patrotic about Nigeria you'll be more concerned on how to get Nigeria right. It's quite clear to me why it'll be very difficult to restore Nigeria to it's lost glory because of our general (political, ethnic, greed, myopic, etc.) bias.
I weep for my country.......the land flowing with milk and honey.

Nice one op i hv been look forward for a thread like dis, for some time now, Nigeria is in great economic mess and it needs help. Just like d op solicited here, d presidency should quit dis blame game and get down to work. Nevertheless there is still hope for d future with wat i just read here. D issue now is, will those in power be to able think outside the box or even extend d scope of their search for a solution down here

IyaIode:
gohome

even our useless refineries produce 6 million ltrs a day. I am interested in your calculations.


www.premiumtimesng.com/business/196250-nigerian-refineries-now-produce-6-7-million-litres-of-petrol-daily-nnpc.html

25% crude = PMS
1 bbl = 159 liters
25% of 159 liters = 40 liters


In other words 40 liters of PMS/gasoline can be gotten from a barrel of crude.

So,
40 X 600,000 = 24,000,000 liters
No plant, factories, engineering structure etc is built to operate at 100 percent capacity. Unless you want to run it to the ground. Most average at about 50-60 percent capacity. Extremely effective once can go up to 80%

Again 60 % of 24,000,000= 14,000,000 liters

Also production rate is different from consumption rate. What I mean is that if you produce 1 liter, it doesn't just appear in you car. Some are trapped in technical and logistical issues. Well organized companies with state of the art logistics and superb infrastructure (rail) have what we call 0.8 factor. What it means is that for every liter you produce, 0.8 liters are felt directly by the consumers and 0.2 are just on their way.

If you multiply this factor to the equation you will have

0.8 X 14,000,000= 11.5 million liters

These are average figures and not very optimistic. Nigeria is not known to be very efficient so that's why I think the average figures are more realistic.



Thank you for contributing to the thread. We need people like you in this forum. Peace

kayfra:
Biko?

Some of your suggestions are in place but agricultural development is a plan and plan are
Short,medium and long!
What this administration needs is a good economic team that can
Plan,design eco models of growth and deliver growth!

For example,what are the present challenges
a,dollar income
b,petroleum products needs
c,power needs
d,rice wage import bill
e,road infrastructure
f,employment
g,GDP economic growth!

Even with this small highlight,it is rather uncalled for that PMB administration is giving excuses

baralatie:

Some of your suggestions are in place but agricultural development is a plan and plan are
Short,medium and long!
What this administration needs is a good economic team that can
Plan,design eco models of growth and deliver growth!

For example,what are the present challenges
a,dollar income
b,petroleum products needs
c,power needs
d,rice wage import bill
e,road infrastructure
f,employment
g,GDP economic growth!

Even with this small highlight,it is rather uncalled for that PMB administration is giving excuses

They are in place but what is the track record of its execution?

All our infrastructural deficits will not dissappear overnight so no need to formulate stuff when there are plans to fix them. Main issue now is execution and for that we need a serious and commited government.

The interim solution before everything falls in place is going back to reliable Keynesian economics. Government spending on development projects and the reason I support borrowing as long as it's not for recurrent expenditure.

gohome:


25% crude = PMS
1 bbl = 159 liters
25% of 159 liters = 40 liters


In other words 40 liters of PMS/gasoline can be gotten from a barrel of crude.

So,
40 X 600,000 = 24,000,000 liters
No plant, factories, engineering structure etc is built to operate at 100 percent capacity. Unless you want to run it to the ground. Most average at about 50-60 percent capacity. Extremely effective once can go up to 80%

Again 60 % of 24,000,000= 14,000,000 liters

Also production rate is different from consumption rate. What I mean is that if you produce 1 liter, it doesn't just appear in you car. Some are trapped in technical and logistical issues. Well organized companies with state of the art logistics and superb infrastructure (rail) have what we call 0.8 factor. What it means is that for every liter you produce, 0.8 liters are felt directly by the consumers and 0.2 are just on their way.

If you multiply this factor to the equation you will have

0.8 X 14,000,000= 11.5 million liters

This are average figures and not very optimistic. Nigeria is not known to be very efficient so that's why I think the average figures are more realistic.



Thank you for contributing to the thread. We need people like you in this forum. Peace

You are so wrong


When we refine a barrel of
crude oil of 42 gallons or 159
litres, we get products as
follows: gasoline or PMS (19.4
gallons or about 73 litres which
is about 47 percent), Kerosene
or Jet fuel (10 percent), diesel
and heating oil (23 percent),
propane 4 percent, asphalt 3
percent, other products


www.vanguardngr.com/2015/05/petroleum-sector-what-buhari-must-know-about-subsidy-refining-and-the-transparency-question/

https://www.quora.com/How-many-liters-of-petrol-are-produced-from-one-barrel-of-crude-oil


There are about 20 gallons of pms in a barrel.

beside dangote refinery has total capacity of 650,000 bpd, i purposely left out 50,000 because i know it wont operate 100%

kayfra:


They are in place but what is the track record of its execution?

All our infrastructural deficits will not dissappear overnight so no need to formulate stuff when there are plans to fix them. Main issue now is execution and for that we need a serious and commited government.

The interim solution before everything falls in place is going back to reliable Keynesian economics. Government spending on development projects and the reason I support borrowing as long as it's not for recurrent expenditure.

It is not "development" projects.it is "road" and rail projects(linking).
But have you seen PMB budget spending,very somehow!
Agric is not seen as a game changer in his eco outlook
I have not touched solid mineral and its alied industries

baralatie:

It is not "development" projects.it is "road" and rail projects(linking).
But have you seen PMB budget spending,very somehow!
Agric is not seen as a game changer in his eco outlook

Roads, which fall under infrastructure is still considered development projects. Workers will be hired and economy will improve due to a better transportation network. We can ship goods cheaply and more efficiently, thus, reducing waste and cost. US interstate highways is one of the catalyst for their supergrowth.

To be honest I have not paid attention to what was budgeted for agriculture. I believe we'll get better execution for such in the state level. States understand their terrain and people more than the federal government. In theory, states should also be more efficient with funds than federal government.
I would be shocked if they do not continue with Adesina's policies.

Mr finance minister

kayfra:


We need agriculture fast but governments are the worst business managers. They will turn it to another bureaucracy and it will get ran down. Let government give incentives to business men interested in farming so they can run it profitably.

Areas where government can help:

1. Low interest loans for farmers
2. Access to cheap forex for any farmer willing to import processing machines and equipment for mechanized farming
3. Creation of trading boards so the farmers can have easy Avenue to export and earn forex
4. Training farmers on latest farming practices and trends
5. Banning imports of any agricultural products we can grow here. Total ban.
6. Give easy access to fertilizers
7. Creating standards boards to make sure our produce meets export standard

Etc etc

NLNG has proven that government don't need to run a business they own majority of
That's what am talking off
Government need to invest money... companies run the business for them and they audit it That's will ensure fast money to run the government.. .. Clear the government dept the private companies can then buy off the farms

mrvitalis:

NLNG has proven that government don't need to run a business they own majority of
That's what am talking off
Government need to invest money... companies run the business for them and they audit it That's will ensure fast money to run the government.. .. Clear the government dept the private companies can then buy off the farms

I am a capitalist to the core. I don't believe in the government running businesses aside from anything to do with national security and federal agencies. Businesses should be ran by efficient entrepreneurs and government should create a level playing field using government instruments and agencies to keep them in check. NLNG is not an effective model. We are still flaring gas like no tomorrow, something an entrepreneur would have used to cure our energy deficit.

IyaIode:


You are so wrong


When we refine a barrel of
crude oil of 42 gallons or 159
litres, we get products as
follows: gasoline or PMS (19.4
gallons or about 73 litres which
is about 47 percent), Kerosene
or Jet fuel (10 percent), diesel
and heating oil (23 percent),
propane 4 percent, asphalt 3
percent, other products


www.vanguardngr.com/2015/05/petroleum-sector-what-buhari-must-know-about-subsidy-refining-and-the-transparency-question/

You are being to optimistic. In project management, there is what we call P10, P50 and P90 models. Most managers use the P50 models ( average) to plan, some even use P10. My P50 model analysis is what I provided to you.

That said, we seem to want the same thing ( increased in house refining capacity). Why I want more refineries, you want one single mega refinery.

Standing5:
Your half smart gimmick won't work. You indirectly blame the current admin but go on to say no name calling. Solution is for folks like you to get up your lazy ässes and do real work that can earn Nigeria forex value. Another solution is for you to allow buhari recover the trillions languishing in private pockets of ex-govt officials in peace.

good one...kudos.

anybody faulting buhari on our current "economic woes" is either disillusioned or economical with d truth. i see no reason why we shouldnt have morethan 3refineries,pdp wasted hundreds of billion dollars importing pms alone,wen a refinery would cost not morethan 10bn dollars,...by now we would have had enuf pms to cater for our domestic consumption and also to export to other westafrican countries atleast.
Thailand is making alot of money from their rice export to nigeria,wen we could have improved on "ofada and ekpoma rice"
Textile industry in nigeria is in "economic LIMBO",

THE TRUTH B TOLD, THE PDP WAS A CURSE TO NIGERIA,THEY HAD NO PLANS FOR NIGERIA apart fron "shiaring d money"

mrvitalis:
Bro the solution is not on grammar we need urgent solutions and I would propose the following
Government should set up a farm company like NNPC allocate unfarmed land to the company
Develop seedlings true the ministry of agriculture... Farm to substitute the things we import simple as a b c
Allocate 200000 hecters for wheat farming
1 million hecters for rice farming
Just like that.. . The ban importation of this farmed goods.. . The importers must buy from government
U create jobs.. . Save our foreign reserves
Generate revenue... . It's not rocket science bro
We just have dummies ruling us

cant b said beta.
we really need to do something about d agric sector.
seedlings is a important part we must research on.
d livestock industry is not doing bad,dats y we dont import cow meat from europe,i just hope we can replicate such in arable farming.

tuniski:
let them recover what ever money that has been looted. However, fighting corruption must be a continuous endeavor not a govt policy! Moreso, recovered loots can only be bonus not what we will run the economy with. Forward we must look to regenerate not a backward looking attempt at hiding incompetence neither will blame game deliver posterity!
Having welfarist/socialist trial and error during a period of harsh economic realities is a complete disaster. Enterprise must be encouraged. No one grows wealth without growing humans but, govt dependency only helps in breeding corruption as enterprise!

Let us earn forex by doing small exchanges from items in our backyards. Depending on oil for over 90% of our forex earning is a disaster we are witnessing. In all, vilifying other nigerians of different political and ideological leanings instead of tapping into the collective reservoir of our human capital is negating genuine effort at regeneration!

even at $38pb bechmark OIL CONTRIBUTES LESS THAN 15% OF D 2016 BUDGET ,.....so we r in d right direction,atleast a deviation from d norm.