ddippset:
you made very good points by pointing out countries with huge reserves like the saudis with 700 billion dollars but you had to blame buhari for not appointing ministers instead of blaming those people who embezzled all our money when oil was 140 dollars per barrel?

I believe we have spent the better part of 7 months blaming people that embezzled money. That is a stale story and apparently it was the reason why Buhari was elected.

The dearth of current economic recession is 70% caused by Buhari's inaction. His continued inaction will be the reason why we would fall to the abyss if June 2016 does not pose good news for global oil price. I'm optimistic, but the truth must be said. Let Buhari start making hay when the sun shines. Nigerians are slowly losing all confidence in him. Rather than gamble completely with the June OPEC meeting, he should set measures in place to protect the Nigerian economy in case things go south.

You cannot blame GEJ for not planning well in advance for bullish periods (even though it wasn't entirely his fault), and then absolve Buhari for again failing to plan well in advance of what may be a worse bullish period.

The same way people blame GEJ for not saving enough, people will blame Buhari for not doing enough to stem an economic recession when he could.

Again, I am not a prophet of doom, and I think there is a 75% chance OPEC will make a production cut deal on or before June 2016. However, we must also make provisions should the worst happen.

-Lord

I thought gods' Buhari's followers said they can live without oil.
;DI thought gods' Buhari's followers said they can live without oil.

Kachikwu is talking nonsense. If Saudi Arabia and Russia freeze their production at current levels, that would still be 1 million barrels/day in excess of demand, and as Iran has already made clear that they intend to regain all of the market share they lost due to sanctions, that means the production excess is about to get worse rather than better.

http://www.eia.gov/todayinenergy/detail.cfm?id=24592

The entire point behind Saudi Arabia's provocation of a price war was to send the American shale oil producers into bankruptcy, and that is only just starting to happen. Unfortunately for Buhari and Kachikwu, the shale oil producers who aren't going bankrupt are rapidly improving their operating efficiency, which means even $40/barrel might be enough to keep a lot of them in business.

It's time for this administration to stop dreaming about a magical rise in oil prices, and start thinking hard about how to grow the economy without an oil bonanza to fall back on.

They are already exporting oil to Europe and other areas.

http://dailycaller.com/2016/01/03/first-crude-oil-shipment-exports-from-u-s-after-40-year-ban-lifted/

Shale operators are claiming that with the latest operational efficiency they can be profitable at $40 a barrel and will crank up operations should oil price rise above $40.

Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.

Ofodirinwa:


Keep talking about what doesn't matter while your economy burns. Go ahead and attack me, I don't stay in Nigeria.

Abother dumb one...so because u don't stay in Nigeria means it doesn't concern u...if u re not bothered pls stay away from commenting...some of us are...cos East or West there is no place else for our chickens to come home to roost

Say that when it's $50 per barrel, not before. APC ministers are talkatives.

Politics of name calling. Zombies vs Wailers. Una neva jam.

I can see some people jubilatin.The same people that said earlier they can do without oil.Hahaha ungrateful elements. God bless my ND.

Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.

Firstly, Ibe Kachikwu is not a slow poke, the man is a genius, show him that respect. Then, your analysis is incorrect, US doesn't and will never have more oil than the east or the gulf, many things culminated to the crash in oil price, you didn't even mention Iran's sanctions being lifted, and lastly oil would still rise, it's expected. If not now in the near future, because the world hasn't and isn't very likely to discover an energy resource that would substitute for oil very soon. We've seen oil crisis in the past which the world has gotten thru, Nigeria is simply suffering for not saving for the rainy day.

CHANGE!!!

The man is still living in limbo, maybe the $50 per barrel is the hope Coza pastor gave him

instead of him to face current reality he is here hoping that soon it will get better. Nigerians must begin to demand some ministers resignation especially those who show lack of understanding of the present challenge and ways to move us forward.
i

g

Ofodirinwa:


Keep talking about what doesn't matter while your economy burns. Go ahead and attack me, I don't stay in Nigeria.

c ur head

Adaowerri111:
I can see everything turning around, buhari's never say die attitude was what we really needed

Turning around how? You people haven't learnt your lesson. Depending on oil is a cancer to Nigeria's development. Eventually, you guys will get it.

Akkord4gov:


There is difference between an upsurge in the price of oil and good governance. At least some people were there when the price was $140
All we want is good governance,everything to turn around for good no matter what it costs and how we go about it

The Kind of Good governance you talk about already prevails in Buhari. Oil price will not affect his disposition.

Frankiss44:


What an idiotic conclusion... You have been noticed. You may fly

when wailers like you are pushed to the wall, they begin to bark.

banmee:


Turning around how? You people haven't learnt your lesson. Depending on oil is a cancer to Nigeria's development. Eventually, you guys will get it.

You're living in the past. Have you not heard about the mantra of diversification of the economy? That oil is Nigeria's economic power doesnt mean we should cover all oil wells when diversifying.

Its like a boarding student throwing all his garry away just because he's been given born vita, Milk, cornflakes etc.

opribo:
The man is still living in limbo, maybe the $50 per barrel is the hope Coza pastor gave him

instead of him to face current reality he is here hoping that soon it will get better. Nigerians must begin to demand some ministers resignation especially those who show lack of understanding of the present challenge and ways to move us forward.
i

I'll nominate you as minister if I get the chance. You seem to know better.

sdindan:




so federal ghost workers is only PDP problem.


Guy you need holy spirit in ur life,

the case of 23,000 ghost workers is 99.9% a PDP problem.

Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.

mumu post! So US get oil pass Saudi and Russia put together? Chai!

Mike008:


You're living in the past. Have you not heard about the mantra of diversification of the economy? That oil is Nigeria's economic power doesnt mean we should cover all oil wells when diversifying.

Its like a boarding student throwing all his garry away just because he's been given born vita, Milk, cornflakes etc.

Look at who's talking about living in the past. Do you know what diversification means? Nigeria is 100 percent dependent on oil and he's talking about diversification. Lol.

banmee:


Look at who's talking about living in the past. Do you know what diversification means? Nigeria is 100 percent dependent on oil and he's talking about diversification. Lol.

Read my comment again, and this time try to understand it.

Even those who prayed that the oil should dry up. are praying that the price of oil increases because of buhari.

ode, the world is aggressively working towards electric cars and alternate energy and people are still worried about future price of oil?

Who cares? At the end of the day it only our politicians that will be happy for it. Pls, just go ahead and develop the country thats what am after.

ijustdey:






http://dailypost.ng/2016/02/29/crude-oil-will-soon-sell-for-50-per-barrel-kachikwu/

If that happen then PMB has stabilise world oil price as promise

Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.

An ignoramus like u shld know it is not only US that buys crude oil.

Mike008:


Read my comment again, and this time try to understand it.

Funny guy. You don't even understand what you wrote.

ijustdey:






http://dailypost.ng/2016/02/29/crude-oil-will-soon-sell-for-50-per-barrel-kachikwu/

Story! As Saudi Arabia and Russia are turning off the taps, Iran is ramping up theirs. For as long as Iran continues to produce (which they will in order to reclaim their pre-sanctions supply quota), crude will remain less than $30. We may even see $25.

Panzerfaust:
when wailers like you are pushed to the wall, they begin to bark.

At least a wailer can be pushed to the wall because they have brains... Sadly we can't say the same for a zombie that has been brainwashed to think in one direction

He should act and do what exactly? Print dollar or naira? Buhari is on d right track. Lets all brace up 4 d challenges ahead.

LordAdam:
I am hopeful too.

June 2016 OPEC general meeting might see a freeze deal come about. If it would get to $50 is not something I'm sure about, but it should exceed the $38 which the finance ministry pegged the 2016 budget on.

Now the issue is how to address the huge N2.2t deficit and place proactive measures in place in case a freeze deal does not happen. One can not really be certain. Russia has already planned ahead. Saudi Arabia has already planned ahead with $700b in reserves. Qatar is the richest country in the world by GDP per capita (their population is only about 2 million people).

Nigeria cannot afford to rest our hopes on the backs of countries that can afford to run their economies for the next 10 years on current oil price. Buhari should act now. We are already feeling the effect of his docility when he refused to appoint ministers for 5 months. If he hopes on a freeze deal and that falls through, the weight of the recession will overshadow him.

-Lord