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Nairaland Forum / Nairaland / General / Politics / Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo (14715 Views)
Donald Duke Replies Ngozi Okonjo-Iweala "You Left Nigeria Poorer Than You Met It / Nigerians Are Getting Poorer, Says IMF / Opinion On Rising Price Of Oil On Why Nigerians Will Become Poorer (2) (3) (4)
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by spafu(m): 11:44am On Jan 16, 2017 |
Where is that stupid dull.ardinho of Daura? |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by AK284(m): 11:49am On Jan 16, 2017 |
Eastactivist: SERIOUSLY you called this ignorant, then you a clueless ignoramus. 4 Likes |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Abagworo(m): 11:50am On Jan 16, 2017 |
The truth is that we are unproductive. According to the man there is no remedy but the solution is increased productivity and reduced importation. |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by vincent64(m): 11:58am On Jan 16, 2017 |
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Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by FerdinandChime1(m): 12:02pm On Jan 16, 2017 |
How can increased oil price n production increase poverty, I don't understand this. ..... |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by WhiteNoise(m): 12:03pm On Jan 16, 2017 |
We don't want to change Nigeria, we just want to rise above the bullshit okay! So get with the program PS: Zombies are never hungry so you're wasting your breath |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by streetbro: 12:07pm On Jan 16, 2017 |
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Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Nobody: 12:12pm On Jan 16, 2017 |
Seenyo:Too many afonjas supporting him meanwhile
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Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Nobody: 12:16pm On Jan 16, 2017 |
Most unfortunate!...my folks disgusts me with their blind support for a dumbskull! |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by CuteTj(m): 12:17pm On Jan 16, 2017 |
bettercreature:@ FerdinandChime1 Let me explain what he meant by the statement of yours I quoted. You and I both know that Nigeria does not refine the oil we consume but now import all we use despite being an oil producing country. When oil dropped to 50 something dollars, obviously the landing cost and other associated costs of also dropped that was why Jonathan was able to reduce oil price from N97 to N87. When Buhari took over, he increased fuel price to N145 as he removed subsidy as Nigeria was wasting money on a few nigerians at the expense of millions of other Nigerians. Now that Oil price has risen back to 50 something dollars, the landing cost and other associated cost obviously has definitely increased (when converted to Naira). What Henry is now saying is that since oil price is now 50 something, it is either government reintroduces subsidy because if they don't, petrol price in naira will increase and you and I know that petrol is the major determining factor of prices of other commodities in Nigeria. What do you think is a major contributing factor of inflation in Nigeria? Petrol because we use petrol to move around, move goods around and also power our generators because of no light. So as oil prices continue to increase, and we continue to import all our needs and not refine any, the increase will have a negative effect on Nigerians as the cost burden will be passed on to Nigerians since there is no more subsidy. I believe with my explanation, you should understand what he's saying. 3 Likes |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Eastactivist: 12:18pm On Jan 16, 2017 |
AK284: I don't blame you, what did you know? |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by castel428: 12:21pm On Jan 16, 2017 |
[quote author=Icon4s post=52850300] It is "bell". To topic. As rightly said by Henry Boyo, the current CBN monetary policy is what is killing our economy.[/quot It is 'bail' Mr Sabinus |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by castel428: 12:23pm On Jan 16, 2017 |
Icon4s:It is 'bail' Mr Sabinus. |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by TheSpellChecker: 12:24pm On Jan 16, 2017 |
hisgrace090: It's bell, not bail. 1 Like |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by bettercreature(m): 12:25pm On Jan 16, 2017 |
CuteTj:You are both wrong! the landing cost has nothing to do with price of oil! swap deal does not change either price increase or decrease.The problem here is the exchange rate.NAIRA/$ exchange is the major problem if you ask oil marketers We are not buying refined oil anymore we are swapping it When GEJ was there it was selling and buying back but that is not the case at the moment 1 Like |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Icon4s(m): 12:55pm On Jan 16, 2017 |
castel428: It is 'Who can Bell the cat' and not 'Who can bail the cat'. Take this correction now and thank me later. This expression originated in one of Aesop's fables as retold by William Langland in Piers Ploughman (1377), in which the mice decide to put a bell around the cat's neck as a warning device but then can find none among them who will actually do it. https://www.google.com.ng/#q=who+can+bell+the+cat 2 Likes |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Icon4s(m): 12:56pm On Jan 16, 2017 |
TheSpellChecker: Tell them o. I think the native tongue of pronouncing 'bell' as 'bail' (igbotic) affected them. cc: Caskel428 1 Like |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by castel428: 1:42pm On Jan 16, 2017 |
Icon4s:Thanks, noted. 1 Like |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Nobody: 3:40pm On Jan 16, 2017 |
Eastactivist: Listen to yourself, what he said is true. I don't know why your brain is in your stomach, what is your Cbn governor doing about the economy.? Central Banks all over the world control inflation, but ours is fueling it, wait till the end of the 1st quarter we shall see who is right. |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Nobody: 3:42pm On Jan 16, 2017 |
This should have been our CBN governor, not the sapele water drinking buffon who hails from the nations criminality capital. |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by daneni1(m): 4:23pm On Jan 16, 2017 |
bettercreature: Pls, what is it that we swap oil for? |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Eastactivist: 4:31pm On Jan 16, 2017 |
kaeforum: By now you should have known that the onus of economy revival lies on the shoulders of Finance minister, I guess I was wrong with my conviction. The zombiness has really upgraded as against downgrading as a result of hunger... Now in your Phantom world central bank don't take orders from finance ministers right?? Keep deceiving yourself. Mpama |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Nobody: 4:41pm On Jan 16, 2017 |
Eastactivist: Central bank governors don't take orders from the Finance Minister,they re autonomous. FYI we don't have a Finance minister. |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Eastactivist: 5:10pm On Jan 16, 2017 |
kaeforum:I agree they ought to be autonomous but in Nigeria executive and legislatures usually interfere or better still can prefer policies that mandates CBN to implement... Besides I thought kemi is the minister of Finance? |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by TheSpellChecker: 5:56pm On Jan 16, 2017 |
Icon4s: Igbotical igbotic indeed! |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by funmaths17: 5:57pm On Jan 16, 2017 |
Do you need private maths lesson for your children/wards in abeokuta? Send a mail to funmaths17@gmail.com |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by seunmsg(m): 6:01pm On Jan 16, 2017 |
bettercreature: So, what exactly is the role of major oil marketers under the swap arrangement and why do they always demand for forex if they are not buying the product? |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Nobody: 8:00pm On Jan 16, 2017 |
Eastactivist:This Didnt Happem During Sanusi's Time. Kemi's Just A House Help. |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by Eastactivist: 8:24am On Jan 17, 2017 |
kaeforum:LOL |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by AreaFada2: 11:04am On Jan 17, 2017 |
CuteTj: Thank you my brother. Henry is analysing the economy taking cognisance of our own very curious peculiarities, not just general economics as it applies to most world economies (whether oil exporting or not) where things work. If we refined our own oil, had electricity to drive production, had a banking system that lends to SMEs at reasonable rates to produce to meet much of local consumption, drive export and drastically reduce dependence on import medium to long term, Henry's analysis would be partly flawed. But he has just analysed the major flaws in our system and very crucial to see it as it is. Flooding the system with Naira and then having to buy back dollars at higher rates to fund import can only ever increase inflation, weaken the naira even further, stifle investment, create job losses/increase unemployment, create more poverty and yet widen the gap between the rich and the poor. Yes, fixing the flaws Henry has pointed out would be counter-intuitive and seem to be against CBN norms but business as usual is not getting us anywhere as we can see. Deliberate, calculated and bold moves are needed. We need to depoliticise our views when talking serious economics that affects all of us. 2 Likes |
Re: Why Nigerians Will Become Poorer With Rising Oil Prices - Henry Boyo by LoveMachine(m): 6:21pm On Jan 28, 2017 |
Enlightening thread on all sides. Kwontinu nah. |
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