Bern1992:
do they have a president

yeah

Probably someone like gej

If gej is still handling thing, nigerias reserve will probably be 2million dollars now.

Nutase:
America wants to turn them to Zimbabwe because of their anti imperialist stance.

Some brainy ppl dey dis forum. We're not alone guys.

The Venezuelan ambassador to Nigeria was very popular in Nigeria/Nairaland in 2009 when he was trying to tell Nigeria how to run its economy. Thank God that we didn't listen.


https://www.nairaland.com/357282/govt-exposed-every-nigerian-should

nairaman66:

















Country Rank Reserves Rank Reserves Rank Reserves Source/Date Reserves
Venezuela (see: Oil reserves in Venezuela) 1 298,350 1 300,878 1 300,900
Saudi Arabia (see: Oil reserves in Saudi Arabia) 2 268,289 2 266,455 2 266,600
Canada (see: Oil reserves in Canada) 3 172,481 26 4,118[4] 3 172,200 Natural Resources Canada, end 2014[5] 171,000
Iran (see: Oil reserves in Iran) 4 157,800 3 158,400 4 157,800
Iraq (see: Oil reserves in Iraq) 5 144,211 4 142,503 5 143,100
Kuwait (see: Oil reserves in Kuwait) 6 104,000 5 101,500 7 101,500
UAE (see: Oil reserves in the United Arab Emirates) 7 97,800 6 97,800 8 97,800
Russia (see: Oil reserves in Russia) 8 80,000 7 80,000 6 102,400
Libya (see: Oil reserves in Libya) 9 48,363 8 48,363 10 48,400
United States (see: Oil reserves in the United States) 10 39,933 10 36,685 9 55,000 ENI, end of 2015[6] 43,629
Nigeria (see: Oil reserves in Nigeria) 11 37,070 9 37,062 11 37,100


Venezuela had more prospects than Nigeria in terms of developmental goals etc. But because of corruption it became a country that never was!

Em....just a drop a note on the oil reserves ISH...

Venezuela oil reserves is comprised of mostly heavy oils which are currently uneconomical to produce and even technologically infeasible.

Thank you

GEJ AND OPOLO EYE supervised the looting of Nigerians foriegn reserve. The vault of CBN was opened to politicians , evry Tom, dick and harry including oloshos.
The ipod yoot from indo-fuckin-nesia republic and thier fedora cap republic brothers are still hailing the THIEVES for a job well done.
Thank God for President Buhari if not by now Nigerians will have no country because of the way Jonathan managed the resources of this Nation.
Venezuela has gone down the drain and Nigeria is standing because of president buhari interventions.

Earth2Metahuman:
yeah

Probably someone like gej

If gej is still handling thing, nigerias reserve will probably be 2million dollars now.

-0.001 million USD by now. GEJ DESTROYED THIS NATION.

nairaman66:


I never insulted you man! Bingo means= You are correct!! No insult intended!!

My frd Bingo means Dog....nxt time use non- derogatory word like Good.

Not bad! Atleast they still have millions.

bizzibodi:

My frd Bingo means Dog....nxt time use non- derogatory word like Good.

bingo
ˈbɪŋɡəʊ/
noun
noun: bingo

1.
a game in which players mark off numbers on cards as the numbers are drawn randomly by a caller, the winner being the first person to mark off all their numbers.
"a bingo hall"

exclamation
exclamation: bingo

1.
a call by someone who wins a game of bingo.
2.
used to express satisfaction at a sudden positive event or outcome.
"Just swipe the pen over a bar code and bingo! The recorder's programmed itself"

Can't see where dog is mentioned here!!!

Nutase:
America wants to turn them to Zimbabwe because of their anti imperialist stance.

na American make dem vote for Buhari-like Maduro?

ExpiredNigeria:
There is really a very big problem in Venezuela, before now I used them as reference to a failed country until Buhari came on board and plunged our economy to exactly what brought about Venezuela crisis today, the problem in Venezuela escalated the moment they central Bank blocked access to dollar and importation so their black market promulgate, a dollar sold 1000 Bolivars which the actual rate is less than 10 Bolivars in the central bank, they blocked importation and the country was stocked.. what will foreign investors do when they can no longer access dollar, import raw material? the simply left.. people got impoverished.. do you know that one dollar is now about 2000 Bolivars in Venezuela.. this is where Nigeria is heading if we do not remove this president and stop him now

How on earth will you talk this Venezuelan crisis and not talk about their wasteful spending? That's the origin of this crisis!!!!! Are you going to act like that housing b.s. for example didn't add to this? I don't like arguments that leave out salient points, it changes the whole narrative. This is like Ireland and Greece all over again.

When you sell petrol to your citizens at an outrageous rate of $0.01 per litre for over 20 years, it becomes impossible to maintain a concrete reserve especially when the price of crude oil goes south more than 70%. Only God knows what our situation would have been had the last government continued. Maybe Deziani, patience, yakubu and their friends would have contributed some of their dollars to boost our reserve.

Venezuela population wey no reach 40m, make dem manage d moni jare

bizzibodi:

Boy educate yursef nobody is saying oil is useless what they are saying is let diversify our economy?i hope u know what diversification means do u know how to use a dictionary?tell an enlighten person to help u explain it.

What do you know about diversification? Is it not the same song since 1960?

I listened to this your dullard when in 1984 he made a speech about diversifying Nigerian economy among other lofty dreams. When he was a dictator. i sat only yards from him listening. In the 20 months he was there before his underlings kicked out his butt out, he made no positive impact.

When the SW and the North want to display ingratitude, they tell us oil is not useful anymore. That FG makes more money from other sources now.
Surely the failed education system is partly to blame.

In ignorance many of them do not know the difference between FG budget/income/expenditure and GDP.

When they read or hear the news that oil makes up a lower percentage of Nigeria's GDP, they automatically think it means FG relies less on oil.

They have no idea that 70 to 80% of the money Nigeria bases its budget on is still oil.

Even some who know deliberately fool themselves for bigoted, tribalistic and political reasons.

So melt away with your ignorance. Do not even mention that glorified secondary school you attended as education.

tHE QUESTION TO ASK WHAT OF A MIKE THE MAN FRO NAMIBIA WHO CAME VENUZUELA AFTER IMPREGNATINGING ONE MAM FOR WHK.

flyca:

What manner of lowlessness is this, biko

I tire o.

Ngokafor:





....Oil prizes didnt start falling with buhari's admin....It has always fluctuated...Obasanjo's administration witness Oil prize fall as well...but because he had technocrates,the effect were not felt by Nigerians as such..same way Nigeria didnt go as low as it did now during the 2008 Global financial crisis..

..Whether you and your apc people agree or not...buhari's utterances,stuupidity and lack of direction plunged this country into the economic crisis she is grappling with...His crisis management is minus zero,and he has the uncanny ability to start and fuel crisis...Osibanjo though in the same useless apc party,is a lot more sensible than him..period.

I think if you compare our Import today and that of during OBJ's government more than ten years ago, the difference is very clear. Our standard of living had improve not necessarily through the right channels but our demand for foreign goods had almost doubled.
The reason why we didn't feel the financial crisis of 2006 to 2008 was because we had huge reserve close to $60 billion dollars and we were not shy of spending it.

Given their population of only 30 million their reserves are still better than Nigerians on per capita basis

2black1:
I think we should be grateful that Nigeria's case is not this bad.
Venezuela's foreign reserves down to only 10billion dollars!

http://money.cnn.com/2017/03/01/news/economy/venezuela-cash/index.html

Nutase:
You call my statement ignorant when yours is dumb. Kindly tell me what has made China the biggest economy in the world. Socialism or Capitalism?? ??

Excuse me?China is communist not socialist!And guess what?They only claim to be practicing communism ,we all know they are actually practicing 80% capitalism.The economy in China is so structured that the government has some stake in every business.That is why we have billionaires and millionaires and lots of people who are well to do in China.The case is very different in Venezuela.Socialism seeks to make the government to have control over eveything.That was why Hugo Chavez chased away every american business when he assumed power.You probably are not aware of this.Nothing works in that country because the government controls everything.Once that happens if naturally doesnt create room for the dynamics of demand and supply economics which drives growth.

2black1:
I think we should be grateful that Nigeria's case is not this bad.
Venezuela's foreign reserves down to only 10billion dollars!

Caracas is running out of cash.
Venezuela only has $10.5 billion in foreign reserves left, according to its most recent central bank data.
For rest of the year, Venezuela owes roughly $7.2 billion in outstanding debt payments.
In 2011, Venezuela had roughly $30 billion in reserves. In 2015, it had $20 billion. The trend can't persist much longer, but it's hard to know exactly when Venezuela will run completely out of cash.
Powered by SmartAsset.com

SMARTASSET.COM
"The question is: Where is the floor?" says Siobhan Morden, head of Latin America fixed income strategy at Nomura Holdings. "If oil prices stagnate and foreign reserves reach zero, then the clock is going to start on a default."
venezuela reserves
According to the country's recently released 2016 financial report, about $7.7 billion of its remaining $10.5 billion of reserves is in gold. To make debt payments in the past year, Venezuela shipped gold to Switzerland.
The thinning reserves paint a scary financial picture as the country faces a humanitarian crisis sparked by an economic meltdown. Venezuelans are suffering massive food and medical shortages, as well as skyrocketing grocery prices.

http://money.cnn.com/2017/03/01/news/economy/venezuela-cash/index.html

No shout yet. It is only a matter of time.

Lordsocrates:
with oil selling at 150 dollars per barrel, our reserves under (You know who ) was already dwindling, when oil sold for 78dollars per barrel, we were already borrowing to pay workers salary..

but God saved us, even when oil fell to as low as 20dollars per barrel, before crossing to hover around 40-45, the govt of (you know who) was saving up, saving up everything to strengthen our foreign reserve.. everyone was crying, screaming, but the govt knew what a constantly falling foreign reserve meant, and continued saving. Today we have been able to strengthen our foreign reserve to well above 30bn, and now attention is now directed at the Foreign exchange market.

but some hate filled, bigoted individuals won't see, they keep on Celebrating (You know who) not minding revelations of how the admin was a (Come and steal as much as you can galore)
but we thank God, we made the right choice, because with the way the looting was going, our case would hv been worst than that of Venezuela....we would have been auctioned on e-bay for 20dollars by now.

What nonsense misinformation are you trying to churn out to unsuspecting gullible folks out there? Our foreign reserves was hovering around $30-32b when Buhari took over in May 2015. The cattle-rustling dullard depleted it to as low as $25b before the increase we're seeing now.

ExpiredNigeria:
There is really a very big problem in Venezuela, before now I used them as reference to a failed country until Buhari came on board and plunged our economy to exactly what brought about Venezuela crisis today, the problem in Venezuela escalated the moment they central Bank blocked access to dollar and importation so their black market promulgate, a dollar sold 1000 Bolivars which the actual rate is less than 10 Bolivars in the central bank, they blocked importation and the country was stocked.. what will foreign investors do when they can no longer access dollar, import raw material? the simply left.. people got impoverished.. do you know that one dollar is now about 2000 Bolivars in Venezuela.. this is where Nigeria is heading if we do not remove this president and stop him now

With the steady decline in their reserves due to the greatly reduced inflow of forex from oil (which is virtually their only export just like Nigeria), what would you have had them do besides limiting imports and restricting dollars from their central bank?

With their reserves dropping sharply, would you have advised that they left their central bank vaults open?

nairalandfreak:
So? APC and their stylish excuse

if it were pdp, the story would have be worst than venzuela case.
They defended the naira by importing rice with 20b dollars from foreign reserve.
They depleted the foreign reserve from 67b dollar in 2008 to 30.5b in 2015, even when oil were selling above 100dollars per barrel.
That means,
now the price of oil is less than 50dollars. By now, they wil be no money again to import rice and toothpick, and they did not plan to plant a seed of rice,
In such a case, bag of rice would have be 50k, and dollar would have be 2k .
God bless buhari as the best president so far.

Fx55:
What nonsense misinformation are you trying to churn out to unsuspecting gullible folks out there? Our foreign reserves was hovering around $30-32b when Buhari took over in May 2015. The cattle-rustling dullard depleted it to as low as $25b before the increase we're seeing now.

go Bleep yourself.. bring a single evidence to show dat our reserve was above 30bn...
as off 2015 when PMB took over our reserves stood below 30bn dollars. dnt spread ur ignorance

Jesusloveyou:
if it were pdp, the story would have be worst than venzuela case.
There defended the naira by importing rice with 20b dollars from foreign reserve.
They depleted the foreign reserve from 67b dollar in 2008 to 30.5b in 2015, even when oil were selling above 100dollars per barrel.
That means,
now the price of oil is less than 50dollars. By now, they wil be no money again to import rice and toothpick, and they did not plan to plant a seed of rice,
In such case, bag of rice would have be 50k, and dollar would have be 2k .
God bless buhari as the best president so far.

truly truly, Jesus loves you my brother... dnt mind this sentimental lot

Fx55:
What nonsense misinformation are you trying to churn out to unsuspecting gullible folks out there? Our foreign reserves was hovering around $30-32b when Buhari took over in May 2015. The cattle-rustling dullard depleted it to as low as $25b before the increase we're seeing now.

On the contrary, you are actually the one either spreading wrong information on purpose or probblably just out of ignorance.

As at handover (May 29th 2015), Nigeria's reserve had specifically $28,719,649,022. This is the specific figure pulled off the CBN's reserves website on the 28th of May 2015. You can check for yourself here at:
https://www.cbn.gov.ng/intops/Reserve.asp

Now do you know what it means to have a negative balance of trade?.... In simple terms, it is when the forex leaving the reserves to service our import bill os higher than the forex flowing into our reserves through exports.

Oil being the primary source of Nigeria's forex, we had a negative balance of trade when oil prices began crashing and guess what? Nigeria's foreign reserves crashed from $38.6bn to $28.7bn between Nov 2014 and May 29th 2015, i.e. we lost $10bn from the reserves in roughly 6 months and despite this, Naira still crashed from N160 to N220 within the same period even though oil still sold above $60.

You claim that the cattle herder depleted our reserves to $25bn right?... Oh yes he did and it was actually even $23bn. But if you are half intelligent, you will be able to understand that with oil prices falling lower to about $28 and with Nigeria's oil production dropping by up to 50%, the further drop in the reserves was inevitable.

But nevertheless, dropping to $23bn from $28.7bn is barely a $5.7bn drop in almost 2 years depite the fact that oil prices even dropped to $28 (less than half of what it was when GEJ handed over) and oil priduction also dropped by up to 50%. So comparing a drop of $5.7bn in close to 2 years of lower oil price and production to a drop of $10bn in 6 months of higher oil price and full production, I'm sure if you are intelligent you can see who has managed the reserves better and you can also see how unintelligent your analysis is?

Like I always say, Buhari may be bad in economics, but he certainly has managed the bad times (low crude price) better than his predecessor; had GEJ still been president till now, Venezuela would have been child's play compared to whatever God saved us from in 2015 cos our reserves would have fallen to zero even b4 2016.

Educate yourself with facts and dont just dwell on emotional crappy disjointed beer parlour gists and political analysis, the figures are all there if you really want them.

cc: Lordsocrates

UncleJudax:

na American make dem vote for Buhari-like Maduro?

and you are blind to see the difference btw buhari and maduro.
your ineffectual buffoon is even worst than the guy.
God bless us for voting buhari and osinbajo and ibe kachukwu.

obailala:
On the contrary, you are actually the one either spreading wrong information on purpose or probblably just out of ignorance.

As at handover (May 29th 2015), Nigeria's reserve had specifically $28,719,649,022. This is the specific figure pulled off the CBN's reserves website on the 28th of May 2015. You can check for yourself here at:
https://www.cbn.gov.ng/intops/Reserve.asp

Now do you know what it means to have a negative balance of trade?.... In simple terms, it is when the forex leaving the reserves to service our import bill os higher than the forex flowing into our reserves through exports.

Oil being the primary source of Nigeria's forex, we had a negative balance of trade when oil prices began crashing and guess what? Nigeria's foreign reserves crashed from $38.6bn to $28.7bn between Nov 2014 and May 29th 2015, i.e. we lost $10bn from the reserves in roughly 6 months and despite this, Naira still crashed from N160 to N220 within the same period even though oil still sold above $60.

You claim that the cattle herder depleted our reserves to $25bn right?... Oh yes he did and it was actually even $23bn. But if you are half intelligent, you will be able to understand that with oil prices falling lower to about $28 and with Nigeria's oil production dropping by up to 50%, the further drop in the reserves was inevitable.

But nevertheless, dropping to $23bn from $28.7bn is barely a $5.7bn drop in almost 2 years depite the fact that oil prices even dropped to $28 (less than half of what it was when GEJ handed over) and oil priduction also dropped by up to 50%. So comparing a drop of $5.7bn in close to 2 years of lower oil price and production to a drop of $10bn in 6 months of higher oil price and full production, I'm sure if you are intelligent you can see who has managed the reserves better and you can also see how unintelligent your analysis is?

Educate yourself with facts and dont just dwell on emotional crappy disjointed beer parlour gists and political analysis, the figures are all there if you really want them.

cc: Lordsocrates

mehhhhhnnnnnnnn Brotherly I owe you cold stout... leave this hate filled, bigotry ruined, set of guys... If when oil still sold for 76dollar NOI, was already sourcing for where money could be borrowed from to pay off teachers dept, then I just wonder...
before the handover, Nigeria was already owing oil marketers 400+billion... how would we have survived ? how would we have coped when oil fell to 30dolars per barrel.

I wake up happy that there is hope for Big, when I remember those at the helms of affairs, but when I log online, and see stupid post, like the one from that guy, I lose hope... but seeing you both... I am invigorated to keep fighting for the betterment of my country...and pain of the wailers. thanks Bhro for helping out

Lordsocrates:



mehhhhhnnnnnnnn Brotherly I owe you cold stout... leave this hate filled, bigotry ruined, set of guys... If when oil still sold for 76dollar NOI, was already sourcing for where money could be borrowed from to pay off teachers dept, then I just wonder...
before the handover, Nigeria was already owing oil marketers 400+billion... how would we have survived ? how would we have coped when oil fell to 30dolars per barrel.

I wake up happy that there is hope for Big, when I remember those at the helms of affairs, but when I log online, and see stupid post, like the one from that guy, I lose hope... but seeing you both... I am invigorated to keep fighting for the betterment of my country...and pain of the wailers. thanks Bhro for helping out

Hahaha... abeg make am Orijin

Like I always tell people, Buhari may be bad in economics, he's certainly doing several things wrong in my opinion, but he certainly has managed the bad times (low crude price) better than his predecessor. If only he could just handle the niger delta issue more amicably and restore peace and full production, with oil prices now hovering at about $55, Nigeria would certainly reap the fruits of his 'tight hand' economic style.

Had GEJ still been president till now, Venezuela would have been child's play compared to pestilence that God saved Nigeria from through the 2015 election cos our reserves would have since fallen to zero.

Jesusloveyou:
and you are blind to see the difference btw buhari and maduro.
your ineffectual buffoon is even worst than the guy.
God bless us for voting buhari and osinbajo and ibe kachukwu.

Ok

Lordsocrates:
go Bleep yourself.. bring a single evidence to show dat our reserve was above 30bn...
as off 2015 when PMB took over our reserves stood below 30bn dollars. dnt spread ur ignorance

We won't allow you to continue spreading misinformation on this forum. The London Vegetable depleted our reserves by more than $6b from he what he met it when he took over in 2015. The increase in reserves now is largely thanks to the increase in crude prices.

It is also important to note that the Cattle Rearer has no single initiated or completed project to his name since May 2015. So the question is, what did they do with the huge budget of 2016? The answer is NOTHING! No roads, not even 1 megawatt of electricity added to the National Grid. Absolutely nothing to show for it.

Right now they've resurrected the good old cash cow known as rehabilitation of Abuja Airport that serves only the elites. What have they done to better the lot of the common man on the streets? Nothing! Instead it's hardship upon hardship never seen or experienced at any time in the history of this failed country. Never again!

cc: Obailala