vincent10:


How about China and Indian.

Stop thinking with ur kidney

Desyner:
Aren't we looking for oil in Borno? I insist.

Leboska:
With buhari as nigeria presidiot? Nigeria will only contest for the poorest countries in Africa

obailala:
Oil is still a proven source of income all over the world, while it is important to develop other sources of income, there is absolutely nothing wrong in also expanding the potential income we can get from oil. Diversification means opening new sources of income, it doesnt mean throwing away a proven source.

As we speak, there's also oil exploration going on simultaneously in different parts of the country (including the south) with new reservoirs bèing discovered from time to time; that is how Nigeria has been able to not only maintain its oil production, but also increase it over the years. You obviously have a problem with that only because it is in the north, quit your needless emotions and sentiments and educate yourself on how oil is found. The Chad basin has the characteristics of a reservoir where oil can be found; oil is already being produced from the other side of the Chad basin which falls in Chad.

muller101:
Nigeria is not a poor country pls. This country is EXTREMELY rich. It is our leaders that are poor in reasoning.

Desyner:
You almost made a valid argument. The missing piece being that the cost of crude oil exploration is high enough to impact other sectors like agric greatly. Why gamble on dwindling oil. It showed the govt was lost in terms of idea.

obailala:
For every single kobo spent on petroleum exploration in Nigeria, there is obviously an opportunity cost. That is to say, even if it's just N100,000 spent, you could as well argue that that amount could purchase 12 bags of NPK fertiliser for distribution to farmers to boost agriculture. So please spare me that opportunity cost logic!

Oil exploration isn't cheap business, billions are spent every year on oil exploration to maintain and to potentially increase our production. As we speak, billions are still spent in exploration in the delta. You only clearly have a problem with this very exploration in the Chad basin purely because it is in the north - regional/ethnic/political sentiments.

Desyner:
ha ha ha . . . I sense the popular Ipob/Afonja against the north bias in your tone here. The logic is same to me whether north or south. Of all our potential, oil appeals most to govt of change, that's a daft move to me. Agric is there, Steel is there. Steel could have generated much more with the current price of oil but no the govt see oil as next best thing to oil.

frankmoney:
Libya rich ? With the current situation ? OP you well at all ?

obailala:
Well, the fact is that oil is still very lucrative, irrespective of the fact that its value has dwindled... And just like I said before, the exploration of oil does not stop any serious govt from developing agriculture or solid minerals. So you should should really stop blaming the exploration of oil as the devil responsible for the slow growth in other sectors.

Desyner:
Exploration of oil is the devil. We explore oil sell and spend without investing, and because we use easy oil money to pay salaries without laying emphasis on productivity nobody asks questions when the things that are suppose to aid true productivity go wrong. Things like good road, power, education, research, justice. Oil is the devil. We don't need more of it. Without oil price slump do you think we would have increases our rice production the way we did? Now imagine us doing same for flour, sugar, cassava etc.

gboye1999:


I would agree we still need to explore more. Oil exploration is doesn't stop us from investing in other areas. More of oil shouldn't stop us from being productive only our lazy mentality does. As well the government coffers shouldn't be the only source for investment in all sectors of the economy.

muller101:
Nigeria is not a poor country pls. This country is EXTREMELY rich. It is our leaders that are poor in reasoning.

vincent10:


How about China and Indian.

Stop thinking with ur kidney

whatofyou:


How can a people with vast natural and mental resources be poor! It is majorly the leaders that are killing the nation.

Ovamboland:


Mineral deposits means nothing to the bottom line until you are able to get cash flow from it. Likewise human population means nothing until you are able to develop them to be productive

whatofyou:


So, what's stopping us from making these mineral deposits alternatives to crude oil! Mind you, a small population doesn't always mean that a nation will be 'healthy',neither does a large population guarantee a never-do-well. But when a government becomes ignorant or lazy and doesn't take her priorities right, that becomes a catalyst for inevitable failure. I bet you that most of these aforementioned countries also have reliable electricity supply as well.

policy12:
Where is Nigeria the giant of Africa?