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Nairaland Forum / Nairaland / General / Politics / Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele (7561 Views)
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Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by nairalaila: 5:47am On Jun 26, 2019 |
The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has stated that oil discovery exposed Nigeria’s economy to vulnerability. According to the CBN boss, the increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors, and also exposed the economy to vulnerabilities that normally accompanied an increased dependence on a single commodity for survival. Emefiele who disclosed that oil discovery exposed Nigeria’s economy to vulnerability, further revealed in his economic blueprint for the economy for the next five years that if Nigeria had maintained its market dominance in the palm oil industry, which stood at 40 per cent in the 70s, the country would be earning above $20bn annually from the cultivation and processing of palm oil today. “Our situation is further worsened by the unpatriotic activities of some unscrupulous individuals and businesses who embarked on massive smuggling and dumping of goods that can be produced in the country, thus leading to the demise of our agricultural and manufacturing sectors and hence the attendant high level of unemployment" he said. He further revealed that the CBN has been deploying intervention funds to support growth and productivity in the agricultural and manufacturing sectors, and have also restricted access to foreign exchange on 43 items. https://unclesuru.com/2019/06/26/oil-discovery-exposed-nigerias-economy-to-vulnerability-emefiele/ 2 Likes 2 Shares
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Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by hannysur8(m): 5:52am On Jun 26, 2019 |
This is 4years plus, Nigerian are still waiting for this Buhari led government diversification result 17 Likes 2 Shares |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by helinues: 5:58am On Jun 26, 2019 |
Truth And the oil is not drying up soon.. Our laziness continues... 2 Likes |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by nairalee(m): 5:58am On Jun 26, 2019 |
Why didn't other oil exploring countries have this same problem? BECAUSE WE DON'T HAVE SENSE 49 Likes 5 Shares |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Sammyadexxx(m): 5:59am On Jun 26, 2019 |
Useless government |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Ajenikoko89: 6:00am On Jun 26, 2019 |
nairalaila:I think someone is telling us what we knew 3 Likes |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Nobody: 6:02am On Jun 26, 2019 |
It is bad demonic senseless management that destroys our economy. Are we the only country in the world with petroleum.... All of una na the same jare..... 3 Likes |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by BruncleZuma: 6:03am On Jun 26, 2019 |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by KIDfurniture(m): 6:03am On Jun 26, 2019 |
The government is part of the problem. If we had honest leaders in this country we would have gone very far. The independence we got in 1958 but made official in 1960 was out of greed. They shared everything amongst themselves.. we were not ripe at all. All they do is steal and loot public funds and oppress . We are all desperate in Nigeria. Religious leaders have joined them. One day , revolution go happen 10 Likes |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by greatiyk4u(m): 6:03am On Jun 26, 2019 |
Now that you have discovered it What's the solution? |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by israelmao(m): 6:04am On Jun 26, 2019 |
A wise man said,Wealth is a product of human thought which means wealth is not a product of material resources.Nigerians allowed resources to control them instead of controlling them and that is the main problem. 5 Likes 1 Share |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by TRIGITIS: 6:06am On Jun 26, 2019 |
greatiyk4u:Don't be in a hurry to make comment, at least space booking is allowed. He further revealed that the CBN has been deploying intervention funds to support growth and productivity in the agricultural and manufacturing sectors, and have also restricted access to foreign exchange on 43 items. |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by buchilino(m): 6:06am On Jun 26, 2019 |
NA GREED N SELFISHNESS DEY WORRY ALL THESE PPLE WEY DEY FG. DIVERSIFY IS THE SOLUTION IN MY OPINION. ENUGU STATE GET ENOUGH COAL WEY GO GIVE DEM BETA MONI, BUT FG WON CARRY EVERY THING 4 HEAD. |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by daddytime(m): 6:08am On Jun 26, 2019 |
Na yesterday dem discover the oil abi The same oil no expose UAE, Saudi and the like to vulnerability that'd prevent them from impacting the lives of their citizens and indeed a country with proceeds from this same oil. Neanderthals Na so so textbook English dem sabi blow. Tell dem to conjure their own grammar, nepa go take light fiaaaam 5 Likes 1 Share |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Aystarz: 6:09am On Jun 26, 2019 |
Why is he preaching to the choir? |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Nobody: 6:10am On Jun 26, 2019 |
I don't understand . People in position of authority go dey follow lament . Useless man |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Nobody: 6:11am On Jun 26, 2019 |
Palm oil |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Nobody: 6:11am On Jun 26, 2019 |
I agree. That's the resource curse theory/paradox of plenty. It's what happens where a free thing becomes a snare. It confounds the 'finder/receiver', who in turn mismanages it, until it becomes a bane instead of a blessing. At the end of the day, some people, and by extension, nations can only grow what they worked for. That's why you see some (ex) rich kids who other than squandering it, could do nothing with their parents' wealth. Maybe if there was no oil, more emphasis would be placed on human and technological development. And perhaps, we would not have this much corruption? #justthinking 5 Likes 2 Shares |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by mallamnari: 6:11am On Jun 26, 2019 |
What of Dubai, Norway and the rest of the world... Incompetent looters 2 Likes |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by shadeyinka(m): 6:13am On Jun 26, 2019 |
The real question is: Does the FG have an alternative to Oil? What is their plan for a non-oil dependent economy? There is none, yet they keep on saying theory! 1 Like 1 Share |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by ini4brandon(m): 6:13am On Jun 26, 2019 |
I concur. Additionally, Crude oil has created a country where the government dosnt need our tax to survive. An effective tax system would have created a sense of accountability since every individual taxpayer would want to know what the government does with his money. I bet you ,70% of Nigerians don't pay tax. This creates an atmosphere of complacency. Government feels free to do whatever it wishes afterall ' they owe nobody'. 12 Likes 1 Share |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by martyns303(m): 6:22am On Jun 26, 2019 |
Mr CBN governor, we already know this. the question what are you and the government doing about it? 1 Like |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Nobody: 6:26am On Jun 26, 2019 |
Imagine a the utterance if a so-called CBN Governor!! Should we undo the oil discovery?! |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by IMASTEX: 6:28am On Jun 26, 2019 |
Na only Nigeria discover oil abi? I laugh at the third paragraph, so businessmen should fold their hands to watch citizens starve to death with the direction less intention of the government abi? While they could make good money importing what the government couldn't make readily available. By the way, what is the duty of custom official, etc. 1 Like |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by SouthSouth1914: 6:29am On Jun 26, 2019 |
The reason is simple! How can Nigerians be governed by a constitution laid out by the military for the convenience of the north and expect positive results... Majority of the geo political zones have been short changed and bastardized by the ills of the constitution by way of faulty justice systems, complete collapse of the rule of law and pure hijack of the economy by the northern elite (Cabals)! It is the same people ruling Nigeria for the last 50 years! How can this country progress.. |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Skills10: 6:30am On Jun 26, 2019 |
Jacinthe: Intelligent. You are very correct. I agree with you 1 Like |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by SendAbroad: 6:33am On Jun 26, 2019 |
This CBN gov speaks like a kindergarten sometimes. “Our situation is further worsened by the unpatriotic activities of some unscrupulous individuals and businesses who embarked on massive smuggling and dumping of goods that can be produced in the country, thus leading to the demise of our agricultural and manufacturing sectors and hence the attendant high level of unemployment" he said. The situation is worsened by the unpatriotic act of Federal Gov in her failure to provide 24hrs uninterrupted electricity which makes smuggled goods cheaper than goods produced in Nigeria with expensive diesel machinery. |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by mamotalk: 6:37am On Jun 26, 2019 |
Next level complain from igbo man |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Emmanuel226(m): 6:37am On Jun 26, 2019 |
as him talk am na so o, no much argument on d matter, true talk sha, Nigeria needs to upgrade from intensive agricultural system yo extensive agricultural system. #Fact |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Caseless: 6:39am On Jun 26, 2019 |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by Ezedon(m): 6:49am On Jun 26, 2019 |
It is caused by greedy people |
Re: Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele by toprealman: 6:54am On Jun 26, 2019 |
Too cliche joor. 1 Like |
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