grandstar:


You do benefit from oil.

Everything you buy with the Naira is determined by the price of oil. If the oil price stays at less than $20 for instance, the Naira may depreciate to N600.

Do you know what that implies? Prices of goods and services will skyrocket. The 30k minimum wage which was worth $80 early this year will now be worth only $50.

Where do you stand now?

thanks for the update

PatrioticNaija:


Everyone in Nigeria benefits from oil, either directly or indirectly. Our budget is about 90% oil dependent. Meaning all civil servants get paid from oil. All civil servants patronise business owners in Nigeria and take care of dependents not working. Oil companies and their staff patronise other sectors of the economy like catering, hotels, transportation companies etc......

The chain reaction continues. Even the oloshos get more patronage from the oil and gas sector + politicians.

If you look deep, you will see that you are also dependent on oil mostly indirectly. Oil price affects almost everything in Nigeria. Thanks

thanks

Bad news!
Let the price drop to $15.

arsenal33:
your PDPeeps diversified the economy

Lol


My pdpeeps even without knowing me, you're one of those who still thinks it's about apc and pdp, isn't it obvious to you they're all one and the same, same thieves being recycled

But u have a right to make ur self very comfortable by telling yourself it about apc and pdp while they continue raping your country left right center year in year out

Funny you

Who says? The Oil price determines The Nigerian Dollar / Naira Exchange rates. Oil is NIGERIA main source of foreign earnings. So in the event of A crash in price of crude oil, it means that more naira will be needed to exchange for dollars. Just like you see now where Black market rate is 410/415 Naira to the usd against the former 360/362 Exchange rates as at today . These is a pointer to the fact that The value of the Naira to the dollar will drop Drastically. Prices of goods & services will sky rocket � especially imported goods. People who are in the Business of Buying/ selling Or importing will understand this Analysis better

Chai.

So fuel will go back to 145 per litre now?

0m0nnakoda:
That is absolute nonsense
The price of oil was $ 18 under Abacha and one dollar exchanged for 80 naira for years.
Naira depreciated when democracy returned and reached 250 under Goodluck Jonathan despite record prices in excess of $100

Naira didn't change for 250 under Jonathan, that was under Buhari and the price per barrel should have been between 40-60 dollars per barrel.

The other day you said Rivers state is not important for Nigeria. People on this thread think otherwise. In Nigeria, no state is more important than Rivers when it comes to oil and gas. For Nigeria, no state is more in important than these four, Akwa Ibom, Bayelsa, Delta and Rivers. These 4 account for over 88 percent of Nigeria's oil output and oil accounts for 90 percent of foreign earnings.

Yenefer:
Who is pushing thread to front pages this days in nairaland, 90% of the people who visit nairaland don't benefit from Oil. Wether Oil price is high or low..., Most people here don't rip the benefits

Please dont say this again. Evenif you are in IT, you are affected by oil price if you are in naija. So be patriotic and wish the community's price goes up!

Yenefer:
Who is pushing thread to front pages this days in nairaland, 90% of the people who visit nairaland don't benefit from Oil. Wether Oil price is high or low..., Most people here don't rip the benefits

It concerns you on more ways than one. The country you live in depends almost solely on oil. If the price crashes to $10, na Great Recession be that.

Yenefer:
Who is pushing thread to front pages this days in nairaland, 90% of the people who visit nairaland don't benefit from Oil. Wether Oil price is high or low..., Most people here don't rip the benefits

You are so naive....The entire country benefits from high oil prices

The price went up and later down again. The fundamentals are not yet right. We pray and hope that life will be normal again. We shall come out stronger and better after this plague �

The only oil l know is the red oil for cooking.

eleojo23:
Does this mean the value of the naira will no longer go up?

value of the naira did not go up

ornicus:
This will be interesting. What will happen to our subsidy if price of oil rises? Will it ressurect again?

No, it is gone for good

Affidavit last cowbender prAyer

ODB2:
same afonja rats that will tell the Niger Delta people to drink their oil are the ones shouting ''good news'' here.

Yaribanzas are the real parasites in Nigeria.

www.nairaland.com/attachments/1481378_374334_Biafra_11_jpgd343c8e7d023bbeaf7e85a2a2383fae8_jpg0fc812d3c1fca32fae7a33fb44de77d0

Quoted for posterity.