I laugh in Jamaica. I saw this immediately 2012 started, tha Naira will crash against the US dollars till June ending or early July, resulting in the crash of crude oil price. Crude oil is presently selling @ $91 per barrel while our crude oil benchmark price is $70 per barrel, only $20 away and oil price will still crash. It's a pity our leaders, their Special Advisers and Personal Assistants are not sensitive and they don't have Nigeria @ heart.
The best advice I'll give them is to get back to Agriculture to save the future and also to reduce over-dependence on crude oil.

Prof. Soludo and Mallam Sanusi know all these things much more than me. But Sanusi in particular will prefer to pursue Islamic agenda at the expense of Nigerian economy. May God help this thing called Nigeria.

everyone has been shouting go back to agriculture, but nobody is going back...it may interest these set of people to know that the most technologically advanced countries produce the highest amount of food.

It is a pity that the "so called" leaders of Nigeria today will be bequeathing a failed nation with no single trace of a prosperous future for incoming generations, most worrisome is the attitude of seeing clearly the destructive path we are headed but yet misconstruing it to mean progress.
Right before our very eyes, our country is being plunged into darkness and doom. What will become of our children and children's generation?
Only God knows!

Good news. Maybe we can now buckle down and form a genuine federal state with autonomous ethnic states or disintegrate totally. Please US should be fast and stop buying at all. But the other threat are the chinks, lets pray they don't import 1000000 of themselves to our country.

Bawss1:

The Economist offers registered readers access to 10 free articles per week. Besides many of their articles are available via Facebook so any talk of copyright violation here is baseless.

Besides how else are claims to be backed up or verified if one isn't supposed to link to articles?

Abegi

My friend please quit this your made in Alaba mentality. The fact that you are given 10 free articles does not mean you should also share it for free. It is a privilege given to you and you are not authorized to transfer it.

Secondly the Economist does not put its articles on Facebook, it only puts a link to the articles.

Finally, here is the link where you request to use the Economists content https://s100.copyright.com/AppDispatchServlet?publisherName=economist&publication=economist&title=Exodus%2C%20chapter%201&publicationDate=20120519&contentID=21555567&type=A&orderBeanReset=0&srTitle=

ballabriggs:

My friend please quit this your made in Alaba mentality. The fact that you are given 10 free articles does not mean you should also share it for free. It is a privilege given to you which you are not authorized to transfer.

Secondly the Economist does not put its articles on Facebook, it only puts a link to the articles.

Finally, here is the link where you request to use the Economists content https://s100.copyright.com/AppDispatchServlet?publisherName=economist&publication=economist&title=Exodus%2C%20chapter%201&publicationDate=20120519&contentID=21555567&type=A&orderBeanReset=0&srTitle=

https://encrypted.google.com/search?source=hp&q=shale+gas+economist&cad=b

that is how i got the link to the article -

i simply googled shale gas economist

i didn't need any subscription no nada and i dont see how that is copyright infringement, especially as the article is open to anyone who wants to use it

ditto for this iconic pic of gej



just google the hat stays on

https://encrypted.google.com/search?tbm=isch&q=the+hat+stays+on+site%3A&biw=1872&bih=989&sei=Y_zDT4uiL5S0hAeIl739CQ

btw, i don't subscribe to the economist i just buy it occasionally, mostly when i'm in airports

hold your horses

What most of you do not realize is that it is us the younger generation that hold the power to sway things our way! It does not matter what the US think or does with regards to their energy policy, what matter the most is the strategy we put in place to create pesudo chaos and make their policy in-effective!

To put it mildly, it is not how or what another thinks about or towards you that defines you, rather it is what you think about or towards yourself that truly defines you! So the ball is in Nigeria's court and what we make of it is left to us! There is no need of panicking if the USA decides not to buy our oil or reduces the volume they purchase drastically.

With a population of nearly 280million, we can create massive wealth with the oil and alter the dynamics of other countries by changing our energy policy to be inward looking first before the outside world!

Yes, we know we seriously need to diversify our economy and put agriculture at the fore front! But this must not be done at the expense of our natural resources being left under-developed or exploited in a reasonable manner to fashion a sustainable economic growth and development.

US IS TRYING TO TELL US THAT WE NIGERIANS ARE NOT USING PROFIT EARNS VERY WELL AND THAT LEADERS ARE LOOTING FOR CHILDREN. BUT I THINK IF US WANT TO HELP MASSES IN NIGERIA,THEY SHOUL CEASE ALL OUR LEADERS PROPERTIES IN USA INCLUDING THEIR CASH OVER THERE AND FORCE DUBAI TO DO SO AND CALL ALLE THESE PROPERTIES ILLEGAL POSSESION OF PROPERTIES. SO ALL WILL GEAR-UP.

Omo_Tier1: What most of you do not realize is that it is us the younger generation that hold the power to sway things our way! It does not matter what the US think or does with regards to their energy policy, what matter the most is the strategy we put in place to create pesudo chaos and make their policy in-effective!

To put it mildly, it is not how or what another thinks about or towards you that defines you, rather it is what you think about or towards yourself that truly defines you! So the ball is in Nigeria's court and what we make of it is left to us! There is no need of panicking if the USA decides not to buy our oil or reduces the volume they purchase drastically.

With a population of nearly 280million, we can create massive wealth with the oil and alter the dynamics of other countries by changing our energy policy to be inward looking first before the outside world!

Yes, we know we seriously need to diversify our economy and put agriculture at the fore front! But this must not be done at the expense of our natural resources being left under-developed or exploited in a reasonable manner to fashion a sustainable economic growth and development.

What exactly does changing energy policy to be 'inward looking' mean? If the US decides not to purchase Nigeria's oil it IS a big problem - you can't glibly wave that away in the name of some 'strategy'.

There is no 'policy' being made to buy less oil from Nigeria - it is a simple case of demand and supply. The US is producing more crude domestically hence needs to import less, nothing more.

I doubt Nigeria 'create assive wealth' with oil - the sheer size of the population in comparison to the oil revenue makes that highly unlikely. Better utilisation will help, but will not lead to 'massive wealth' in itself.

A Question does Nigeria make "fair" exchanges for the oil that it gives to other countries?
-Machinery, robots & equipment (that can be used for industrialization/manufacturing)
-Vocational schools
-Allow more subcontracts for key industrial sectors that can provide employment in Nigeria
-Joint business ventures to develop industry in Nigeria
-Semiconductor production in Nigeria?
-Help develop Nigerian telecommunications & Steel industry & Textiles industries
-Help develop Nigerian roads & transport infrastructure
-Joint venturing in automobile manufacturing
-Offer the services of their top scientists and increase the % of visas for study abroad; from Nigeria (ex. Tsingua Uni & Peking uni in China, Seoul National-korea, IIT-India, ETZ Zurich, MIT, Stanford, UToronto, Imperial College London, Rice, Berkeley, Harvard, Oxford, etc.)
-Exercise less stringent intellectual property protection of western co's
-HELP STABILIZE THE ELECTRICITY/ENERGY PROBLEM IN NIGERIA (probably one of the premier issues at hand!)
-Donate thousands of computers
-Invest in Nigerian health care institutions
-Help build Nigerian early childhood centers
-Help build more universities & poly-technic schools
-Help develop Nigerian biotechnological industries and help with food
-Cheap reproduction of academic textbooks by Rich Countries in Nigeria & or set up a special international fund to subsidize the purchase of academic books by developing country libraries, academics and students
-How come the Nigeria does not have physicists, geoengineers, physicians from the world's best science institutions investing the the development & infrastructure of africa? (USA taught Japan industrial organization, etc.)

========================================================================================================================

***I mean surely, if these alien interests meant to "help" africa they would have already done these things right?

They're pulling out for 2015. Tryna balance their sheets.
Bad tidings imminent!

Handwork of Boko Haram crippling the South.. U.S.A don use, rubbish and now want to dump Nigeria.. See Shell maimed thousands of life in the Niger-Delta, they took away the livelihood of many fisher men, caused untold hardship and poverty, caused so much corruption, now they want to leave.

All the signs are there for the return of military.

Government is hopeless corrupt but the masses have been cushioned by high oil prices , if oil prices crash and there is increased hardship and poverty, then the military would need no further justification to march into Aso Rock.

God bless Nigeria

debosky:

What exactly does changing energy policy to be 'inward looking' mean? If the US decides not to purchase Nigeria's oil it IS a big problem - you can't glibly wave that away in the name of some 'strategy'.

There is no 'policy' being made to buy less oil from Nigeria - it is a simple case of demand and supply. The US is producing more crude domestically hence needs to import less, nothing more.

I doubt Nigeria 'create assive wealth' with oil - the sheer size of the population in comparison to the oil revenue makes that highly unlikely. Better utilisation will help, but will not lead to 'massive wealth' in itself.

simply put; Create a home front where you utilize a larger percentage of the crude you produce rather than exporting 80% of your crude to the international market like we currently do. And a 100 times, I disagree with you on the US's refusal to buy Nigeria's oil as that being a problem. Couple of years ago, it was said that if the European stop trading with Africa, we would collapse as a continent, but guess what, EU is now Africa's third trading block with China first and the US second. What you may not know is that there are other huge markets out there where Nigeria's crude is highly desired and we only need intelligent minds to strike the right deals. Even the US knows this.

There is a delibrate policy by the US as part of their "Secur Energy Strategy" policy dating way back to Bill Cliton's era. To say US is producing more crude domestically hence the need to import is now less is far from the truth. Rather what you are witnessing is a strategic move by the US. If your assertion is to be believed, why is there a call for the US to release part of the nation's strategic reserves to help cool the crude prices to pre-2008 levels to further stimulate economic growth?

Nigeria can and will create massive wealth with oil! If we utilize the revenue we currently get from oil to empower the current active population by providing cheap and affordable means for them to engage in business, then put in place and effective taxation regime that sustain growth, the government would be smiling to her external reserves with massive cash in savings! You do not need to "share" the oil money like some of the middle eastern countries are doing rather use that oil wealth to create enabling environment that would stimulate innovation and vibrant enterprenueral spirit in business, commerce and industry! That is where we are currently failing as a nation! Imagine if we use our oil wealth to develop our rail lines, electricity, road networks, and improve security. These will no doubt reduce the cost of doing business in Nigeria, encourage more people to engage and be engaged in business, commerce and industry! It can be done, we only need leaders with a mind set of selfless service to Nigeria and not the share the moeny leaders we currently have!

At risk of derailing this thread I'll respond to a few of your points. If you want ot discuss this further we can open a separate thread.

simply put; Create a home front where you utilize a larger percentage of the crude you produce rather than exporting 80% of your crude to the international market like we currently do

There is little or no rationale to consume 80% of the crude domestically, as that implies we will simply burn it off as transportation fuel, probably at a subsidised rate, which makes no sense.

And a 100 times, I disagree with you on the US's refusal to buy Nigeria's oil as that being a problem. Couple of years ago, it was said that if the European stop trading with Africa, we would collapse as a continent, but guess what, EU is now Africa's third trading block with China first and the US second. What you may not know is that there are other huge markets out there where Nigeria's crude is highly desired and we only need intelligent minds to strike the right deals. Even the US knows this.

We are affected - if someone used to buy your product at 10 naira and you shift to another buyer paying 8 naira, it is foolish to ignore the 2 naira loss simply because you're still selling the same quantity.

Nigeria's crude is highly desired, but only to a point - the transportation costs to Asia cut into that desirability hence the consumers demanding lower prices. This is simple economics and nothing more. Let me tell you something else - once the giant fields offshore Brazil start producing in the next 5-8 years, we will have little or no demand for Nigerian crude in the US. Stop living in the past with ideas that 'sweet crude' is all you need. The oil industry dynamic is rapidly changing. . . .even in Africa we're getting sidelined in terms of new investment by Angola.

To say US is producing more crude domestically hence the need to import is now less is far from the truth. Rather what you are witnessing is a strategic move by the US. If your assertion is to be believed, why is there a call for the US to release part of the nation's strategic reserves to help cool the crude prices to pre-2008 levels to further stimulate economic growth?

If US production is higher than it's been in 13 years, I wonder what basis Omo Tier1 has to claim the need to import less is 'far from the truth'. You can believe the earth is flat if it makes you feel better - it doesn't change reality.

The calls (which have since died down with lower oil prices) were aimed at lowering US domestic gasoline prices, and not increasing crude supply per se, and more importantly, just posturing for the November elections. A one-off release can only temporarily reduce crude prices (and consequently gasoline prices) and not fundamentally affect the supply situation overall.

Finally, I do agree to an extent we can better use our oil resources, but the sheer scale of demands means that the revenues are unlikely to be sufficient to generate the required growth.

ballabriggs:

My friend please quit this your made in Alaba mentality. The fact that you are given 10 free articles does not mean you should also share it for free. It is a privilege given to you and you are not authorized to transfer it.

Secondly the Economist does not put its articles on Facebook, it only puts a link to the articles.

Finally, here is the link where you request to use the Economists content https://s100.copyright.com/AppDispatchServlet?publisherName=economist&publication=economist&title=Exodus%2C%20chapter%201&publicationDate=20120519&contentID=21555567&type=A&orderBeanReset=0&srTitle=

Doesn't it typically fall under "fair use" to post a paragraph from an article? Oyb did not post the entire article, right?

Btw, The Economist allows you to read articles for free if you come across them from a google link. So if you know the title of an article you want to read and don't have a subscription, you can google that title, and click the link and read for free.

Sharing such a link presumably is not illegal, unfair, etc.

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