][color=#990000]Regarding the current failing oil price/naira devaluation , these writers @solomonsydelle @Curvyice since 2009 wrote/had this perspective yet no one in Government who could effect change

[color=#006600]even with all the so called technocrats / "smart people" in Government, they still couldn't avert this - obviously this was a long time coming and even primary school kids in Nigeria know we run a mono economy, but sadly either successive governments willing ignored this fact or where just too greedy, blind and corrupted with other stuffs to care about this.[/color

I jst recall wen buhari is military head if state he managed to value our economy nd @dat time naira is two × than dollar nd wat happened now. Mtcheew

Will this country survive this era? We've never had clueless people at the helm of affairs like this before o. Even roadside granut hawker knows that, firing the aides of the aides of the special aides to the special assistants to all governors, state Assembly members, house of Representatives members, senators, party chairmen n party thugs, will save enough money to cushion any effects of dwindling oil prices, instead the morons r depreciating the naira.

lastpage:


Billionaire!
I find it quite amusing that you would compare the "very diverse" Chinese Economy (an Economy that produces virtually everything and thus earn enormous amount of foreign currency so much so that it is always having excess Dollars and needs to devalue its Yuan, to keep the price of its products low, and thus competitive in the "international export" market, hence why Nigeria is flooded with Chinese-made imported goods) ....

...with a "mono-Economy" like Nigeria which Produces NOTHING and imports EVERYTHING.... thereby depleting its foreign currency reserve from its only mono-export product (OIL)?

Chinese "Quantitative Easing" is sensible given the facts of their economy but with respect to Nigeria, it shows "cluelessness of how to move the economy forward".

What we should have done (what the guy is pointing out) is to have been re-investing our Oil proceeds in a Diversified economy that embraces "manufacturing and production of TANGIBLE PRODUCTS" ...so as to export tangible products that earn foreign exchange .... and this would have cushioned our economy viz our currency (naira) if and when the price of Oil falls.... which always happens every now and then anyway.


Please get "real" or shut-da-phuck-up because you are the one who is "half-baked" when it comes to fiscal and monetary policies (Maybe you are not and you are just trumpeting the "Political Song" you have been asked to sing by your paymasters...just maybe because l dont think anyone, not even you, can be this dumb!)

Lastpage!

BTW: I am not into all these PDP Vs. APC nonsense and wont engage anyone on that "gutter level" please.

Quantitative Easing has relatively little to do with diversification of Economy. I advise you read about it. In my drive to understand how politics should work I have found myself bemused with several nation states and how some countries are run on experimentalists utopia for tens of decades.

When you say the country is mono-economy, who do you blame, when respective states decry the idea of Confederal Resources Controlling Units, everyone wants to depend on Niger Delta Oil, and the myopic governors keep shouting about being cheated on Federal Allocation Formula, even a brilliant facility as Excess Crude Account Policy for major infrastructural development is being abused by Amaechi and Fashola because they want the money 'shared'.

I advise we allow the professionals who studied Economies and Economics to apply their decades of experiences to ease the economy and mop up excess liquidity at their stipulated tenure.

Everything is not about politics, let fools play politics on nairaland but should steer clear casting aspersions on how Economic modules are regulated.

Full Stop to the fools.

simplemach:
must a party's name be mentioned?

hypocrite

BarryX:
So they have succeeded in impoverishing us

Or what does that mean to a Nigerian on the street hustling for his daily bread?


Apparently, The opposition will have a field day castigating the government citing how "clueless" and whatnot. I don't know what they would have done differently if saddled with the responsibility.

Note the biggest problem mentioned is the passage of the PIB - which some lazy bones from the other side of the divide don't want want to see or pass.

The problem with Nigeria rest squarely on some mofos up there.

and some stupid

BarryX:
So they have succeeded in impoverishing us

Or what does that mean to a Nigerian on the street hustling for his daily bread?


Apparently, The opposition will have a field day castigating the government citing how "clueless" and whatnot. I don't know what they would have done differently if saddled with the responsibility.

Note the biggest problem mentioned is the passage of the PIB - which some lazy bones from the other side of the divide don't want want to see or pass.

The problem with Nigeria rest squarely on some mofos up there.

and some stupid people keep saying GEJ 2019 nd if u ask dem ware dey work dey will dey no get

citizenisb:
On the black market you will need 182 Naira today to buy Dollar.

http://313bdc.com/

fresh air

Boss13:


A funny approach to the topic. However, on an honest note, we are heading for economic disaster. The naira, presently, is shooting up to N180 on the street. Now that official rate is N168, black market price will shoot further to N190. This will further give rise to increase in the importation of goods into this country and a further price hike in goods and services. I predict a double digit inflation rate as a result of this because we are a huge consumption economy. The government need to tighten its fiscal and monetary policies immediately and begin a spiral economy boost by enabling all sectors of the economy to thrive. I will not be surprise if more people begin to hold and transact with dollars.

Oil dependency has gotten us into this mess. The price for oil will not go up again. This news brings tears and pains because we should have seen the writing on the wall. Obama swore to bring an end to increase Oil price and immediately they started their research on Shale Oil. Our government, especially our honourable Finance Minister, who is also expected to assess the risk, decided to relax and told us that if US don't buy our oil, other countries will but she has also forgotten that if US sells Shale Oil at a cheaper rate, the market dynamics will change and loyal Nigerian customers will change their buying preference.

and some stupid sayin GEJ 2019

bigass:
heard its 185 on the streets

fresh air for u

And ware is TAN again less celebrate anoda GEJ achievement hip hip hurray

akoaki:
Today, a dollar exchanged for N185 on the street; gradually approaching N200. What a country !!

GEJ is doing it

simplemach:
must a party's name be mentioned?

yes sir!this ugly event is happening under a particular dispensation and party

barcanista:
Imagine such silly term, stomach infrastructure. They have automatically turned Nigerians to beggars, now the plan is to give us food to eat without providing means to eat. What a wicked government and party

fresh air he is doing nd he will do more

Kx:


Is it not high time we stopped "cursing" providence for blessing us with oil resources?

Oil is not our problem, our leaders corrupt tendencies and poor mgt of the nation's resources instead is to blame.

Dont Saudi Arabia, UAE, Quatar, Norway etc have oil resources? Are they going through what our leaders are forcing down our troat?

Saudi Arabia: 11 million people.
UAE: 8million people.
Qatar: less than 5 million.
Norway: 11 million people
Nigeria: 150million people and rising.

Any questions?

Nigeria has to get off oil.....because we are not producing enough. (FYI.....we produce far less oil than the UAE. Saudi produces ten times more than we do....if not higher.).

Oil is a curse.

P.S: Home work....read Pass the books, hold the oil.

Dat is remarkable achievements fresh air,
GEJ is doing it

Dat is remarkable achievements fresh air,
GEJ is doing it nd he will do more give him anoda 4 years

Obiagelli:

Come wetin obiageli do you? I believe i am entitled to my opinion, the democracy you are practicing, did you not copy from the US?

Rascal Rep locked out by rascal president. Abeg

Well, you get lots of this poo when you grant house helps Internet access. Obiageli indeed

Billyonaire:


Quantitative Easing has relatively little to do with diversification of Economy. I advise you read about it. In my drive to understand how politics should work I have found myself bemused with several nation state and how some countries are run on experimentalists utopia for tens of decades.

When you say the country is mono-economy, who do you blame, when respective states decry the idea of Confederal Resources Controlling Units, everyone wants to depend on Niger Delta Oil, and the myopic governors keep shouting about being cheated on Federal Allocation Formula, even a brilliant facility as Excess Crude Account Policy for major infrastructural development is being abused by Amaechi and Fashola because they want the money 'shared'.

I advise we allow the professionals who studied Economies and Economics to apply their decades of experiences to ease the economy and mop up excess liquidity at their stipulated tenure.

Everything is not about politics, let fools play politics on nairaland but should steer clear casting aspersions on how Economic modules are regulated.

Full Stop to the fools.

Look here, mate...at the bolded.

The problem is not whether every state depends on Niger Delta oil....and if I had my way....they won't anymore.

The problem is Nigeria's economy, from independence , has been dependent on sale of raw materials abroad. We ended up with oil, when thanks to technology and to the fact that agric does not make cash (everybody is doing agric, while few do oil).....we had reduced cash in the seventies and the eighties.

But the problem with your analysis....is that you want to blame Nigeria's problems on ''evil Nawtherners taking our oil away''. I used to think like that. But since 99...we have had Southerners running the show...and most of them are just as resource dependent as the North is.

And even if we give the Niger Delta all the oil....it would become a seriously indebted, Dutch diseased economy. Do you want that?....or do you want a self sufficient,. industrial Niger Delta......?

Lastpage is right.....we need to stop being resource dependent and start manufacturing. All of us. Telling the North to go back to groundnuts and cotton, the South West to cocoa, and the South east to palm oil .....won't help. Telling every state to start manufacturing....and getting rid of the idea that there is a national cake....an idea that you and your Hausa friends share.....is the way forward.

Oil is still a curse.

muktarmtt:
Dat is remarkable achievements fresh air,
GEJ is doing it nd he will do more give him anoda 4 years

Well,if he gets another 4 years...he better have a plan to get us off oil. Simples. Same goes for any opposition leader who may win in 2015.

I don't want politics of ''I will give you roads''....we are tired of that. (But that is the politics PDP and APC love to play....and the average Nigerian loves it).

barcanista:
That GDP Rebasing was the biggest scam, it has no effect on the economy. It is so painful because most Nigerians have this "i don't care attitude"

No worry when the Government increased the pump price they will care

bushdoc9919:


Look here, mate...at the bolded.

The problem is not whether every state depends on Niger Delta oil....and if I had my way....they won't anymore.

The problem is Nigeria's economy, from independence , has been dependent on sale of raw materials abroad. We ended up with oil, when thanks to technology and to the fact that agric does not make cash (everybody is doing agric, while few do oil).....we had reduced cash in the seventies and the eighties.

But the problem with your analysis....is that you want to blame Nigeria's problems on ''evil Nawtherners taking our oil away''. I used to think like that. But since 99...we have had Southerners running the show...and most of them are just as resource dependent as the North is.

And even if we give the Niger Delta all the oil....it would become a seriously indebted, Dutch diseased economy. Do you want that?....or do you want a self sufficient,. industrial Niger Delta......?

Lastpage is right.....we need to stop being resource dependent and start manufacturing. All of us. Telling the North to go back to groundnuts and cotton, the South West to cocoa, and the South east to palm oil .....won't help. Telling every state to start manufacturing....and getting rid of the idea that there is a national cake....an idea that you and your Hausa friends share.....is the way forward.

Oil is still a curse.

I never mentioned North, South, West or East in my analogy. I did mention States and Governors. So, your response is flawed based on the wrong premise. I advise you revisit my post again and give me the appropriate response. No be fight.

Its #10 @ my vicinity

simplemach:
Wait o, but will the price of one cup of garri still remain #20? Cos that i think is the only way i will be affected.

;DIts #10 @ my vicinity

simplemach:
Wait o, but will the price of one cup of garri still remain #20? Cos that i think is the only way i will be affected.

sucrev:
which year did Nigeria started exporting oil and which year did jonathan entered as the president..maybe u dnt ve a relative in d federal level 2 debrief u on dis administration dat y u ll sit @ home & type anything u like

Listen to yourself! Do I need a relative in power for me to know what the administration is doing? Ohhh, you are one of those who suck up to relatives in government cos of the crumbs that fall from their table; shutting your mouth and preventing you from demanding for what is just and right.

My quetions were Late president Yar'ADUA REDUCES THE PUMP PRICE WHEN THE PRICE OF CRUDE REDUCES,WHY ARE THEY NOT REDUCING NOW. THEY ARE EVEN PLANNING TO INCREASE IT NEXT YEAR AFTER THE ELECTIONS.
GEJ DON FINISH us

The CBN should abandon this official pegging of currency that it is doing and ALLOW THE NAIRA TO FLOAT AND FIND ITS REAL VALUE. Sugarcoating the problem will not solve it. Subsidy will have to go. Let us see how low we can actually fall as a country.

What kind of country has a trade balance which is 92% imports and 8% exports and hope to keep its currency strong? When there is so much dollar demand what do people think will happen?

We only have $1.5bn in our Sovereign Wealth Fund. Our governors have been sharing the excess money from sales of crude oil for years. No savings. No thought about the future which has now become the present. America now exports 8 billion barrels of oil per day and have stopped buying from Nigeria, which used to supply 20% of US oil. Obama has delivered on his promise made in 2010 to cut down America's dependence on crude oil from external sources.

Let us face it. There are new realities on ground. The era of $120 per barrel crude oil is gone. More countries are discovering oil every day while Nigeria's reserves are dwindling. Nigeria has now lost close to 35% of its revenue. The only way to recover a portion of it is to devalue the currency.

Keneking:
Jonathan has finished us ...he must just go next year

is Jonathan that made oil prices to fall ignoramus like u

Just my opinion based on observation. The economy has all its eggs in one basket....oil. Even so....is it not bad policy to be a major producer of oil and not have refineries to produce fuels to satisfy the local market and to export? ...think Venezuela. As Boss said earlier....basically, American shale oil is a game changer. America was the biggest importer of oil and Nigeria's major customer. America is now self sufficient and is now an exporter as well...of high quality shale oil at low prices. The writing is on the wall...OPEC has read it and is about to hold an emergency meeting to protect themselves.....but I guess the FG can bury it's head in the sand and wait in vain for the price to rebound. Saying the naira was devalued to make it stronger is an insult to the intelligence of Nigerians. If Nigeria was driven by exports...like China...then devaluing the Naira would boost exports. Niveria is not therefore inflation would rise and the price for everything would begin to rise and there would be greater sufferings. I guess the time is now for the FG to make and implement policies that would encourage self sufficiency and discourage that which would not boost the economy. Prediction...before April 2015..1$US = N200 or more.

What is happening to Ghana is about happening to Nigeria. Na wa for Jonathan, na wa for PDP.

Originalsly:
Just my opinion based on observation. The economy has all its eggs in one basket....oil. Even so....is it not bad policy to be a major producer of oil and not have refineries to produce fuels to satisfy the local market and to export? ...think Venezuela. As Boss said earlier....basically, American shale oil is a game changer. America was the biggest importer of oil and Nigeria's major customer. America is now self sufficient and is now an exporter as well...of high quality shale oil at low prices. The writing is on the wall...OPEC has read it and is about to hold an emergency meeting to protect themselves

OPEC itself is in confusion as iraq, iran and libya are not willing to come nor reduce their production output.

bushdoc9919:



But the problem with your analysis....is that you want to blame Nigeria's problems on ''evil Nawtherners taking our oil away''. I used to think like that. But since 99...we have had Southerners running the show...and most of them are just as resource dependent as the North is.

And even if we give the Niger Delta all the oil....it would become a seriously indebted, Dutch diseased economy. Do you want that?....or do you want a self sufficient,. industrial Niger Delta......?

The current geo-political reality of Nigeria is that the North has 19 states plus Abuja FCT to the south's 17, which cascades into everything about REPRESENTATION at the federal level and impacts the ability or (non) of the NASS to pass any meaningful amendment that will reduce our NATIONAL dependence on oil revenues to fund NON-viable states.

Granted that "if we give the Niger Delta all the oil" it MAY not be prosperous overall, however we are only SPECULATING on that future possibility. Why don't we also SPECULATE that they will turn into Dubai, Saudi Arabia, Quatar with their small population

BTW, is it for anyone to give what BELONGS to you in the first place?
Did "we give" the south and north rights to their cocoa/rubber/palm oil and groundnut/cotton revenue respectively prior to the Jan. 1966 coup and subsequent UNITARY government?
Don't you think that there is an anomaly somewhere currently