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Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting - Politics - Nairaland

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Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by LRNZH(m): 3:38am On May 26, 2016
For the first time in 2016, Brent crude blend has hit the $50 mark in trading. Other global crude blends are not far off from this landmark price which eases a lot of pressure from the finances of oil exporting countries.

Unfortunately, Nigeria which is bedevilled by the ongoing renewed militancy in the Niger Delta spearheaded by the Ijaw dominated Niger-Delta Avengers cannot benefit from this as the country's oil production level has dropped to a 20 year low.

It is argued in certain quarters that the current surge in global oil prices is due to the reduced output from Nigeria. In which case, we have become a buffer for the rest of the oil producing nations at our own detriment.

This is not a good time to be a Nigerian. There is no sense in the afflictions we have brought on ourselves with this development.

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Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by mynaija123(m): 3:58am On May 26, 2016
Buhari should look for a means to cushion the effect of this economic hardship although not his fault.

Nigerains should look critically and see dat we are nothing without oil and look for other ways to be productive.

14 Likes 2 Shares

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 4:01am On May 26, 2016
Good news from $30-$50 under Buhari...now it's above the amount our budget was pegged at. I pray it hits $100 a barrel and let me hear another excuse from lying APC. Next excuse will be Niger Delta Avengers or Igbo man holding them by the balls.

At $50 a barrel, that's approximately $20 Billion a yr. WHAT THE EFF ARE WE DOING WITH ALL THESE MONIES FROM MURITALA GOVERNMENT TO BUHARI , AND YET NOTHING TO SHOW FOR IT?

42 Likes 6 Shares

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by LRNZH(m): 4:05am On May 26, 2016
mynaija123:
Buhari should look for a means to cushion the effect of this economic hardship although not his fault.

Nigerains should look critically and see dat we are nothing without oil and look for other ways to be productive.

The question is where do we get the money to diversify the economy from?

6 Likes 1 Share

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Israel5(m): 4:07am On May 26, 2016
I was here... Bey!
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by rusher14: 4:14am On May 26, 2016
LRNZH:


The question is where do we get the money to diversify the economy from?

Entrepreneurship is championed by the private sector.

Government's role is to provide the enabling environment viz infrastructure., security of lives and properties, medicare and policies that encourage trade, research and commerce.

Banking operations also facilitate entrepreneurship.

The private sector however determine the trade they wish to engage in.

17 Likes 2 Shares

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by SamuelAnyawu(m): 4:22am On May 26, 2016
rusher14:


Entrepreneurship is championed by the private sector.

Government's role is to provide the enabling environment viz infrastructure., security of lives and properties, medicare and policies that encourage trade, research and commerce.

Banking operations also facilitate entrepreneurship.



The private sector however determine the trade they wish to engage in.

You've said it all Bro smiley smiley

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Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by TPAND(f): 4:43am On May 26, 2016
Buhari's government is no different from past government. Crude oil dependency is the economy determinant
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by 989900B: 4:52am On May 26, 2016
$50: Good and bad news . . . if only we weren't importing refined fuel . . . undecided

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Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by 989900B: 4:53am On May 26, 2016
TPAND:
Buhari's government is no different from past government. Crude oil dependency is the economy determinant

You weren't expecting a massive shift in 1 year, were you?

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Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by tee10: 5:04am On May 26, 2016
[b][/b]Price is up due to the canadian wild fires and disruptions in Nigerian not thanks to ND Avenges

By the way there was a new attack few hours ago

Niger Delta Avengers Says it Blew Up Chevron's Escravos Tank Farm Main Electricity Pipeline http:///1ViZB9H

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Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by greatgod2012(f): 5:06am On May 26, 2016
Simple! The govt should diversify to other sectors.

But these avengers self, na wa! They are really avenging. But what exactly is the revenge for?

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Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by greatgod2012(f): 5:08am On May 26, 2016
mynaija123:
Buhari should look for a means to cushion the effect of this economic hardship although not his fault.

Nigerains should look critically and see dat we are nothing without oil and look for other ways to be productive.



This exactly is the problem. Instead of the oil to be a blessing to us, it has become a curse.

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by greatgod2012(f): 5:15am On May 26, 2016
LRNZH:


The question is where do we get the money to diversify the economy from?



Where do we get the money to diversify the economy from?

This country has money, my brother.
Our problems are our selfish and greedy leaders.
For example, where do they get the money paid to senators, ministers, HOR members. Just 2 days ago, we read here on NL that the govt is using #3.9b to maintain Aso Rock for the annual maintenance, where do they get those money from.
It's the misappropriation of our money by our selfish and greedy leaders that is our problem, not where to get the money from.

40 Likes 3 Shares

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by cold(m): 5:16am On May 26, 2016
Tough luck for Nigeria. This is what you get when the inequality in the system becomes overwheming. I sincerely hope these issues are addressed asap before things really get out of hand
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by ISpiksDaTroof: 5:30am On May 26, 2016
Uduak2019:
Good news from $30-$50 under Buhari...now it's above the amount our budget was pegged at. I pray it hits $100 a barrel and let me hear another excuse from lying APC. Next excuse will be Niger Delta Avengers or Igbo man holding them by the balls.

At $50 a barrel, that's approximately $20 Billion a yr. WHAT THE EFF ARE WE DOING WITH ALL THESE MONIES FROM MURITALA GOVERNMENT TO BUHARI , AND YET NOTHING TO SHOW FOR IT?
Did you read the article or what? Can't you comprehend? Oil prices rose because pipelines in Nigeria were blown up. Nigeria is the reason others are making money. Nigeria is not benefiting and oil production has dropped to 20year lows. Basically, Nigerians are the cause of their own misery. What don't you understand?

31 Likes 4 Shares

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 5:34am On May 26, 2016
ISpiksDaTroof:
[s]Did you read the article or what? Can't you comprehend? Oil prices rose because pipelines in Nigeria were blown up. Nigeria is the reason others are making money. Nigeria is not benefiting and oil production has dropped to 20year lows. Basically, Nigerians are the cause of their own misery. What don't you understand? [/s]

Another APC criminal...what excuse do you have now again? Blame me for not understanding the article?

28 Likes 4 Shares

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Firefire(m): 5:40am On May 26, 2016
embarassed

Opportunity for Nigeria to get some extra money for diversification, unfortunately the economy saboteurs called NDA is rather drawing us back. I blame Buhary for his past careless rants.

I address you directly, oh Niger Delta Avengers, for the sake of your future generation, please stop immediately all your terrorist activities against the Nigerian state, reapproach your agitation with dialogue and stop further destruction of your future resources upon which you are agitating.

And to the current leadership of Nigeria, 'Intergrity is NOT enough to rule Nigeria', you must ensure you bring all stakeholders on board and stop your current parochial theory of 5% is less important.

May God heal Nigeria.

Shalom!

31 Likes 9 Shares

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by sanandreas(m): 5:56am On May 26, 2016
If Nigeria wants to diversify, they can borrow from China. When the oil price was down, some people from the side said oil is now useless. Where are we today? Nigeria should should face kaduna that have the largest gold reserve in Africa Mtcheew grin

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Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Izontubo(m): 5:57am On May 26, 2016
Now I say Is the time for nigeria and the present admin to adopt regionalism...There is no other time..resource control..We can't continue like this...We can't...militancy will always continue to surface as long as the whole nation depends on oil from the Niger delta with little or nothing from other regions to contribute to the nigerian purse...

Buhari and his admin should get off their high horse , eat the humble pie and call for a referendum...nigeria would be brought to its knees soon enough and we might have to regret it...why can't our leaders look beyond oil.....why are they afraid...

3 Likes 1 Share

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Izontubo(m): 6:00am On May 26, 2016
sanandreas:
If Nigeria wants to diversify, they can borrow from China. When the oil price was down, some people from the side said oil is now useless. Where are we today? Nigeria should should face kaduna that have the largest gold reserve in Africa Mtcheew grin
exactly...It was claimed oil is useless but deep down they were all waiting for the oil price to bounce back so that they can vigorously suck the Niger delta as always...

Talking about hypocrisy.....

7 Likes 2 Shares

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by YoursGEJ(m): 6:00am On May 26, 2016
I don't see crude oil appreciating significantly in value in the future, unless something drastic happens. All the countries in the world signed a climate change agreement earlier this year and there's a big push towards renewable energy especially in Europe and the US. Increasing supply especially with fracking, and dwindling demand will continue to see crude oil sell for cheap

http://www.independent.co.uk/news/world/europe/sweden-phases-out-fossil-fuels-in-attempt-to-run-completely-off-renewable-energy-a7047306.html

https://www.theguardian.com/technology/2016/apr/18/netherlands-parliament-electric-car-petrol-diesel-ban-by-2025

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Progressive01(m): 6:02am On May 26, 2016
Uduak2019:
[s]Good news from $30-$50 under Buhari...now it's above the amount our budget was pegged at. I pray it hits $100 a barrel and let me hear another excuse from lying APC. Next excuse will be Niger Delta Avengers or Igbo man holding them by the balls.

At $50 a barrel, that's approximately $20 Billion a yr. WHAT THE EFF ARE WE DOING WITH ALL THESE MONIES FROM MURITALA GOVERNMENT TO BUHARI , AND YET NOTHING TO SHOW FOR IT?[/s]
What are you prattling on endlessly about?? Did you even read what the op wrote at all or just ran to type rubbish after reading just the title so you fellow bigots can "dash you likes"??

Even if it sells for $1, 000per barrell and we are exporting at this rate, the impact would hardly be felt mr man. You keep jumping all over the place when the terrorists blow up pipelines yet you want Buhari to perform magic with the economy.

Mtscheeew.

13 Likes

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by ichidodo: 6:05am On May 26, 2016
[b] Why will Nigeria benefit when brain dead-tough talking-nepa certificate Sherrifat of Daura lacks the art of diplomacy to lead a nation never mind managing crises especially those that concern the Delta?...For crying out loud this motherf**ker couldnt even visit Lagos even after four days visiting and resting in Katsina,his public display of blatant ethno bias and sheer bigotry is mind boggling...It will be against his grain-de man no get sense at all at all because na mallo im be- to negotiate or give any 'infidel' his/her due how much more those to be 'crushed' by his northern dominated army -who laughably lacks the basic pre-requisite skill of swimming- ....Tis jes ironic that the oil crises and oil production cuts in the Delta are major factors fuelling the global rise in oil price thus any attempt to quell it and resume production might cause a price crash therefore as long as the militants are successful crippling every bolt and nut of our pipeline infrastructure the crude price might reach higher and higher.....Co-incidentally high prices will induce lucrative bunkering deals by Niger delta militant groups with international black arms traders who will want crude oil swaps for their high calibre weaponry merchandise......Some militant groups could be very creative as to order for international mercenaries-those who are can train others to be adept at espionage,demolition,explosives and general geurrilla swamp warfare.....Why all these contingencies you say? Because Sherrifat of Daura is so hopelessly dumb that he WILL test the meat of the Nigerian Army against the iron of the militants,so why not prepare now that the oil price is getting expensive and the resource can be very easily bunkered by these fine young gentlemen?[/b]

9 Likes

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by sanandreas(m): 6:09am On May 26, 2016
Izontubo:
exactly...It was claimed oil is useless but deep down they were all waiting for the oil price to bounce back so that they can vigorously suck the Niger delta as always...

Talking about hypocrisy.....


You dey mind them
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 6:33am On May 26, 2016
There is a need to reach out to the aggrieved youths. The men in khaki cannot just shoot away their demands. The President must get down from his high horse and learn to understand that human resolve can withstand the most sophisticated armoured tank.
The Niger Delta crisis has been a recurring problem, the lasting solution lies in the recommendations of the 2014 National Conference. Get a copy, Mr President.

3 Likes

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Ucheosefoh(m): 6:41am On May 26, 2016
rusher14:


Entrepreneurship is championed by the private sector.

Government's role is to provide the enabling environment viz infrastructure., security of lives and properties, medicare and policies that encourage trade, research and commerce.

Banking operations also facilitate entrepreneurship.

The private sector however determine the trade they wish to engage in.

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 6:48am On May 26, 2016
As oil price begins to rally. what happens now that there is 'no more subsidy'?
The crude to export is no more there. Our economy has been crippled for yet another year cos even if the NDA were to ceasefire today, repairing the damages pipelines take time, our economy is mono-dependent, which makes us screwed for yet another year.
PS : pls that's the deal on Saraki's case? There are soo many distractions these days, this is the perfect time to bury the matter. I hope not.
Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Nobody: 6:52am On May 26, 2016
rusher14:


Entrepreneurship is championed by the private sector.

Government's role is to provide the enabling environment viz infrastructure., security of lives and properties, medicare and policies that encourage trade, research and commerce.

Banking operations also facilitate entrepreneurship.

The private sector however determine the trade they wish to engage in.
you deserve a ministerial post in buhari.

1 Like

Re: Crude Oil Hits $50 Per Barrel. Nigeria not Benefitting by Yampotatocarrot(m): 6:56am On May 26, 2016
Why I agree that the militants have a point for their aggressiveness, they went about it the wrong way. Did they allow for dialogue before they started blowing up the pipelines? They started blowing up, then brought up their demands.... To me it ain't right. Now that theyve started blowing up, can they stop blowing up the pipelines for some months while asking the Fed.government to help them clean the environment within these period, then they take their bombs to the houses of APC chieftains, and that Niger Delta minister guy, the Pastor, I think, Amaechi's house and any other person in the government that is in the position to take their plight to Buhari.

3 Likes

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