solomon111: oh,so the oil is now useless abi?
Funny people.
Are you going to fuel your car with ewedu?

so are Nigerians going to buy all the oil and put it in their cars?!?!...dundee.

I can see that some people still don't get it. Okay in layman's terms...

It's not that we won't find buyers for our oil. Rather, the development will incapacitate OPEC (which Nigeria belongs to) which artificially fixes the prices of oil by manipulating members' exports.

The consequence is that oil prices will now be determined by market forces and because demand will drop, oil price will crash. Meaning there will be much less money to share in Abuja every month.

skyfall: I can see that some people still don't get it. Okay in layman's terms...

It's not that we won't find buyers for our oil. Rather, the development will incapacitate OPEC (which Nigeria belongs to) which artificially fixes the prices of oil by manipulating members' exports.

The consequence is that oil prices will now be determined by market forces and because demand will drop, oil price will crash. Meaning there will be much less money to share in Abuja every month.

...and that will mean there will be much less money for everyone not just the politicians that gather in Abuja every month to share the money because they will still share the little left as they like so its still gonna tell on the average Nigerian.

Linoversace: Agriculture is the way forward now!

Yes Agriculture, Tourism, Industrialisation, Education and even Healthcare are the other sectors Nigeria can invest in. With these we. Can achieve sustainable growth and depend less on other countries.

China too does'nt need africa's oil but rather than looking down their nose at us they are helping us diversify our economy and owning the diversified buisness. They are building a huge fence around africa and putting up a toll gate and america will be so sorry in future when they have to pay tolls to china before entering africa to do buisness.

India doesn't have oil, but their economy is huge...

Fortunately, we the land, resources, i could go on forever baby..

Now i don't seem to understand wTF is holding us back...

Symphony007: China too does'nt need africa's oil but rather than looking down their nose at us they are helping us diversify our economy and owning the diversified buisness. They are building a huge fence around africa and putting up a toll gate and america will be so sorry in future when they have to pay tolls to china before entering africa to do buisness.

^^^^This mindset is wrong, wrong, wrong!!!

The Americans have owned you for over half a century now. The British owned you before them. Its now the turn of the Chinese to own you. Are you not tired of being owned by others? Shouldn't it be YOU (and nobody else!) 'building your own fences' and 'charging tolls' to anyone who wants to do business here?

Why do you think this will prompt Nigerian leaders to reconsider the total reliance on Crude Oil? Every leader considers his pocket while he's there, and what will happen after he leaves is none of his business. As long as the current president and cronies in power have made enough to feed them and their family, what's their concern about the long term economy of the country?
As long as their pockets are not affected much, the economy can look as bad as it wants to.

It is bad news. Why? The govt will start looking for other means to feed their greed and prevalent life style- eg: heavier taxes and reduction in capital expenditure.

This has been my prayer all along, that they depend less on my oil and the attendant effect of environmental degradation will drastically reduce, Infact let the oil dry up, I don't bloody care who buys and who don't so far my grannies can farm and eat good food, breathe the real 'fresh air' (not the GEJ over-flogged cliche), then i am good. The rest of the country who greedily overlooked the fact that the hen that lays the egg passes through pains when laying it will understand where it pinches and probably expect federal allocation from heaven every month. BUNCH OF INGRATES.

“Frankly we don’t need energy from Africa,” he said pointing to developments in natural gas, clean energy and oil shale at home.

Source:Vanguard

If this does not serve as a wake up call for the lazy fools in government and equally lazy fools, whose only claim to fame is that majority of our onshore oil is found in their region, I don't know what will. Excellent news!!

[quote author=Xenox] And u seem to n[color=#990000][/color]ot to perceive the urgency of the effect of Fracking on the net oil export of Nigeria. There was 41% drop in the crude exports of oil-producing African Nations of which Nigeria's share was 11% in one year. US has plenty reserve of conventional crude and huge unconventional reserve which they have just started to produce with relatively cheaper Fracking process,this shale oil has grown from 111,000bpd in 2004 to 553,000bpd in 2011 equivalent to a growth rate of around 26% per year. Argentina, China, New Zealand, Mexico, Russia, Columbia, Australia, Japan, have invested heavily in projects to assess non-conventional energy potential and in the extraction and production of shale oil which will surely displace OPEC as the chief price fixer. Even if other minor countries import oil from Nigeria, it will at a lower price per barrel and this will rip our economic fabric into pieces.[/quot

THE PRICE AND DEMAND FOR NIGERIAN CRUDE WILL NOT SEE ANY RAPID CHANGE,EITHER TODAY OR 10 YRS FROM NOW BECAUSE OF SHALE OIL OR FRACKING. THE GROWTH OF THE WORLD'S ECONOMY, THE INCREASE IN POPULATION AND THE UPWARD MOBILITY OF THE MIDDLE CLASS IN CHINA, INDIA AND EVEN NIGERIA WILL TAKE CARE OF ANY DEMAND SHORTAGE FROM THE AMERICANS. THE NEED FOR US TO DIVERSIFY OUR ECONOMY IS NOT THE PROBLEM. OUR ECONOMY IS ALREADY DIVERSIFIED. WHAT WE NEED ARE DIFFERENT TAXATION FORMULA TO FUND OUR EVER INCREASING SIZE OF GOVERNMENT. OIL ACCOUNTS FOR ALMOST 70% OF GOVERNMENT SPENDING BUT JUST 20% OF THE GDP. WE MUST REVERSE THIS TREND.

i love this guy, OUR ECONOMY IS ALREADY DIVERSIFIED. really, are u kidding me. really.
where is OBJ vision 2010 i may ask.

babe_online:
I know right! They will stop disturbing our ears with their useless oil.

Don't let jealousy to cause you heart attack.

BekeeBuAgbara: Don't let jealousy to cause you heart attack.

its not jealousy its the truth...no country really needs oil from other countries again...every country is discovering oil now.

Wonderful

Well good to know. Once Nigerian petroleum is no longer sought: the government won't have any money to loot and its citizens will not have government to blame for their failure again.

I wait and watch to see if our inept scientists will stop being noise makers and become inventors like their mates all over the world.

gbaky_floor:
Well good to know. Once Nigerian petroleum is no longer sought: the government won't have any money to loot and its citizens will not have government to blame for their failure again.

I wait and watch to see if our inept scientists will stop being noise makers and become inventors like their mates all over the world.

What re we fretting about? how much oil has American been buying from Nigeria? Have they exhausted their zero to free booze from the house of saudi? from Iraq? Kuwait?
Note that American for the past 10 year has not consumed our oil up to 10milion barrels.
So, if they don't need our oil, let him throw open their doors and shores to all Nigerian and African's homosexuals and libos, so they can have the free liberty to bugger themselves on the alter of liberty statue.

gbaky_floor:
Well good to know. Once Nigerian petroleum is no longer sought: the government won't have any money to loot and its citizens will not have government to blame for their failure again.

I wait and watch to see if our inept scientists will stop being noise makers and become inventors like their mates all over the world.

Thi is the way out.

It's high time we traced our steps back to the point in time when we have no oil and continue from there. The earlier we do this, the better. Oil is a curse of some sort to nigeria, so this's a good news.

Hahahahaha every were go full with oil because now lagos too don port

Oil discovered in Lagos - Vanguard
www​.vanguardngr.com/.../oil-discovered..... Nigeria's commercial capital, LAGOS, is on the verge of joining the country's oil- producing states with

babe_online:
I know right! They will stop disturbing our ears with their useless oil.

Yea, that is why they want to forced the retard on nigerians

abu12:

Yea, that is why they want to forced the retard on nigerians

what slowpoke?!?!

Aedes_muskeeto: Pls can someone care to tell me how much the Agriculture contributes to the economy?? I mean the %??

https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html

According to the CIA world factbook, agriculture contributes 30% to Nigeria's $450bn GDP and generates 70% of employment.

VolvoS60:


^^^^This mindset is wrong, wrong, wrong!!!

The Americans have owned you for over half a century now. The British owned you before them. Its now the turn of the Chinese to own you. Are you not tired of being owned by others? Shouldn't it be YOU (and nobody else!) 'building your own fences' and 'charging tolls' to anyone who wants to do business here?

unlike the british and americans, the chinese are not imperialist. They are'nt sending their companies to dominant and expliot countries. They do their buisness, get their profit, the host government gets it's profit and they leave. They are'nt hipocrites like the west who rant against corruption in africa and use the seven sister oil companies and corporations to exastubate that corruption so expliotation can be easier. Africa cannot grow on it's own. No country or continent did. We need someone to help us build up those fences and the chinese are the best.

ha, i go cry o, where our national cake go cum dey na

Great News!!!

Gbawe:

OP most likely correct that Obama indeed announced that. It is a much documented and inevitable development.

http://saharareporters.com/article/fracking-nigeria-economy-bed-shale-ehi-oyabure

PLEASE DON'T TELL ME THE SOURCE IS SAHARAREPORTERS

I never believe anything from that fucken site

In as much as wat d OP posted is correct but oil exploration is still going on heavily offshore nigeria by international oil companies, d worlds demand for energy is on d all time high not even d discovery of shale oil will perform d magic besides d shale oil is very expensive to process while nigeria crude is termed sweet crude cos it is easy to process and does not contain much chemical content unlike those found in saudi arabia & the persian gulf, america will still hunger for our oil provided its indegenous company presence (Mobil & Chevron) is still here in nigeria,I think they are just trying to play mind game with our leaders by warning them to stop corruption and focus on developing d nation.

America is playing strong politics here,since the highly currupt and terrorist countries has large deposit of crude oil,they want to make them self reliant...this will make them cash straped which will reduce curruption and terrorism,because there will not be much petro dolkars to steal and sponsor terrorism....even if we key into the fraction technology/shale oil and gas,our export will be reduce astronomically as very few poor countries will buy from us....i like this new revolution,its good for us.,

Thank God... Na to increase garri production and importation be dat oh....choi,maga go pay soon.

America will make sure that the shale oil and gas is cheap...this will now make our oil to be called 'bitter crude'...its a pity that Nigeria did not achieve anything with the petro dollars....