Let keep importing fuel and no refine am. Comon refining fuel we still dey do long thing

olatunji21:

thats a very bad wish..Remember the trains are meant for Nigerians..

caseless NZRH or whatever they call themselves are the true symbol of APC supporters, praying for the economy to collapse so that Terrohari will come to power.

they pray for all our roads to collapse, our trains to derail so that they can have campaign points, why they cant wish us good is the reason APC governors have not been able to complete their rail projects

GEJ’S grammer speaking Economic team,diversifying the economy since 2009!!!

LRNZH:
Almost half of Nigeria’s cargoes due to be exported in January are still available, Reuters has reported, even as oil prices reach the $50s trough, almost $10 below Nigeria’s benchmark price.

The backlog has pushed Nigerian oil differentials versus Brent to their lowest since at least 2009 BFO-QUA at 65 cents a barrel, down 80 per cent since May, said Reuters. And it is also creating a discount frenzy between African and Gulf oil producers to Asian buyers.

Asia has become a hotspot for a price war between African and Gulf oil producers who, hobbled by bulging global supplies and waning demand, are offering steep discounts to defend their market share in the world’s top net crude buying region.

The competition is welcome news for Asian buyers. If oil stays near $60 per barrel, import costs for the world’s second biggest oil consumer, China, would drop to under $125 billion a year, versus $222 billion in 2013 when crude averaged $110.

But for producers, it means more competition, and African sellers like Nigeria and Angola, faced with precarious finances due to plummeting oil prices, are struggling to make inroads into Asia, a Middle Eastern stronghold.

Owing to the frantic competition for Asian buyers, India, THISDAY learnt, has taken the unusual step of asking Nigeria to offer it a 90-day credit line if it must continue to buy her crude oil.

With the loss of the US market earlier this year, India has replaced it as Nigeria’s biggest buyer of the country’s light crude grade.

“There is competition between West African and Middle East suppliers for the Asian markets, but the Middle East suppliers have the cost advantage,” said Philip Andrews-Speed, head of Energy Security Division at the National University of Singapore. The city-state is a major oil trading hub in Asia.

Low operating costs in Saudi Arabia, Kuwait and the Emirates already allow these countries to offer hefty discounts.

Now, a more than 50 per cent jump in freight rates between West Africa and China since September is adding to the relative advantage of Middle Eastern grades, which require shorter shipping distances to Asia. This has been a big setback for West African producers.

West African exports got a brief boost in August when Brent’s premium to Middle East crude DUB-EFS-1M narrowed to less than $2 per barrel from almost $5 in June. But with Middle Eastern producers now offering even more competitive prices, the advantage has faded.

“A year ago, a $2 premium would have been attractive, but in today’s environment it’s different,” a trader dealing with West African crude said.

West African producers traditionally sold most of their oil to North America and Europe, but exports dwindled given a gusher of shale oil from the United States and higher output from nations outside the Organisation of the Petroleum Exporting Countries (OPEC).

West African crude exports to Asia rose more than 4 per cent between January and December, Reuters data has shown. China accounted for most of the rise as it took advantage of low prices to build up oil reserves.

But the higher West African arrivals into Asia were mainly due to sales before October, and have dropped since then due to Middle East discounts.

Middle East producers continue to dominate the Asian oil market, with Saudi Arabia, the United Arab Emirates (UAE) and Kuwait all increasing shipments to the region since 2012.

The Middle East accounts for around half of China’s imports and Africa has a 25 per cent share.

With pricing an advantage for Gulf producers, one hope for West Africa is China’s drive for diversification in order to avoid over-reliance on Middle Eastern oil, JBC Energy said.

But analysts are sceptical about the sustainability of steep discounts, as producers need higher prices to finance their budgets.

“Governments that underpin their budgets with oil or metals have seen currency values plummet, reserves erode or current account deficits rise… Regimes built on oil wealth will come under pressure,” risk consultancy and insurance brokerage JLT Group said in its 2015 outlook.



http://www.thisdaylive.com/articles/nigeria-struggles-to-sell-oil-cargoes-offers-discounts-to-asian-buyers/198070/

THANK GOD. NIGERIA IS PHUCKED NEXT YEAR. UNA GO EAT UNA SHEET. NONSENSE.

We better find a way to start drinking our oil because if foreigners don't buy life gotta go on oo.

LRNZH:


We need a more comprehensive rail project integrated with air and sea ports.

Not this refurbished trains.

Sai Buhari

OMG! Buhari that put an end to the LAGOS METRO RAIL PROJECT is the one u trust to give u a more comprehensive rail project integrated with air and sea ports?

Chai! I have seen a BLIND supporter of GMB! Do some reading. Haba!

Instead of we proffering solutions here, we have used this thread for campaign again. What is wrong with us?

All our leaders from the era of oil boom till date need to be shot for not diversifying the economy when there was excess money. Just like in the last thread I created, no nation can develop if its science and engineering have not advanced. But we as a people are yet to acknowledge this fact.

CC: Bushdoc9919

LRNZH:


We need a more comprehensive rail project integrated with air and sea ports.

Not this refurbished trains.

Sai Buhari

But buhari cancelled the lagos metro, have u forgotten. Already, gej has awarded a $12b contract for a speed train service that will link all the major cities in nigeria, we don't want buhari to come and cancel the contract again.

CyberWolf:
so you people want the train to stop working

dats d apc change for you

enny09:
so why are nigerians still buying a litre of petrol @ N97 despite the fall in oil price

That's why I reject subsidy in all ramifications

Gotdanm it mehn!

Nigeria is in for some real tough time ahead.


Govt owe's civil servants how many months salary? Just in less than 3 months crude oil prices crashed.

What would happen if it persist say all thru 2015.

Political instability,
Security problems,
Austerity measures,
More taxes,
Increase in import duties on tokunbo cars,

Credit would totally crunch.

I fear for the worst.

I pray a famine doest break out.

I just pray.

Caseless:
what has he been doing in 6 years, diversifying or destroying the economy that you think he would do otherwise next year?
We gave him six years to diversify the economy, he failed to do that. Just expect him to be kicked out next year.

The automotive policies and huge improvements in Agriculture isn't diversifying the economy?

Your siblings and friends are busy finding faults and being true to their words about making the country ungovernable for him, instead of telling us how they would solve our economic problems.

They have hit a spot with the majority clueless, dumb Nigerians of tackling corruption and thereby solving all our problems. A presidential aspirant saying he would stabilize our currency and economy by regulating world oil price. Such a shame.

His VP too saying they would create 20,000 jobs in every state with the help of the state governments, Is it magic? Tell us how you hope to do such, without creating more useless agencies with money that should go into infrastructural development and improving the economy

In the last 4years, Rotimi Amaechi is the single most corrupt politician in this country - he even brags about doling money to people, and APC wants to fight corruption.

decode55:
for me, this is welcome news.

When Jonathan wins again come 2015 _{(notice I used "when" not "if" because its a certainty)}


I'm sure the first thing he would do is to diversify the Economy.

[size=30pt] GEJ till 2019 [/size]

_{if you quote me & insult me, may ogun solder your _asshole shut}

It's good you noticed your insanity even before anyone tells you. May this spirit of self-consciousness sweep through you losing party -PDP

I pray our economy survives this massive turn around coupled with the forthcoming election. ... That's wht you get when you run a mono economy. .. mtcheeeeww

barcanista:
Nigeria economy is in ruins.... We can't survive another 4 years under Jonathan. We need change, we deserve change!

So gej is responsible for Nigeria's mono-economy for over 40yrs and he is also responsible for the global crash in oil price affecting Nigerias economy which is petrodollar driven?

Even when the FG is trying to diversify the economy yet u guys will still see no good in it.

Political party affiliation shouldn't cloud our sense of objectivity and rationalities at this point in time cause it solves nothing rather it only creates noise.

Pdp + apc= same crap.

The article wasn't about political parties in Nigeria rather its about the global crash in oil price and how it is affecting the economies of oil producing countries and countries like Nigeria that is 80% dependent on oil revenues will feel the impact more, common sense should apply here.

Cheers.

decode55:
for me, this is welcome news.

When Jonathan wins again come 2015 _{(notice I used "when" not "if" because its a certainty)}


I'm sure the first thing he would do is to diversify the Economy.

[size=30pt] GEJ till 2019 [/size]

_{if you quote me & insult me, may ogun solder your MY àsshole shut}

oloriburuku oniranu.

[quote author=Caseless post=29359861]what has he been doing in 6 years, diversifying or destroying the economy that you think he would do otherwise next year?
We gave him six years to diversify the economy, he failed to do that. Just expect him to be kicked out next year.[/quote

gboko boy no allow am perform so no blame am

Almost all past dictators and their cronies have oil wells . This will mean few money for their pockets. Bunch of uneducated looters!

@rozyx am happy d wolfs in sheep clothing cald apc are showing their colors.fist they brought change through boko haram,dy introduced unpatriotic politics,their hypocrisy has being exposed on hw to kill buhari and make a yoruba president,dy introducd religous politics as a change,they sponsord gas pipe vandalization as a change in d maner of checkng a sittng president and nw envying d good works of another man.ape pee cee.... Change

By next year Nigeria would have become a major exporter of Agricultural products thanks to the transformation of the Agricultural sector.

With GEJ, there's hope of survival, but with Buhari, there's no hope oo !! People!!! don't let APC deceive you ooo.

GEJ till 2019.

LRNZH:


We need a more comprehensive rail project integrated with air and sea ports.

Not this refurbished trains.

Sai Buhari

bad belle. Enjoy the current transformation while it last. Till GMB comes on board,let's say the truth presently.

LRNZH:
All those refurbished trains project will die a premature death with this.

Dude, c'mon... This is not something to pray for. How about using the money gotten from months of when the train starts working to maintain and build new ones? So you wish for this to stop in order to prove that the man at the helms of affairs is 'clueless'?

LRNZH:


It may sound extreme but you have a point.

Until oil becomes unpalatable, these corrupt poliyicians will never use their heads to lead properly.

Only GMB is selfless enough to take on Nigeria's issues no matter lthe oil price.

is there a Buhari precedent on that?

WhiteTechnology:
1) Resource Control

2) Fiscal Federalism

3) Privatization

4) Political Federalism

5) Decentralization of Nigeria

6) Restructuring of Nigeria

6) Institutions giving detail account of their financial/other activities to the public through their websites/panels for public scrutiny every 3months.


Which are the fastest route to

I) economic diversification,
ii) citizenry prosperity
iii) political stability


These 7 points are the basis of True Federalism which can help Nigeria become a Super Power and a first world Nation.

The north do not want all these. Just give them Buhari and they will be happy.

Oil is a curse.

I keepsaying this.....and up till now....PDP and APC have no ideas.

Well, here is my idea.

1.Remove fuel subsidy

2.Spend the excess cash on technical schools and power supply.

3.Raise university school fees,and hospital fees....and raise spending on health and education combined to 40% of the budget....which would be concentrated on Primary and Seocndary health care/education

4.Get Ajaokuta working again.

5.Stop this story for the gods about how Agric will save us. If we are not using our agric products for industrial development....it is meaningless.

6.End corruption. No more 'He is our son' stories.

7.Ensure free and fair elections...so that people will be certain that they are investing in a country that would not erupt in violence over election matter.

8.Invest in education. Standards must be raised. If you do not have A's in Maths and English and science subjects....you are not going to university....No excuses. Our WAEC must be as tough as China and Japan's equivalent.

9.No more oil

Oil is a curse......

juman:


What a clueless nation with useless "leaders".

The oil should go to ten dollars per barrels.

i want oil to become obsolete, then Nigeria would have to start from scratch.......then we would have to work for every penny we earn....only intelligent leaders would step up to lead and develop stringent economic policies to carry us forward.... .

donpeey22:
By next year Nigeria would have become a major exporter of Agricultural products thanks to the transformation of the Agricultural sector.

With GEJ, there's hope of survival, but with Buhari, there's no hope oo !! People!!! don't let APC deceive you ooo.

GEJ till 2019.

Abeg.....export of Agric products won't bring in much cash.....because we don't have the guaranteed markets, and we are still not producing enough. Also, the backbone of our agric is small scale farmers. Lastly....everyone is in agriculture....and as a result prices stay low(unless there is a drought in Asia).

Industries using our local raw materials is the answer. Agric will not save us. This is not the 1960's....when UK could buy our groundnut and palm oil and cocoa.

Caseless:
yes! Atleast we go know say we no get train, Instead of those locomotives that takes 5 days to get to kano from lagos.

why not go ahead and destroy it so that it won't exist again..you people has evil mind but the evil you people are planning for this country will soon consume you all and your entire generation..Nigeria will keep on getting better and better..

vanunu:



But buhari cancelled the lagos metro, have u forgotten. Already, gej has awarded a $12b contract for a speed train service that will link all the major cities in nigeria, we don't want buhari to come and cancel the contract again.

And pay $20b for breach of contract

PDP should start drinking their oil. Is too late to diversify economy. What they couldn't do in 16 years, what is the assurance they can do in 4 years?

If our refineries are working, at least we can make some profit selling refined products in domestic market and to other African countries. I dont know why PDP hate refinary so much that they crippled it.
I have nothing against GEJ but PDP.

My question is when will the pump price of petrol ⛽ fall here in naija?

This topic was posted in the business section not political section
Discussions should be sensible and not full of political sentiments.

Now, I'll offer my input

With such cheap market rates, we should start thinking of selling oil to ourselves and not to others
That means we swiftly turn our economy to a production one and not to a consumption one

The easiest way for us to do this is for the government to concentrate its support on some three or four Nigerian companies
by creating protectionist policies that provides an instant market for them
The government should also proactively shield these select companies from corruption by applying its judicial might on any one that that breaches the sanctity of the model.

Example
Lets say Innoson motors and ALSCON are two of such companies
The government creates a policy that forces at least 70% of any metal needs of a public project (state or federal) to be bought from ALSCON
The government also encourages Innoson to patronise ALSCON for at least 90% of its metal needs
The government (state and federal) creates a market for Innoson by purchasing all its vehicles hence forth from Innoson
Using its ambassadors to other African countries, it also creates markets for Innoson vehicles in any country the we provide with military support

Finally, the government creates a plan to untangle itself from these companies and allow them compete when the oil prices stabilize.
It does this with the companies, so that they are also not left with a glut when the economy bounces back.

With regards to corruption in these shielded sectors
the government goes into a frank talk with the judiciary for the need to be swift and decisive in these shielded sectors
If any of the managers or government officials such as police and tax men touch one kobo
they are immediately brought to justice without any godfather interference