omowolewa:
Where is Saudi?

Saudi Arabia, Qatar and Kuwait have excess surplus over the decades running into trillions of dollars so this temporary glut cant affect them that much.. Aside Kuwait the other gulf countries have diversified economies unlike the Opec fragile 5 (Russia, Nigeria, Algeria, Venezuela etc)

In summary Nigeria should:

* Delete the N120 billion/annum sucking NASS
* Stop pretending to be America
* Make it official/legal we can no longer sustain an active local government system
* Stop enlarging the already over-bloated governments
* Appeal to Baba to stop leaving us in confusion - we know how much $$$ we expend on his travels; we also need him to read and sign those papers on his table on time; some of our livelihood/welfare depend on his time.
* Public officers are too flamboyant and wasteful in the midst of stack poverty.
* Stop Govs from coming to Abuja everyweek

no Arab nation

Things can only get better. It can't obviously get worse than this, there's a silver lining, a miracle in misfortune.
Now we are inclined to diversify, in a matter of time there will be huge influx of dollars.

What this shows is that Nigeria'sold economic model...selling raw materials to big foriegn powers in return for dollars which we share....is no longer sustainable.

The cold reality is that we must transition from being a raw materials supplier to being a producer of finished goods. That way, we can control the price of what we produce (unlike oil,whose prices are in essence controlled by the buyers)...and even use devaluation to a beneficial way.

My problem is Nigerians. They are not ready to stop relying on free cash. They do not want to do the hard work that is needed to be a producer nation. After all....a country where a graduate of a technical college is looked down upon (I once read a letter to an agony aunt where the writer, a lady, was refusing to marry a man because he was a technical school graduate...otherwise...he was her ideal man. She wanted a university graduate...whatever that means)....and someone with a paper qualification that qualifies him or her for an office pushing job is valued...over the techincalschool grad who has vital skills that can grow our economy....is not a country that is ready to develop.

It is high time the Government stopped talking about diversification....and began living it.

Dcaliphate:
Long b4 now, experts had been urging the Nigerian Govt. to diversify its economy, now look at where we are. We need to look at other sectors like commercial agriculture and others. I still believe its darkest b4 the morning come. Nigeria will break forth and prosper again, by God we will

Sense...............Hmmm....

Ghandi12:
In summary Nigeria should:

* Delete the N120 billion/annum sucking NASS
* Stop pretending to be America
* Make it official/legal we can no longer sustain an active local government system
* Stop enlarging the already over-bloated governments
* Appeal to Baba to stop leaving us in confusion - we know how much $$$ we expend on his travels; we also need him to read and sign those papers on his table on time; some of our livelihood/welfare depend on his time.
* Public officers are too flamboyant and wasteful in the midst of stack poverty.
* Stop Govs from coming to Abuja everyweek

Yes u v spoken, bt who will take it to Him?
Even if u write it here, He won't read it, if u put it in paper, they(Baba&paper) won't meet.
So hw on earth do we get the truth to them.
We jst have to continue praying. God bless my country Nigeria. AMEN

laurel03:
don't mind him jare... May be he will show bank nairaland likes to collect money

As if Nairaland likes will soon turn to bank collateral

kilokeys:
Lol.. So Buhari is making things worse for the rest of the world

Cos if our naira keeps falling, our oil price will keep dropping.. Forcing others to drop theirs to remain in the market..
Chai.. Elections was choosing between the Devil and the Deep Blue Sea..

We should have chosen the sea.. We might be lucky to stay afloat and drift to shore..

Your ignorant is heavenly divine

ramsol00:



Your ignorant is heavenly divine

We r in for the likes.. I am smarter than you think.

Some strong people are behind this stuff how come saudi arabia is free of such the mystery continues

BIGTinfotech:
Na wa o. The way The Naira is falling, it would soon rediscover oil.

rediscover something that has already been discovered. Tell me more.

driand:
Kk, niger-deltans how market? In other news a bucket of clean water is now worth more than a barrel of crude (our oyel) time to use it to soak garri

see this one. The country is still depending on oil. Abi u just landed from jupiter.

naijacentric:
Some strong people are behind this stuff how come saudi arabia free of such the mystery continues

Because its government saved enough foreign reserve during the oil boom era.

SylarsMcQuins:
From the way things are going Oil Prices wud drop to $1 per barrel soon.

infact, they will even start dashing money to carry oil away...-$25/ barrel! , God, i shud have just changed my savings to dollars when all this nonsense started

Western Greed and ideological wickedness . Could American not do without Fracking? Without Fracking, would the average American wake up without clothes on his or her back and expect only one meal a day? Are Americans not already suffering from obesity as a consequence of overindulgence and feeding like pigs on the fat of the world? Why must the West pick every morsel of flesh -even marrow- for itself on the meat of international trade. The West cant seem to bare any part of the world benefiting from trade without sooner or later wanting to react in some way to derive not only the greater benefit of that trade at the expense of competitors but the entire benefit.

The world needs ethical capitalism, one based on ensuring everyone gets a piece of the pie.

Nigeria,Angola,Venezuala,Azerbaijan and Russia

driand:
Kk, niger-deltans how market? In other news a bucket of clean water is now worth more than a barrel of crude (our oyel) time to use it to soak garri

ur very naieve. Have u forgotten so soon what Apc national chairman once said? ...that regardless of the fact that oil price is droping at the intl market we still need rivers state cuz its an oil producing state. How many oil coys have left rivers? None! So wake up fronm ur kunu induced slumber