Xonology:
Long grammar ! ... The problem is that we speak too much grammar in this country without addressing the root cause of our problem.. How can you centralize the resources of a country to one place and expect the country to move on? If you don't address the root cause of the problem, if you like adopt every know economic principle in salvaging our economy, it will never work. First thing first is power devolution.. True federalism, where by states are independent of the FG.. Let every state manage it's resources and pay 20% as tax to FG every month. Implement state police to tackle our security challenges.. Once this is done, the governors will know that it's no longer biz as usual thus, they will be forced to sit up.. Once this is done, all other challenges facing us will take care of itself.. But as long as we keep on lying to ourselves speaking long grammar which we've been doing for the past fifty something years, we are never gonna move forward.

989900:


You know the economic situation in the country since the mid 80s has taken it's toll on our populace (education-wise), churning out literate-illiterates, unemployable grads, and intellectual midgets (with knack for inanities like Toyin A, Tonto D, and e.t.c) with 'too long can't read syndrome'.

Our older uncles and aunts with the old 'standard 6' and 'modern 3' are more studious, literate, and civil than this new lot.

benedictnsi:
Dora Akunyili : "before rebranding Nigeria, we have to first of all, rebrand ourselves....."

Until we get rid of all these bureaucratic bottle-necks (square pegs in round holes), egocentric and smug Leaders who will not have the interest of the masses at heart..... Even if we adopt all your nice suggestions, things swill still not change for the BETTER.

Let us stop giving dumb ass confused set of political thieves sensitive appointments..... We have enough technocrats that can always turn things around in all sectors of the Economy.

Thanks

#my_opinion

nosiebaba:
Wow this is the most intelligent article I have read in some years.. Just to add a little.. Besides refine rows another way we can tackle this petroleum problem is by using an alternative to fuel.. That is Natural gas. Cars, trucks, trains and planes etc can run on natural gas.. You can use both just switch to whichever you want to use either fuel or gas.. And the thing is Nigeria has more than a trillion cubic feet reserves of natural gas.. If people take advantage of this alternative then we would have drastically reduced fuel importation.
Well that is my little contribution for now.

9899a00:

3. Amend power generation and transmission laws to attract investors in that sector . . . do everything possible on earth and beyond to achieve at the least, 15 hours stable power supply averagely (this would catalyze industrial revolution, while reducing demand for refined pet.

bashydemy:
OP God bless you, You make so much sense up there but will those greedy businessmen and women allow all this to work? I believe a lot of rich men are sponsoring those militant to vandalize the pipelines and also the refineries not working too can be tagged to them... We have alot of crazy people in Nigeria that will not want all the above to work so as to allow them to import good and to make more profit from them....



Well i think all we need a Govt that will invoke veto power in some cases.. Even if PMB is ready to do all the above and make them work, it will still pass through the NASS and those greedy NASS member who i believe most of them benefited a lot from the economy crisis..
Nigerians are suffering to buy PMS but here in Benin Republic where i stay there's fuel all over the places might be expensive though but you will still buy without queuing except you want to buy from Fueling station.. and mind you smuggle fuel into this country from Nigeria meaning some greedy Marketers are smuggling the PMS to the neighboring countries and Nigerians are suffering.

989900:


I agree, it's gon' be hard to take their "feeder" and say goodbye.

The cabals need to be re-integrated into the future plans of the gov't; not by bringing in products, but by going into PPP on some government owned facilities like depots, refineries, and pipelines.
Either way, they won't have a choice by the time Dangote's refinery starts running.

If Singapore (5 million population) with little or no oil, refines over 1 milion barrels/day, and Japan with all the earthquakes and tsunamis refines over 4.5million barrels/day, then we have a problem -- I mean, we should be refining all the 2.2 million barrels that we produce and more -- exporting refined products only.

No, we can't even refine a third of the 445,000 barrels that's allocated to NNPC daily -- we threw our country, our lives, our future, our kids future, our prosperity to the dogs (the cabals), we let them own this country and dictate at will, we then go to church to pray for prosperity by proxy a la 'miracles' . . . LoL.

Can you imagine Mobil has a 592,000 barrels/day nameplate refinery in Singapore, what do they have in Nigeria?

drawingbook:
Hey guys please I have some $20 notes I'd like to give out. Mallams are underpricing them. Anyone need some?

olafum1:
OP. You made a lot of sense up there..

Kudos.

I just wished all importation can be banned for now, starting from rice

hustla:


Bring na

989900:


The emboldened are all very serious issues we need to find a way around!

dukie25:
The only solution I can think of would be for the dullard to resign.

His botched budget of corruption made me come to that conclusion.

989900:
As annoyingly repetitive as it may seem, we can't get out of this quagmire without addressing the below 'causes' -- even if we devalue the Naira to N1,000 to a Dollar!

1. Check excess liquidity and currency racketeering/fraud (see Henry Boyo's explanation. . . I have posted many stuffs about it previously), while promulgating industry revolutionizing monetary policies.

2. Amend our laws to draw in investors (use propaganda if need be).

3. Amend power generation and transmission laws to attract investors in that sector . . . do everything possible on earth and beyond to achieve at the least, 15 hours stable power supply averagely (this would catalyze industrial revolution, while reducing demand for refined pet. products).

4. Refineries -- we need all four gov't refineries, and tens of modular ones running since last decade -- until we stop the importation of refined petroleum products that eats up, up to 30-40% of our Forex, we are going no where!
We were bringing in hundreds of millions of dollars in the early 90s from refined products exports, right now, we should have colonized West Africa with NNPC products everywhere (refined products have no OPEC cap)!

5. Encourage exports, and local content.

Re: Senator Bruce: As much as I admire his vigor and enthusiasm about the whole 'buyNaija' awareness, it's just a fraction in the scheme of things!

While importing palm oil from the same Malaysia we introduced palm oil to, importing eggs from South Africa we fought and paid to liberate, importing rice from a politically unstable Thailand, or toothpicks from hell are all 'weirdos', they account for far less than what
importation of refined petroleum products cost us; then we have the importation of aircrafts and parts and servicing which costs us hundreds of millions of dollars annually -- but Bruce believes it's about our average $20-$50 shoes or bags, $100 phones, or what-not (roughly 10-20 percent of our forex demand), or about our cheap $5,000 cars which by the way generates income for customs when they 'land', while gov't and it's officials are actually the ones bringing the forex gulping machines (probably without paying custom duties).
NBS just released a report indicating between January 2010 - September 2015, we spent over N20 trillion (roughly $130 BILLION . . . 2014 dollar) on just importation of PMS, AGO, and DPK alone!
Same refined products we mine from our backyards, same refined products we were net exporters of (raking in millions of dollars from), 25 years ago! If this is not madness, what is?

Re: Ifeanyi Ubah: Though he is yet to disclose his so called "secret" or magic wand (but I guess it is: probably supporting the country's fuel import-consumption . . . probably for some while).

My own idea of bringing the dollar exchange rate to below N200 in say 3 months would be namely:

Stop the importation of refined products now and find alternative to how we survive without it -- it gulps 40% of our forex!

Crazy, right? However, we probably can (everyone's contribution and criticism would be helpful here), if the gov't is serious about it, and if it can carry the people along especially with the budding awareness of the demise of our economy.

1. Get the NNPC, special task forces, Armed forces, and the people on board as regards protecting the pipelines.

2. Get NNPC to make sure the refineries do not slouch again, rather, increasing in production.

3. Get the few trains we have working, and create an awareness on conserving fuel.

4. Provide very affordable mass transit buses, while encouraging car owners to shed usage, or re-introduce something similar to our old 'odd number/even number system' for cars that should have access to the road on particular days.

5. Provide gas, give free/cheap cylinders to boot if necessary.

6. Power: without fairly stable power supply it will be a difficult one. Fairly stable power reduces the need for PMS and AGO, reduces importation of generators and alternative power equipment.

7. Checkmate cross-border fuel smuggling.

8. Modular refineries: they can be imported and made operational in months.

9. Sell off some portion of gov't assets to foreign investors. #ppp

Additionals:

10. Encourage Nigerians overseas to invest back home.

11. Recover all debts, 'stolens', and 'accruables'.

12. Reduce gov't recurrent expenditure and buying local for all gov't purposes if available -- starting with them senator's cars, and presidential budget and travels.

13. Consider changing currency colors.

14. Agric exports.





If we can do all the above (sounds crazy though . . . desperate situation calls for desperate measures), our refined fuel consumption rate should drop to 'near' what NNPC can support, or at worst, greatly reduce importation of refined fuel by more than 60%. Then we "buynaija"; the Naira will firm up, and the CBN can probably tweak the exchange rate to gain say N2-N4/$, which will indicate a direction of positive purpose, causing the BM, hoarders, and racketeers to panic-sell their dollars, while the CBN tries its best to enforce and enhance/support a strict range for bank rates.

Devaluation in our case', is a symptomatic approach to a systematic malady: underlying causes won't be cured!
It's like taking paracetamol as a curative for stage 4 cancer -- it 'probably' might make your pain dissipate (very likely it won't), but just for a very little while.

*Everyone's contribution and criticism would be helpful here.

989900:
As annoyingly repetitive as it may seem, we can't get out of this quagmire without addressing the below 'causes' -- even if we devalue the Naira to N1,000 to a Dollar!

1. Check excess liquidity and currency racketeering/fraud (see Henry Boyo's explanation. . . I have posted many stuffs about it previously), while promulgating industry revolutionizing monetary policies.

2. Amend our laws to draw in investors (use propaganda if need be).

3. Amend power generation and transmission laws to attract investors in that sector . . . do everything possible on earth and beyond to achieve at the least, 15 hours stable power supply averagely (this would catalyze industrial revolution, while reducing demand for refined pet. products).

4. Refineries -- we need all four gov't refineries, and tens of modular ones running since last decade -- until we stop the importation of refined petroleum products that eats up, up to 30-40% of our Forex, we are going no where!
We were bringing in hundreds of millions of dollars in the early 90s from refined products exports, right now, we should have colonized West Africa with NNPC products everywhere (refined products have no OPEC cap)!

5. Encourage exports, and local content.

Re: Senator Bruce: As much as I admire his vigor and enthusiasm about the whole 'buyNaija' awareness, it's just a fraction in the scheme of things!

While importing palm oil from the same Malaysia we introduced palm oil to, importing eggs from South Africa we fought and paid to liberate, importing rice from a politically unstable Thailand, or toothpicks from hell are all 'weirdos', they account for far less than what
importation of refined petroleum products cost us; then we have the importation of aircrafts and parts and servicing which costs us hundreds of millions of dollars annually -- but Bruce believes it's about our average $20-$50 shoes or bags, $100 phones, or what-not (roughly 10-20 percent of our forex demand), or about our cheap $5,000 cars which by the way generates income for customs when they 'land', while gov't and it's officials are actually the ones bringing the forex gulping machines (probably without paying custom duties).
NBS just released a report indicating between January 2010 - September 2015, we spent over N20 trillion (roughly $130 BILLION . . . 2014 dollar) on just importation of PMS, AGO, and DPK alone!
Same refined products we mine from our backyards, same refined products we were net exporters of (raking in millions of dollars from), 25 years ago! If this is not madness, what is?

Re: Ifeanyi Ubah: Though he is yet to disclose his so called "secret" or magic wand (but I guess it is: probably supporting the country's fuel import-consumption . . . probably for some while).

My own idea of bringing the dollar exchange rate to below N200 in say 3 months would be namely:

Stop the importation of refined products now and find alternative to how we survive without it -- it gulps 40% of our forex!

Crazy, right? However, we probably can (everyone's contribution and criticism would be helpful here), if the gov't is serious about it, and if it can carry the people along especially with the budding awareness of the demise of our economy.

1. Get the NNPC, special task forces, Armed forces, and the people on board as regards protecting the pipelines.

2. Get NNPC to make sure the refineries do not slouch again, rather, increasing in production.

3. Get the few trains we have working, and create an awareness on conserving fuel.

4. Provide very affordable mass transit buses, while encouraging car owners to shed usage, or re-introduce something similar to our old 'odd number/even number system' for cars that should have access to the road on particular days.

5. Provide gas, give free/cheap cylinders to boot if necessary.

6. Power: without fairly stable power supply it will be a difficult one. Fairly stable power reduces the need for PMS and AGO, reduces importation of generators and alternative power equipment.

7. Checkmate cross-border fuel smuggling.

8. Modular refineries: they can be imported and made operational in months.

9. Sell off some portion of gov't assets to foreign investors. #ppp

Additionals:

10. Encourage Nigerians overseas to invest back home.

11. Recover all debts, 'stolens', and 'accruables'.

12. Reduce gov't recurrent expenditure and buying local for all gov't purposes if available -- starting with them senator's cars, and presidential budget and travels.

13. Consider changing currency colors.

14. Agric exports.





If we can do all the above (sounds crazy though . . . desperate situation calls for desperate measures), our refined fuel consumption rate should drop to 'near' what NNPC can support, or at worst, greatly reduce importation of refined fuel by more than 60%. Then we "buynaija"; the Naira will firm up, and the CBN can probably tweak the exchange rate to gain say N2-N4/$, which will indicate a direction of positive purpose, causing the BM, hoarders, and racketeers to panic-sell their dollars, while the CBN tries its best to enforce and enhance/support a strict range for bank rates.

Devaluation in our case', is a symptomatic approach to a systematic malady: underlying causes won't be cured!
It's like taking paracetamol as a curative for stage 4 cancer -- it 'probably' might make your pain dissipate (very likely it won't), but just for a very little while.

*Everyone's contribution and criticism would be helpful here.

Trottle:

Please seir, enlighten us further on it. Can the switching be immediate?

nosiebaba:

Any car can be converted to use natural gas.. When the natural gas kit is installed, a switch is also put in the car so that any time you want to use gas, you press the gas switch and switch to gas and anytime you want to use petrol you you press the petrol switch and switch to petrol.. Almost 200 vehicles including trucks in lagos are using natural gas already.
In benin Edo state over 2000 vehicles are using natural gas.. Ant it is so cheap.. With just 800 naira you till your tank.

nosiebaba:

The last image is the button to switch from fuel to gas

Xonology:
forget that, all those things up there are mere rhetorics.. Go to ministry of finance and see a heap of wonderful master plans that we've been preparing for the last 30+ years, and you ask yourself, why is none of this master plan working? The answer is that it's been implemented on a faulty foundation and until we address that, nothing is ever gonna work.

modath:


This is heartbreaking!!!!! The mind is a beautiful thing to waste, dammit!!

Do you know how many times I've excised/summarized "important" parts for people on threads?? I ask myself sometimes why i should even bother, but i then tell myself that it's my civic duty...

I do it cos i just don't want the Lesson /Info to be lost....

The only thing i'd advise, cos i don't want you to lose the zeal is to make the next one a bit more compact...As sad as it is , "It is a buyer's/ reader' s market" so we should tailor it to suit people we want to reach out to..

Don't be discouraged you hia, we nor get another obodo.

989900:
As annoyingly repetitive as it may seem, we can't get out of this quagmire without addressing the below 'causes' -- even if we devalue the Naira to N1,000 to a Dollar!

1. Check excess liquidity and currency racketeering/fraud (see Henry Boyo's explanation. . . I have posted many stuffs about it previously), while promulgating industry revolutionizing monetary policies.

2. Amend our laws to draw in investors (use propaganda if need be).

3. Amend power generation and transmission laws to attract investors in that sector . . . do everything possible on earth and beyond to achieve at the least, 15 hours stable power supply averagely (this would catalyze industrial revolution, while reducing demand for refined pet. products).

4. Refineries -- we need all four gov't refineries, and tens of modular ones running since last decade -- until we stop the importation of refined petroleum products that eats up, up to 30-40% of our Forex, we are going no where!
We were bringing in hundreds of millions of dollars in the early 90s from refined products exports, right now, we should have colonized West Africa with NNPC products everywhere (refined products have no OPEC cap)!

5. Encourage exports, and local content.

Re: Senator Bruce: As much as I admire his vigor and enthusiasm about the whole 'buyNaija' awareness, it's just a fraction in the scheme of things!

While importing palm oil from the same Malaysia we introduced palm oil to, importing eggs from South Africa we fought and paid to liberate, importing rice from a politically unstable Thailand, or toothpicks from hell are all 'weirdos', they account for far less than what
importation of refined petroleum products cost us; then we have the importation of aircrafts and parts and servicing which costs us hundreds of millions of dollars annually -- but Bruce believes it's about our average $20-$50 shoes or bags, $100 phones, or what-not (roughly 10-20 percent of our forex demand), or about our cheap $5,000 cars which by the way generates income for customs when they 'land', while gov't and it's officials are actually the ones bringing the forex gulping machines (probably without paying custom duties).
NBS just released a report indicating between January 2010 - September 2015, we spent over N20 trillion (roughly $130 BILLION . . . 2014 dollar) on just importation of PMS, AGO, and DPK alone!
Same refined products we mine from our backyards, same refined products we were net exporters of (raking in millions of dollars from), 25 years ago! If this is not madness, what is?

Re: Ifeanyi Ubah: Though he is yet to disclose his so called "secret" or magic wand (but I guess it is: probably supporting the country's fuel import-consumption . . . probably for some while).

My own idea of bringing the dollar exchange rate to below N200 in say 3 months would be namely:

Stop the importation of refined products now and find alternative to how we survive without it -- it gulps 40% of our forex!

Crazy, right? However, we probably can (everyone's contribution and criticism would be helpful here), if the gov't is serious about it, and if it can carry the people along especially with the budding awareness of the demise of our economy.

1. Get the NNPC, special task forces, Armed forces, and the people on board as regards protecting the pipelines.

2. Get NNPC to make sure the refineries do not slouch again, rather, increasing in production.

3. Get the few trains we have working, and create an awareness on conserving fuel.

4. Provide very affordable mass transit buses, while encouraging car owners to shed usage, or re-introduce something similar to our old 'odd number/even number system' for cars that should have access to the road on particular days.

5. Provide gas, give free/cheap cylinders to boot if necessary.

6. Power: without fairly stable power supply it will be a difficult one. Fairly stable power reduces the need for PMS and AGO, reduces importation of generators and alternative power equipment.

7. Checkmate cross-border fuel smuggling.

8. Modular refineries: they can be imported and made operational in months.

9. Sell off some portion of gov't assets to foreign investors. #ppp

Additionals:

10. Encourage Nigerians overseas to invest back home.

11. Recover all debts, 'stolens', and 'accruables'.

12. Reduce gov't recurrent expenditure and buying local for all gov't purposes if available -- starting with them senator's cars, and presidential budget and travels.

13. Consider changing currency colors.

14. Agric exports.





If we can do all the above (sounds crazy though . . . desperate situation calls for desperate measures), our refined fuel consumption rate should drop to 'near' what NNPC can support, or at worst, greatly reduce importation of refined fuel by more than 60%. Then we "buynaija"; the Naira will firm up, and the CBN can probably tweak the exchange rate to gain say N2-N4/$, which will indicate a direction of positive purpose, causing the BM, hoarders, and racketeers to panic-sell their dollars, while the CBN tries its best to enforce and enhance/support a strict range for bank rates.

Devaluation in our case', is a symptomatic approach to a systematic malady: underlying causes won't be cured!
It's like taking paracetamol as a curative for stage 4 cancer -- it 'probably' might make your pain dissipate (very likely it won't), but just for a very little while.

*Everyone's contribution and criticism would be helpful here.