Progressive01:
Only iPod illiterate Miscreants don't understand the difference between a reservation and an attack. Also, only them take men for gods. Only them could be Sycophantic Goats.

jaybee:


Pathetic. Pathetic indeed.

Most comments on this thread make a f00l of Nigerian youths.

Just think of it.

What is 'diversification'? what does of mean in the context of Nigeria's economy?

Does it meat jettisoning what you have (in this case oil and gas), while embracing what you don't have (like the proverbial, and improperly defined, agriculture; mining, etc) ?

To understand 'diversification', all you need is to define it. Any dictionary should provide such definition. Diversification is simply the act of introducing a variety (in our case, in investments, and production of goods and services); instead of investing mainly in the oil and gas. it does not connote zero investment in oil and gas and 100% investment in other sectors. Remember that Nigeria already has huge investments in oil and gas to leverage on. After all have you ever heard that a bird at hand is worth two in the air?

The concern on timing for investment in oil and gas exploration in Nigeria now is highly misplaced and shows ineptitude of the highest order, if not outright mischief. Just think of it, the crude oil being produced Nigeria today (which was sold as high as $146 in the recent past), at what price was crude oil when the exploration was done? The exploration was undertaken in the 80s and early 90s (oil exploration and production is a long gestation investment) when crude oil was at its lowest around $9 - $14. This is a good time to invest when the price is low and the cost of exploration is also low. When the price rises, the cost of exploration will be high and making the investment decision will become more difficult. it makes economic sense.

Finally is the money for this so-called frontier exploration in the budget? this i strongly doubt. If it is there, someone should please show, not tell me. Which means as usual, government only facilitates these activities, and does not really put in tax payers' money directly into it. Mostly, the investors put in their heard-earned hard currency and takes all the risks in anticipation of commercial hydrocarbon discoveries that would permit them to recover their money in a long time in the future.

ITbomb:
When you get the oil, where una go sell am to.

I won't be surprised if I see military protecting small refineries in the north while destroying the ones in the south

Anseth:

Una carry 11 Private jets give Fulani man, Fulani wey with many nama cows and ordinary leg, go waka from Sokoto to Akwa Ibom.... una carry 11 private jets give Fulani and una want make he sitdown one place how? Now Fulani man wan go find oil where boko boys dey live..with our money..nna na waow o..
Saraki and Legislator better seize the key from am or else na Cape Verde he go face say he dey escort Oshiomole go greet him inlaws.

2sexycom:
Buhari will definitely lose 2019 election, before it even begins.

Where there is no light, no fuel, job losses, Fulani killings, dollar is 305 to naira, he travels too often, investors fleeing the country, businesses are shutting down... refineries are in comatose.

This is the best Buhari can come up with.

I regret ever supporting this man honestly.


P.S: Those saying I never supported Buhari, I believe @Chibenze, Rozayx5 and Ideology can bear me witnesses.

I don't attach sentiments where logic and objectivity is needed.

Standing5:
the Problem u subtly failed to acknowlege about your argument is that it involve dependence on export proceeds. Agriculture helps secure you table with food. And can also generate forex. Industry help keep capital flight in check and boost forex too. It is super-foølish to go into further oil exploration now.

jaybee:



Your lack of understanding issues is surely legendary.

Tell show me how oil exploration hinders agriculture [/b]

Also tell me how oil and gas exploration makes Nigeria dependent on export proceeds.

Notice that you said "boost forex" that means there is forex already (surely from oil and gas) which is to be given the boost. You did not say replace, but boost.

Dangote is building a 165,000 bpd refinery to be commissioned in 2018. If there is no exploration how much cassava, cocoa, chicken, cashew, palm oil, yams (baring in mind yam eaters), rice, pepper, tomatoes, snails, fish, groundnuts, sesame, cucumber, etc, etc, etc, etc, would be exported to buy crude oil to refine and sell to motorists in Nigeria?

How much gas will be imported to service the many gas power plants to supply electricity in Nigeria?

just think a bit more and you will discover that you are just clever by half.

2sexycom:
bro, with all due respect, I bet you were taught scale or relative preference in economic, wheren't you? Would you leave certainty for uncertainty? You know quite well that exploration is, a certain extent, except for improved technology, a game of luck and despite everything, only when an oil well is drilled before can know if prior geological analysis were right, by then, hope you knwo how much might have been wasted in a country where refineries are in comatose.

Sit down and think it through and tell me if this is the best time for this. Imagine your own father, instead of taken care of his children with the little finances he has, he is busy marrying more wives and birthing more children. What will you call such a father? Will you be proud of him?

rusher14:


[b]You need to wean yourself of any sentiments.

I can tell that you try your best to analyse things but I'm afraid external influences seem to overwhelm.

It is true, there's a huge element of "luck"involved in having oil deposits and actually finding them. Yet, if you don't buy the ticket you don't win the lottery.

Government's commitment to increasing our revenue streams doesn't exclude oil exploration.

Government contributes its own quota to this process but not nearly as much as E&P companies do.

So your analogy of hungry family pales with respect to how the business is undertaken.

The sentiments we bear as a nation impedes development and needs to be exorcised.

I myself am Ijaw/ Itshekiri and I've travelled round Nigeria and indeed the world.

Good people abound but it's that 'little evil' in us that makes us reduce everything to tribe, partisanship, religion and such.

The geology of the region as known today lends some support to further investigation. There's a good chance that another major find exists within that basin. How can that be a bad thing?

If the price of oil reduces to $1 doesn't it make sense to sell 2.8 million barrels rather than 2.5 million?


We have to put an end to this malaise. We cannot continue to act as primitive homosapiens.

This is a unique opportunity to get things right.

Play your role well.[/b]

Standing5:
Time and money used for oil exploration could av been used for agriculture. Stop feigning stupidìty here. It isn't funny. Plus oil exploration has gulped trillions without results. It is a gamble.

2sexycom:
I am not being sentimental but logical in my approach. I would rather support the extraction of solid minerals, which the North has in abundance and proven commercially, than oil exploration.

Add that to agriculture, manufacturing into finished goods, and see Nigeria become rich.

So, which is better in this case? Oil exploration or solid mineral extraction? We have Kaoline in abundance, coal, bitumen, copper, gold, just name it Only limestone as been tapped.

2sexycom:
Buhari will definitely lose 2019 election, before it even begins.

Where there is no light, no fuel, job losses, Fulani killings, dollar is 305 to naira, he travels too often, investors fleeing the country, businesses are shutting down... refineries are in comatose.

This is the best Buhari can come up with.

I regret ever supporting this man honestly.


P.S: Those saying I never supported Buhari, I believe @Chibenze, Rozayx5 and Ideology can bear me witnesses.

I don't attach sentiments where logic and objectivity is needed.

drss:
is dis how d dullard intents to diversify d economy

jaybee:


Understand the oil industry, government only facilitates the business. the oil companies spends their money and bears the risks in anticipation of huge profits if oil is found. Tax payers' money is not used for exploration. in fact government makes money whether there is oil and gas find or not, because the licenses and permits for exploration are costly (some in the range of tens to hundreds of millions of dollars) and non refundable. owners of licenses and leases have strict work program obligations to fulfill within stipulated times, or the oil blocks are revoked due to non-performance.

If you are attentive, you will notice that some aides of former president GEJ are being prosecuted for spending money from the signature bonus account in the CBN, those are monies from licensing oil blocks.

Pwayne2016:
This man is really a curse to humanity...looking for oil in dried sahel desert Land that is only good for human skull and terrorism...Tunda faya Buhari

Abrahamtaylour:
I thought we were focusing on agriculture?

2sexycom:
Buhari will definitely lose 2019 election, before it even begins.

Where there is no light, no fuel, job losses, Fulani killings, dollar is 305 to naira, he travels too often, investors fleeing the country, businesses are shutting down... refineries are in comatose.

This is the best Buhari can come up with.

I regret ever supporting this man honestly.


P.S: Those saying I never supported Buhari, I

believe @Chibenze, Rozayx5 and Ideology can bear me witnesses.

I don't attach sentiments where logic and objectivity is needed.

ApenaEde:


Gbenu soun. Kilo mode mo.

jaybee:


Understand the oil industry, government only facilitates the business. the oil companies spends their money and bears the risks in anticipation of huge profits if oil is found. Tax payers' money is not used for exploration. in fact government makes money whether there is oil and gas find or not, because the licenses and permits for exploration are costly (some in the range of tens to hundreds of millions of dollars) and non refundable. owners of licenses and leases have strict work program obligations to fulfill within stipulated times, or the oil blocks are revoked due to non-performance.

If you are attentive, you will notice that some aides of former president GEJ are being prosecuted for spending money from the signature bonus account in the CBN, those are monies from licensing oil blocks.

ITbomb:
When you get the oil, where una go sell am to.

I won't be surprised if I see military protecting small refineries in the north while destroying the ones in the south

jaybee:


Pathetic. Pathetic indeed.

Most comments on this thread make a f00l of Nigerian youths.( i agree in to to )

Just think of it.

Finally is the money for this so-called frontier exploration in the budget? this i strongly doubt. If it is there, someone should please show, not tell me. Which means as usual, government only facilitates these activities, and does not really put in tax payers' money directly into it. Mostly, the investors put in their heard-earned hard currency and takes all the risks in anticipation of commercial hydrocarbon discoveries that would permit them to recover their money in a long time in the future.