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Nairaland Forum / Nairaland / General / Politics / Is Crude Oil The Only Way? (634 Views)
Atiku : It Is Crude Thinking To Base Development Projections On Crude Oil / Foreign Refineries To Stop Buying Nigeria’s Crude Oil Due To NDA Attacks / Subsidy Removal Is Crude And Uncalled For Ordinary Nigerian (2) (3) (4)
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Is Crude Oil The Only Way? by Chidizman(m): 10:28pm On Apr 05, 2016 |
A US oil barrel is about 159 litres. Crude oil per barrel is around $ 40 presently which is about N16,000 (using parallel market exchange rate). A 25 litre of palm oil in Akwa Ibom state (a state with abundant palm trees) costs about N7000 at peak periods. This means 159 litres would roughly cost N44,000 (a price per barrel of palm oil) Subtracting the cost of processing, we could still get nothing less than N30,000 per barrel which is about N14,000 above the price of crude oil per barrel. Considering this and the high rate of employment that would be generated through farming and processing of palm oil, wouldn't it be reasonable for us to divert to our resources to palm oil instead of crude oil? Imagine what Nigeria is losing. Crude oil isn't the best resources we possess. Let us think agriculture for sustainable economic growth and prosperity. God bless Nigeria! |
Re: Is Crude Oil The Only Way? by SUPERPACK: 10:34pm On Apr 05, 2016 |
if wishes were horses, beggars would ride. 1 Like |
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