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Nairaland Forum / Nairaland / General / Politics / Effects Of Oil Crash On Oil-dependent Economies (2742 Views)
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Re: Effects Of Oil Crash On Oil-dependent Economies by Firefire(m): 1:23pm On Aug 14, 2016 |
motherfucker: Happy Sunday and don't be angry... People you should take serious on the cyberspace are those who reside in Nigeria, and who understands the suffering on ground. Not just anybody with free access to the net who can post irrelevant cabbage in support of the unclear and directionless policies of this administration. The more our Naira becomes worthless the better for those earning in foreign currency even if na Ghanaian Cedis or West African CFA franc. I overhead a guy at the hotel reception last night in Ikoyi rejoicing how he could now exchange $100 for close to NGN40,000 as against what he used to get in time past (20,000 Naira). I was so vexed seeing the joy & happiness in his face, to slap am hungry me but I restrained myself. Imagine. God will surely deliver Nigeria and Nigerians, there is HOPE. 4 Likes 1 Share |
Re: Effects Of Oil Crash On Oil-dependent Economies by Firefire(m): 1:33pm On Aug 14, 2016 |
989900: Another hope dashed. 2 Likes 1 Share
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Re: Effects Of Oil Crash On Oil-dependent Economies by omenka(m): 1:41pm On Aug 14, 2016 |
Izonpikin:Lol. Go pull am come back na. |
Re: Effects Of Oil Crash On Oil-dependent Economies by 989900: 1:41pm On Aug 14, 2016 |
motherfucker: "During the session, the Minister, who told the Senators that the President Muhammadu Buhari government inherited negative reserves and heavy salary and wage bill of N165 billion, disclosed that so far, the government has released capital vote of N247.9 billion, with plans to release an additional N60 billion very soon, just as she disclosed that the Federal Government has released N74 billion to works in the last two months, compared to N19 billion the ministry received for the whole of 2015. Agriculture has also got the sum of N21.9 billion, compared to the N4 billion the ministry got last year, adding that transport got N22 billion compared to the N6 billion it received last year." The above was in July, works have received about N200b now. And more funds have been released to Agric. The rice drive is on, we are pushing on with sugar, tomato, and flour. Anambra, Kebbi, Ebonyi, Osun, Ogun, Lagos, and some other states are rolling up their sleeves with fantastic programs and projects. OandO, Dangote, NNPC, and the other 200k bpd refinery in the east should be good to go in few years. The housing project and some other things . . . power diversification, Ajaokuta, the railways and ports and e.t.c. Like I said earlier, long term prognosis is cool, but the 'now', we are screwed. |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 1:50pm On Aug 14, 2016 |
[s] Firefire:[/s] Dollar/Naira rate is not determined by wishes of those residing outside Nigeria. It's largely determined by how much you earn through your exports and how much you need for your imports. And having provided you effects of the IB's wastefulness and failure to do the right thing, one would expect you to apply common sense. But hatred, bigotry and imprudence will not let you. |
Re: Effects Of Oil Crash On Oil-dependent Economies by Firefire(m): 1:57pm On Aug 14, 2016 |
989900: " Agriculture has also got the sum of N21.9 billion ", who is Agriculture ? and how has he or she received this sum? Hope you are not referring to the budgeted amount for the sector? Because I have not seeing any government intervention program on Agriculture since this administration came on board, even the administration of CBN Agric Credit Scheme is better passed as a policy paper document. Agriculture fair better in the last administration under Mr. Adeshina than now, where is Chief Audu Ogbe? oooh, planning to import grass from Brazil and make farmers pay for their own protection on their farm. 2 Likes 2 Shares
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Re: Effects Of Oil Crash On Oil-dependent Economies by DaudaAbu(m): 1:58pm On Aug 14, 2016 |
Very interesting indeed. When people dont bother to find out what's happening around the world they believe its only nigeria that is suffering. Venezuela produce more oil than us, yet they cannot even feed their citizen. Alot of people were calling the FG clueless for refusing to devalue the naira when it was held at 197, now it has been floated and is hitting 320 they are still blaming the gov't. When we import any/everything how do you expect the country to grow? Those same importers and their cronies are the ones shouting blue murder. many are sitting down waiting for policy blue print while many others are busy positioning themselves and taking up opportunity provided by the $$ scarcity. When they begin their harvest that's when those waiting for paper policy will realize that opportunities have been lost 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by 989900: 2:04pm On Aug 14, 2016 |
Firefire:22 from the 300, these things take time naturally for visible effect, then factor-in the sluggishness associated with this admin, who knows, the funds may not have been released yet, or just released, but they will get it, unlike previous admins . . contractors are getting paid already at least. |
Re: Effects Of Oil Crash On Oil-dependent Economies by Izonpikin: 2:15pm On Aug 14, 2016 |
omenka:...him dey enjoy abroad then abandon us here with buhari.. |
Re: Effects Of Oil Crash On Oil-dependent Economies by Izonpikin: 2:18pm On Aug 14, 2016 |
DropShot:dropshot come back to naija oo..until then no support buhari..if you want to fervently support our old man please relocate back..come and wallow in buharis policies..thank you.. 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by DaudaAbu(m): 2:21pm On Aug 14, 2016 |
989900: Contractors are been paid And not been abandoned despite collecting most of the inflated contract sum. If they really want to embezzle, they would have abandoned most of those projects and embark on new ones. At the end of the day its the country and its people that suffer 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 2:22pm On Aug 14, 2016 |
Izonpikin:I don't have to relocate just because of my support for PMB. I've been living outside naija for more than ten years already. If anything, I see huge opportunities to invest in Naija now and that's what I should rather be doing. |
Re: Effects Of Oil Crash On Oil-dependent Economies by Babacele: 2:31pm On Aug 14, 2016 |
DickDastardly:of course minions would choose to remain minions even when reality stares them in the eyes. The lifeblood of any economy is finance which ordinarily means money. So when you drain a body like Nigeria of her blood n share some in 'soakawys', foreign accounts, illegal properties etc as inflicted by previous administrations especially the one that made so much more from oil sales won't such economies experience shocks and dizziness? 1. Where are the diversification projects touted by the GEJ administration or has Buhari stopped any? please mention. 2. These economic shocks started under GEJ . True or false? 3. Okonjo Iweala started warning the nation to prepare for worse days ahead since 2014? Charles Soludo ,Oby and other eminent Nigerians were forced to confront the profligacy of that administration. 4. Money meant for development were massively looted under GEJ. True or false? so what usually are the consequences of projects which funds are looted? development? stability? mention such places please. 5. oil prices all over the world have fallen ,and sensible economic managers would weigh the centrifugal and centripetal economic models and practices to see how they can organically adapt them to local environment for optimum advantage and development. So what steps you would have PMB take that he isn't taking or mistaking. Nigeria is greater than either of us all ,let us give our sincere attention no matter how little please. |
Re: Effects Of Oil Crash On Oil-dependent Economies by Izonpikin: 2:34pm On Aug 14, 2016 |
DropShot:oya come and invest quickly...many persons are dying under our buhari...come quickly... My question: why are you so sure buhari is treating us just fine all the way from the states Dropshot take time ooo.... 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by Firefire(m): 2:45pm On Aug 14, 2016 |
989900: It is well... |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 2:47pm On Aug 14, 2016 |
Izonpikin:Why I'm sure he's treating us well: 1. Genuine effort at diversifying the economy. 2. Fighting corruption 3. Defeating Boko Haram Of course the economy is bleeding but this is hardly his making. Other mono economies are experiencing similar tough times as us. Patience is a virtue my friend. What business would you suggest with N5m? |
Re: Effects Of Oil Crash On Oil-dependent Economies by basilo101: 3:11pm On Aug 14, 2016 |
mr OP, so why does the current administration waste money looking for oil in NE, and why did their propaganda ministry get more fund than agric ministry?? |
Re: Effects Of Oil Crash On Oil-dependent Economies by jpphilips(m): 3:18pm On Aug 14, 2016 |
DickDastardly: Buhari is the president of all the countries mentioned abi? I am sure you want your kids to take first position in class after transmitting a mentally defective gene to them right? 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by jpphilips(m): 3:35pm On Aug 14, 2016 |
basilo101: Nigeria is not looking for oil in the NE we are only paying counterpart funding for exploration costs there. Another economic challenge is looming that most people are not aware of, the very many force Majeure we keep declaring due to the bombings in the Niger delta is eroding our market share globally so we must look for oil elsewhere to keep that up else, the rest of our oil and oil investments made over the years will become useless. We cant go deeper offshore due to exploration costs and low crude price so your best bet outside the Niger delta is the lake chad basin. The whole investment is not geared towards making new money but maintaining our global market share. India just dropped 13% of our oil originally dropped by the US, you dont expect the biggest refinery in the world to shut down because our country is raising !diots in the creek do you? This information I gave you above is supposed to have come from ministry of information, low budget means they can not be effective in bringing up to speed people like you so if you understand that majority of Nigerians are ignorant, then you must appreciate how much work need to be done, hence an increased budget. Agriculture is not the diversification we need , all the investment in Agriculture is geared towards self sufficiency not revenue earning. If we can make tomato paste locally the cbn will stop funding its import saving huge fx in the long run. 2 Likes 1 Share |
Re: Effects Of Oil Crash On Oil-dependent Economies by Izonpikin: 4:07pm On Aug 14, 2016 |
DropShot:... Which corruption him fight.. Abeg make man hear word joor..you sef know say wetin u talk no make sense.. Which genuine effort to diversify our economy..na who dey lie give you all these info sef..until you reach this country you can never ascertain what you're saying.. Just enjoy the usa..when you're ready to face reality with buhari come to naija..we are waiting for you.. 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by obaaderemi: 5:00pm On Aug 14, 2016 |
DropShot:How is he diversifying the economy when there is no clear cut policy on any industry be it agric or manufacturing.businesses cant borrow from bank because the interest rate is btw 25&40%.the banks will rather lend to state govts who can afford the rates but will embezzle the loans.these are monetary issues he should face.as we speak there are trillions of naira resources trapped in our soil the govt can exploit instead they are looking 4 oil in the north.dont deceive urself,dis govt has nothing to give.Well,about ur 5m,make sure whatever u invest it on doesnt involve importatn because right now,access to dollar is restricted 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by Izonpikin: 5:06pm On Aug 14, 2016 |
DropShot:hmmmm....let me reel out some business plans...I am coming... But a quick one...you can erect a rickety illegal refinery in the Niger delta and quadruple that money within weeks.... .....na joke I dey... |
Re: Effects Of Oil Crash On Oil-dependent Economies by motherfucker: 5:33pm On Aug 14, 2016 |
Firefire: Bro, I am expecting $2500 and I also do earn $$ from time to time but as you can see from my post, I do not feel I should act unconcerned just because I am not affected, only a wicked, selfish and self-centered human being act that way. God dey. |
Re: Effects Of Oil Crash On Oil-dependent Economies by MrPresident1: 7:59pm On Aug 14, 2016 |
Obasanjo sold oil for as low as 15 Dollars/barrel at a time, at another time in 2003 oil was 26 Dollars/barrel, yet our economy did not enter recession. The OP's premise is stupendously flawed. |
Re: Effects Of Oil Crash On Oil-dependent Economies by DaudaAbu(m): 9:02pm On Aug 15, 2016 |
Agriculture is not the diversification we need , all the investment in Agriculture is geared towards self sufficiency not revenue earning. Just as someone wrote and i quote above, we are not expecting agriculture to bring in earning in hard currency but to stop those who need forex of about $11billion in other to bring in rice, wheat, tomatoes puree and what have you https://www.nairaland.com/3289800/audu-ogbeh-launches-agriculture-roadmap |
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