InvertedHammer:
/
We need naira at N500 per US dollar.


\

Pity your people in Nigeria. Don't be selfish.

Now I know why the Nigerian government doesn't feel the need to fully privatise the oil sector, because they will be able to manipulate the local pump price to stimulate the economy in times like this .
With full privatization ,how will they be able to generate money to fund the economy when we dont have savings.
Big economies have large savings they set aside to cushion the effect of this corona virus.

xmocrew:

Awon ti work on online. Well done Mami.

Cokebar is into IT and works remotely. Pele tie

onlyforchrist:


Cokebar is into IT and works remotely. Pele tie

Oh, I though that was what he insinuated in yoruba?

CokeBar:

Oh, I though that was what he insinuated in yoruba?

He thought you are into G

Tot u were going to analyze this and tell us how Nigeria will be hit.
In layman's terms, Saudis are reducing their Oil prices and Russians are not ok with it.
Now, Shouldn't other countries with a high cost of production be worried??
Nigeria is 7th Opec producing Nation.
Nigeria produces around 1.9million bbl per day and export 2.2million bbl per day if I'm correct.
Definitely,how do one meet up with cost of production with SPDC and the rest??
Knowing that 80% of Nigerian Revenue is from Oil and Gas.
This makes up 75% of the Budget.
If the global oil price continues to dive down hope buhari will not come and tell us no money to pay us again and start owing person oooo.

Roon9:
Since I was born till now I only hear of revenues from oil. Please what about gas?? Don't we export those? Please somebody should educate me



Call for a decent solar plan for your home and businesses comprising a 1kva luminous inverter, 2*100AH battery and 4*150W solar module for up to 18hrs uninterrupted power supply daily. All for just #299,999

The oil they talking about is the crude oil and its after refinery separation you get get.its the crude oil we export thou i dont know if the government earn much with gas export. Check NLGN website for more info.

onlyforchrist:

He thought you are into G

Lol, really? Pardon me... I donot understand Yoruba. Thank you and enjoy the rest of your day.

Sultty:
may they be bombed over there

What then happens to your money that they stole?

paix:
What then happens to your money that they stole?

they have already deprived d masses of d ill gotten money. So we don't care btw how much have u collected from abacha's stolen fund??

CokeBar:
Not trying to be anti-Nigerian but it would make sense if Naira crashes abit

It seems u earn in dollar?

Sultty:
they have already deprived d masses of d ill gotten money. So we don't care btw how much have u collected from abacha's stolen fund??

Na so

it means go back to farming

Betcrusher:
how? Which of them?

Dollar and Euro

ITbomb:

America entered the middle east to control the flow of cheap crude so that their expensive shale oil can be produced. That's why they could fund the arab wars.
The real price of oil is $25 - $30 per barrel.
Obasanjo achieved all he did with $23 - $40 per barrel.
Methink, Nigeria can run on $35 per barrel by reducing cost of governance and decentralizing (removing things from the exclusive list).
Anything over $40 should be strictly for infrastructure based on development plan



But then, commonsense tells me that
Buhari = Badluck

So refreshing seeing an actual intelligent comment on this forum.

Esseite:


Lai does not need to come with any reason... it's only logical to know that pump price would even increase as a means the govt would use to fund itself because oil demand is poor and over saturated without production caps to accommodate lower production countries like Nigeria.

If only Nigeria could start controlling its population, that is the only way Nigeria can survive the next three decades.

Our dwindling resources can no longer accommodate a population of 200m talk more of an increase.

For that to happen we need to change our mentality in this country. This requires mandatory comprehensive sex education and family planning while children, teenagers and young adults are still in school.

Religious leaders both Muslim and Christian would kick against such and most people, especially women, don't like hearing the phrase 'no more children'.

I have seen a woman have 4 kids while still unable to take care of herself yet she's pregnant. Ignorance is the fuel of suffering's engine.

American shale oil was profitable business at $100 range.

OPEC maneuvered to bring it down to $70 and below.

Now the price has fallen to $30, I am no energy expert, but America is also headed for serious economic problems if they continue producing shale oil.

Nigeria would only need to cut down on expenses and trim it's workforce to survive.

What it means is that it is time to dip our hands into that excess crude account and spend all of that sweet, sweet oil money!

A welcome development I must say...since we have been having oil boom..what impacts had that on the populace? wasn't the money going to private pocket's and assets here n there..
I think 2020/will be another year that the billionaire amongst the elites will be humbled. now I see crypto currency gaining momentum.. the major players of the world are into manufacturing, oil n gas,real estates.. the time to grow new innovation is now.. I can see many Whites coming to Africa to invest in agriculture and. real estate kos the global trading markets will fall yakata and there will be lots of hostilities in Europe. African nations who relied on oil as there only means of foreign exchange will cry and suffer great loss of income.. now is the time to think within.. since China had stop production and factories down we shd seek alternative to our indigenous industries... production and development of the critical structures.. but we aren't Prepared.. why??
steel and iron which is the bed rock of infrastructure and development is imported.. while our ajaokuta is lying in ruins, power isn't available. no access to capital in banks.. so lots of things to say...but..
alas... I'm an ordinary citizen

culturedboss:
Tot u were going to analyze this and tell us how Nigeria will be hit.
In layman's terms, Saudis are reducing their Oil prices and Russians are not ok with it.
Now, Shouldn't other countries with a high cost of production be worried??
Nigeria is 7th Opec producing Nation.
Nigeria produces around 1.9million bbl per day and export 2.2million bbl per day if I'm correct.
Definitely,how do one meet up with cost of production with SPDC and the rest??
Knowing that 80% of Nigerian Revenue is from Oil and Gas.
This makes up 75% of the Budget.
If the global oil price continues to dive down hope buhari will not come and tell us no money to pay us again and start owing person oooo.

Ever heard of Excess crude account?

emmanuelpopson:
A welcome development I must say...since we have been having oil boom..what impacts had that on the populace? wasn't the money going to private pocket's and assets here n there..
I think 2020/will be another year that the billionaire amongst the elites will be humbled. now I see crypto currency gaining momentum.. the major players of the world are into manufacturing, oil n gas,real estates.. the time to grow new innovation is now.. I can see many Whites coming to Africa to invest in agriculture and. real estate kos the global trading markets will fall yakata and there will be lots of hostilities in Europe. African nations who relied on oil as there only means of foreign exchange will cry and suffer great loss of income.. now is the time to think within.. since China had stop production and factories down we shd seek alternative to our indigenous industries... production and development of the critical structures.. but we aren't Prepared.. why??
steel and iron which is the bed rock of infrastructure and development is imported.. while our ajaokuta is lying in ruins, power isn't available. no access to capital in banks.. so lots of things to say...but..
alas... I'm an ordinary citizen

You see that Ajaokuta you wrote there? Find way comot am, that is one of the highest formats our yahoo-boy politicians have pulled in the history of Nigeria. Do not ever mention it when citing potential economic developments in Nigeria.

tundess:
And whilst all this upheaval is happening Barkindo as OPEC Sec. Gen is bypassed and ignored by the world's global oil and gas players. He is not respected and his negotiation skills are ineffectual because they are non-existent. Of all the bright and able ppl in the O&G industry, GMB's admin chose to support a man whom Rilwan Lukman had jettisoned because he was notoriously corrupt. The Wikileaks cables below give an insight into how the industry views him.

https://wikileaks.org/plusd/cables/09LAGOS33_a.html

Nigeria's seat at the table of OPEC has long been relegated to invited bystander status. Diezani and her "Marie Antoinette" sensibilities towards our oil finally convinced the world that Nigeria had no strategic value beyond propping up American hegemony. Barkindo's reappointment to OPEC was merely confirmation of our unimportance. We are victims of global power play as much as countries who don't even have oil.

Good read.
You know I read and re-read your post 5 times. We are not serious as a nation. Until we unbundle the economic sectors of this country and revert back to true federalism I don’t see how we can get our self from this impending recession.

alphaNomega:


Ever heard of Excess crude account?

Ever heard of Backlog??

deolurexy1:


Am CIA dummy

may God help u

culturedboss:

Ever heard of Backlog??

We're gonna get ffucked. Bring lube.

alphaNomega:


We're gonna get ffucked. Bring lube.

It's Greasy bro.Look well and Ask urself how much is currently in our Excesss Crude Acct.There has been a backlog.Money they've been using to fight Boko Haram, Flooding and Ebola Etc.Is that one what u were holding onto??Nah

deolurexy1:
What goes down must surely go up vice versa, the plan is for the covid19 to kill atleast 200million people by year end and hurt billionaires along the way. The dooms day believers and climate change scientists are behind this shit!

if your assertion is true, then the virus won’t be affecting the elite.