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Oil Price Sinks To Lowest Level In 16 Years - Politics (4) - Nairaland

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Mele Kyari: Nigerians Should Prepare For 3 Months Trouble Over Oil Price Crash / Crude Oil Not Sold For $100 In 16 Years Of PDP – Atiku / Electricity: We’ve Performed Better Than PDP Did In 16 Years – Fashola (2) (3) (4)

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Re: Oil Price Sinks To Lowest Level In 16 Years by Ausrichie(m): 10:00am On Mar 19
michlins:
Until the masses get productive and pay enough tax, nothing is going to change. Our income is too minimal to effect the amount of change we desire. The opposition will make average person think the government on power are just sharing money. Give them power, and the reality will hit them. That's what happened to APC. Nigeria is poor. Quote me anywhere
Out of 30k minimum wage bah? Common increase in VAT and most people are crying please just shift.

2 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by Isoduwa(m): 10:02am On Mar 19
Who cares like say Nigerian citizen dey chop the oil money before why telling us
Re: Oil Price Sinks To Lowest Level In 16 Years by AmeLonRo(m): 10:02am On Mar 19
Re: Oil Price Sinks To Lowest Level In 16 Years by Evercurious(f): 10:03am On Mar 19
voltron14:


Is electricity cheap anywhere?

Talking about the cost of shipping from Osaka to Nigeria viz local transport, isn't that the reason for the creation of dry ports?


He didnt ask for CHEAP electricity but CONSTANT electricity.. Pls be realistic..

10 Likes 1 Share

Re: Oil Price Sinks To Lowest Level In 16 Years by Lush100(m): 10:04am On Mar 19
Bad leadership and governance means unproductive people

good leadership and vision leads to a productive nation.

the people are tools in the hand of the government.

the human capacity of Nigerian people is loaded but the environmental capacity is a serious hindrance.

All great strides ever achieved by countries including China , US, Singapore, Hong-Kong all emanated from Visionary leaders.


voltron14:


My initial response is the lack of creativity and productivity of the average Nigerian, however you seem more fixated on government.

I continue with my premise, Nigerians are unproductive and uninventive people.

Whatever shade you wish to colour it by, 60 years of nationhood underlines this fact.

Watch how he would swing it to politics.

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Re: Oil Price Sinks To Lowest Level In 16 Years by Coldie(m): 10:04am On Mar 19
voltron14:


How much do you think a country of 200 million people require for its annual budget?
Nigeria's population is not up to 200million
Re: Oil Price Sinks To Lowest Level In 16 Years by wilsonuwakaiyeme: 10:05am On Mar 19
Nigeria gov should diversify the economy or introduce forex trading into our curriculum in order to allow people help themselves, meanwhile for those who want to learn how to trade forex should chat me up on WhatsApp via-09065319364

1 Like

Re: Oil Price Sinks To Lowest Level In 16 Years by Coldie(m): 10:07am On Mar 19
voltron14:


Let me tell you something.

When Abacha was president, Nigeria was under a choke hold, there was no electricity just like today but that was the period in which the Nigerian home video industry (Nollywood) became an African brand.

What of the Afro music that has gone global today, when did it germinate?
Same time as when Abacha was in power.

That is the kind of creativity we need in all spheres.

Today, we are talking of Coronavirus, how many protective Hazmat suits are being built in Nigeria?

How many masks are being built?

How many of the clothes in your closet are made in Nigeria?

Honestly, we lack productivity and it stems with the populace.
Are u not part of the populace how many have u produced.

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Re: Oil Price Sinks To Lowest Level In 16 Years by Evercurious(f): 10:07am On Mar 19
layzie:
@ Voltron,
I don't seem to understand why u heap the blames on populace and leave out the leadership. It doesn't make sense. U called the popuplace highly uneducated, unimaginative, unproductive and expecting to live like Jayz. Where do u get that from?
same populace that agitated for and govt eventually agreed to pay minimum monthly pay of 30k( less that 100 dollars) How do they expect to live like Jayz with that??
How many of these 200m populace does govt cater for in terms of social welfare as done in the countries with 'productive' populace? and yet how many of these populace do u personally feed daily since they are unproductive and most likely poor without food? The answer to the 2 questions if not zero, is infinitesimal compared to the country's population. And yet, these unproductive poor people eat everyday, clothe and strive to send their kids to school and all that. How do they do manage these while being highly unimaginative and unproductive?
A drive around town will show u myriads of informal enterprises being undertaken by these 'highly unimaginative' populace to keep body and soul together.
They do what they can given the environment they are faced with. A country of 200m still grappling with 3k megawatts of electricity does not support production anywhere in the world. It's not the popuplace's duty to provide electricity. Heap the blames to the right quarters.

Thanks for.this.. No mind the unrealistic fellow blabbing since

5 Likes 1 Share

Re: Oil Price Sinks To Lowest Level In 16 Years by lexy2014: 10:08am On Mar 19
voltron14:


The populace is unimaginative, uneducated and highly unproductive.

This is the stark reality.

Take out this leader, bring in a new set, the situation would be the same until the people realise they aren't actually inventive.

Why are "the populace unimaginative, uneducated and highly unproductive"? Are u part of this populace? How does this exonerate govts in carrying out their constitutional responsibilities?

8 Likes 1 Share

Re: Oil Price Sinks To Lowest Level In 16 Years by Doyin2(m): 10:08am On Mar 19
vicdom:
embarassed
E don red now. This is the time our pseudo change and next level government should bring out all the audio recovered loots, trillions saved in TSA, customs and et al and fund our budget. I don't wanna hear story oooo. Because all these acclaimed monies are suffice for our budget funding. Very useless and clueless government with dimwitted zombies as apologists. undecided



You feel so pained as a loser.

However lies and deceit cannot bail you out.

Trillions from TSA and Abacha loot,to fund the budget?

No economy,no matter how strong can escape the present global economic predicament.

The earlier you realise this,the better for your health.

1 Like

Re: Oil Price Sinks To Lowest Level In 16 Years by Coldie(m): 10:09am On Mar 19
tensazangetsu20:

Build what with which electricity. As of one Abacha was president Nigeria was one of the poorest countries in the world with a per capita Income of less than a thousand dollars, sanctions, authoritarian rule and massive corruption. It's not as if it was paradise.

Young Nigerians are trying. The tech startups springing up were built by them. Some of which the government is doing everything to extinguish. The government and the leadership of Nigeria is a problem and until Nigeria has quality leadership she will never ever get better ever.
In Nigeria if you are a young Nigerian into tech, Efcc would bust your house and brand you a yahoo boy without any reasonable proof. Then u would use the small money u are using to run the startup to bail yourself and get back to square one.

With confidence the govt doesn't give a fvck

7 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by fishvision: 10:10am On Mar 19
We only hear when the price of crude crashes below Govt benchmark what of when it rises above benchmark??
Re: Oil Price Sinks To Lowest Level In 16 Years by DModeCntStopMe: 10:10am On Mar 19
shocked

The country is crumbling gradually while our leaders are still living large
Re: Oil Price Sinks To Lowest Level In 16 Years by Coldie(m): 10:12am On Mar 19
tensazangetsu20:

You talk about producing and trading but your own government closed the borders. Those closed borders continuously affects businesses in Nigeria. The shoe producers in Nigeria can't move their products out. Nigeria as a country does not take trade serious. Well oil is down to 23 dollars. Everyone go feel am Las Las.
E sweet me die. Diverstify economy since 2015 Buhari instead started using our money to look for oil in the north all to no avail.

First recession came they did not learn now this.

At a time when our ECA is almost empty, all the Abacha loots almost finished, crude oil price low.

There eyes go clear.

3 Likes 1 Share

Re: Oil Price Sinks To Lowest Level In 16 Years by Coldie(m): 10:12am On Mar 19
fishvision:
We only hear when the price of crude crashes below Govt benchmark what of when it rises above benchmark??
I swear

1 Like

Re: Oil Price Sinks To Lowest Level In 16 Years by dallyemmy: 10:14am On Mar 19
They promised to diversify our economy from crude oil but we failed to ask what they meant by the word diversify.
Re: Oil Price Sinks To Lowest Level In 16 Years by kokanepyramid: 10:14am On Mar 19
voltron14:
B

We are not doing even close to enough.

Less than 1% of the population involved in a trade that brings in less than 2% of the total GDP isn't the yardstick you wish to measure with.

The common man should be in tangible production, be it of bathroom slippers or zippers.

The cost of labour is extremely low in Nigeria, which in itself should drive productivity as a significant factor of production but it doesn't.

We must produce.

Produce or perish.

You are wrong!

The environment is not encouraging at all.
Even the government doesn’t patronise made in Nigeria take Innoson for instance.
Some came up with Bike hailing in Lagos what did the government do to them after these people got license to operate and invested heavily in it. So you expect others to carry their hard earned savings and invest in a country with volatile policies.
No power, No roads, multiple taxations here and there. People are making money in this country enough to invest it in production but won’t cos it’s highly risky. Reason everyone is going into real estate.

7 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by A305: 10:14am On Mar 19
Huge loss for the oil firms who had bought before price drop.
Re: Oil Price Sinks To Lowest Level In 16 Years by Ausrichie(m): 10:15am On Mar 19
Doyin2:




You feel so pained as a loser.

However lies and deceit cannot bail you out.

Trillions from TSA and Abacha loot,to fund the budget?

No economy,no matter how strong can escape the present global economic predicament.

The earlier you realise this,the better for your health.





What about the ones that are in constant recession. We should recede in the recession?
Re: Oil Price Sinks To Lowest Level In 16 Years by Coldie(m): 10:15am On Mar 19
Gerrard59:


When you agree that lack of constant electricity is a huge obstacle to productivity, then you are talking. The cost of transporting a container of goods from Osaka to Lagos is the same as from Kano to Lagos. How is that any entrepreneur's fault? The cost of production is at least 30% higher than other comparable nations. These were said by senior executives at Olam. So I wonder how productivity can be achieved when electricity is unavailable. Before you mention the Chinese, do understand that they are backed by cheap loans from the Chinese government.
Non interest loans from the govt.

That guy doesn't know what he is saying.

This is 2020 ordinary light is like Rocket science, then when are we ever going to get it right
Re: Oil Price Sinks To Lowest Level In 16 Years by Iogobenz(m): 10:15am On Mar 19
Stephenomozzy:


A quick one...... Are you one of the underachievers?
I have been planning to ask him since to show us one of the things he has produced but somehow I chose not to bother.
Crazy fool undecided

5 Likes

Re: Oil Price Sinks To Lowest Level In 16 Years by wink2015: 10:16am On Mar 19
The price of Brent crude, the international benchmark, tumbled on Wednesday to the lowest level in 16 years as global markets continued to respond to the price war between Saudi Arabia and Russia amid the spread of the coronavirus pandemic.

Brent, against which Nigeria’s crude is priced, fell by $2.23 to $26.11 per barrel as of 4:42 pm Nigerian time on Wednesday, its lowest level since late 2003.

With the oil price now more than 50 per cent lower than Nigeria’s budget benchmark, the country’s oil-dependent economy has come under more pressure, The PUNCH reports.

The 2020 budget, which was signed by the President, Major General Muhammadu Buhari (retd.), in December, was based on oil production of 2.18 million barrels per day with an oil price benchmark of $57 per barrel.

The Federal Government was looking to generate N2.64tn oil revenue, representing 32.34 per cent of expected total revenue for this year, with non-oil revenue projection being N1.80tn.

Source: https://punchng.com/breaking-oil-price-sinks-to-lowest-level-in-16-years/

NORTHERN NIGERIA go and face Agriculture !

Yes ! GO AND FACE AGRICULTURE.

Federal government should cut down on the huge cost of governance across the three tiers of government ( FEDERAL, STATE AND LOCAL GOVERNMENT )

STOP TAKING FOREIGN LOANS.

1 Like

Re: Oil Price Sinks To Lowest Level In 16 Years by kikero: 10:17am On Mar 19
Stephenomozzy:


Do you know what criticism is?

You mentioned increased taxation for things to be better... Do you think booming economies such as China, Singapore et al thrive on taxation of its citizens only?

The duty of governance is to formulate policies that will enhance the productivity of its people!

Do you know how may startups fold up each year due to the unhealthy work environment of the country? Have you tried setting up an enterprise in today's Nigeria?

About my recommendation, we have become too relaxed as a country depending on Crude.... Remember the glorious Nigeria in the times when we were a agricultural export country! Now we're consumers... We have great human resources... What are the policies in place to maximize these potential?

The problem with agriculture in Nigeria is that our agriculture is largely subsistence.

Less than 10% of farming in this country is done on large scale farms that can supply enough produce for export.

Also, back in the days when agriculture was king, a disproportionate amount of the money earned was spent on a tiny reserve of the population. once the population of the educated grew beyond the Level agriculture revenue could sustain them, that's when issues started...around the 1980s.

Nigeria needs to become productive by becoming industrial. Oil is a curse

1 Like

Re: Oil Price Sinks To Lowest Level In 16 Years by Coldie(m): 10:18am On Mar 19
voltron14:


Is electricity cheap anywhere?

Talking about the cost of shipping from Osaka to Nigeria viz local transport, isn't that the reason for the creation of dry ports?
What's the use of dry ports when from Onitsha to Lagos u have over 100police check points collecting illegal Moneys from business men

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Re: Oil Price Sinks To Lowest Level In 16 Years by Tweiker: 10:18am On Mar 19
voltron14:


Let me tell you something.

When Abacha was president, Nigeria was under a choke hold, there was no electricity just like today but that was the period in which the Nigerian home video industry (Nollywood) became an African brand.

What of the Afro music that has gone global today, when did it germinate?
Same time as when Abacha was in power.

That is the kind of creativity we need in all spheres.

Today, we are talking of Coronavirus, how many protective Hazmat suits are being built in Nigeria?

How many masks are being built?

How many of the clothes in your closet are made in Nigeria?

Honestly, we lack productivity and it stems with the populace.


Stop lying about what you don't know. When Abacha and IBB were the government there was light, sometimes for days on end, and the Naira had value.

My aunt with whom I lived sold ice blocks and she never had a gen.

Whenever my uncle hit Nigeria from the US he could never get anything over 85 naira per dollar.

You claim the populace is unproductive? Know how many businesses I've invested in that was killed by useless taxes, lack of light, and omonile?

I work online now and I'm still waiting for light these past 4 weeks. My laptop has 4 spare batteries, my phones 2 power banks, still, my 1 year old gen looks like it's celebrated its 20th birthday already!


It's not about the people, it's the government and what they stand for. Gabon, Botswana and SA didn't get on the list of top 100 most developed countries in the world cos of the unproductive black people. It's the productive government.
Nigeria is richer than all 3 of those nations.

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Re: Oil Price Sinks To Lowest Level In 16 Years by youngestgrad(m): 10:20am On Mar 19
voltron14:


The populace is unimaginative, uneducated and highly unproductive.

This is the stark reality.

Take out this leader, bring in a new set, the situation would be the same until the people realise they aren't actually inventive.
Mr Man what have YOU invented or developed that has improved the state of YOUR community.
What about an average high school student in the USA who has access to college loans from their govt, what has he/she invented?
The government creates a structure or environment for it's citizens to thrive!!

4 Likes 1 Share

Re: Oil Price Sinks To Lowest Level In 16 Years by kikero: 10:20am On Mar 19
Gerrard59:


When you agree that lack of constant electricity is a huge obstacle to productivity, then you are talking. The cost of transporting a container of goods from Osaka to Lagos is the same as from Kano to Lagos. How is that any entrepreneur's fault? The cost of production is at least 30% higher than other comparable nations. These were said by senior executives at Olam. So I wonder how productivity can be achieved when electricity is unavailable. Before you mention the Chinese, do understand that they are backed by cheap loans from the Chinese government.

A big problem with power supply in this country for many years is that most Nigerians don't pay their bills.

Most Nigerians want power for free as well.

That's why NEPA failed and a big part of why the discos cannot function effectively

And the problem extends to government agencies.

The people that complain about the discos do so because they are regular payers and the pressure is on them.
Re: Oil Price Sinks To Lowest Level In 16 Years by MoxxxxO123(m): 10:20am On Mar 19
voltron14:


So it's the closure of borders of 6 months that rendered Nigerians unproductive for 60 years?
so what are you suggesting for the populace?
Re: Oil Price Sinks To Lowest Level In 16 Years by kikero: 10:23am On Mar 19
michlins:
Until the masses get productive and pay enough tax, nothing is going to change. Our income is too minimal to effect the amount of change we desire. The opposition will make average person think the government on power are just sharing money. Give them power, and the reality will hit them. That's what happened to APC. Nigeria is poor. Quote me anywhere

Nigeria is poor, but if APC had hit the ground running with policies since 2015 and had removed fuel subsidies and power subsidies so as to attract investors in both sectors we might have been in a better place
Re: Oil Price Sinks To Lowest Level In 16 Years by Gilbertase: 10:25am On Mar 19
voltron14:



Unlike many, I don't do such conspiracies.

There is no government that does that, none whatsoever.

There are many positives from all governments in Nigeria but I insist, the Nigerians are too unimaginative to embrace the opportunities.

Even this thread speaks volume.

Notice how, as soon as I made it an economic discourse, the early dimwits abandoned the thread?

That is typical.

As soon as it requires effort and persistence many flee.

please, if i may ask, and i dont mean any disrespect. What business(es) do you currently run in the country? What products/services do you currently have on offer. I ask because i know so many wonderful initiatives, businesses that have had life choked out of them, not due to laxity of the business owner/ innovator, but basically due to an unconducive environment. ENVIRONMENT matters! Anthony Joshua wouldnt be world champ and other Nigerians doing amazing things outside this shores, would have likely ended up just average if they had stayed here. Just two months into my MBA program in 2015 and i realised Nigeria needs its own curriculum and set of books, cos all those principles we read and digested, we KNOW dont apply here. It pisses me off when i read people downplay the import of ENVIRONMENT.

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