| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by joyandfaith: 6:51am On Dec 29, 2023 |
Quintessence44:
If you are planning to JAPA, my advice as an economist and oil industry analyst is that you WAIT.
Give it at least a YEAR from today before making the final decision.
The Dangote refinery is a game-changer.
Nigeria becomes self-sufficient in refined petroleum products, and a net exporter of same, bar none in Africa.
That’s a huge deal.
A great many businesses will be established in the months and years ahead based on our self sufficiency in petroleum products.
Millions of new jobs will be created.
In fact one foreign report states that the establishment of the 20 billion dollar Dangote refinery in Lagos officially makes Nigeria an industrialised nation.
In addition, Nigeria will stop importing diesel, petroleum products, fertiliser and petrochemicals.
“That is saving over $26 billion in foreign exchange” per annum, according to official sources.
In addition to all this, the Dangote refinery will generate 12,000 megawatts of electricity.
You can imagine the impact this will have on the economy going forward.
To JAPA right when the nation is on the cusp of economic and industrial transformation is in my view, ill-advised.
Hence I urge a one-year moratorium on all JAPA - related activities.
Happy New Year all, and God bless Nigeria.
When? 2022. Later 2023..Now it would start operation in 2024, dangote is now importing refined crude oil. Shame!!!! |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by SalamRushdie: 7:51am On Dec 29, 2023 |
bigpicture001:
it will if u understand economics We are talking Nigerian organised fraud you are talking economics ...where have you ever seen economics work properly in Nigeria? Keep decieving yourself...Nigeria is importing fuel for the next 10 years |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Quintessence44: 8:32am On Dec 29, 2023 |
grandstar:
Nigeria has been preaching self sufficiency for at least 40years now. I was in secondary schiol when Buhari toppled the Shagari government. It has failed woefully.
What do you mean by save "foreign exchange?"
If I read a foreign journal and I come across that term, it would be a Nigerian sponsored post. Only Nigeria uses thar term.
How do you "save foreign exchange?" Will a man who hasn't had sex for 1year have more sperm than one who hasn't had sex for 6months? They probably have the same level. That is how "saving foreign exchange" sound. I never even mentioned the term ''foreign exchange''. Have you been drinking? Self sufficiency means producing things you suck at to save foreign exchange. If the nation focused on an export push, the country can generate $5 in exports for every $1 saved through self sufficiency. I've zero idea what you mean by ''producing things you suck at''. I'll leave that to you and your therapist. 3 Likes 1 Share |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Udoboss(m): 8:41am On Dec 29, 2023 |
I pray it works. I remembered when Wale the finance minster, postulated that if they inject dollar into circulation the price of the dollar will come down that same day it rose and later came down but in the long-term it wasn't effective at all..Dollar is climbing everyday. 1 Like 1 Share |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by FoolishBoy419: 9:52am On Dec 29, 2023 |
Usmanovic95:
Dangote is the largest producer of cement in Africa but the cement is still expensive here. Why do you believe all of a sudden that his refinery will be the game changer? Why must it be cheap? The refinery is more about creating job opportunities, slightly reducing fuel price, and most importantly, reducing our dollar demand. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by FoolishBoy419: 10:10am On Dec 29, 2023 |
ShoeGetSize:
The sheer stupidity of this post is a prime example of how shallow and empty the brain of an average Nigerian is.
The strength of a Nation's currency is dependent on its trade balance (i.e whether it is a net exporter or a net importer)
If a country has a trade imbalance with other countries whose economies are based on strong industrialisation and large priductions of goods and services which dominate exports to other countries, then that country will have a very weak currency and that is exactly what Nigeria's problem is.
For a country with a population of 200 million, Nigeria is grossly under-industrialised. How many of the major car companies in the world have assembly plants in Nigeria? The answer is zero. At best they will have one or two show rooms in places like Lagos, Abuja, Port Harcourt or Kano (which is the case with Toyota and Honda in Nigeria), but that is as far as they are willing to go with investment in Nigeria.
Most global brands, with the exception of oil companies (for obvious reasons) tend to avoid Nigeria.
The only foreign companies that invest in Nigeria tend to be either new companies that are trying to make a name for themselves, or Chinese, Indian and Paki companies who don't care about things like Nigeria's corruption because they are used to it in their home countries.
Dangote's refinery won't change anything. Venezuela is one of the biggest oil producing countries in the world, and it has the biggest oil reserves in the world. Their reserves are bigger than those of Russia, Saudi Arabia, United States, Iran etc. The price of a litre of petrol in Venezuela is about N17 per litre, but their economy is in tatters and on the verge of collapse.
Cheap petroleum has never been a substitute for sound economic policies. Yes, it makes the cost of transportation more affordable for the populace, but the overall net impact is not going to be as miraculous as you think. What makes a country develop rapidly and have a strong currency is industrialisation. That's how Japan did it, despite not having a drop of oil in their country, that's how the Chinese have done it, that's how the Indians are doing it etc.
If Nigeria doesn’t start industrialisation on a massive scale, nothing is going to stop it from becoming even more wretched than it already is.
Nigeria is already the next Venezuela in the making.
Everything you said is valid except for the example you made with Venezuela. The country is in tatters mostly because of America's bullying and the undue sanctions placed on its economy. 2 Likes 1 Share |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by kayusely70(m): 10:17am On Dec 29, 2023 |
Udoboss:
I pray it works. I remembered when Wale the finance minster, postulated that if they inject dollar into circulation the price of the dollar will come down that same day it rose and later came down but in the long-term it wasn't effective at all..Dollar is climbing everyday. I strongly suspect that some disgruntled elements are sabotaging governments efforts in pulling Nigeria out of economic woes
|
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by phemray(m): 10:20am On Dec 29, 2023 |
Usmanovic95:
Imagination wan finish this brother 😅 Imagination ke?? Anyway less than 24 months more, preparation that jam opportunity is what u people referred to as Luck abi? Thank God u are preparing for the economic boom soon. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by drlateef: 10:23am On Dec 29, 2023 |
CrossRhodes:
Yes dangote refinery will improve....
security
Healthcare services for all
Unemployment statistics
Ndi uchu, God pass una And what does that mean? Do you mean you wake every day praying for Nigeria to fall because your effeminate yes daddy political neophyte lost an election? Are you okay at all? You need to go yaba left very quickly. You are losing your mind tbh. 1 Like |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by ShoeGetSize: 10:29am On Dec 29, 2023 |
Their problems started before the sanctions were imposed. And the sanctions were not imposed on its oil exports as was the case with Iran for example where the US and the European Union forbade Iran from selling a huge percentage of its oil on the international crude oil market. Most of the US sanctions against Venezuela are in the form of travel restrictions against members of the Nicholas Maduro administration. They can no longer travel on vacation abroad with their wives and mistresses and they can't send their children to posh American schools or treat themselves in American hospitals when they get sick. FoolishBoy419:
Everything you said is valid except for the example you made with Venezuela. The country is in tatters mostly because of America's bullying and the undue sanctions placed on its economy. 1 Like |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by nairalanda1(m): 10:31am On Dec 29, 2023 |
Quintessence44:
If you are planning to JAPA, my advice as an economist and oil industry analyst is that you WAIT.
Give it at least a YEAR from today before making the final decision.
The Dangote refinery is a game-changer.
Nigeria becomes self-sufficient in refined petroleum products, and a net exporter of same, bar none in Africa.
That’s a huge deal.
A great many businesses will be established in the months and years ahead based on our self sufficiency in petroleum products.
Millions of new jobs will be created.
In fact one foreign report states that the establishment of the 20 billion dollar Dangote refinery in Lagos officially makes Nigeria an industrialised nation.
In addition, Nigeria will stop importing diesel, petroleum products, fertiliser and petrochemicals.
“That is saving over $26 billion in foreign exchange” per annum, according to official sources.
In addition to all this, the Dangote refinery will generate 12,000 megawatts of electricity.
You can imagine the impact this will have on the economy going forward.
To JAPA right when the nation is on the cusp of economic and industrial transformation is in my view, ill-advised.
Hence I urge a one-year moratorium on all JAPA - related activities.
Happy New Year all, and God bless Nigeria.
1.When we had the 'Andrew' adverts in 1984, we still had people leaving the country. And in 1984, we had all the refinery at least working. 2.Dangote refinery is not going to make Nigeria industrialized. We need a good railway system, good power supply and a host of other things, then we can talk. I mean, Niger has a refinery, they even export from the refinery, and last i checked, Niger makes Nigeria look like a paradise. 3.We need to diversify our economy away from oil too. 1 Like |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by nairalanda1(m): 10:35am On Dec 29, 2023 |
FoolishBoy419:
Everything you said is valid except for the example you made with Venezuela. The country is in tatters mostly because of America's bullying and the undue sanctions placed on its economy. Venezuela's problems predate the Maduro and Chavez era Infact in the 1980's , when oil prices crashed, Venezuela had a lot of economic problems, and the government then in charge was pro-USA. So pro-USA, I even think if Washington ordered them to come and clean toilets in the White House, they would be there in minutes(just joking). iNFACT Chavez came into power because the prolonged crisis from oil prices being too low enabled him to get popular enough to be elected (after a coup he attempted five years previous failed). Venezuela's problem is over-relying on oil. And if Maduro gets removed and replaced with a USA puppet, the problem would still be there.It has always been there, whoever is in charge of that country. 1 Like |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by BigDawsNet: 10:37am On Dec 29, 2023 |
Quintessence44:
If you are planning to JAPA, my advice as an economist and oil industry analyst is that you WAIT.
Give it at least a YEAR from today before making the final decision.
The Dangote refinery is a game-changer.
Nigeria becomes self-sufficient in refined petroleum products, and a net exporter of same, bar none in Africa.
That’s a huge deal.
A great many businesses will be established in the months and years ahead based on our self sufficiency in petroleum products.
Millions of new jobs will be created.
In fact one foreign report states that the establishment of the 20 billion dollar Dangote refinery in Lagos officially makes Nigeria an industrialised nation.
In addition, Nigeria will stop importing diesel, petroleum products, fertiliser and petrochemicals.
“That is saving over $26 billion in foreign exchange” per annum, according to official sources.
In addition to all this, the Dangote refinery will generate 12,000 megawatts of electricity.
You can imagine the impact this will have on the economy going forward.
To JAPA right when the nation is on the cusp of economic and industrial transformation is in my view, ill-advised.
Hence I urge a one-year moratorium on all JAPA - related activities.
Happy New Year all, and God bless Nigeria.
Good analysis.. What do you think will happen to to the exchange rates? Are we going to have $1 to #400 back? |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by nairalanda1(m): 10:38am On Dec 29, 2023 |
ShoeGetSize:
The sheer stupidity of this post is a prime example of how shallow and empty the brain of an average Nigerian is.
The strength of a Nation's currency is dependent on its trade balance (i.e whether it is a net exporter or a net importer)
If a country has a trade imbalance with other countries whose economies are based on strong industrialisation and large priductions of goods and services which dominate exports to other countries, then that country will have a very weak currency and that is exactly what Nigeria's problem is.
For a country with a population of 200 million, Nigeria is grossly under-industrialised. How many of the major car companies in the world have assembly plants in Nigeria? The answer is zero. At best they will have one or two show rooms in places like Lagos, Abuja, Port Harcourt or Kano (which is the case with Toyota and Honda in Nigeria), but that is as far as they are willing to go with investment in Nigeria.
Most global brands, with the exception of oil companies (for obvious reasons) tend to avoid Nigeria.
The only foreign companies that invest in Nigeria tend to be either new companies that are trying to make a name for themselves, or Chinese, Indian and Paki companies who don't care about things like Nigeria's corruption because they are used to it in their home countries.
Dangote's refinery won't change anything. Venezuela is one of the biggest oil producing countries in the world, and it has the biggest oil reserves in the world. Their reserves are bigger than those of Russia, Saudi Arabia, United States, Iran etc. The price of a litre of petrol in Venezuela is about N17 per litre, but their economy is in tatters and on the verge of collapse.
Cheap petroleum has never been a substitute for sound economic policies. Yes, it makes the cost of transportation more affordable for the populace, but the overall net impact is not going to be as miraculous as you think. What makes a country develop rapidly and have a strong currency is industrialisation. That's how Japan did it, despite not having a drop of oil in their country, that's how the Chinese have done it, that's how the Indians are doing it etc.
If Nigeria doesn’t start industrialisation on a massive scale, nothing is going to stop it from becoming even more wretched than it already is.
Nigeria is already the next Venezuela in the making.
See sensible post. But most Nigerians do not get it. Try to tell them this, na abuse dem go give you. Nigeria must industrialize. No other way out of this mess. (We are not quite at Venezuela level tho...we still make things like soap, tissue, sphagetti here in Nigeria...Venezuela was importing all that). 1 Like 1 Share |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Khyrvxjzy: 12:12pm On Dec 29, 2023 |
CrossRhodes:
Yes dangote refinery will improve....
security
Healthcare services for all
Unemployment statistics
Ndi uchu, God pass una how do you feel like? , to be a slave |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Usmanovic95(m): 12:27pm On Dec 29, 2023 |
FoolishBoy419:
Why must it be cheap? The refinery is more about creating job opportunities, slightly reducing fuel price, and most importantly, reducing our dollar demand. What do you feel could bring succor to an average Nigerian if it's not reduction in price in price of petrol,that's what a cross section of Nigerian population benefit from. The refinery can't recruiting 2% out of the unemployed youth out there. Stakeholders under him have constantly maintain fuel would be sold at international market price which will still expensive for a person on minimum wage. I love surprises tho,and I will love to see a positive turn around but till then I will still lower my expectation. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Usmanovic95(m): 12:40pm On Dec 29, 2023 |
phemray:
Imagination ke?? Anyway less than 24 months more, preparation that jam opportunity is what u people referred to as Luck abi? Thank God u are preparing for the economic boom soon. If the people at the helms of affairs shares half of your optimism, they would have done all it takes to make this refinery commence operation since may when it was commissioned. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by FoolishBoy419: 1:11pm On Dec 29, 2023 |
Usmanovic95:
What do you feel could bring succor to an average Nigerian if it's not reduction in price in price of petrol,that's what a cross section of Nigerian population benefit from. The refinery can't recruiting 2% out of the unemployed youth out there. Stakeholders under him have constantly maintain fuel would be sold at international market price which will still expensive for a person on minimum wage.
I love surprises tho,and I will love to see a positive turn around but till then I will still lower my expectation. Lower prices is not the only way to help the population unless you are looking for short-term solutions to a long term problem. I do not share the high level of optimism that the op has but I believe the refinery would move us forward and not backwards 1 Like |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by grandstar(m): 1:12pm On Dec 29, 2023 |
Quintessence44:
I never even mentioned the term ''foreign exchange''.
Have you been drinking?
There's nothing 'antiquated' about self-sufficiency.
Self-sufficiency means you save billions of dollars in imports, while creating jobs and growing GDP.
26 billion dollars per annum saved in the case of refined petroleum products per Nigeria.
Self-sufficiency also helps to raise the value of your currency.
I've zero idea what you mean by ''producing things you suck at''.
I'll leave that to you and your therapist.
What do you mean you never mentioned saved foreign exchange? What is implied by what you wrote? Why ban the importation of rice? Because Nigeria can not produce rice competitively like India or Vietnam for instance. We "suck at it." It is mainly products that you lack a competitive advantage in you ban. By building a protectionist wall, you ensure Nigerians are forced to buy Nigerian for a higher price i.e rice and cement come to mind. 1 Like 1 Share |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by IamAtikulate: 2:19pm On Dec 29, 2023 |
Dijita:
what is international fuel prices? I bought 12 gallons of gas this morning for about $38. That is about #38,000. 12 gallons is about 45 liters. @700 per liter, 12 gallons is about #31,500. This is about #5000 less that what is obtainable in international market You are using Nigerian exchange rate to calculate price of fuel in the international market? Illiterates everywhere. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by lexylaw40: 2:55pm On Dec 29, 2023 |
lexylaw40kuti:
I once thought about it. And with the way salaries and wages and rent have increased already..now I wonder how rich working Nigerians will be once naira increase in value. Dangote refinery and Port-Harcourt refinery once they start producing will impact forex to our advantage. NAIRA having more value will boost our purchasing power and that's a big deal |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by phemray(m): 8:24pm On Dec 29, 2023 |
Usmanovic95:
If the people at the helms of affairs shares half of your optimism, they would have done all it takes to make this refinery commence operation since may when it was commissioned. Yes sir, simply cos The refinery is >80% own by private meaning it's going to work 100%.am very sure he will stabilizes soon, but for Govt owned refinery, it can never be productive, because government can not handle it except it's handed over to a private foreign company @>80% involvement. For what I know of, It's really a blessed day for Nigerians soon. 1 Like |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Ikinternational: 9:03pm On Dec 29, 2023 |
Getting economic advice from people that argue with their bank over missing 7k might be your worst mistake
But don't mind me |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Dijita: 7:33pm On Dec 30, 2023 |
IamAtikulate:
You are using Nigerian exchange rate to calculate price of fuel in the international market?
Illiterates everywhere. Whether I am an illiterate or not depends on your level of literacy. Go back and read the post I replied to and reread my comment. If you still feel the same way, ask any of your university graduate friend they will explain to you the reason for the naira exchange rate in the conversation. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Dijita: 7:36pm On Dec 30, 2023 |
Quintessence44:
You bought your fuel at HALF world market prices. The price in Europe for a gallon of petrol is approximately $6, meaning that your 12 gallons cost $72 in the international market. Thanks for the info. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Quintessence44: 9:16am On Jan 01 |
grandstar:
Why ban the importation of rice? Because Nigeria can not produce rice competitively like India or Vietnam for instance. We "suck at it." It is mainly products that you lack a competitive advantage in you ban. By building a protectionist wall, you ensure Nigerians are forced to buy Nigerian for a higher price i.e rice and cement come to mind. Garbage. Those Asian countries were protectionist at the outset, and only opened up after local hegemony was established. Nigeria is Africa's biggest rice producer, and the bigger she gets in rice production, the more affordable and abundant rice will become. ''According to available data, Nigeria’s rice production over the past 5 years has been at the highest since 1999. The country’s rice production grew from 2 million metric tonnes in 2015 after the ban on rice importation to 9 million metric tonnes in 2021..'' https://babbangona.com/interesting-facts-about-rice-farming-in-nigeria/The very idea of not being self-sufficient in your own staple food is absolutely crazy. What happens if there's an international crisis affecting supplies? Don't you think about that? Food is not just about.....food. It's about food security. 2 Likes 1 Share |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Gilgil: 5:03am On Jan 02 |
All are in future tense! Meanwhile we all live in the present tense which is horrible and our past tense has been terrible. If only you know the inner parts of the Nigerian economy today you would realize that investors will not come as presently constituted. Let me give you some insight of investors regardless who says what. Inflation and interest rates - Inflation is presently at 28.6% and rising, meaning that lenders will never lend below that rate. Meaning also that investors need to recover their investments returns at a rate greater than inflation otherwise they make a loss. Now what can Nigeria do to drop inflation? She needs investors money (which isn’t coming until inflation rates drop and therefore returns rates rise) and she doesn’t have any more in the purse to do this herself as she has borrowed to squander as she always does and she owes much more than she can repay- So it’s a Catch 22! Shell and Total as well as other IOCs are divesting onshore and shallow water assets which are in the JV contracts and then focusing on their Deep water assets which are in PSC contracts easy to lift off and in their control. So nothing comes to Naija as she is still owing them in JV contracts obligations. $7B has been borrowed to stabilize Naira and we know where it’s going e.g N2.7B for Dubai trip climate holidays. Meanwhile NLNG future dividends have been mortgaged for the next 10-15 yrs to borrow these monies. Research historically about investments and you will see deeper into those links you posted. Some of us know better. Time for motivational speaking has passed. Come back and tell me when all those links have been invested Quintessence44:
As some are leaving, others are coming in, while some that have been here are increasing their investments:
Shell to invest $5 billion in Nigerian economy:
https://www.ogv.energy/news-item/shell-to-invest-5bn-into-nigeria-s-offshore-oil-production
Total Energies plans $6 billion investment in Nigerian oil and gas assets:
https://energy.economictimes.indiatimes.com/news/oil-and-gas/frances-total-eyes-6-bn-in-nigeria-investment/106117343
Chinese President Xi Jinping pledges a further $4 billion investment in Nigerian economy and power sector:
https://www.reuters.com/world/chinas-xi-jinping-commits-more-investments-nigeria-2023-10-19/
Indian firms to invest $14 billion in Nigeria:
https://www.wionews.com/business-economy/indian-firms-to-invest-14-billion-in-nigeria-report-633202
British International Investment Opens in Nigeria With $1 billion Pledge:
https://www.bloomberg.com/news/articles/2023-11-02/uk-s-bii-opens-in-nigeria-amid-plans-to-boost-africa-investment
,
,
So you can either see the glass as half full or half empty.
I suggest the former.  1 Like 1 Share |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Gilgil: 5:20am On Jan 02 |
Farmers need to have security first before restrain food security. But you see what’s happening to them? “Nigeria is Africa's biggest rice producer, and the bigger she gets in rice production, the more affordable and abundant rice will become.” You said the above quoted statement. Could you correlate it with current realities? Is the price of rice falling or rising astronomically? Quintessence44:
Garbage. Those Asian countries were protectionist at the outset, and only opened up after local hegemony was established.
Nigeria is Africa's biggest rice producer, and the bigger she gets in rice production, the more affordable and abundant rice will become.
''According to available data, Nigeria’s rice production over the past 5 years has been at the highest since 1999. The country’s rice production grew from 2 million metric tonnes in 2015 after the ban on rice importation to 9 million metric tonnes in 2021..''
https://babbangona.com/interesting-facts-about-rice-farming-in-nigeria/
The very idea of not being self-sufficient in your own staple food is absolutely crazy.
What happens if there's an international crisis affecting supplies?
Don't you think about that?
Food is not just about.....food.
It's about food security. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by obailala(m): 12:21am On Jan 03 |
Usmanovic95:
One of the standard for measuring economic growth and development is cost of living.In nigeria petrol is an essential product . And please give examples of foreign countries where petrol is expensive and don't forget to quote the price of a litre and minimum wage an average worker is been paid. In response to your question, a good example of a working economy where petrol is expensive is the UK where a litre currently sells for about £1.50 (that's over N2000/litre under the current exchange rate). Regarding the UK minimum wages, I'm glad you brought that up cos it nicely buttresses my earlier point that economic improvement doesn't always have to mean 'cheap petrol'. If the economy improves, household income increases, more people get out of unemployment and more people would be able to afford petrol at even N2000/litre. Nigeria's exchange rate crisis in the last 8 years has primarily been fuelled by the forex scarcity. While we may agree the crisis has been aggravated by poor leadership, a fact remains that for an import dependent country, Nigeria critically lacks forex. It's also on record that petroleum product importation gulps over 40% of Nigeria's forex. The Dangote refinery has the capacity to end Nigeria's petroleum product importation. At 100% capacity, the refinery would also produce surplus refined products turning Nigeria to a net exporter of petrol. In addition to saving 40% of its forex, there would also be increased forex inflows from the export of refined products, as opposed to raw crude. Anyhow you look at it, the economic impact of a fully functioning Dangote refinery would be tremendous, regardless of whether Dangote sells at N200 or N1000. In summary, my worry isn't whether Dangote would sell petrol at N600 or N800, or whether he should crash prices; rather my worry is whether the demonic forces perpetually holding Nigeria down would PERMIT the Dangote refinery to work. 2 Likes |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Ashirioluwa: 6:41pm On Jan 03 |
Quintessence44:
If you are planning to JAPA, my advice as an economist and oil industry analyst is that you WAIT.
Give it at least a YEAR from today before making the final decision.
The Dangote refinery is a game-changer.
Nigeria becomes self-sufficient in refined petroleum products, and a net exporter of same, bar none in Africa.
That’s a huge deal.
A great many businesses will be established in the months and years ahead based on our self sufficiency in petroleum products.
Millions of new jobs will be created.
In fact one foreign report states that the establishment of the 20 billion dollar Dangote refinery in Lagos officially makes Nigeria an industrialised nation.
In addition, Nigeria will stop importing diesel, petroleum products, fertiliser and petrochemicals.
“That is saving over $26 billion in foreign exchange” per annum, according to official sources.
In addition to all this, the Dangote refinery will generate 12,000 megawatts of electricity.
You can imagine the impact this will have on the economy going forward.
To JAPA right when the nation is on the cusp of economic and industrial transformation is in my view, ill-advised.
Hence I urge a one-year moratorium on all JAPA - related activities.
Happy New Year all, and God bless Nigeria.
Ok, I heard you. I will take your word for it and wait until December 28, 2024 before I make the japa’s decision. |
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Swiftgrp: 2:56am On Jan 06 |
Quintessence44:
If you are planning to JAPA, my advice as an economist and oil industry analyst is that you WAIT.
Give it at least a YEAR from today before making the final decision.
The Dangote refinery is a game-changer.a
Nigeria becomes self-sufficient in refined petroleum products, and a net exporter of same, bar none in Africa.
That’s a huge deal.
A great many businesses will be established in the months and years ahead based on our self sufficiency in petroleum products.
Millions of new jobs will be created.
In fact one foreign report states that the establishment of the 20 billion dollar Dangote refinery in Lagos officially makes Nigeria an industrialised nation.
In addition, Nigeria will stop importing diesel, petroleum products, fertiliser and petrochemicals.
“That is saving over $26 billion in foreign exchange” per annum, according to official sources.
In addition to all this, the Dangote refinery will generate 12,000 megawatts of electricity.
You can imagine the impact this will have on the economy going forward.
To JAPA right when the nation is on the cusp of economic and industrial transformation is in my view, ill-advised.
Hence I urge a one-year moratorium on all JAPA - related activities.
Happy New Year all, and God bless Nigeria.
|
| Re: Do Not JAPA Before Dangote Refinery Starts. You Might Regret by Swiftgrp: 3:06am On Jan 06 |
FoolishBoy419:
Everything you said is valid except for the example you made with Venezuela. The country is in tatters mostly because of America's bullying and the undue sanctions placed on its economy. Well said... I was about to point out the devastating U.S. sanctions against Venezuela to the guy you quoted. It's just like the sanstions that devastated Zimbabwe when Robert Mugabe was still in power as the President of that country. 1 Like 1 Share |
