₦airaland Forum

The IEA said oil prices may not have hit their lowest price yet

Oil prices may have further to fall despite stabilising in recent months - and even beginning to rise modestly - because of a massive oversupply the International Energy Agency (IEA) has said.
The IEA said lower oil prices were likely to last well into 2016.
The agency added the world oil market was unable to absorb the huge volumes of oil now being produced.
It follows the massive drop in prices which started last summer.
The price of Brent crude fell sharply last year from $115 a barrel in June to $45 a barrel in January.
The current price of Brent crude is $59 a barrel.
The fall in prices has led oil firms to cut back investment in exploration, while North Sea oil has come under significant pressure.
All seven major global oil firms have also reported annual declines in profit as a result of lower oil prices.
'Oversupply'
Only last month the Office for Budget Responsibility (OBR) forecast North Sea oil and gas revenues would fall to below 0.1% of GDP over the coming decades.
It said the tax take from North Sea oil and gas had already fallen by 80% in the last three years.
"The oil market was massively oversupplied in the second quarter of 2015, and remains so today," the IEA said in its monthly report.
"It is equally clear that the market's ability to absorb that oversupply is unlikely to last. Onshore storage space is limited," it said, adding: "Something has to give."
"The bottom of the market may still be ahead."
Core members of the Organisation of Petroleum Exporting Countries (Opec) have continued to produce the same level of oil in the past year despite falling oil prices in an attempt to regain market share.
US oil production has also soared in recent years, as fracking - or the process of extracting oil from shale rock by injecting fluids into the ground - has revolutionised oil production in the country.
Opec's response to the fall in prices was to refuse to cut production. Many Opec nations are able to tolerate a lower oil price despite losing money.

source: www.bbc.com/news/business-33476508

I think now is the time to diversify. Agric may be the saving grace. A wealthy nation is a nation whose citizens are wealthy.

Wise Words
What you see depends on how you view the world. To most people, dirt is just dirt. To a farmer, it’s potential.
– Doe Zantamata

Happy Sunday to the Christians.
And to the Moslems, Ramadan Kareem.

Farmlands are still available for sale at different locations in Ibadan. Contact me: 07032179911.

5 acres of farmland is for sale at Ashipa village, Akinyele LG, Ibadan. The village is off Ijaye road.

Price: N150,000 per acre.

Call: 07032179911

Thanks.

I've been getting some offline feedback from those reading this thread. Thanks for the encouragement. I just hope I have more time on my hands.

For those that are still calling me on this offer, I'm sorry I've not been so active online these days due to farm work. The land has been sold already. Thanks for your patronage.

5 acres of farmland is for sale at Ashipa village, Akinyele LG, Ibadan. The village is off Ijaye road.

Price: N150,000 per acre.

Call: 07032179911

Thanks.

Happy Sunday. Have a pleasant week.

Happy Sunday.

Happy Sunday.

It's been quite some time posting on NL. I've been a bit busy preparing for the rainy season. It's great being back. Happy New Month.

It's been quite some time posting on NL. I've been a bit busy preparing for the rainy season. It's great being back. Happy New Month.

Happy new month. May be month be full of blessings for us all.

Nice writeup. It's better to also put down all issues relating to land purchase in black and white.
Involve your lawyers.

Abojupupa:
Any additional charges? Does it have access road?

You pay the agency fee.
Yes, there is access road.

This is probably the lowest possible price obtainable around Ibadan.

Take advantage. Call: 07032179911.

dipotech:
Hi Bro,
how many plot are there in acre pls? Describe the location from Akinyele LG secretariat
How much is the acre now?
thanks.

An acre is approximately 6 plots. The place is off the road that passes the front of the LG Secretariat.
Prices vary but ranges between 150k to 250k per acre.

A 10-acre piece of land is for sale at Ogungbile
village via Moniya, Ibadan.
The land has already been surveyed.
Price: N1.5million for the 10 acres.

For Enquiries: 07032179911.

A 10-acre piece of land is for sale at Ogungbile village via Moniya, Ibadan.
The land has already been surveyed.

Price: N1.5million for the 10 acres.

For Enquiries: 07032179911.

Primegold:
Can you post pictures?

Here is a picture of a side of the land.

Modified: picture not uploading. I'll try again later.

Question: Why are farmlands cheaper than lands for housing development?

Someone asked me recently, why farmlands come in ridiculously low prices. He believes these prices are so low that someone familiar with prices of land in urban areas will suspect it not to be real. Or how will you justify an acre (6 plots) of land selling for as low as N150,000 when a single plot in an average semi-urban town goes for nothing less than N300,000 and above (even a plot goes for millions in urban areas)? N150,000 per acre? That's like N25,000 per plot. Have you thought along this same line before? Here is the response I gave him.

One, farmlands are usually in villages that are really rural. These places are not presently targets of residential development. The villages usually lack basic amenities except for some few lucky ones. So, no one goes there to build. Being out of way, and lack of social amenities play a big role in low end prices of farmlands.

The second reason I gave him was the basic Economics. Demand and Supply interaction. Not so many are paying attention to agric in Nigeria. A lot of us think it's ancient. Something for the uneducated people. So, we have so much land but there's low demand for its use. Basic Economics says when supply is high and demand is low, the price crashes.

However, this may not continue to be so for too long as Nigerians are seeing reasons to diversify into agriculture with the dwindling oil prices. The current trend of crude oil at the international market is opening our eyes to the dangers of oil dependency, and both the government and people are turning to agriculture.

My advice: The prices of farmlands will not always be this low. So, if you have any interest farming or property investment, now is the time to buy. This is an investment you will be happy you made.

Time to prepare, the rain is coming.

Primegold:
Hi.

Do you have any that is close to a river or stream and is motorable?

Are these land currently under cultivation or are they forests?

Can you post pictures?

Regards.

I'm sorry for responding this late. I've not been active online recently. I had some focus on some preparation against the rain season.

Now, to your questions.

We have a 10-acre piece of land that has a stream passing through it.
The road is motorable.
A small part of the 10 acres is currently under cultivation and the rest is bush.

For the pictures, I will post that for you this night when I return from the village.

NB: My answers are not about the 70-acre piece that this thread is about. It's another land elsewhere. Though, there's a stream on the 70 acres too, and the road is motorable.

billahfia:
Kunx4sure@yahoo.com.. Do you have pictures? Email. Me let's discuss a bit

OK, I will.
You may chat me up on whatsapp (07032179911), if that's convenient. Thanks.

billahfia:
The big concern is the genuineness of the land.Will the seller provide documents? Is the road to the farm accessible by a vehicle?

We conduct our own investigations on these lands. Since this is money issue and one is expected to be careful, you are free to conduct your own findings once you inspect the land as well. However, we've never had genuineness issues in any of our past dealings by God's grace.

The sellers issue the land papers, but you may decide to bring in your own lawyers if you want.

The lands are easily accessible by road.

Happy new month. As we enter this new month rainy season, may the showers bring us blessings upon blessings. Amen.

Happy new month. As we enter this new month rainy season, may the showers bring us blessings upon blessings. Amen.

Happy new month. As we enter this new month rainy season, may the showers bring us blessings upon blessings. Amen.

Happy new month. As we enter this new month rainy season, may the showers bring us blessings upon blessings. Amen.

Happy new month. As we enter this new month rainy season, may the showers bring us blessings upon blessings. Amen.

Happy new month. As we enter this new month rainy season, may the showers bring us blessings upon blessings. Amen.