₦airaland Forum

casualobserver:
I agree but nonetheless, the oil industry is not as big as we think it is. There are also private non-oil companies that are not on the list, so it works both ways. You would think that if indeed the oil sector was that big, those that are listed would occupy prime position..no?


As a portion of our overall economy, listed and unlisted, private and public, local and foreign, The entire Oil AND gas sector is less than 6% of our economy.

In any event, the important stats are represented pictorially below.

Well I agree wit you that Oil and Gas is really a small part of our GDP.

The reason why it plays an outlandish part in revenues and more so in forex is that a lot of economic activity is informal and unstructured and therefore untaxed, so they don't contribute to government earnings.

Think estate agents that operate in the grey economy and don't pay taxes on agency fees, sales commission earned
Think all those who sell in our markets that don't file any form of tax return
Think all those other informal sectors (barbers, welders, carpenters, hair dressers) that don't file any tax return
Even think of musicians, comedians, actors etc that to not file any tax return

casualobserver:
I back my comments with evidence not all these beer parkour chest beating ignorant uninformed commentary. You have provided none and made no attempt to back a single one of your claims with any evidence and you sit there talking about intellectualism? How did you get a degree if you have one? Did they not teach you how to write a dissertation?

In fact I have since realized that there is no oil company in the top 10 as Seplat is no longer in the top 10. That ofcourse fluctuates with share price but it tells anyone with a brain that the oil industry is not as significant to the economy as we think.

Just to point out that almost all oil companies (Shell, Mobil, Chevron, Agip, Total, Eroton, Aiteo) are not listed on the stock exchange, hence why they wouldn't be on this list.

SoNature:
Interesting to see states with no single drop of oil and bring nothing to the centre like Katsina, Borno, Kano, Oyo and Jigawa getting more from the centre than states with crude oil like Edo, Imo, Abia, Anambra and Ondo. Meanwhile, crude oil sales account for over 85% of federal government earnings. Niger Delta states have been scammed!

Check the production in those states first before you come and start whipping up sentiment here. None of those states produce any meaningful volume. 95%of our crude comes from Delta, Rivers, Akwa Ibom and Bayelsa.

https://www.thevaluechainng.com/list-of-states-in-nigeria-with-the-highest-production-of-crude-oil/

None of those states are even in the Niger Delta.

babatee90:
Long overdue IMO

Absolutely. And the need to go along Ibadan Expressway at Mowe and Ibafo as well. Shops, market and danfo by the side of the expressway has turned it into Lagos Ibadan road.....no longer expressway.

How can danfo take over 2 lanes and be loading on an expressway.

Nigerians lack discipline.

ppogba:
If as president you set out to do that, it is the same people that are posting rubbish that will use propaganda to bury that government. Even a simple regulation, the way people will cry and wail, the whole country including illiterates that are not even on social media will think that you have decided to bring down satan to be your vice president.

Long and short, social media is.a menace to the Nigerian society.

Its because our President's never have the balls!! too much political calculations stop them from doing what is right. That's how Jonathan and Buhari couldn't muster the political will to remove subsidy.

Rossikk:
School dropout, the Nigerian economy is ranked 36th in the world.

But to your illiterate head allergic to basic research, it’s “not among the top 100”.

The only mistake Tinubu made in that speech was saying we have many highly educated people in Nigeria.

Majority of you are dumb, loud, and ignorant, and you don’t know anything.

Nigeria's economy is 36th largest on account of its population. And by the way with ~220mln people, Nigeria should be in top 20 if we were really a productive nation.

However, in all other indices, we are nowhere near the top 150 in the world:

access to quality health
access to quality education
number of out of school children
maternal mortality
Index of best places to live
open defecation
employment rate
purchasing power parity
poverty rate
and many many more

GuruboiNaija:
https://.ng/2023/11/21/weve-removed-all-obstacles-hindering-business-in-nigeria-tinubu/

You have removed just a minute few obstacles Sir. Amongst the obstacles that remain:

1. High level corruption in all spheres of government (Lagos and Abia are case in point)
2. Serious government bureaucracy at all levels
3. Transportation nightmare into Nigeria (inefficient ports, airports, clearing procedures etc)
4. Transportation nightmare within Nigeria (terrible roads, terrible aviation, no trains, no proper inland waterways)
5. Insecurity (though that seems to have improved in all honesty)
6. Insufficient electricity
7. Poor internet connectivity across the length and breadth of this country.

ivandragon:
https://www.dailytrust.com.ng/fg-come-clean-on-nigerias-bankruptcy

This is a phony article!! The indicators given are not necessarily the result of national bankruptcy. Even when we were producing 2.2million barrels of oil and e-rate was $/N365 and we had trade surplus, was unemployment not high!! In all my adult years, its only for a brief period (like 1year), where inflation was below 10%. Most of the time it was between 11% and 16%, before this continuous spike to 27% in the last 4years.

uuzba:
Americans are Europeans in diaspora.
They will make things work.
If you can create a country for Nigerians in diaspora, those ones will make everything work because their eyes are now clear of all the tribal bigotry that is killing us here back home. They might also carry guns like Americans to blowup anybody's head that tries to bully them or be the leader without proper democratic election.

Go to America and blow someone head off because he bullied you and you have a gun and see where you end up!!

Left to me if I was President, I'd get all social media operating in Nigeria to require all accounts registered to Nigeria to re-register with their NIN and their phone number. And of course across the entire platform, a NIN and number can be associated to only 1 account. For corporates, their TIN would be required, while for Govt agencies, those could exist as is.

This way fake news can be better managed. If you were talking to your office colleagues, you wouldn't just talk senselessly. So why do people do that online? Just because its a faceless and nameless place. Well having those details would enable fake news to be easily traced to the first sender.

If you want to say anything online, one should be able to say it with their full chest and accept the consequences!!

Kenmatt:
Which moderator hurriedly brought this to front page just because he or she saw pictures of Train and people standing seeming frustrated.

Please for clearity sake, Portharcourt to Aba via Train is not active for a long time now, about few year ago when it was actually working, it saved many traders who came from Aba to Portharcourt on Wednesdays which is "Oil Mill" Market day.

Many of these men and women were using Train then, as it was cheaper and better to convene them and their goods. The Train then use to stop at Elelenwo where these people then will hire "Keke" on a special drop to get them to the market; "Oilmill".

The Railway line that runs from Portharcourt down to Aba and beyond has been excavated as they promised revatalization of the Rail line.

So, for now no Train runs Portharcourt to Aba let alone passengers being stranded and sleeping on the roads for days.

Please, this is a FAKE news!!!

That was my first thought as well!!

lexylaw40:
https://guardian.ng/news/fha-to-demolish-677-houses-in-festac-over-contravention/amp

See the massive houses, but see the tiny road. Not sure it can take 2 cars side sef. Clearly one of those rows of houses have encroached on the road.

Mayorking07:
The issue is we don't value our own.......I don't see anything good from this coach and thank God he is seeing the handwriting on the wall

We've tried Siasia, Oliseh, Keshi and Eguavoen (twice or thrice). Which other Nigerian coach remain? And to be honest asides Keshi, none of them did any better.

I always said we would regret getting rid of Gerhut Rhor. Under him, for the first time since Westerhof, I found watching Super Eagles entertaining. He had his problems no doubt, which was mainly inability to react to games with timely substitutions, but Super Eagles played well most of the time.

This Peseiro is terrible! His record with Super Eagles is one of the worst in the last 4 decades or so.

Botragelad:
https://www.google.com/amp/s/www.thesun.co.uk/news/24785740/israel-cargo-ship-galaxy-leader-hijacked/amp/

If the ship is Israeli then not a particularly good idea. Isreal will not negotiate and they will Strom the ship with their forces. Isreal would prefer some collateral damage to being arm twisted!!

The largest single site solar farm in the world just came online in the UAE! Some facts about this project:

It reached financial close in 2020
It’s capable of producing 2000MW (that’s 40% of Nigeria’s entire electricity generation)
It’s expected to deliver electricity at $0.013/KWh. Even at $/N850, that’s circa N11/KWh. (Note, that’s not necessarily the final cost to consumer due to transmission and distribution costs)
It cost circa $1bln.

https://masdar.ae/en/news/newsroom/worlds-largest--single-site-solar-power-plant-inaugurated

Now the question is, what are we doing in Nigeria? I’m not even suggested that the federal government should put up that kind of money. With private capital we should be able to deliver a similar project, even if not as big as this. A 300 MW solar power plant should be doable in say Plateau or Nassarawa state. And it could be delivered in 3 to 5 years if we were serious!

One of the benefits of solar is that it helps with the electricity generation mix, which is currently too reliant on gas. Another benefit is that unlike thermal plants that rely on gas, which then require a lot of opex for the purchase of gas, a solar power plant has no fuel costs, therefore it would help to bring down the average cost of a kilowatt hour of electricity.

sukkot:
bro stop capping. The country is a shithole for a reason. Even your senators all go to the chambers to sleep. The only thing that motivates a Nigerian is money and even at that he will try to cut corners. The ones who are doing well have to be put in white systems and white countries under heavy white supervision

So the question is that is it the Nigerian people that are hard working or the western system forces them to work hard because there is not hiding place?

I think it's a Bit of both. Nigerians in the last 30 or so years have been devastated by rapidly increasing poverty and dysfunctional economy which has forced the culture of cutting corners on us. Same reason why prostitution (hookup, runs etc) is so rampant now.
Nigerians no longer believe as much in hard work or personal integrity.

Too many Nigerians try to be 'smart' and game the system when they can. And this applies in both private and public sector. But when they are in environments where gaming the system is very, very difficult, they buckle up and work hard.

plaindealer:
Do you mean if they stay, they won't raise prices because they get materials at lower prices than the rest of the pharmaceutical companies that are raising prices all over the world because of the increase in the cost of raw materials?

Why is it always hard for you people to apply common sense.?

It very likely would. By manufacturing in Nigeria t least they had Nigerian salaries that were not impacted by devaluation. Now that they just import the drugs, we pay the impact of Probably USD salaries and overheads impacting the cost of the drugs, converted at a high exchange rate.

hubcruz:
Leather seats.
Nav System.
Thumb start
Reverse cam.
Steering control.
Alloy wheels.
3rolls seats
Sun roof
Ac chilling.
V6 Engine.
Lots more.

Price: 50m

Call Mr Tony: 07064603556
Email: edaautos@gmail.com.
BBM: D8863984
Whats app: 07064603556
IG:@hubcruz
Facebook Page: Facebook.com/hubcruzofficial

Please take note: In order to curb fraudulent activities, No form of payment should be made or will be accepted unless after physical inspection and agreement. Thanks for your patronage.

N

Bliss62:



Honestly my deepest respect to Allen Onyeama

But saying a country has no business doing business is a lie.... Big lie


Etihad, Emirates, Etisalat, British Airways


It was Atiku and El Rufai that started that nonsense, selling off National asset under Obasanjo's nose


.

british Airways isn't owned by the government. Go check. The Arabs have a certain level of discipline we dont have. Besides its possible those airlines are loss leaders to facilitate tourism. We cant compete with the riches of the arab world unfortunately.

And before you say isn't it the same oil, check Saudi or UAE or Kuwait oil production relative to their population and check our own. Our population is like 4 times those 3 nations combined, but we produce 1.3mln barrels, while Saudi does 9mln barrels. Then add on top that they have used theirs better over along term.

ShenTeh:
There must have been some sort of back hand dealings dealings no doubt.

How does a sovereign country unconditionally withdraw a N1.5 trn legal suit against a company, and still unconditionally agree to never have a reason to seek legal redress against that company or its representatives or staff for past and present crimes? How dumb can a country be.

Abi dem don begin blackmail Baba ni?

The fact that we have a suit of $1bln doesn't mean we had a good chance of winning it. Besides the court case is holding up investment and development in the field and Nigeria needs the FDI and future production badly. So the government has picked its battles more wisely than the idiot government we had before.

oyichi:
sell those refineries and give licenses for more modular refineries and in six months, the dollar will be on its knees, we will be exporting finished products and racking in the dollar on daily basis, very foolish president and his stupid cabinets

This advice doesn't make sense because it assumes we have infinite crude oil to send to refineries. We don't even have enough for Dangote refinery and existing modular refineries.

Afro3:
Nice

Tacky house in my view. Typical Igbo man house. Big, loud, with no class.

Blaze14k:
Why do I feel tinubu is doing everything to please the west. All these renewable energy and CNG shit, is it really what nigerians need at this point. I call this a misplaced priority.

Dem do, you go complain! Dem no do, you go still complain!!

Those who will migrate to CNG will migrate, and those who will install solar will install. If not that I'm in a serviced estate, if I were living in my own fully self contained house, id definitely have solar on my roof by now. However, if public electricity is like 18hrs a day, then just inverter makes sense to bridge the gap.

Alusiizizi:
I think you aren't understanding my point. Thermal expansion is what made those roads crack. What a real engineer would have done with cement roads was to build it block-wise with flexible buffer between every block, so that when the blocks expand under the sun they will have somewhere to expand to and not end up breaking. That's probably how they built the road that you're referring to in Accra.

And a mistake we are making in Nigeria is that we assume cement roads to be maintenance free! No road, be it bitumen, asphalt or concrete is maintenance free. The enemy of any road is still particulate (sand, gravel etc) on the road and pooled water.

A concrete road may need less maintenance, but it doesn't mean zero maintenance.

gare:
Are we importing the gas used for the generation of power

Its priced in usd

Dayvidoo:
Them say nah baller him be😯

That's what they said about HushPuppy too!!

Islie:
https://leadership.ng/dangote-repatriates-687977m-from-pan-african-operations/

We didn't say the FX was not utilized for the projects intended!!!

The question is WHAT DID YOU PAY FOR THE FOREX!!??

Paying N200 for forex, when the CBN rate was N350 is a deal and an infraction Sir!!

Ilaje1:
There will more influx of people. Lagos is due for 4th mainland and also independent power. The pressure and traffic will reduce on 3rd mainland. People in Ikorodu axis will not need to come through Ketu to 3rd or to western Ave. It will also open up Ikorodu. Ikorodu is opposite of Lekki (across the water).

And how many people in Lekki go to Ikorodu or environs on a typical day of vice versa? Compared to those who head to Marina, VI, to work everyday.

Traffic on 3rd mainland is typically about those who go to and from work and those who head to the markets on the island. The majority of the population is west of 3rd mainland, cos the east is almost all lagoon. So 4th mainland doesn't help like 90% of Lagos population in my view.

Flesh10:
Good governance is not by building humongous projects.

Mr Gov do the little things that have the greatest impacts on the lives of lagosians first.

The inner roads are terrible. 80% of streets roads in lagos are in terrible conditions. If we cant drive out of our houses of what use is this 4th mainland bridge or the blue line or red line?


I know some hediots will come and talk rubbish under my comment but that's your headache.

Fix the goddamned state roads first. Fix the streets

Totally agree. You need to see the traffic on the Lekki corridor in the mornings due to just 2 bad spots at Ikate junction and freedom road junction. Simple fix that shouldn't take 1day,but we've been suffering for like 2months.

But same government that can manage basic issues wants to focus on a multi billion project.

[quote author=adex3g post=126777651][/quote]Seems they have coached Ajuri. He doesn't rush to post like before.

Angelfrost:
Nothing is supposed to be free... You simply pick what serves as a cheaper option.

So if you spend N15k for internet, it's same as Dstv middle tier, so what's really the difference.? You make it seem like there is some huge saving folks aren't taking advantage of and we are all dumb for not doing so.

GanagiBitrus:
I'm actually referring to viable competition from other TV providers. Remember how MTN was exploiting Nigerians until Glo came up with per second billing etc.

The point is everything is more expensive. Just tabulate prices of stuff 6 months ago and now.

Sliced bread was N700 9 months ago, N900 6 months ago, N1,100 3months ago and now N1, 300!!

Do the same for diesel.

But you expect DSTv to remain same?