₦airaland Forum

There's a growing rift among the nations within OPEC.
Just this past week the Nigerian oil minister, Diezani Alison-Madueke, said that OPEC could need to call an emergency meeting to discuss the persistently low price of oil. However, another member quickly piped up and said there was no need for an emergency meeting.
Nigeria's Petroleum Minister and OPEC's alternate president Diezani Alison-Madueke
Nigeria's desire for a meeting comes just a month after Venezuela's president went on an around the world trip to meet with fellow OPEC members as its financial situation grows dire. What's becoming increasingly clear is that OPEC is at war not just with U.S. and Russian oil companies, but it is also battling a war within.

OPEC to the rescue?

As it stands right now OPEC is next due to meet this June as part of its bi-annual schedule. However, several of its members would like to meet much sooner than that, including Nigeria's oil minister. She is currently the president of the cartel and is responsible for liaising with members and the group's secretary-general in the event it does call an emergency meeting.

One nation stands in the way

Both Nigeria and Venezuela would vote for an OPEC production cut in a heartbeat. The problem, however, is their vote isn't the one that matters. That's because Saudi Arabia has defacto control over the group as it produces a third of OPEC's oil. Its finances are in great shape, despite the fact that plunging crude oil prices are expected to blow a $38.6 billion hole in its government budget this year.

The difference between the Saudis and most of the rest of OPEC's members is the fact that it has a massive foreign currency reserve that stands at $736 billion.

It's a reserve that it built during the glory days of crude prices and one that it plans to live off of during lean times like it's seeing right now.

The Saudis have gone on record to say that they have no problem dipping into their reserves for a few years. In fact, with an entire fiscal budget of only around $230 billion a year, it has enough in reserve to survive several years at rock bottom oil prices. Because of this it wants nothing to do with a production cut as an OPEC production cut really means a Saudi production cut. Instead, the Saudis want to see non-OPEC producers cut production, which is starting to happen.

U.S. oil companies in particular are quickly waking up to the fact that it's disadvantageous to grow oil production in an already saturated oil market. This is why many shale-focused oil producers have slashed spending by 50% or more in response to weak oil prices. These spending cuts are not only slowing production growth, but in some cases producers have decided not to pursue production growth in 2015.


Investor takeaway
OPEC's goal was to cause non-OPEC members to slow down growth. It's a goal that is starting to come to fruition as U.S. producers have clearly backed away from their ambitious growth plans.

Source:http://nairausd..com/2015/03/pains-and-gainsof-opec-strategy.html

If the managers of the Nigerian economy were to be sincere with the nation, they will agree that there is something basically wrong with the continued fall in the value of the Naira. Even when our so celebrated foreign reserve stood at $60billion and an import demand cover of about 20 months, the Naira exchange rate never firmed up. Rather, the Naira was on a slide against other currencies; a situation which negates all known economic principles.
Naira seen stable next week

Yet in the early 1980s, when the nation's foreign reserve stood at just $2billion with a four-month import cover, the Naira exchanged for less than one Naira to the Dollar.

So, what is it that went wrong with the economy in these 25 years that the Naira has been so battered to the point of exchanging for as much as N215 to the Dollar? The answer is not far fetched from a mismanaged currency by the Central Bank of Nigeria (CBN) in collusion with the commercial banks.

It is obvious, and the warning signs are crystal clear, that Nigeria's economic managers have broken the doors to economic sanity and compelled Nigerians to tow the path of poverty. Before the free fall of Naira which began with the introduction of the Structural Adjustment Programme (SAP), during the regime of military President, Gen. Ibrahim Babangida, Nigeria was never rated among the poorest nations of the world; neither did Nigerians crave the Dollar nor did 70% of Nigerians live on a Dollar per day.

As a panacea for the deepening poverty, advocates like Henry Boyo, have proffered a better managed currency for a stronger exchange rate of the Naira as the only solution. It is discernable that the poverty in the land correlates with the depreciation of the Naira; and regrettably, the value of Naira does not correlate with the high foreign reserve.

It is an economic contradiction; an aberration which suggests a deliberate manipulation of the currency - and by extension the economy - to keep Nigerians poor.

Else how did the affluence that resided with the Nigerian and his Naira in the 1970s and early 1980s suddenly vanished into thin air, so much so, over 70% of Nigerians, today, are now suffocating under the yoke of poverty?

The CBN, as the manager of the economy, has as its prime mandate, price stability. That, of course, can only be ensured through a stable exchange rate. But the CBN is known to deliberately devalue the Naira on monthly basis through the creation of excess liquidity and the substitution of Dollar earnings with minted Naira to be shared at the monthly federal allocation; thereby creating scarcity of the Dollar and surplus of the Naira in the economy.

It is only logical, economically, that with a surplus Naira pursuing few Dollars in the open market, the value of the Naira will continue to fall. The CBN is, therefore, deliberately devaluing the Naira, with the prevailing climate. Certainly, this policy needs to be reviewed.

This Newspaper is of the opinion that with this CBN policy, the Naira will never witness any stability. That the Naira is on free fall is not just because the international oil price is down - after all, when oil sold for over $140 per barrel the Naira was never known to have risen in value - but the fact that the CBN acting on the advice of the Brettonwood institute is deliberately keeping Nigerians poor.

That is why, for 25years, Nigeria has been fighting excess liquidity. Nigerians need to hold the CBN and the commercial banks accountable for the downward value of the Naira. That is the only way to arrest the deepening poverty in the land

Source:http://nairausd..com/2015/02/the-danger-that-come-with-naira.html

An Italian CEO of an oil firm said that after the oil crisis, that a barrel of oil will rise up to $200 for the losses

US thought their game plan will work this time around.But lets pray for success

J12:
Diezani was advocating for a cut in supply in order to create demand which was the main tactic always used by OPEC to stabilize prices. I doubt it would have worked like the strategy the Saudis are using to beat the shale producers.

Dont blame my brother, i guest the pressure on her(Home) is much.so she have to act fast.

Three months after Saudi Arabia made clear it was going to let oil prices keep tumbling, the strategy is showing signs of working.

U.S. drillers are idling rigs at a record pace, gutting investment plans and laying off thousands of workers.

Those steps highlight how the Saudi-led OPEC decision on Nov. 27 to maintain output levels and protect its market share is having the desired effect -- pushing prices down so far that they threaten to curb output in the U.S. and other non-OPEC countries.

Saudi Arabia, the most powerful member of the Organization of Petroleum Exporting Countries, will maintain that tack when the group next meets in June, according to some of the world’s biggest banks.

The strategy “is working,” Francisco Blanch, head of commodities research at Bank of America Corp. in New York said by phone.

“It is having the effect that we would expect, which is a decline in investment and ultimately supply, and somewhat higher demand. We think this change is for good.”

The number of rigs drilling for oil in the U.S. dropped by 37 last week to 1,019, the fewest since July 2011, data from Baker Hughes Inc. showed Feb. 20. Since Dec. 5, a total of 556 have been taken out of service. Oil explorers including Royal Dutch Shell Plc and Chevron Corp. have announced spending cuts of almost $50 billion since Nov. 1.

The number of rigs drilling for oil in the U.S. dropped by 37 last week to 1,019, the fewest since July 2011, data from Baker Hughes Inc. showed Feb. 20. Since Dec. 5, a total of 556 have been taken out of service. Oil explorers including Royal Dutch Shell Plc and Chevron Corp. have announced spending cuts of almost $50 billion since Nov. 1.
Source:http://nairausd..com/2015/02/saudi-strategy-is-paying-off.html

My brother wait and see for more hidden fact to unfold.

nke001:
One still wonders why the bill is being hoarded and allowed to gather dust at NA. They keep passing bills that will benefit the elites and jettison the ones that will benefit all Nigerians.
I tell u those Aayees guys are more corrupt than the executive arm.

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BY May 29, 2015, which marks the end of the current legislative year, it would be exactly eight years since the Petroleum Industry Bill (PIB) was first presented to the National Assembly (NASS) for passage into law. Image result for MADUEKE ALLISON

By that date, two legislative assemblies would have sat over this critical PIB without passing it. The bill is yet to see the light of the day, and the question is why? Why have two sets of lawmakers been unable to pass this crucial bill?
These are the questions bothering many Nigerians.

Two main forces from both inside and outside are fighting against the passage of the bill. Among other things, the fundamental objective of the PIB is to "Vest oil and gas resources in the sovereign state of Nigeria".

This is tantamount to changing the existing order, whereby foreign interests are reaping the benefits of Nigeria's oil while Nigerians languish in poverty. The question then is are those reaping this huge benefit ready and willing to relinquish it? That is the crux of the matter, which the NASS must address. For purposes of historical insight,

I would like to highlight the background to Nigeria's oil development for better appreciation of why there is impasse in the PIB.

Shell-BP is the pioneer of oil prospecting in Nigeria, which began in 1937. It took three decades of concerted effort before the company struck oil in commercial quantity at Oloibiri in the present Bayelsa State in 1956.

Nigerians were not in the picture. Three years later in 1959, just a year before independence, the colonial government introduced the first regulations governing petroleum taxation. Under the regulation, profit made from oil was shared 50-50 between the colonial government and the oil companies.

That arrangement provided the basis for foreign domination of Nigeria's oil till today.

On October 1, 1960, Nigeria gained independence from Britain. The reins of government were handed over to indigenous Nigerian authorities. It was at that point that Nigeria should have changed the colonial regulation and fashioned out a more patriotic framework for exploiting the country's oil resources. Nigerians should have been made the sole stakeholders in the oil business, the way Brazil did in 1953. Unfortunately, that was not done. Instead, the post-independence Nigerian authorities settled for royalty collection from the foreign oil companies.

That was how Nigerians were sidelined and today, we are talking of local content, meaning how to get Nigerians involved in the oil industry business, which again is proving most difficult. Nigerians are begging to participate in the exploitation of their own oil resources. It is remarkable that between 1956 when oil was discovered and 1970 (end of the civil war), there was no national body responsible for managing Nigeria's oil. The Nigerian National Oil Corporation (NNOC), the precursor of today's Nigerian National Petroleum Corporation (NNPC), was founded in 1971 by Decree 18, under Gen. Yakubu Gowon (retd). This is unlike Brazil, where the country's national oil company Petrobras, was founded in 1953, the same year that oil exploitation began.

The Nigerian experience is therefore different from what happened in Brazil. After oil was discovered in Brazil, Petrobras, Brazil's giant multinational oil company was founded to take charge of the oil. The Brazilians came up with a framework that allowed the government to own 55.7 per cent share while the rest was owned by private people. The Brazil motto was "The Petroleum is ours".

That effectively gave Brazilians full control of their oil without foreign involvement. It is only of recent that Brazil, for the first time, started allowing foreign interests to come in. That is in contradistinction to what happened in Nigeria, where foreigners have been in full control of the oil while Nigerians were sidelined.

Given the two scenarios, it is easier to let foreign interests in, like in Brazil, than to let them out, like in Nigeria. The foreign interests that have entrenched themselves in the oil, with billions of dollar turnover, will definitely resist any attempt to edge them out. Having dominated the oil industry for over fifty years, getting them to relinquish their investments and interests is an uphill task. That is the hurdle the PIB has been facing for eight years. Like I said earlier, whether it would be able to scale the hurdles it is a matter of conjecture.

Apart from the external forces, there are also the internal hurdles arising from the geopolitics of oil revenue sharing in Nigeria. Here, the North constitutes the obstacle. The North has over the decades reaped from the oil revenue.

Many states are literally sustained by the allocation received from the Federation Account. Like the foreign interests, the Northern power bloc can't understand why the existing arrangement should change under the PIB. Consequently, they want the status quo to remain.

From the foregoing, it is obvious that the PIB represents the single most ambitious piece of legislation that has the capacity to transform the Nigerian economy, which under the present structure, is mono-cultural oil-based economy. Given the importance of the bill, one can't understand why the NASS should leave no stone unturned to get it passed into law.

How long more would this bill remain in limbo, especially, if the current lawmakers fail to pass it? Should the bill continue to be presented indefinitely to future batch of lawmakers?

Since the PIB is an executive bill, I believe some background work was done to unravel the nature of obstacles that would arise? The executive would have envisaged these obstacles beforehand. And for the NASS, what does it take to get the bill passed? That the PIB has dragged on for eight years without passage smacks of lack of patriotism on the part of the legislators.

Some people have even tried to blame the Minister of Petroleum Resources, in this case, Mrs. Diezani Alison-Madueke for failure to get the PIB passed into law. They blame her for not delivering the PIB! That is totally misplaced borne out of misunderstanding. The truth is that Mrs. Alison-Madueke cannot deliver the PIB. She is part and parcel of the executive that prepared the bill, meaning that she has done her bit. She is in the same shoes with President Goodluck Jonathan.

Whatever needs to be done to pass the bill, including lobbying, is left to the legislature. The ball is in the court of the lawmakers. These clarifications are necessary for Nigerians to know where the problem is coming from and who to blame.

Source :http://nairausd..com/2015/02/why-delay-of-pib.html

Charpell where can I buy a kill a watt meter?
I checked in the market but couldnt find it

Charpell how much is the 1.5 kva inverter
Your blog is amazing, I luv the video tutorial you posted there
Send me your contact

hmmn, I never for once devaluation can be this good, nice tips op

Nice tips

This list is flawed, so many characters I have never heard of

Oluwa dalu for this . This is a lesson. to every one. DEPENDING ON 1 SOURCE IS NOT GOOD FOR YOU.

Sisi u say if u don't ping him= he wouldn't ping u & he called that embarrassment.Kia nawa . Anyway I can't say how the relationship is but don't look desperate.

Ignore are or you are not giving us the complete gist .Tell us the truth oh for better solution.
Man up.

Next time they will protecting we don't show love. And tomorrow men are wicked, unromantic.
Umu nnwayi! chai men don suffer. Next time they will protecting we don't show love. And tomorrow men are wicked, unromantic.
Umu nnwayi! chai men don suffer.

na dis kin tin tin dey pain peson. Guy shun dat girl.

Chie so enjoyment galore. Prostitute tester

Dont you get it,it a kind of job with no stress.

Picture

1 Paradise island caretaker
Ben Southall, 34, of Petersfield, beat out nearly 35,000 applicants from
around the world for the dream assignment to swim, explore and relax on Hamilton Island in the Great Barrier Reef, while writing a blog to promote
the area. He was selected for the $111,000 gig - a six-month contract to serve as caretaker of a tropical Australian island. He now has to live rent-free in a
three-bedroom villa, complete with pool. Before getting the job he had to spend four days on the island for an
extended interview process, which required applicants to snorkel through crystalline waters, gorge themselves at a beachside barbecue and relax at a
spa. He also had to demonstrate his blogging abilities, take swimming tests
and sit through in-person interviews.


2 Luxury bed tester
A student from Birmingham City University has landed her dream job...literally! Sleeping on the job and having a lie-in will no longer be a
problem for a girl, who has been selected to test out luxury beds for a month
and get paid for it. Roisin Madigan, 22, is earning £1,000 to sleep in designer beds every day for
a month. The student is helping with a "sleep survey" carried out by luxury
bed specialists Simon Horn Ltd. The company sells luxury Savoir Beds,
originally made for the Savoy Hotel. General manager Craig Roylance said Roisin will not only provide an objective view of the beds on sale, but will
also be part of a look into what brings a good night's sleep. She will spend
10am to 6pm in beds in the company's showroom in Edgbaston, and then will blog about her experiences.


3 Resort waterslide tester.
Surely the envy of any desk-bound office worker, Tommy Lynch has travelled
over 27,000 miles this year for his job, testing holiday resort waterslides. Mr
Lynch, 29, works for holiday giant First Choice, checking the height, speed,
water quantity and landing of the flumes, as well as all safety aspects. In
2008 Mr Lynch tested waterslides at holiday villages in Lanzarote, Majorca,
Egypt, Turkey, Costa Del Sol, Cyprus, Algarve, Dominican Republic and Mexico. This year he will quality control First Choice's new splash resorts in
Greece, Turkey, Florida, Jamaica and Ibiza. Liverpool-born Mr Lynch, whose job title is lifestyle product development
manager, was recruited to identify the very best pools to be featured in First
Choice's new Splash Resort collection. He also ensures potential new resorts
are up to the company's standard.


4 Professional prostitute tester.
Jaime Rascone is no different than the rest of us in that the erstwhile DJ
needs to grab the occasional odd job to make ends meet. But the Chilean
lothario has beat all of us by holding the type of fantasy job that just sounds
too good to be true: Quality Control in a brothel.
Rascone, an occasional male model and DJ, first happened upon Fiorella
Companions in Santiago, Chile while working on a story about the country's sexual revolution. He was offered the gig by Madam Fiorella, who needed
somebody to provide that final “interview” in her hiring process. It goes like
this: girls who are interested in working as VIP escorts for Fiorella have to
undergo interviews, psychological testing, and a photo session. The
applicants are whittled down to a final six, who are then bleeped one after the
other in a single day by Jaime. He takes diligent notes on, say, how they moved their hips and whether their groans were adequate, and makes
recommendations to the madam. There is even paperwork involved. The
strain of the job is actually such that he can only do it once a month, testing
around seventy girls or so a year.


5 Wine tester and blogger.
Imagine moving to the heart of Sonoma County, where every day you'll come
home to more than 450 wineries along the beautiful northern coast of
California. Picture living rent free, learning the intricacies of making the perfect wine, and capturing and sharing the entire experience for your
network of Twitter followers. Now imagine getting paid $10,000 a month to
do it. Listening? Hardy Wallace of Atlanta, the first person to submit his
application, was the winner for the position at Murphy-Goode Winery— a
$10,000 p/mo for six months, rent-free job updating Twitter and Facebook
with his winery lifestream. The interview process was simple: submit a YouTube video explaining why you would be good for the job and wait to see what happens.


6 Candy taster .
Another one of the world's best job has gone to schoolboy Harry Willsher,
12, chief taster in a sweet factory. Harry's job is to test top secret recipes. He
got the job after winning a contest at Swizzell's Matlow to find a recruit.
According to him, after his first tour at his new job, he felt like having
stepped into the book Charlie And The Chocolate Factory. He wowed judges
by describing the flavor and smell of his favourite sweet, the Drumstick lolly. The Derby firm, which also makes Love Hearts, Rainbow Drops and Parma
Violets, has now given the youngster chief taster overalls and business cards.
As well as sampling the sweets, he will also monitor their development at the
company's factory in New Mills, Derbyshire. I don't know if it's the best job,
but it's definitely the sweetest.


7 Condom tester .
An Australian manufacturer called for applications for what it claims could be
the world's best job - condom tester. Durex marketing manager Sam White
was hiring Australians over the age of 18 who could apply for one of 200
positions as a condom tester. Unfortunately the position is not paid, but
successful applicants would receive a free $60 selection of Durex products
and will be required to provide the company with honest feedback about the products' performance. One of the lucky 200 testers would win a $1000
bonus. Maybe the bonus is not that great, but one thing's for sure - it's a job
where employees won't mind taking their work home and burning the
midnight oil. We are sorry to inform you applications are closed.


8 World of Warcraft Tester .
Do you Play World of Warcraft? And if so, do you play well? Can you farm
200 gold an hour and hit level 80 in under 2 weeks? If the answer is yes, you can apply for the job that about 12 million players only dream about, as a
Wow game tester! There are in fact several Blizzard jobs posted on their
website. The Blizzard employment database has dozens of mmorpg jobs
available, mostly WoW employment opportunities. They are currently hiring
for several game tester positions for World of Warcraft, under the QA
department. They are in particular looking for foreign language testers, so if you speak any other language besides English, don't hesitate to apply to start
your Blizzard career. And, yeah, you will be required to play at least four
hours a day.


9 Director of Fun at a museum (age 6).
A six-year-old boy who wanted to become the director of York's National
Railway Museum landed himself a job - as the director of fun. The ambitious
youngster got a plum role at the National Railway Museum after applying to replace retiring boss Andrew Scott. Sam Pointon sent a handwritten letter headed "Application for director" asking for an interview at the centre, in
York. The letter listed his credentials for the role, including his expertise on
his train set. "I am only six but I think I can do this job," wrote Sam. "I have
an electrick (sic) train track. I am good on my train track. I can control two
trains at once." Staff was so impressed they appointed Sam an honorary
"Director of Fun" and his job will be to bosses how he thinks they can ensure the museum is the most fun place for kids to spend a day out. Ok, maybe this isn't the best job in the world for an adult, but it certainly
rocks the world of a 6 year old.


10 Bike rider-photographer for Google Maps Google.
(GOOG) has hired two lucky young men to ride around France on
dopey looking tricycles snapping up photos of historical sites that are
inaccessible by car. This three-wheeler is a sight with its long pole holding
nine cameras, a GPS, a computer and a generator. But the contraption
tooling around the French capital needs all that gear to do its job – adding
three-dimensional images to Google's Street View Maps. The riders, wearing Google tee-shirts and white helmets, are visiting well-
known sites such as the Chateau de Versailles, west of Paris, the Jardin du
Luxembourg on the city's Left Bank or Les Halles, in the busy centre of the
French capital.

During biological class a student ask a question how can I differentiate between identical twin of the same gender, because my boy friend is identical and confused. Our teacher ( female) answered, 'there are several ways that it could be differentiated, physical behaviour, attitude etc'.
Then she replied, 'but Ma I tried my very best but I could not'. After some minutes, the boy stood up to answer this very question, 'I have had this experience but made it through their; speech and talent'.
Then he gave an example, he asked the whole class to look at their teacher's breast, that the breast is of the same size, the same color, but of different product. If she could permit to prove this by sucking on it, one is to produce milk while the other is for water.
So madam should carry on with this experiment, so as you could understand?
The teacher on hearing this ran out of the class.

Thanks

During dinner,Mr jumbo & his family with close friend. Mr jumbo asked his son to pray,as the boy began" o! Lord bless this food but don't give my mum the strength during bed time so that I will sleep well & Lord I hate earing the noise coming from my mum room especially this' O YEAH EMEE CONTINUE DON'T STOP,HE IS NOT MAN ENOUGH EMEEE EMEE EM E!'. Before the prayer ended the man beside the boy has takeoff. Then Mr jumbo turn to his wife"IS THIS WHY WHENEVER I AM EMBARKING ON A STRIP U ARE ALWAYS SMILING. Or make I continue

Hi guys,what​‎ is the secrete behind the rich'keep walking to the bank often'despite.the economic condition of the country.Both legally n illegally.
But the poor pray for each day to passby like speed of light.
Share your view especially those that have make it in life .

I dn't thing it is a sin if taken prpali & at d rite tym. Incase U dn't knw doctor intruct their patient 2 smk 2 bun som pat of d orgn 2 mak it easy 4 operation. My bros u wil b surprise 4 wot u hav red. Now let me ask u in discase is it a sin.

FAT TRUE
CAPITALIZE YES
BIG COMFIRM
SWEET CORRECT
SEXY YEH.
Any more argument NL.Mak una face REALITY NO DE BIASE.
No mak I

This is great news,but not arrest,he shoud be sentenced to long term in prisonment for his crime and not just end there, what he looted shoud be refonded back.
Nemesis will catchup with him and others alike.


GOD pass them

Dis gr8 n a gud news 4 9ja n mak dis 1 chang dia view 9ja ova dere. Nna men mak we kip our HOP ALIV