Quintessence44:
If my view, ill-advised.



Happy New Year all, and God bless Nigeria.

Be deceiving yourself...let the people that want to Japa Japa. Many years of NLNG producing gas, has it given us constant Electricity in Nigeria?

The challenge with this good news is that the government in charge would squander the opportunity.

eteebanky1:


You don't get the point

The fact that Nigeria won't import fuel again, it is a game changer

Theoretically it sounds appealing, but practical implementation is the Koko.This same refinery was commissioned MAY this year but what is happening afterward? Obviously your guess is as good as mine. It's better to lower expectations to barest minimum and keep fingers crossed.

FreeStuffsNG:

Excellent!! The big elephant in the room is the fx drain and capital export to other countries as we fund petrol import receipts.

You forgot to remind the naysayers that FG through NNPC owns 20% of Dangote Refinery and the Port Harcourt refinery is expected to be fully up and running by Q1, 2024.

They have eyes but can't see because the land they cursed has withheld its fruits and blessings from them. They don't even understand the huge impact fertiliser sufficiency plays in food security. Now we talk about dry season farming and the era of fertiliser scam and scarcity has ended! We are even fertiliser exporter today!

Nigeria Stock exchange keeps breaking its own record back to back and may close tomorrow with ASI hitting an ath 75K!! Any person these blessings going around has not touched must examine the kind of life they live and beg the land for forgiveness. You curse the land, it curses you back! If the land curses you back, you will never be blessed by the land niyen.

God bless Nigeria for ever! Check my signature for free stuffs!

You are very delusional and takes delight in spreading rubbish hope. Nigeria started exporting fertilizer from information plant in eleme before dangote started export yet food prices continue to go up. Nigeria stock market attained record high under Obasanjo yet people still dey japa since then. In between the numbers of people active in the nse are not up to a million even financial statements shows the numbers of shareholders are in thousands not millions.

While you spread the same false hope of curse and eating as you did under buhari, remember that even your thieving leaders are eating from the fruits of the land. Oil bunkered are eating from the fruits of the land so are forex manipulators, fake men of God, contract inflator, bribe takers. All dey eat from fruits of the land

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?

Economic improvement doesnt always have to mean 'cheap petrol'. In those foreign countries our people japa to, petrol isn't cheap, but we all agree their economies are better than ours.

obailala:
Economic improvement doesnt always have to mean 'cheap petrol'. In those foreign countries our people japa to, petrol isn't cheap, but we all agree their economies are better than ours.

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.

Yet multi-natiinal companies who have had roots in the country for 50 years are leaving? Didnt they see all these things you are saying? Or did they curse the land too?

FreeStuffsNG:

Excellent!! The big elephant in the room is the fx drain and capital export to other countries as we fund petrol import receipts.

You forgot to remind the naysayers that FG through NNPC owns 20% of Dangote Refinery and the Port Harcourt refinery is expected to be fully up and running by Q1, 2024.

They have eyes but can't see because the land they cursed has withheld its fruits and blessings from them. They don't even understand the huge impact fertiliser sufficiency plays in food security. Now we talk about dry season farming and the era of fertiliser scam and scarcity has ended! We are even fertiliser exporter today!

Nigeria Stock exchange keeps breaking its own record back to back and may close tomorrow with ASI hitting an ath 75K!! Any person these blessings going around has not touched must examine the kind of life they live and beg the land for forgiveness. You curse the land, it curses you back! If the land curses you back, you will never be blessed by the land niyen.

God bless Nigeria for ever! Check my signature for free stuffs!

I don laugh tire. I no need contribute anything here.

The op is very correct.
200 Naira = $1 by June 2024 with Dangote refinery in operation.

This will stop banditry, corruption, police brutality, scammers, Yahoo boys, Armed robbery, ritualists, oil bunkering, boko haram, cultism, budget padding, embezzlement and so on....

Ask your president about the said billions saved from fuel subsidy removal. Let's start from there.

Nonsense and APC

clown

Dangote has dominated cement, sugar, coal and imports in nigeria

Has your life Changed?

You guys should stop dreaming. If nigeria was functional Dangote should be in jail with Emefiele and Kyari the NNPC GMD

WorldRichest:


Whatever you just started smoking, stop it before it stops you. Naira will never be equal to dollars or Pounds until we stop importing unnecessary goods like bags, shoes, furniture, and white Oloshos

He is talking about a refinery that 100% imported, A refinery that will be maintained my 100% imported equipment, at least 30% man power not forgetting the imported goods and services required to get the oil from the ground. All these politicians needs to employ professionals that paints true picture of things for them and not sycophants who spew anything that makes them look good garri and subscription money.

The more you wait the more it gets expensive with unfavourable exchange rate, the more unfavourable immigration policies catch up with you. The poster should stop trolling lol

Yinmu.....

WorldRichest:


Whatever you just started smoking, stop it before it stops you. Naira will never be equal to dollars or Pounds until we stop importing unnecessary goods like bags, shoes, furniture, and white Oloshos

Leave them to dey whyne themselves. They never pay their foreign debts finish, they are talking of appreciating naira. With foreign debts in billions of dollars...no level for naira. Na Dangote personal business go make people not to japa...

Beer parlour economists. N so them dey shout, float the naira, comot subsidy, savings from subsidy will be channelled to infrastructure...all na for mouth

Gilgil:
Yet multi-natiinal companies who have had roots in the country for 50 years are leaving? Didnt they see all these things you are saying? Or did they curse the land too?

Nigeria that will soon go bankrupt, na im person dey discourage people from Japa. When Bishop Kukah talk am say make all man Japa if they can...na im one beer parlour economist dey whyne himself .

Igbos no dey blow grammar, but they know xup for business and economics. Economy no be by grammar and propaganda...

Float the naira...
Arrest Emefiele...
Remove Subsidy...
Gas is the way...
We have enough gas..
Everyone should covert to CNG...
Las las Wetin happen

Omo the way it is, before dollar go sell or buy below ₦1000 e go hard

SalamRushdie:
You are a clown if you think Dangote refinery will be a game changer for Nigerian economy

it will if u understand economics

ednut1:
The more you wait the more it gets expensive with unfavourable exchange rate, the more unfavourable immigration policies catch up with you. The poster should stop trolling lol

Omo, na so some people keep delaying, now ordinary UAE no fit reach person hand again.

Now Canada is gone, France gone, Ukraine gone

Finally Wetin go remain for the common man na African countries...like Rwanda and Kenya

MadamExcellency:
California Governor, Newson just signed into law a $20/hour minimum wage. Do you know what that means? A good nanny with a church and tender heart like me will work 10 hours a day and earn $200 per day translating to N200,000 per day, N6 million per month. I may even get free housing and utilities.

If you were to be someone like me, would you not japa and leave this lawless country?

After paying bills for the month - rent, electricity, water rate, car note (HP payments), car insurance, you'll be on maybe 2 million naira a month if you're lucky.

But there are young guys in Nigeria, some even living in the village, making that amount every week or two coding for a remote employer in Canada or Australia. Or doing data analysis work.

Go on Coursera, learn a skill, build a portfolio and get yourself a remote job.

Or you can open a really top notch restaurant, get a proper trained chef, brand yourself heavily, and you will be banking a minimum 2 million naira a week within a year. All this working 4 or 5 hrs a day rather than 10.

Deciding when YOU want to wake up in the morning and head out.

As you are making all this money here, people will be treating you with respect and calling you madam everywhere, and you have a driver taking you everywhere.

In America, you are looked down on, because at the end of the day, you're just an immigrant nanny, and you have to do your own chores at home. No housegirl. No driver. No one to dart off to for a quick gossip.

If I were you, especially as a woman, I'd stay in Naija.

In Nigeria you are a Queen, and the Dangote refinery will bring more prosperity to you and your household/descendants.

I see Dangote's refinery as a great economic asset to the nation that will potentially play a role in reducing inflation in the country and ultimately the cost of living.


https://www.youtube.com/watch?v=XNT00HkgtB4&ab_channel=EducatedAfrican

Gilgil:
Yet multi-natiinal companies who have had roots in the country for 50 years are leaving? Didnt they see all these things you are saying? Or did they curse the land too?

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.

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.

I have zero excitement about the oil refinery. Whats the difference between a half a dozen and 6? If its output will be paid for in dollars like gas is, it will create the quagmire that buyers face in that market.Perhaps, if it can hit full capacity or even close to it, it might increase any excitement by 10%.

What really excites me is the 12,000mw of electricity. That again isn't great is there's insufficient transmission capacity to transfer it to the Discos. Also, the price of power needs to be market reflective to encourage Doscos to invest in improv8ng their capacity.

The country needs at least $20bn worth of foreign investment yearly. That's the equivalent of one Dangote refinery yearly. It need not be refining but in different sectors of the economy.

Also, enough of this antiquated self sufficiency policy. The country needs to focus on an export or perish policy. Protectionism has failed to industrialize the economy.

grandstar:


I have zero excitement about the oil refinery. Whats the difference between a half a dozen and 6? If its output will be paid for in dollars like gas is, it will create the quagmire that buyers face in that market.Perhaps, if it can hit full capacity or even close to it, it might increase any excitement by 10%.

What really excites me is the 12,000mw of electricity. That again isn't great is there's insufficient transmission capacity to transfer it to the Discos. Also, the price of power needs to be market reflective to encourage Doscos to invest in improv8ng their capacity.

The country needs at least $20bn worth of foreign investment yearly. That's the equivalent of one Dangote refinery yearly. It need not be refining but in different sectors of the economy.

Also, enough of this antiquated self sufficiency policy. The country needs to focus on an expert or perish policy. Protectionism has failed to industrialuze the economy.

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.

Quintessence44:


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.

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.

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.

The Naira's value won't improve because of the Dangote refinery. Even if it does, it will be very dismal.and disappointing but I'm 99.9% certain there'll be no improvement at all.
.

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.

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.

obailala:
Economic improvement doesnt always have to mean 'cheap petrol'. In those foreign countries our people japa to, petrol isn't cheap, but we all agree their economies are better than ours.

Funny how some people fail to appreciate this basic common sense.

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.

I personally do not want to see foreign car manufacturers in Nigeria. I want to see NIGERIAN manufacturers of vehicles setting up and competing with INNOSON.

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.

I actually see this as a plus, as it creates greater room for Nigerian entrepreneurship to flourish and blossom.

You need to get rid of your dependency syndrome.

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.

What has Venezuela got to do with the Dangote refinery?

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.

The refinery is not about ''cheap petrol''.

Try and actually research or read/understand posts so far on this thread before commenting, because you don't seem to know anything.

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.

The Dangote refinery is ALL about industrialisation.

Becoming Africa's Number 1 producer and exporter of refined petroleum products and petrochemicals IS MAJOR INDUSTRIALISATION, not just by itself but by its potential to set off a chain reaction of new ancillary industries in a variety of sectors, leveraging its output.

You don't actually understand what you're criticising

Tinubunomics is working

Truths9ja:
keep deceiving yourself with lies and propaganda here. Dangote spaghetti is #700 now. Aunty B spaghetti is #550 why Honeywell spaghetti is #650 per one. Dangote Na deceiver in Nigeria business line. A capitalist that milking Nigeria economy . No one take dangote serious with his refinery.

i dont await fuel price to reduce in nigeria....

you think dangote will sell his product cheaper in nigeria and not for example in benin republic where he can get more profit....??

common man....only foolish people believe that....
people like dangote dont see borders....why restrict yourself to only nigeria when you can trade in the entire africa when even possible the entire world....??

tsdarkside:


i dont await fuel price to reduce in nigeria....

you think dangote will sell his product cheaper in nigeria and not for example in benin republic where he can get more profit....??

common man....only foolish people believe that....
people like dangote dont see borders....why restrict yourself to only nigeria when you can trade in the entire africa when even possible the entire world....??

I don hear you 👨👨👨

Innoson just assembles fabricated parts that are moulded in China and shipped to Nigeria. He will eventually go bankrupt if he confines his productivity to a desperately poor country like Nigeria. There's a lot you don't understand about the car industry and perhaps the most important one is that it is very hard to sustain a successful automobile company. They have a very high turnover of failure. That's why people like Elon Musk are so remarkable because he has managed to come from nowhere and made Tesla compete with the biggest car companies in the world.
Unless Innoson starts shifting massive sales units for his cars outside Nigeria, his company won't last and whatever value he adds to Nigeria's economy will have a meaningless impact.

Quintessence44:

I personally do not want to see foreign car manufacturers in Nigeria. I want to see NIGERIAN manufacturers of vehicles setting up and competing with INNOSON.

Nigeria is a dollar reserve country (like most countries in the world). For this reason, the strength of Nigeria's currency is significantly enhanced when its dollar reserves are boosted and the only two ways that can be achieved is by: 1. Either successfully competing with the advanced economies of the world; or 2. Attracting foreign direct investment.
Nigeria has NEVER in its history been able to compete successfully with the likes of Japan, United States, European Union, China etc.

The only way Nigeria can boost the value of the Naira and attract foreign currency at the present time in her history is going to be by attracting foreign investment.

I actually see this as a plus, as it creates greater room for Nigerian entrepreneurship to flourish and blossom.

You need to get rid of your dependency syndrome.

Firstly, it is kind of **** for a country of Nigeria's size to brag about becoming Africa's Number one producer of refined petroleum products and I'll tell you why I say this.

At this stage of its existence, a country like Nigeria with its behemoth population and undoubted human and economic potentials, should at least be competing on the level of the likes of Russia, Brazil, China, Indonesia, India etc which are all developing nations with populations of 200 million or more people.

Claiming bragging rights over tiny economic hubs like Togo and Benin Republic and dysfunctional failed states like the Congo Democratic Republic, Sudan, Ethiopia etc, is not as impressive a flex as you think it is.

That was why I brought up Venezuela because it seems that Nigerians are investing too much hope and confidence in an oil economic sector which is doomed and whose fate has already been sealed, and if you don't know what I'm talking about, then perhaps you didn't pay attention to what actually happened at the recent COP28 global conference on climate change and the environment.

If the policies goals of that conference are eventually implemented within the next 20 years, Nigerians will be clutching buckets of oil and looking for buyers while they watch their children starve to death.

Quintessence44:
If you are planning to JAPA,...
Millions of new jobs will be created.

its nice to be optimistic but... There was a gov. Offical (i cant remember who) that said the refinaries are mainly to help bosst the export yeild of nigeria, and it may not cause a reduction of fuel cost... If nigerians would gain anythin from the refinary it is employment as staffs and further exploitation of the niger delta by local and foreign governments... If you fail to japa because of the hope that the refinaries would magically turn nigeria to a paradise think again, by the time the year is gone the prices would go up as the naira will keep on depreciating makin it harder... OUR PROBLEM IN NIGERIA CANNOT BE SOLVED BY MORE MONEY. WE HAVE BAD POLICIES, AND BAD RULERS THAT WILL END UP STEALIN MOST OF THE MONEY and lets be realistic there is no way that the refinaries would provide stable employment for up to 500k persons not to talk of a million.