₦airaland Forum

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.

bigpicture001:
it will if u understand economics

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.

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.

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?

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.

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

Usmanovic95:
Imagination wan finish this brother 😅

CrossRhodes:
Yes dangote refinery will improve....
security
Healthcare services for all
Unemployment statistics

Ndi uchu, God pass una

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.

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.

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.

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.

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.

CrossRhodes:
Yes dangote refinery will improve....
security
Healthcare services for all
Unemployment statistics

Ndi uchu, God pass una

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.

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.

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.

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.

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

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

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.

IamAtikulate:
You are using Nigerian exchange rate to calculate price of fuel in the international market?

Illiterates everywhere.

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.

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.

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.

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.

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.

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.

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.

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.