tola9ja:
pls watch


https://www.youtube.com/watch?v=rPy7dpb1-Vw

So brilliant. Honestly, I love that Adeola girl die.

Missy89:
If the simpleton cannot manage Nigeria at a time when the oil prices was over $100, What can he do with $45 a barrel?

Help me ask them o

Tell this to Buhari who said he will stabilize global oil price.

I warned you several times last year, go and read my posts.

There is a political angle to this whole bru haha that some ppl are not lookin at..
First,Saudi Arabia with serious pressure from US,has vehemently refused to cut output,so as to make effective the American an western led sanctions on Russia..because Russia's economy is overly dependent on oil and gas.
Secondly,by so doing also,Iran..which happens to be a regional rival to the Saudis will also suffer economic decline..its all a game of wits an skillful manoevering

ThoniaSlim:
Now we can go back to our groundnut pyramids and palm oil.

I work in the palm oil industry. Nigeria cannot, I repeat CANNOT compete globally in palm oil. That throne was taken by Asia a LONG time ago.

In all of these, why is our own pump price not tumbing? At $45, FG have no excuse anymore. We should be buying pump price at N80 Petrol, N100 for Diesel, and N90 for Kerosine or thereabout. Now waiting for Minister of Finance to show her face again, and explain....to Zombies (as she thinks).

In all of these, why is our own pump price not tumbing? At $45, FG have no excuse anymore. We should be buying pump price at N80 Petrol, N100 for Diesel, and N90 for Kerosine or thereabout. Now waiting for Minister of Finance to show her face again, and explain....to Zombies (as she thinks)...

iykofias:
Wow, ds is bad news

No, This is a Good News for Nigerians and Bad News to her corrupt leaders.

fairheven:
There is a political angle to this whole bru haha that some ppl are not lookin at..
First,Saudi Arabia with serious pressure from US,has vehemently refused to cut output,so as to make effective the American an western led sanctions on Russia..because Russia's economy is overly dependent on oil and gas.
Secondly,by so doing also,Iran..which happens to be a regional rival to the Saudis will also suffer economic decline..its all a game of wits an skillful manoevering

Actually, the truth is much different.

Over the last decade,America has been becoming sufficient in oil production....which has led to it becoming less dependent on Saudi oil. Thus the Saudis are promoting a glut in oil supplies from OPEC so as to bankrupt the US shale oil producers....who are responsible for American self sufficency in oil.

And BTW....the average American and their government prefer low international oil prices...because it means the average american can buy fuel cheap. That is the real reason why the US wants to keep oil prices down....voters.

In my opinion....any country that says it is relying on oil is mis-advised. Russia in particular has enough engineering and scientific knowhow to develop an oil free economy....and so too does Iran. Yet...they prefer oil because oil brings in fast money.

Which leads me to point 2. Ten years ago....if I told you that countries like Cuba, Uganda, Zambia, etc would discover oil....you would be laughing at me. Not anymore. New oil fields are being discovered every day. There is also the potential of alternative sources of energy...like green energy.Infact, many African countries have people looking for oil all over.

So...no anti-Russian plot. Especially as the Saudis themselves have said they are doing it to fight American oil companies....and when Vladimir Putin spends the first part of a press conference lamenting that he did not diversify his economy from oil. Looks like a lot of people have not learned anything from the last mega drop in oil prices in the 1980's.

So....Nigeria should forget oil. But you Nigerians do not want to work for your money. You all want your cake at the right time every am. That is why you shout ''Fiscal Federalism'' (ie a big slice of the cake) and ''Oil belongs to all of us'' rather than ''education, savings and innovaiton''.

Oil is a curse.

Enjoymentgalore:
In all of these, why is our own pump price not tumbing? At $45, FG have no excuse anymore. We should be buying pump price at N80 Petrol, N100 for Diesel, and N90 for Kerosine or thereabout. Now waiting for Minister of Finance to show her face again, and explain....to Zombies (as she thinks)...

The price of AGO has dropped to N105 per litre as at today. You can even get at N101 in some depots like Capital Oil & Gas and Ibeto.

kenex4ever:
Words of a mediocre, must u attribute every thing to ur leaders? Is it d president of US dat set up all those technology companies they have? We r virtually "low brains" in africa dats why we can't survive without natural resources and it has nothing to do with government. The rich ones like dangote, instead of dem investing in technology they r investing 85% on importation and 15% in sugar and noodles production

You are daft for calling my words mediocre... cos no one survive in an inhabitable terrain, slowpoke. if only your bean sized brain can process that.

Could those companies succeed if the US government didn't support them by providing enabling environment?

chadnezzar0worl:
At least we no longer hear of if Jonathan does not win, then the Niger delta will block any one from lifting our crude oil! Lol! Crude now seems on its way to worthless extinction, it's so unbelievable that our crude now hovers on deep water without reliable buyers! How time changes! How the clock of time ticks away! Nothing lasts forever, this is a lesson to we as a nation to look inwards and develop our limitless natural and human potentials! And also a warning to the Niger delta's to cease their pride, cos nothing lasts forever! It's time we as a citizen demand accountability, sincerity of purpose, Integrity, honesty and outright disdain for corruption! Only then can we be great again! And honestly I do not see the Jonathan administration forging this road map! At least not from precedents set in the last six years! And before you quote me or call me a hater! I am proudly Niger delta but a truthful one, not minding whose ox is gorged

[size=20pt]LMAO... GOD BLESS YOU BRO... NO MORE "NA OUR OYEL"[/size]

kenex4ever:
Words of a mediocre, must u attribute every thing to ur leaders? Is it d president of US dat set up all those technology companies they have? We r virtually "low brains" in africa dats why we can't survive without natural resources and it has nothing to do with government. The rich ones like dangote, instead of dem investing in technology they r investing 85% on importation and 15% in sugar and noodles production

SHOW ME THE ONE YOU HAVE INVESTED IN? START WITH YOURSELF BEFORE POINTING FINGERS

motherlode:
Oboi no be Nigeria enter one chance ooo but nah GEJ enter ooo and dem go sell im part if e no smart!
By may 29 Nigeria would have a good and competent leader in Buhari/osinbajo to fully diversify the economy to reduce the dependence on oil.

but is PGEJ not doing that already? You dont watch news,neighter read thread other than Nairaland's first page,how will you know what government is doing? I guess you've been bought with APC-Buhari's propaganda. Read about the transformation agenda and understand. Thanks.

Ufranklin92:



You are so daft

you just wished me what you wished for yourself! and i say NO!

All this noise because a man has spoken? Who is he to speak when d lord has not spoken? Fellow Nigerians u have no need to fear. Such was said during d global economic meltdown. Yet we survived it. It does not actually mean we shouldn't b proactive buh for d fact dat it has happened, the lord will see us through.

bushdoc9919:


Not going to work for the following reasons

1.No guaranteed market. This isn't the 1960's...when the UK bought all our groundnuts...this is today...when the UK can buy from other markets.

2.Poor production...plus the fact that we are not a nation of large scale commercial farming.....which is what we need to become a major cash and food crop exporter.

3.Everybody does it. Every country plants and sells the crop. So, there is a glut in the market and prices stay low.(unless you are lucky to have famine in one of your competing countries).

What we should be doing is going forward to industries. We should be manufacturing cheap industrial products...like bikes, cars, radios,etc for the developing world market. We should be a world leader in technical innovation, and in computing/IT. We should be also leading in biotech/health. Because....selling raw materials does not work in the long term (Almost all African countries that rely on agric also have one thing in common...their annual budgets are provided in part by aid agencies..because they do not have enough cash to fund the thing).

Sorry to say , but your analysis and assertions are flawed, especially your number 3. Check out tradekey.com and see what people are doing. I wont say no more.

nijanigga:
I warned you several times last year, go and read my posts.

bros, who are you referring to.. lol

2sExy1:
I guess we have to brace ourselves for what is coming as a nation if what this Prince say should come to pass.



http://money.cnn.com/2015/01/12/investing/oil-prices-saudi-prince/index.html?iid=TL_Popular

Buhari Will Stablize The Price If Elected!! Yeye Dey Smell.

bushdoc9919:


Actually, the truth is much different.

Over the last decade,America has been becoming sufficient in oil production....which has led to it becoming less dependent on Saudi oil. Thus the Saudis are promoting a glut in oil supplies from OPEC so as to bankrupt the US shale oil producers....who are responsible for American self sufficency in oil.

And BTW....the average American and their government prefer low international oil prices...because it means the average american can buy fuel cheap. That is the real reason why the US wants to keep oil prices down....voters.

In my opinion....any country that says it is relying on oil is mis-advised. Russia in particular has enough engineering and scientific knowhow to develop an oil free economy....and so too does Iran. Yet...they prefer oil because oil brings in fast money.

Which leads me to point 2. Ten years ago....if I told you that countries like Cuba, Uganda, Zambia, etc would discover oil....you would be laughing at me. Not anymore. New oil fields are being discovered every day. There is also the potential of alternative sources of energy...like green energy.Infact, many African countries have people looking for oil all over.

So...no anti-Russian plot. Especially as the Saudis themselves have said they are doing it to fight American oil companies....and when Vladimir Putin spends the first part of a press conference lamenting that he did not diversify his economy from oil. Looks like a lot of people have not learned anything from the last mega drop in oil prices in the 1980's.

So....Nigeria should forget oil. But you Nigerians do not want to work for your money. You all want your cake at the right time every am. That is why you shout ''Fiscal Federalism'' (ie a big slice of the cake) and ''Oil belongs to all of us'' rather than ''education, savings and innovaiton''.

Oil is a curse.

Shale oil is not yet a treat to conventional oil and gas industry.
Belif it or not the Saudis are workin with the Americans to make western sanctions on Russian an Iran more impactful..even Iranian foreign minister recently confirmed it..wait an see,the moment the Russians stop meddling in the politics of Ukraine,the sanctions will be lifted an the saudis will cut their oil output "mark my words"
The more reason Saudis don't realy care about wt happens to international oil prize..it that they have got enof external reserve,an care-less about public unrest..
About American preferring lower international oil..that is not tenable because currently the American government is producing more oil than it can consume an has more reserve than any other,now they are even thinking of export as the moratorium law on oil exports is about been repealed.

...

Bring back industrial revolution

2sExy1:
our leaders are so so so so so daft. Their ideas are so so so so crude. They are not innovative...

that's y putting a 70+ yes old man in power will be ultimate suicide......
APC fall all Nigerians hands...

wordcat:


The price of AGO has dropped to N105 per litre as at today. You can even get at N101 in some depots like Capital Oil & Gas and Ibeto.

AGO meaning diesel ?

So Ibeto imports diesel too ?

piagetskinner:
Bring back industrial revolution

please what will you like us to produce?

If you had the power: what industries will you start immediately?

2sExy1:
Sorry to say , but your analysis and assertions are flawed, especially your number 3. Check out tradekey.com and see what people are doing. I wont say no more.

And people I know in the large-scale Agricultural business in Nigeria are pulling out. Nigeria isn't mechanised and rarely does commercial farming (even large fertilizer processing companies are not making money in Nigeria), they cannot compete with the buyers who have acres of mechanised farming in Asia. You are looking at the bottom of the table and seeing people make N50,000-N250,000 and shouting "Halleluyah" when those that invested millions are looking for ways to escape because your govt is giving its cronies like Dangote excuse to bankrupt them and large areas of arable land in the Middle Belt and North are getting more unstable politically and ethnically. Nigerian crops are not worth the international value they're telling you (not unless you grow something rare that the whole world needs, which you don't). Other Agrarian African countries outsell us and they still survive on foreign aid.

Why am I even talking, all the best exporting Cocoa, Groundnut and Shea Butter!

odimbannamdi:
From the information above, oil prices can be likened to FOREX: It hits support and resistance lines and bounces off or breaks through it. Its unfortunate that it has currently broken through its support level. Sorry if my illustration above sounds like swahili to you.

"Cheap gas here to stay? If those predictions are accurate, it could also mean gas in the U.S. might not go above $3 again. Thanks to the oil meltdown, the national average price of gas has plunged to $2.13, compared with $3.31 a year ago, according to AAA."


The price of oil in the outside market has dropped and, correspondingly, the price at which the citizens of the US buy gas has dropped from 3.13USD to 2.13USD. a whooping near-35% reduction! Unfortunately, this is not the case in Nigeria. We produce the oil, the price drops much more than our national budget anticipates in the foreign market, but still, we the citizens, buy exactly the same price we used to when the prices were high. Its pitiable.

Left to me, i would suggest that the price keeps falling and consequently our naira currency. CBN shouldnt deplete our foreign reserves by trying to boost the USD/NGN rate. It is just a futile attempt towards delaying the inevitable.

The United Arab Emirates forsaw this fall in oil prices, so they invested in their tourism sector, erecting magnificent 5-star hotels and creating conducive environments for tourists. Nigerian leaders are not proactive. in our time of bloom, we dined and wined and never prepared for the rainy day. Now it has happened!

Our problems arose as a result of our total dependence on oil revenue. Other sectors of the economy should be revived. The Agricultural sector, if efficiently harnessed and honed, can turn our economy around for the better.

The problem of Nigeria is a case of MAN THE CAUSE, MAN THE SOLUTION

You've said it All...

danger danger wahala dey, nigeria overdependence on oil money don get k leg.. Looting of oil money will soon come to an end,cos there is no money to loot again,nigerian economy go collapse kpata kpata, no be oil we dey get money from..? Im go better that way...

Everybody has forgotten 2008. The price of oil will rebound when industrial output picksup world wide. There is plenty of capity to absorb all the oil the world is producing, even with Americas shale oil. We just need wait till worldwide economic growth spurs demand for oil. Saying oil will not touch 100dpd is akin to saying China, India, Russia, the EU or even Nigeria will never do 10%+ growth again.
No mind this Saudi abokî, him no sabi anything

DNDROID:
that's y putting a 70+ yes old man in power will be ultimate suicide......
APC fall all Nigerians hands...

no b lie... I wanted Fashola but it's all political to get vote from the North if you look at it critically. I just hope that the General will work with member of his cabinet by being flexible to accept fresh ideas from the likes of Fashola who would be working with him. That's the only I see him making giant strides...

Onegai:


And people I know in the large-scale Agricultural business in Nigeria are pulling out. Nigeria isn't mechanised and rarely does commercial farming (even large fertilizer processing companies are not making money in Nigeria), they cannot compete with the buyers who have acres of mechanised farming in Asia. You are looking at the bottom of the table and seeing people make N50,000-N250,000 and shouting "Halleluyah" when those that invested millions are looking for ways to escape because your govt is giving its cronies like Dangote excuse to bankrupt them and large areas of arable land in the Middle Belt and North are getting more unstable politically and e thnically. Nigerian crops are not worth the international value they're telling you (not unless you grow something rare that the whole world needs, which you don't). Other Agrarian African countries outsell us and they still survive on foreign aid.

Why am I even talking, all the best exporting Cocoa, Groundnut and Shea Butter!

Agreed that we do not practice mechanized farming but who is to be blamed for that? my post above was negating the initial stance that there is no market for farm produce.

kenex4ever:
Words of a mediocre, must u attribute every thing to ur leaders? Is it d president of US dat set up all those technology companies they have? We r virtually "low brains" in africa dats why we can't survive without natural resources and it has nothing to do with government. The rich ones like dangote, instead of dem investing in technology they r investing 85% on importation and 15% in sugar and noodles production

u are even the bigger mediocre, do u know what it takes to even setup a small factory in nig? U will have to first setup a power plant or u are not serious, this effectively doubles your startup capital