₦airaland Forum

We need to move from been consumers to producer of commodity,dat way dere will be less pressure on our forex.to even think dat we imported rice and dere was even tax waiver on it is really annoying,i mean who does dat to is nation?

keyzid:
seriously, Thats one bad news for Nigeria. All those bastard who worked for Jonathan and plunged our monies to zero should be condemned to death after collecting the monies.

Why do you people cry over rubbish? The only thing you remember about jonathan is money, money, money. What about everything good that buhari inherited and rubished? Buhari had been in office for seven months now without doing any project where is the money realized so far? Oil still sold for about 45 dollars for months after he took over, where has he put all the money? Are they not stealing money now including buhari himself?

Atmmachine:
Really ??

Really.

The current fall in oil prices is due to a combination of factors

1.Former Chief Oil importers are now oil producers. (Good example , America. 1996 imported half our oil. 2015, imports 3% of our oil).

2.Iran has just had sanctions against them for nuclear weapons lifted. They are also big oil producers. Now that the sanctions have been lifted....they are planning on coming into the oil market in a big way.

3.The Saudis have forced OPEC to pump lots of oil into the market....to deal with the newbie American oil producers.

4.All these are causing a surplus in the market...leading to a drop in prices (Economics 101...when there is a scarcity of product X,prices rise. When there is a surplus, prices fall).

5.Nigeria pumping in 40 million barrels would increase the surplus....making matters worse.

Whose fault is it Nigeria is solely dependent on oil?? Those cabals and lazy Governors who never implement any kind of true agricultural program. That is who.

Now the easy money is drying up and they are panicked. Instead of finding other sources of energy they suffocated competition in the country for selfish financial purposes.

Atmmachine:
Can Nigeria pump like 40 million barrels per day to exceed the 10 million barrels Saudi Arabia pumps per day ??
Why don't Nigeria attract more buyers than the Saudi Arabia ??
Does the Nigerian oil have limitations or may dry up if pumped excessively ??

Why are u talking about increased productions when there are no buyers?

It is well with Nigeria.

erico2k2:
Is this not the point where we have to devalue the Naira??

A little bit more and if here is no change in situation on ground we just might have to again. If we don't then a recurrence of a free fall like that of the last two weeks would repeat itself.

teemy:
Let me explain his point. Our major single source or forex dollars is via crude sales. less sales, less dollars which gets lesser and lesser as earnings drop per week. our appetite for importation is still there and once there is little dollars to fund out importation needs the limited available dollars become more expensive day by day unless new sources of forex dollars can come in. This gas drop would also raise dollar price.

To cushion that the CBN has been on policies to reduce dollar dependence. But the demand is still high hence little or no effect.

I commend your vast reasoning on this topic...

Some People don't seems to understand how economic problems are tackled...

100freekiss:
Do you understand what @tonyebarcanista said?

your not on the same page with him , Your off point

Dollar value has nothing to do with the price of crude , on the contrary dollar is gaining value by the day.

The REASON for the fall in crude price is because there is a surplus availability of crude in the market , there by creating competition between the sellers (oil producing countries)
Every oil producing country wants to sell there oil at any given price.
Surply is higher than demand

I will just ask you questions and let you answer them yourself...

You said i'm off point... And I smiled...

Firstly, you said that, dollar value has nothing to do with the price of crude oil... (Even tonyebarcanista will laugh at you for making this kind of statement). You don't seems to know anything about currency and it's relativity to foreign exchange marketing.

Again, you've ignorantly abdicated your understanding of monetary policy.. My question is, why do we have surplus availability of crude oil? If you say, dollar has nothing to do with this. Considering the law of supply and demand... And why do every country want to sell their crude oil at any given price

Yendysthesage:
Dude your analysis is wrong , you are acting pseudo-intellectual. The guy is talking about how the us and Australia are going to enter into the market thereby driving prices down.you seem to be talking about something completely different

Read this again! You seems to have issues with comprehension....

yanabasee:
We are on the same page sirree...

I am looking at it from the currency perspective....

Now, the US dollar is a flat currency, meaning, it's not backed by any tangible commodity. From the implementation of the qualitative easing measures by the US Central Bank more money is created for borrowing, which makes the law of supply and demands to step in. Making the existing more less valued..

This law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price

Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be. This is as a result of monetary policy.

Lighthouseman:
This fall in commodity prices will lead to economic and social disorder in countries such as Nigeria that are solely dependant on oil.
You will see lots of strike action by labour, trade unions, students etc.
We might be experiencing a hyper inflation. This is made worse by our inability to refine our petroleum products leading to depletions of the already scare forex.
Agric which every one is clamoring for is not that easy because it is capital intensive, time bound and dependant on biological factors and finally market at a time commodity prices are low.
Nigeria may have to consider the north Korea option to survive or the Iranian model of survival under sanctions.
I must add that this is a self inflicted sanction on Nigerians by the ruling class over the decades.

We have seen two oil booms in our history and on both occasions we wasted the proceeds. There will not be a third oil boom. The world is awash with oil, China and Europe are moving away from fosil fuels. The electric car is no a reality and cheer models will come out in the future. Nigeria is in BIG trouble. Our leaders are not showing any sense of urgency to our situation. I wonder if even understand how bad things are?

Pavarottii:
Which money are u talking about that was looted; as old as u are, u can also be deceived by Media trial and propaganda to tarnish people's image. 7months now! No single soul has been indicted nor jailed. And tell me one single money than has been recovered and from who and how? If u cannot tell me u r an OLD FOOL! My brother Buhari that u voted for. Cannot govern Nigerian is this modern age. He doesn't even know the economics of Nigeria, talk less of the world. Wen GEJ was in power. We were prospering; and he contested again to allow the proserity continue but rather u people voted for someone that didn't even attend school. And am sure that even u went to sch. Well enjoy wat u voted for. GEJ that u r insulting. Has had 3 UN assignments, 4 high prestigious invites to US for events. And he still has more lined up. Why didn't they invite any of our past leaders like that. Even Buhari! U think they don't know the diff between a president wiv vision and one without? it's a pity. Since Buhari came on board. Everything has been crumbling and u still av the effontry to blame GEJ that gave him the smoothest transition. Even the Devil will be angry with u.
U r now a Certified WAILING WAILER!
#BringbackGEJforprosperity.

Epic!

cramjones:
The massive looting that took place during GEJ's tenure has finally brought Nigeria to its knees. Greece would be child's play come 2016. The wicked Jonathan government fleeced our money when oil prices were sky high. The price is now projected to be at $20/barrel in the first quarter of 2016.

Now is the time for Buhari to be decisive and put this wicked, insensitive, clueless, heartless, corrupt and pouchy man in jail. Recorver the loot of him and his cohort and draw a strong and hard economic recovery policy. There is not much he can still do because the man called GEJ destroyed Nigeria!

-CramJones

you are dunce..none of your write up I have read make sense... this piece is just the crown of all your junks...
the so called money looted was even Abacha stolen Moni done 15 years ago. and is that the Moni that would have saved you?
even china is feeling the brunt of the glut in oil and trade...it is expected.....
what has successive govt of this county done since 1960 as foundation for future leaders..
so GEJ is also responsible for the looting spree in first republic , second republic, Abacha , IBB , OBJ looting ?
stop the blame game and face realities.. sure in your little zone you are worse than GEJ
it is easy to blame....
I remember how you guys shouted fuel should be 40 Naira but afta 8 months it is over 100 Naira on average across the nation
very easy to blame.. it is classical of failures

poseidon12:
Of course they are experiencing same issue of demand and supply. It's just that they saved adequately when oil was selling. And they refine their crude.
We squandered and embezzled our earnings. And we cannot refine our crude, spending scarce foreign exchange to import instead.

stop peddling false information.. who told you they saves? Saudi that was distributing the excess money to its citizens... that is not even d point
Saudi has a population of about 15m people and is no 1 in OPEC.... Nigeria has 170 million and no 7 in OPEC...
the point is Saudi makes 5 times our money from oil for about 10times the population..
they won't feel it much because they have so much output and less people to feed
is like you earn 1m a month with 2kids and your parents are wealthy.. compare to a man who earns 150k with 8 kids and poor parents... when things go tough, who will feel it more...?

Lighthouseman:
http://www.punchng.com/nigerias-gas-revenue-drops-by-50/

dear lord,make oil price $1 per barrel so that this lootocrazy will stop amen!

yanabasee:
We are on the same page sirree...

I am looking at it from the currency perspective....

Now, the US dollar is a flat currency, meaning, it's not backed by any tangible commodity. From the implementation of the qualitative easing measures by the US Central Bank more money is created for borrowing, which makes the law of supply and demands to step in. Making the existing more less valued..

This law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price

Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be. This is as a result of monetary policy.

You've got it in reverse: Qualitative Easing actually means less liquid.

Also, you meant the dollar is "fiat currency", not "flat currency". A typo maybe.

olutunde12:
Why do you people cry over rubbish? The only thing you remember about jonathan is money, money, money. What about everything good that buhari inherited and rubished? Buhari had been in office for seven months now without doing any project where is the money realized so far? Oil still sold for about 45 dollars for months after he took over, where has he put all the money? Are they not stealing money now including buhari himself?

The point here is some people who worked for ex presido actually stole. Won't it be fine if these monies are recovered? One cannot say whether Buhari is corrupt or a saint. However, it;s clear some mone were missen in the past adm. Lets recover those ones first. last but not least, i'm not a supporter of the present adm and not of the last one too... i just want a better Nigeria

The drop will actually make us get sense. #prosper

If oil starts selling for a $100/barrel tomorrow -- there goes again all the plans and smooth talking about diversification and prudence, we'd be back to wasteful spending again.

cramjones:
The massive looting that took place during GEJ's tenure has finally brought Nigeria to its knees. Greece would be child's play come 2016. The wicked Jonathan government fleeced our money when oil prices were sky high. The price is now projected to be at $20/barrel in the first quarter of 2016.

Now is the time for Buhari to be decisive and put this wicked, insensitive, clueless, heartless, corrupt and pouchy man in jail. Recorver the loot of him and his cohort and draw a strong and hard economic recovery policy. There is not much he can still do because the man called GEJ destroyed Nigeria!

-CramJones

How will Buhari be decisive see pot calling kettle black!
As far as I respect you sir,you are wrong on this one.

[size=15pt]Build more gas powered power stations and supply the excess gas we seem to now have to them. That way, Nigerians can stop depending on petrol and diesel for powering their generators. That way, we can stop subsidizing petroleum products and spend the money developing Nigeria instead of enriching oil marketers while impoversihing the nation[/size]

Rhea:
[size=15pt]Build more gas powered power stations and supply the excess gas we seem to now have to them. That way, Nigerians can stop depending on petrol and diesel for powering their generators. That way, we can stop subsidizing petroleum products and spend the money developing Nigeria instead of enriching oil marketers while impoversihing the nation[/size]

True my lady... ...but this is one of the many solutions to our problems .
One major huddle is corrupt minds in government who know what you typed up there but would rather go the route of policies that will leave room for them to loot, loot and loot

WaffenSS:
You've got it in reverse: Qualitative Easing actually means less liquid.

Also, you meant the dollar is "fiat currency", not "flat currency". A typo maybe.

According to wikipedia, Quantitative easing (QE) is a monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other financial institutions, thus raising the prices of those financial assets and lowering their yield, while simultaneously increasing the money supply.


By fiat currency I meant that US dollar doesn't have a specific commodity/goods that it is supporting or backing... It is a general currency and as well a standard currency for foreign exchange marketing.

For crying out loud, how do people comprehend things? Hmmmm.... I'm tired oh!

yanabazee:
According to wikipedia, Quantitative easing (QE) is a monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other financial institutions, thus raising the prices of those financial assets and lowering their yield, while simultaneously increasing the money supply.


By flat currency I meant that US dollar doesn't have a specific commodity/goods that it is supporting or backing... It is a general currency and as well a standard currency for foreign exchange marketing.

For crying out loud, how do people comprehend things? Hmmmm.... I'm tired oh!

You're just trying to be clever by half.

1. You wrote QUALITATIVE EASING, not QUANTITATIVE EASING, so you mixed up the two. Go back and read your post.

2. It's FIAT currency, not FLAT currency.

You're the dumbass here with the comprehension problem.

WaffenSS:
I'm just trying to be clever by half.

1. You wrote QUALITATIVE EASING, not QUANTITATIVE EASING, so you mixed up the two. Go back and read your post.

2. It's FIAT currency, not FLAT currency.

I'm the dumbass here with the comprehension problem. Please forgive me.

Reasons I hate to argue with iidiotz like you... You've single handedly dragged my intellects to the mud...
I might have referred to quantitative easing and fiat currency...

You need to step up ur reasoning and be matured... Your personified puerility is a big flop and I'll not reply ur mentions again as you'll only make me to sound like a kid that you are...

yanabazee:
Reasons I hate to argue with iidiotz like you... You've single handedly dragged my intellects to the mud...
I might have referred to quantitative easing and fiat currency...

You need to step up ur reasoning and be matured... Your personified puerility is a big flop and I'll not reply ur mentions again as you'll only make me to sound like a kid that you are...

Quit the bluster, you nitwit.

Accept your goof and move on. I pointed out your error and you're here filibustering.

You wanted to sound smart but you ended up sounding like a pained arsehole.

You don't have to respond. Your stupidity is forever immortalized here.

Motherfuccker.

WaffenSS:
Quit the bluster, you nitwit.

Accept your goof and move on. I pointed out your error and you're here filibustering.

You wanted to sound smart but you ended up sounding like a pained arsehole.

You don't have to respond. Your stupidity is forever immortalized here.

Motherfuccker.

I am smarter than your family put together.... My goof is efficaciously your best usage of words on logical reasoning....

And most stupiid people are better off brilliant goatz like you!!!!

You should rest your brain... You spew more trash than the waste bin....

yanabazee:
I am smarter than your family put together.... My goof is efficaciously your best usage of words on logical reasoning....

And most stupiid people are better off brilliant goatz like you!!!!

You should rest your brain... You spew more thrash than the waste bin....

"Efficaciously"

No such word in English bro. Efficacious cannot be used as an adjective by adding "-ly".

Also, it's "trash" not "thrash" when you mean garbage, which you should know since you're from the gutter.

My word, you're one sloppy dumb motherfuccker, ain't you?

So much for being smart. You just come across some big words, and without so much as a thought to their meaning, you just pack 'em in your sentences thinking it makes you appear smart.

You should thank me, asswipe.

#SchoolTheFool

WaffenSS:
"Efficaciously"

No such word in English bro. Efficacious cannot be used as an adjective by adding "-ly".

Also, it's "trash" not "thrash" when you mean garbage, which you should know since you're from the gutter.

My word, you're one sloppy dumb motherfuccker, ain't you?

So much for being smart. You just come across some big words, and without so much as a thought to their meaning, you just pack 'em in your sentences thinking it makes you appear smart.

You should thank me, asswipe.

#SchoolTheFool

No such word in English?

It's not English, It's "English Language"

There is an attached screenshot for you to learn from...

What makes you think, I actually referred to garbage? Perhaps, you know more than I thought... A swine, that's what you are...


I've never come across a horrible person before like you... In fact nothing much changes with whatever’s in your head. And that’s because thinking is only very useful when you make use of your brain and not your empty head...

I didn't just pack them into my sentences, I tried to lower myself to think like a f00l that you are, but unfortunately, it isn't working out for me... I still can't figure it out how f00lish people reason.... You're a rare gem.... I think your parents deserve a national spanking for harbouring your kind amongst human.

#getschooled #swine #bastard #derangedfool

WaffenSS:
"Efficaciously"

No such word in English bro. Efficacious cannot be used as an adjective by adding "-ly".

Also, it's "trash" not "thrash" when you mean garbage, which you should know since you're from the gutter.

My word, you're one sloppy dumb motherfuccker, ain't you?

So much for being smart. You just come across some big words, and without so much as a thought to their meaning, you just pack 'em in your sentences thinking it makes you appear smart.

You should thank me, asswipe.

#SchoolTheFool

u are derailing the thread, ignore his errors since the message has been passed and give us solutions to the economic mess we are about to witness

If you guys put your heads together you can help solve some of the problem rather than being a problem on the forum.

The gas powered plant would have definitely helped the situation. Also the buses they were buying could be the precursor to a gas powered transport system if they can't even run a refinery they might be able to run gas plants hopefully but here we are in a worse position than we were in 1985

It takes time to design, build and commission a gas powered plant. Also a lot of finance too. With the Nigerian factor, Buhari might even exceed his tenure and the plant won't be ready. I personally don't think there is a quick fix to the problem, other than pay the price for not planning. We should rather be focusing on securing the future. Sectors always crash, and come up after some time. The question is when oil price come up, will we be ready and have enough on ground to use the opportunity well or make the same old mistakes?

Are there any OnG companies that export gas? not import. Please holla at me at uchukwumereze@gmail.com