crazygod:
Are we still talking about oil in this country? like really? Don't this govt peeps read nairaland ni? There are lots of solutions to Nigeria's economic problems that have been stated on this forum. Govt should employ people that will be reading nairaland everyday if his economic team can do anything. infact, do we have an economic team in this country? i dey vez sef. I foresee lots of oil workers being laid off. Crude oil ko jawo mo.

Breaking news

HEADLINES...

SHEL NIGERIA AND MOBIL OIL OWINING STAFFS,

Its looming ,small small
that day I go run enter Benin

Banter1:
Bunch of look alike premature incubator babies called South Africans are very funny.

Mtn should pay the fine jor!

YOU THINK THEY ARE FOOLS? WHAT SORT OF PUNITIVE JUDGEMENT IS THAT, THEY (MTN) WILL RATHER PULL AWAY FROM NIGERIA.

Again, this has nothing to do with hatred for nigeria or pay back for MTN, SA refineries are designed to refine Iranian oil importing from Nigeria and SAudi was temporary

http://m.ewn.co.za/2015/09/23/SA-considers-building-refinery-to-process-Iranian-crude

Okanokan:
$26 Dollar per barrel here we come. The South African Government has just done the needful, a TIT FOR TAT policy, which the Buhari Government employed in 1984 successfully. You can kill Mtn and expect us to pay you.

Wat are you even saying....has mtn paid the fine

some people ehhh

OohLalah:


What you guys do not understand is, South Africa doesn't talk much but act a lot.

1. We had always bought Iran crude oil until 2013 when we forced to stop because of sanctions.

2. We have a working deal on crude with Iran before and we will still have a greater deal after sanctions.

3. This has nothing to with MTN or Nigeria but what is best for SA.

4. The Nigerian Government still has an option to negotiate and make concessions with SA if they want to and not throw tantrums and read things that are not there by retaliation

5. Iran is a gateway of SA companies to the middle east and so far they have been loyal and great friends than Nigeria.

6. Nigeria is a risky investment destination for SA companies and now SA is quietly cultivating new grounds to plant their companies that are less temperamental than Nigeria.

7. Keep watching by the end of the year all the SA companies that are going to expand aggressively to the middle east as an alternative to Nigeria and then majorly stock Nigerian products awaiting another tantrum from Nigerian Government and its people then just withdraw.

8. Lastly, boycotting SA companies will only come at a huge price for Nigerians. Employment, products sourced in Nigeria, Rentals of Malls and there is not even one network that can handle MTN client lines without causing a network standstill.

Dot take my word for it try it.

What exactly does nigeria export to SA? The usual answer, CRUDE OIL!!! Nothing more. Unlike yours, we operate a open door policy when it comes to investment. You operate a very protective economy but your companies are quick to tap from other willing economies.
Majority of your companies make profits from nigeria, but non of your companies is quoted on nigerian stock exchange despite the huge investments by nigerian banks and local investors.

This says a lot about SA. Take a look at the trade volume between the two countries, it majorly tilts in your favor. What does that tell you? Nigeria is a lifeline that SA cannot afford to lose.

Finding a market in the middle east indeed. How much of the north african market have you exploited? Majority of SAs automobile export, especially toyota, goes to nigeria.
This explains why SA has continously opposed toyota's plan to establish a plant in nigeria. You south africans are not good competitors. Your companys go any length to remain dominant and its a pity nigeria has been bedevilled by leaders that are ignorant. But with recent global economic climate and local policy, that would soon change.
The only advantage south africa has over other african nations is nuclear technology for abundant power generation. Remove that from the equation and all is left is economic uncertainty and crisis.

princejayboss:



Same reason we lost a good client.... So at this point you still ask for MTN soon another client will pull off .... Poor international relations will hurts us the more....

SA has never been a true friend of Nigeria.

MansaMoussa:
Nonsense!
We can boost the domestic market in Africa For our oil.
Secure a low interest loan from China and build a west Africa gas pipeline extending all the way to Gambia...then sell at rock bottom price, govt to govt..
Russia did it in Europe...we can do it

Much easier said than done. Will rock bottom sales prices to other Africa be enough to service and retire loans from China?. China is not a charity organization. Most likely their loan, no matter how low, wether fixed or variable interest rates will be based on world lending standards.
Who knows tomorrow? For one reason or another, some of the so target west Africa markets might want out in future, just as south Africa is exercising now.
Is always very bad to put all eggs in one basket.
Alternative energy sources are fast becoming reality.
Time to diversify from oil.

MTN and DSTV and SHOPRITE...get ready to pack your load too!!!

I believe some things positive can come out from this moves. This is a challenge to this present government and i urge them to be vibrant

majekdom2:
what has Opec done differently. It should not be about OPEC and non OPEC now. It should be about every oil producing country. OPEC should change its name to OPPC. Organisation of petroleum producing countries so as to protect everyone's interest. We won't have this fight of. Market share. Everyone would have his share which regulates demand and supply.

Sorry but it doesnt work that way opec is a cartel not charity organisation. Theres lots of politics and underground manipulations. Basically, iran stands no chance. The best they can do is enter black market, but at the current rate that will be unsustainable

Include also Gotv and stanbic bank

GeoOla25:
MTN and DSTV and SHOPRITE...get ready to pack your load too!!!

MansaMoussa:
Nonsense!
We can boost the domestic market in Africa For our oil.
Secure a low interest loan from China and build a west Africa gas pipeline extending all the way to Gambia...then sell at rock bottom price, govt to govt..
Russia did it in Europe...we can do it

the same China facing economic crisis

Banter1:
like seriously? Who cares if they don't by our oil anymore? You sound as if we are gonna die or starve to death if they don't buy our oil. We don't care about SA. Mtn should pay the fine asap.

Infact I'm disappointed with the apartheid regime in SA then, they should have gathered them all in a concentration camp and Gas them all. what nonsense.

Drink your dirty oil, and shut your big mouth

coolzeal:
He is still locating billions of naira to oil exploration in lake Chad basin instead of agriculture..

fluctuation in oil prices is not new. Oil remains one of the most sought after commodity.it's only a temporary setback. The price will surely pick up

ttmacoy:
And what do you consider rock bottom prices because there was an article in punch where it said many Nigerian oil fields have a cost of production already lower than or rapidly approaching the current price of oil per barrel which means some are already extracting oil at a loss at current prices.

Please explain the rationale behind securing a loan to build pipelines to sell our oil even cheaper as I assume that's what you mean by rock bottom prices.

Why would China give such a loan as you must know such loans are based on what China gets out of the deal. It's not because they are nice.

you get time . Just try and ignore some posts. Many think they know better than those in government.

Na shakara, they will soon waka come.

JUBILEE2000:


fluctuation in oil prices is not new. Oil remains one of the most sought after commodity.it's only a temporary setback. The price will surely pick up

Doing the right things at the right times is necessary.
Time of glut is not the right time for additional supplies.
Most new explorations and productions are on hold now because costs exceed potential earnings from the products. Available resources are better used alternatively to achieve needed returns.

Bubu with his bad luck. Is this the change Nigerians voted for? This is why south east/south south didn't vote for him.

Y don't we jst sit back relax n watch what our government is up to....cos all ur opinions doesn't count in a country like Nigeria.

What is still holding the FG from conducting a snap referendum for the Biafrans?? The so called oil is now worthless nah... Why the time wasting?

no more Shoprite, Stanbic IBCT, GOtv, and DSTV
(like I fit)
But yes to MTN no more Shoprite, Stanbic IBCT, GOtv, and DSTV
(like I fit)
But yes to MTN

smoothlips:

you sef and your narrow analysis..that policy decision if it is true is not targeted at Nigeria, Iranian terms of trade might be more favorable to south Africa than the terms of trade in Nigeria..you go school naaaa think broader bros..your school fees no waste naaa

Broda! Economic Diplomacy is extremely different from Political Diplomacy. Its a lesson you must take home; its unreality reality. But this matter no reach to curse me naa!

ProfessorPeter:
Then Nigerians should be ready to boycotts all South Africa goods and services in Nigeria.

for what?

MPSA:


Drink your dirty oil, and shut your big mouth

..so you south Africans were buying our oil to drink before? it is smart to tell a person to shut up while on a social media platform? Whoa!

Okanokan:
$26 Dollar per barrel here we come. The South African Government has just done the needful, a TIT FOR TAT policy, which the Buhari Government employed in 1984 successfully. You can kill Mtn and expect us to pay you.

I don't feel mtn's got anything to do with this. But if it is, then it is a shallow calculation. While Nigeria is mtn's largest and most profitable market, south Africa isn't Nigeria's largest oil exporting country. As a matter of fact, south Africa's crude oil export from Nigeria is near insignificant and recently commenced.

If it becomes tit for tat, it will bee sheer fun creepling stanbic bank, dstv, shoprite, games etc.

South Africa is in no position to play economic games with Nigeria. We have the market. #fact


In the next gazillion years, all your multinational firms will have Nigeria as their top destination to do business in.

Lezzlie:
I don't feel mtn's got anything to do with this. But if it is, then it is a shallow calculation. While Nigeria is mtn's largest and most profitable market, south Africa isn't Nigeria's largest oil exporting country. As a matter of fact, south Africa's crude oil export from Nigeria is near insignificant and recently commenced.

If it becomes tit for tat, it will bee sheer fun creepling stanbic bank, dstv, shoprite, games etc.

South Africa is in no position to play economic games with Nigeria. We have the market. #fact


In the next gazillion years, all your multinational firms will have Nigeria as their top destination to do business in.

All the south african companies you are mentioning are scattered all over the continent...nigeria is not special

MduZA:


All the south african companies you are mentioning are scattered all over the continent...nigeria is not special

Lame submission. Mention how many countries these companies generate more profit than Nigeria?

Must you opine shallow points just to be seen?

Oma307:
Include also Gotv and stanbic bank

Lol...that's true.

Lezzlie:
Lame submission. Mention how many countries these companies generate more profit than Nigeria?

Must you opine shallow points just to be seen?

Ok

Who said China doesn't give Loans no more because it's experiencing Slow Growth?
What do you do when your Economy Stagnates? Your Spend more to get it kicking! America did this!
China has and will keep giving loans to strategic partners! Will you say all the Assets our Military have been acquiring are based on CoD?
Look at the Amount China is Spending in East Africa, (Ethiopia, Djibouti, Kenya etc)...

What's in for China?
Expanded Trade and Geopolitical Clout!
More over seas jobs for Chinese engineers etc and lots more!

Nigeria's Oil Fields operating at a Loss?
Hehehe! Upgrade your technology for cost effective production or Cash Out to younger vibrant new entrants into the market!

Militants will blow them up!
Arm up the Navy, Set up a robust Coast guard system,
Review our Amnesty Agreement and bring serious ND sons to the table ( shoot the criminals)

How will we fund the Loans?
We are selling Oil to West Africa daily right? So what happens to a sharing Formula as conditions attached to the bank loan provided by Exim? ( A serious Economic Lawyer can negotiate us a good deal)

Alternative Income Source is the Forward!
I agree entirely that we must diversify! But we cannot diversify overnight when we had 50+ years to do that...it should be phased!

Alternative Energy Sources are gaining ground at alarming rate, if we do not maximise the benefits of Oil, we'll one day see Foreign Soldiers in our Lands telling us to stop drilling and selling Oil,cuz it's polluting the World and causing Climate change!

#letsdebateconstructively

look here,

MTN is being fined $3.9bn in Nigeria

MTN can now repatrate $1.1bn from Iran, after sanctions have been lifted.

So which country is more business friendly here. You might find that it was a deal strucked between two countries, for Iran to allow MTN to repatrate their funds back to SA, south africa must resume purchasing oil from iran.

Many people are not aware that before sanctions, South Africa used to buy oil from iran for years and years. They only started buying from Nigeria and Saudi arabia after sanctions were imposed on iran, which was temporal.