rusher14:


Which of the factors can you authoritatively say is missing?

AAlozie:
This is misplacement of priorities. Oga Buhari, forget oil exploration in the NE. Rather, encourage agricultural development!
Wetin dey worry these leaders na?

drss:
it is all abt oyel moni. notin more. imagine a govt saying it is commited to diversification of d nigerian economy, yet mass propaganda office got more allocation dan agriculture. dis anomaly happens only in a zoo.

2sexycom:
yes, many are abandoning exploration RIGHT NOW.

ITbomb:
When you get the oil, where una go sell am to.

I won't be surprised if I see military protecting small refineries in the north while destroying the ones in the south

drss:
is dis how d dullard intents to diversify d economy

AAlozie:
This is misplacement of priorities. Oga Buhari, forget oil exploration in the NE. Rather, encourage agricultural development!
Wetin dey worry these leaders na?

shamecurls:


IPADian spotted

Standing5:
If true, then i am dissapointed in Buhari. You have a commodity that whose market value is on the all-time low and you are still looking for it like its some hotcake. Who funds this ego-massaging venture that's merely meant to prove the north has oil? Who does?

2sexycom:
I never quoted you. Let the person I quoted speak.

Do you have any sedimentary environment in the North East?

2sexycom:
Buhari will definitely lose 2019 election, before it even begins.

Where there is no light, no fuel, job losses, Fulani killings, dollar is 305 to naira, he travels too often, investors fleeing the country, businesses are shutting down... refineries are in comatose.

This is the best Buhari can come up with.

I regret ever supporting this man honestly.


P.S: Those saying I never supported Buhari, I believe @Chibenze, Rozayx5 and Ideology can bear me witnesses.

I don't attach sentiments where logic and objectivity is needed.

2sexycom:
I never quoted you. Let the person I quoted speak.

Do you have any sedimentary environment in the North East?

Progressive01:
I'd prefer we started looking beyond oil. Why can't we try to develop the solid minerals sector?? Oil has proven to be one hell of an unreliable forex earner.

Come on Baba.

jaybee:


Pathetic. Pathetic indeed.

Most comments on this thread make a f00l of Nigerian youths.

Just think of it.

What is 'diversification'? what does of mean in the context of Nigeria's economy?

Does it meat jettisoning what you have (in this case oil and gas), while embracing what you don't have (like the proverbial, and improperly defined, agriculture; mining, etc) ?

To understand 'diversification', all you need is to define it. Any dictionary should provide such definition. Diversification is simply the act of introducing a variety (in our case, in investments, and production of goods and services); instead of investing mainly in the oil and gas. it does not connote zero investment in oil and gas and 100% investment in other sectors. Remember that Nigeria already has huge investments in oil and gas to leverage on. After all have you ever heard that a bird at hand is worth two in the air?

The concern on timing for investment in oil and gas exploration in Nigeria now is highly misplaced and shows ineptitude of the highest order, if not outright mischief. Just think of it, the crude oil being produced Nigeria today (which was sold as high as $146 in the recent past), at what price was crude oil when the exploration was done? The exploration was undertaken in the 80s and early 90s (oil exploration and production is a long gestation investment) when crude oil was at its lowest around $9 - $14. This is a good time to invest when the price is low and the cost of exploration is also low. When the price rises, the cost of exploration will be high and making the investment decision will become more difficult. it makes economic sense.

Finally is the money for this so-called frontier exploration in the budget? this i strongly doubt. If it is there, someone should please show, not tell me. Which means as usual, government only facilitates these activities, and does not really put in tax payers' money directly into it. Mostly, the investors put in their heard-earned hard currency and takes all the risks in anticipation of commercial hydrocarbon discoveries that would permit them to recover their money in a long time in the future.

Pwayne2016:
This man is really a curse to humanity...looking for oil in dried sahel desert Land that is only good for human skull and terrorism...Tunda faya Buhari

brainpulse:
shove ur regrets into ur mouth

Eluwilussit:


The idiiot doesn't know the meaning of diversification. In their warped minds, they think the discovery of oil in the north, will automatically reposition the north. If only they know that they will benefit more individually and collectively from agricultural products than from oil, they wouldn't even waste their time on oil. Buhari is indeed a northern president. I warned everyone of us.

rusher14:


Nobody is abandoning exploration.

Oil prices at the moment means investors are more wary about putting their money into such long term investments.

Nevertheless, even such places as Myanmar are exploring for hydrocarbons as we speak.

You do realise production wells do not have an eternal shelf life. So making more finds become necessary.

So making these statements without detailed information serves you no good.

I would rather the country can add another 100k barrels into our daily oil basket than nothing.

Lastly, if undertaken it would put to bed the general argument about the presence or lack thereof of hydrocarbons in the Northeast.

SycophanticGoat:



Jobless YPOR/ipork youth, why are you attacking baba na? I thought he's a god that does no wrong...?

2sexycom:
Buhari will definitely lose 2019 election, before it even begins.

Where there is no light, no fuel, job losses, Fulani killings, dollar is 305 to naira, he travels too often, investors fleeing the country, businesses are shutting down... refineries are in comatose.

This is the best Buhari can come up with.

I regret ever supporting this man honestly.


P.S: Those saying I never supported Buhari, I believe @Chibenze, Rozayx5 and Ideology can bear me witnesses.

I don't attach sentiments where logic and objectivity is needed.

ITbomb:
When you get the oil, where una go sell am to.

I won't be surprised if I see military protecting small refineries in the north while destroying the ones in the south

Pwayne2016:
This man is really a curse to humanity...looking for oil in dried sahel desert Land that is only good for human skull and terrorism...Tunda faya Buhari