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Effects Of Oil Crash On Oil-dependent Economies by DropShot: 9:03am On Aug 14, 2016 |
When I hear or read people complain of the country’s current economic woes, especially the $/N exchange rate and high prices of commodities especially the imported ones, I always ask the question “Is it that these people are genuinely unaware of cause-effect relationship or they’re just being plain imprudent? I take it that many of those perpetual whiners are genuinely unaware of effects of losing substantial part of our foreign earnings to crash in crude price, so I compile some of the realities around the world brought about by the crude price crash to educate this set of people in the hope that they will be enlightened after reading the compilation. Generous fuel and food subsidies have been slashed, new taxes introduced, and social benefits axed. http://money.cnn.com/2016/03/17/news/economy/oil-crash-middle-east-budgets/ So, if economies that built skyscrapers, modern infrastructures, created millions of jobs, diversified their economy and saved billions of dollars from their own oil windfall between 2011 and 2014 have been badly hit by the crude price crash, what miracle does any sensible person expect from the Nigerian economy that did the exact opposite of them. Since we failed to build a solid “war chest” and diversify our economy from a volatile commodity during oil windfall, it’s unexpected that we will weather the storm unscathed since our dollar-earning commodity has reduced by more than two-third. What we suffer today is a product of our wrong choices and decisions of many years back. It’s not an excuse but mere stating of facts. May God continue to bless Nigeria and guide the president to lead us out of the mess we find ourselves. 4 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 9:03am On Aug 14, 2016 |
Qatar Qatar is expected to run its first budget deficit in 15 years in 2016. The host of the 2022 World Cup has built up a huge sovereign wealth fund and so is better protected than some of its neighbors. Powered by SmartAsset.com But even Qatar has had to make cuts. The ruler of the country, Sheikh Tamim bin Hamad al-Thani, was quoted by a state news agency as saying the government could no longer "provide for everything." It has raised prices of petrol by up to 35%, pushed up water and electricity prices, and ordered state-owned institutions to reduce spending. According to some, these cuts also led to the closure of the Al Jazeera America news channel. Bahrain Bahrain raised petrol prices for the first time in more than 30 years in January, and cut subsidies on energy. Last October, the government also cut subsidies on meat, which led to a doubling in the price of beef and chicken. Bahrain's government announced a wide-ranging reform program earlier this year, saying the country needs to diversify and cut spending. Oman Oman has also hiked the price of fuel, and announced an increase in corporate income tax to 15% from 12%. http://money.cnn.com/2016/03/17/news/economy/oil-crash-middle-east-budgets/ 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 9:03am On Aug 14, 2016 |
Job Losses in Gulf Economies Since Crude Price Crash Thousands of layoffs at state-linked companies in Abu Dhabi are a fresh sign the Gulf's wealthy oil states are hunkering down for a long period of austerity as low crude prices pressure their economies. Now, some governments are also starting to reduce staff at the companies they control, many of them in the energy industry, in order to ensure the firms are not a drain on state finances if oil prices stay low for several years. Abu Dhabi's National Oil Co (ADNOC), with around 55,000 staff, has cut hundreds of jobs in the past few months and will have reduced its workforce by at least 5,000 by the end of 2016, sources familiar with the matter told Reuters. http://www.news.com.au/finance/business/breaking-news/oil-price-fall-prompts-gulf-job-cuts/news-story/42772e7387a0b7c1b6285b818294ddd6 Expats brace for job losses after Qatar Rail, others cut staff Plummeting global oil prices have already taken its toll on Qatar’s energy sector, with Qatar Petroleum (QP) laying off an estimated 3,000 people in 2015, and its subsidiary RasGas as well as Danish oil company Maersk cutting hundreds more jobs in Qatar late last year. http://dohanews.co/expats-brace-for-wide-job-losses-as-qatar-rail-announces-50-cuts/ Abu Dhabi's National Oil Co. (ADNOC) is cutting thousands of jobs as it vies to cut costs to cope with a sharp drop in oil revenues, industry sources said on Sunday. "Thousands of staff at ADNOC and its affiliates" are affected, said one source in the industry, requesting anonymity. ADNOC has "asked its affiliates to cut costs", said the source, pointing out that job cuts are the obvious outcome "as more than half of the operating cost is that of the staff". http://www.jordantimes.com/news/business/abu-dhabis-adnoc-cuts-jobs |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 9:11am On Aug 14, 2016 |
Lalasticlala Mynd44 Seun, please take this to fp. |
Re: Effects Of Oil Crash On Oil-dependent Economies by DickDastardly(m): 9:14am On Aug 14, 2016 |
Yea ... we know.... excuses for the dulllard is normal ... but tell the skinny granny to sit up 11 Likes 2 Shares |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 9:22am On Aug 14, 2016 |
DickDastardly:I guess the article is too much for comprehension ability. 8 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by DickDastardly(m): 9:27am On Aug 14, 2016 |
DropShot:Dropshot go and sit down jor 11 Likes 1 Share |
Re: Effects Of Oil Crash On Oil-dependent Economies by 989900: 9:36am On Aug 14, 2016 |
This is the reality of the times we live in, and our situation is worse, courtesy of failed leadership of about 30 years now, and further selfishness and banditry in the last 16 years. That said, the Buhari administration has not lived up to expectation, and could actually have made the sufferings less killing. The people voted out PDP cause they are well aware of the party's evil ways, and they voted in APC, not to regurgitate the failed leadership of the PDP, but voted in APC to fix it. The people want to see words backed with action and the gov't's urgent sense of purpose in alleviating their sufferings. They want to feel a good deal of dedicated professionalism, to be rest assured they actually made the right choice. Lest I chip in -- the people have to play their part too. You can't be sabotaging the system and still complain about the same system. 10 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 9:42am On Aug 14, 2016 |
DickDastardly:I live abroad and I know what I'm talking here. 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by DickDastardly(m): 9:45am On Aug 14, 2016 |
DropShot:Story ... you wen kak for underbridge 8 Likes 1 Share |
Re: Effects Of Oil Crash On Oil-dependent Economies by DickDastardly(m): 9:52am On Aug 14, 2016 |
989900:Why not characteristically reduce it to 6yrs of GEJ. Minions will remain minions 4 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by 989900: 9:58am On Aug 14, 2016 |
DickDastardly: 2 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by modath(f): 10:12am On Aug 14, 2016 |
989900: Nothing to add, How ya doing? P.S BTW, when are we selling, dashing or leasing off some of the PJs in the presidential fleet?, proceeds will be like a drop in the ocean but we are in austere times, we should all "sacrifice" 10 Likes 4 Shares |
Re: Effects Of Oil Crash On Oil-dependent Economies by 989900: 10:14am On Aug 14, 2016 |
modath: Hey Mo' |
Re: Effects Of Oil Crash On Oil-dependent Economies by onespecial(m): 10:17am On Aug 14, 2016 |
Keep the excuses rolling, u won't mention measures they took to curtail the situation apart from taxation, unlike u and ur dullard that have no policies except to exploit the public of their hard earned money just to service debts u ran ur campaign with. They are taxing companies only but u and ur dullar are taxing companies and masses withnothing to show for it Countries u mentioned understood their situation and care about their masses, unlike u and ur dullard that assumed the position of almighty sheriff( mr know it all and mr all powerful). Countries u mentioned are employing all ways to earn more from the little they could export. U and ur dullar wouldn't let the sleeping dog lie just to show ur arrogance. What stopped buhari from neglecting activities in NigerDelta just for now in order to enjoy revenue we can get from the oil money we could have sold, then engage them when he must have done his diversification, but no. He has no plans and came with a vindictive mind to rule. He piloted a whole Nigeria six months without cabinet and economic team, guess u and ur dullllard never knew that the economy was sinking then. Zombie. 9 Likes 1 Share |
Re: Effects Of Oil Crash On Oil-dependent Economies by modath(f): 10:24am On Aug 14, 2016 |
989900: Hi numbers... 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 11:15am On Aug 14, 2016 |
onespecial:It's obvious you're frustrated with life. The present regime, unlike the previous ones, is actually forcing Nigeria to look inward to solve their problems. By banning certain goods from coming to Nigeria, a policy of growing and producing those goods is firmly in place. It's clear you're so empty and you feel fulfilled once you're able to call the word dullard. Poorly educated fellow you are. 6 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by Firefire(m): 11:47am On Aug 14, 2016 |
989900: Up till now no single policy direction. Nothing to show we are diversifying away from oil. Where is the blueprint on economic direction? Despite our dwindling oil revenue there still exist monumental waste of the scarce economic resources. - Bloted cabinet comparable to the last administration. - Avoidable expenditure: holding unto the fleets of Presidential jets despite promising to convert same to National carrier. - Several bad and inconsequential economic policy: Monetary and Fiscal policies moving in different direction. - Failure to take appropriate action with the sense of urgency. What more can we attribute the several policy somersault of this administration to ? Neither here nor there. Simply put, the road ahead is very rough and the driver seems lost. Who will rescue Nigeria? 3 Likes 1 Share |
Re: Effects Of Oil Crash On Oil-dependent Economies by SonofDevil: 11:52am On Aug 14, 2016 |
Nice article |
Re: Effects Of Oil Crash On Oil-dependent Economies by omenka(m): 11:55am On Aug 14, 2016 |
DropShot:Comprehension is an ability reserved for living things bro. I could remember doing a similar article on this some time back but it never hit home. I hope the mods do the right things this time. I laugh at the extreme ignorance of some people when they try to pin what we are passing through on the current leadership- if anything, the criminal called Jonathan should be rotting in jail for supervising the greatest state sponsored heists ever recorded in humanity. What hurts one more is some idiots that run to town farting all over the place calling for a return of that regime. Such a shame one is forced to share a country with such lot. 4 Likes 2 Shares |
Re: Effects Of Oil Crash On Oil-dependent Economies by onespecial(m): 12:12pm On Aug 14, 2016 |
DropShot: It is not about shouting there is a policy on ground. Pls tell us the policy and its workings so far. You left the points i raised and said rubbish.. Why don't you tell us how causing instability in NigerDelta to distrupt our oil production when its price is low is a way to make us look inward when u have put no structure on ground to make us look inward. Why don't u tell us wat u and ur dulllard had in mind running a government on the grounds that new sheriff is in town for 6 months, stating that there was no need to install his cabinet as they are just noise makers. How come recession always come with Buhari ? 2 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by 989900: 12:13pm On Aug 14, 2016 |
Firefire: If you stay close to the news and do some digging and appraisal, you will see the 'long term' is very bright if we do not derail. The only problem (and a big one at that) we have is the short term/mid term (the now). The only part I'd agree with (the rest are not true), is the policy somersaults (especially monetary), and sluggishness (and this looks like we are gaining some momentum/tempo lately . . . Q4 will deliver the results) Maybe a few imperfections (it is not a theocracy), asides that, we are making progress. 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by Izonpikin: 12:36pm On Aug 14, 2016 |
DropShot:come back to naija... 2 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by AntiWailer: 12:40pm On Aug 14, 2016 |
DropShot: Comprehension for people who still see Jonathan as the real deal ? Dnt expect any The article is too long for theme since you can not sum it up in the title. Nice job any way. Very informative. 2 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 12:45pm On Aug 14, 2016 |
onespecial:You're empty! Diversification and new policy direction don't have effects overnight. Even you god NOI knows that and castigated the Ineffectual Buffoon for lacking the political will to !o the right thing. Is Buhari the leader of NDA that is causing instability in Niger Delta? You no sabi book at all. 2 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by Izonpikin: 12:46pm On Aug 14, 2016 |
omenka:dropshot isn't a living thing..if he is let him come back to nigeria and let's enjoy our own peculiar economic recession together..him dey abroad dey enjoy mild recession dey yap there..let him come back and enjoy buhari..such a hypocrite.. 3 Likes |
Re: Effects Of Oil Crash On Oil-dependent Economies by Izonpikin: 12:53pm On Aug 14, 2016 |
. |
Re: Effects Of Oil Crash On Oil-dependent Economies by Observant: 1:04pm On Aug 14, 2016 |
DropShot: Make una dey fear God na? You dey abroad dey Yab people wey dey hear am for Naija... Thats Heartless bro 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by motherfucker: 1:09pm On Aug 14, 2016 |
989900: Bro, please, there is something that can be done... a lot can be done but the likes of dropshot think NIGERIANS are stupid. What has this government done to encourage Agriculture in large scale since they assume power? WHAT? There are minerals in the North that can still help us, but Buhari chose to explore oil that does not exist in this hard time with little funds left. With kind of anger in me, because I detest it when people are insensitive to the pains of the less privileged, I could gun down anybody is spew rubbish without thinking twice. Instead of mapping out a roadmap that will pilot us favourably, brown tooth, opolo eyed Tinubu chose to play on the minds of Nigerians by changing party's slogan from Change to Progress. What does that speak of a party who over 180 Million Nigerians look up to for a better tomorrow? I still insist, something can be done BUT they do not want to do it! Cut salaries of senators and reps, discard the PJs, cut cost at all means and sectors. Dropshot said we should look inward, what is his investment in Nigeria right now? Please ask him what is his investment in Nigeria RIGHT FORKING NOW! He stays in another man's land and spew rubbish. If he so much believe in the CHANGE so much he could write his brains, please tell him to deport his azz down here and live among us while abandoning everything in whatever forking country he resides. Anything short of that, he is hypocrite and a bastard! I don't take partiality kindly in serious issues where lives are at stake--I don't! I repeat something can still be done. Someone proposed in another thread that carrot and steak approach should be applied by telling looter to invest their money in Nigeria which would further make everyone bring out their hidden funds to establish something that will benefit us. They should leave oil and look for alternatives for heaven sake.... Switzerland does not have a single mineral but they enjoy one of the best robust economy in the world. We do not suffer famine, earthquake or any sort of natural disaster and we live like we got nothing. The average Nigerian is wicked and selfish, case in point is dropshot or passingshot, they only think of themselves because they are not affected in any form, they are the loop holes the elites use to destroy what is left for the masses. Since many people just wouldn't use their brains to develop this country, would it bad idea we wiped off the surface of the earth so that the world would know we do not even exist? I am so angry 3 Likes 1 Share |
Re: Effects Of Oil Crash On Oil-dependent Economies by Firefire(m): 1:12pm On Aug 14, 2016 |
989900: In addition, the government need to communicate clearly its policy direction to all stakeholders. Btw: any update on the last news about the Renminbi? I mean the Nigeria-China currency swap deal that hit the media in April and that was meant to reduce pressure on USD? 1 Like |
Re: Effects Of Oil Crash On Oil-dependent Economies by DropShot: 1:21pm On Aug 14, 2016 |
Izonpikin:Bro, not all Nigerians will live in Nigeria at any given time. America, is one of the best countries in the world, yet millions of Americans live outside America. |
Re: Effects Of Oil Crash On Oil-dependent Economies by 989900: 1:22pm On Aug 14, 2016 |
Firefire: E be like say Remminbi don enter voicemail o. |
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