haywire07:

Diversification is not a question of today. It has been there for up to 30 years ago when Oil took over.

Right now, I mean during this corona crisis, we cannot diversify. We should only be looking forward to sustaining ourselves first.
Exportation has been halted since the borders are closed.

But what about after the pandemic period?

1.We have former Niger Delta militants who were sent to learn production in China.
There are so many university scholars who were granted scholarships to study abroad.
E.t.c
Bring them home. Set up a conducive teaching and production environment.

2.Invest more in agriculture. Continue the ban of rice , chicken and other foods.

3. Encourage SME

4. We don't have to keep exporting our minerals to China. China would mine our metal family here, export to China, build cars and other technologies and sell back to us 200%

E.T. C..

All these might not make up the gains from oil, but it is necessary incase situations like this arise.

Your plan is a fifty years plan. Only an intelligent and selfless absolute totalitarian can salvage us.
The system needs a complete overhaul.

Assuming N400/ dollar X 11 = N4400 Divide by 159litres -barrel = N27.6 per litre...
Which is supposed to be costlier, crude oil or refined oil ..

E no go better for China wey release this plague on mankind!

sassysure:

U are laughing, right?

Even though u dey outside bros, u go still send money home
We are in this shit together.

I just dey vex.

I know. Sad right.
We can only continue to push.

People with real sense can't even stand up to say they want to contest in electrions. The current murdering lot would go after them and their family.

Rahyberg:
Bad market for all Oil Producing countries, especially, The GIANT of AFRICA

Don't mind the Op, It’s the US Shale oil.

now is the time time for every political office holders to receive a pay cut of over 40% of their earnings.. be it salaries and allowances.
and we shd look into the mining sector. all solid minerals like tin,gold,tantalite,copper ,gypsum,calcite etc shd be heavily invested on for our industries to make products for export..tiles, glass,cables, diodes and cathodes for electronic,zinc and aluminum sheets etc
in the agric sector.. cash crops like cocoa,ginger kolanut, cashew nuts, etc export shd be ban..we shd make factories to process these crops into products.. there are already chain reactions of what will be necessary.. cartons, printings, logistics and eventually all our value chain's will feel the impact.. that is how we can cushion the effect of this.. but the same govt aren't ready.. they want people to be subservient and dependent on them.. and poverty is their weapons to enslaved people..

BrilliantGigolo:


Your plan is a fifty years plan. Only an intelligent and selfless absolute totalitarian can salvage us.
The system needs a complete overhaul.

Just as J.Rawlings turned things around in Ghana.
People were hoping for same in Bubari, but bubu takes 1 step forward and 10 steps backward.

Nigsrdumb:


Too smart

Naija no get any place to store oil except ships. None.
All our oil dey ships for sea. Almost all our ships are loaded and floating in the sea as nobody is buying.
The news was here like few days ago.

How can we not have land reservoirs?

What is wrong with these people or they never envisaged a day like this will come one day?
That's why I call them low IQ politicians

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

A country that cannot build a functioning refinery will build a reservoir? A country that has no electricity but flares gas? Bro, wake up!

salford1:

I know. Sad right.
We can only continue to push.

People with real sense can't even stand up to say they want to contest in electrions. The current murdering lot would go after them and their family.

It's so sad.
And look at how they are sharing palliative.

Gosh, who do us this?

salford1:

I believe there is a technology shift going on.
Almost all European counties have set a date to ban petrol and diesel fired cars. Norway has a set date of 2025..

For vehicles, battery powered cars seems to be gaining rapid momentum as can be seen by Mercedes, ford, hyundai, VW etc all getting on board. I live in a city of 16,000 people and several charging stations have been installed.

There is a technology shift but how far will it go?
In reality, only rich European countries are interested.
Some others of course tag along due to the EU's threat or largesse.

For power stations in Europe, before 2020, they will all likely be on green energy.

In North America, natural gas seems to be the alternative now pending when green energies eventually picks up.
[/quote]
The bold is a pipe dream and will be one for decades.
Unless of course, green energy is redefined to include products from extractive industries.
Moreover, retooling an entire infrastructure to green methods cannot be achieved quickly.

Natural gas may be better but it is not really green energy.

Very few power companies (maybe 1 or 2) in North America are still romancing the idea of nuclear, but this has not really being going down well with the public. Infact, several European countries are phasing out nuclear power. Lots of nuclear power plant decommissioning jobs in Europe.

The bold is the main reason why crude oil will last for much longer.
A fear-based policy usually doesn't turn out well in the long run.
Dollar for dollar, no other energy source can match crude safe for nuclear ppwer.

The so-called green energy is not yet profitable on industrial scale, most are surviving on government subsidies.

This green hysteria is limited to western and part of southern Europe.
The politicians are enjoying living in the bubble because of Economic stability.
What will happen if there is a problem?
Expect a reactionary shift in power and mindset if that happens.
No one could predict Covid-19 one years ago, so you can never tell.

I work for a power company outside the country and all our coal plants are getting shut by latest 2030. The replacement are the currently operating hydro, wind and geothermal. Natural gas plant and more wind farms are being built as I type this comment.

I agree.
But coal has been dying even before the current boost in electric cars.
Natural gas is not really green energy. It seems the green advocates are given up
before even starting as the propaganda cannot live up to reality.
I expect that only new wind and solar plants will be built but it seems natural gas is becoming
the real savior.

Airline and plastic manufacturers might be the only people that would be relying on petrol or diesel, and who knows what fuel cells are being researched for airplanes too.

The truth is that electric cars are not a new invention.
They are more than a century old. Many people seem to confuse invention
with the economy.
Tesla as majestic as it looks is still being heavily subsidized by the government.

Africans love to copy but not to the point of economic suicide.
So, electric cars will not thrive here for obvious reasons.
The same thing will apply to other countries whose economy depends on crude oil
or are poor. Conveniently, these countries have the largest population share.

Also, there will be more economic pressure on many countries in the near future
if the green adoption continues.
The populace is going to look for who to blame and the green politicians will be scapegoats.

The US, for example, will suffer catastrophic economic and job losses if it tries to
copy western Europe.

I am waiting to see a politician promise to spend billions of dollars just to make many people jobless.

At the end of the day, politics and economy Trumps ideals.

skedman:


You are talking like an illiterate who did not even attend economics classes at all during your secondary school days

How will Nigeria balance is payment of trade in the global market.

We import virtually every thing and the only product we use to exchange for dollars in the global market is oil

It was formally cocoa,groundnut ,rubber etc.but right now they are all gone
The only resources is oil.

The big problem is that our exchange rate will go up like 1000 naira per dollar.

That was why buhari closed the border for we to at least feed ourselves by producing our own food like rice to reduce the tension

The tribe that said they are industrious still go to source for raw materials with dollars

We are hearding towards recession .

The exchange rate will go up
Prices of goods and services will rise
People will lose their jobs
Thief's will be more and people will be fustrated

Solution
If you have dollars keep it don't sell now
Save for the future
Spend wisely

Your problem is that you don't read and then think before jumping into conclusion without sense and begin to haul insult.

Are you importing anything right now? And show me anywhere in my comment where I said Oil sales should be stopped.

Next time, just relax, read carefully and then think first.

salford1:


Maybe in Nigeria.

Germany alone has over 40000GW being pushed out by solar plants.
Expand your horizons bro.

i really pity dis generation with people like u....did u even read what u just wrote?...smh

Corporate2020:
Haaaa!!!

All these our oyel people will soon start hawking crude oil in Lagos holdups

When the oil get value na Nigeria get am, when e nor get value na Niger Delta get am

wirinet:

Who told you solar energy cannot power an air conditioner? When we have electric cars and trucks with airconditioners in them, how do you thing solar power with enough battery bank cannot power a 1hp or 2hp airconditioner?

are d electric cars solar powered....bros go and study during dis lockdown abeg.

It is down on Nigeria that oil will someday become worthless. Only best option is diversify the economy technologically not meaningless Agriculture Buhari is talking about. I don't why this government can not copy from China, Japan , South Korea etc.

romeorailss:


That's not true . Not almost triple , it's now lesser than how much we produce per barrel .

You mean Nigeria has now become a charitable organisation selling its crude far below its cost of exploration, production $ transportation. What kind of business model is this?

Asabe4:
I really do not know how to feel about this

I must confess, you look beautiful.

If the govt is smart, they will stock it and Nigerians can invest in the stocks. When the price goes up, govt sells at the international market and Nigerians who invested make a profit.

Nigeria is in trouble

nedekid:

Wise words, the question is diversify to what? Is it tourism? Insecurity has killed that sector, besides Nigeria police, customs etc also contribute. Imagine a foreigner driving his family through cotonue boarder all the way to yankari game reserve. Police will extort, customs will seize his car, kidnappers will fight themselves over who saw them first.
Is it manufacturing at competitive prices when you run diesel and have all manner og government agencies taxing you?
Oh, commercial agric nko, my paddy left his high paying job to open multi billion naira farm, Nna if you see the guy now ehh.
Anyway we need to diversify.

Abeg what happened to the guy now

Government should go back to the farm, it is not by loud mouthing. The prices should crash more so that those thieves in agbada will not see much to steal again

fulaniHERDSman:

Sweet & Bitter News.

Nigeria on the Cross ... It is almost finished!!

Zombies be like "if only Jonathan saved...."
When E remain months make their dulllard clock same time Jonathan spent in that good for nothing Rock.

Mumu, at 35 dollars a barrel Jonathan couldn't even pay salaries and it was baba who came to bail many states put of the mess.

Imagine if Buhari had 9 managed our economy well, Nigeria would have been advertised for sale on OLX by now.

haywire07:

Your problem is that you don't read and then think before jumping into conclusion without sense and begin to haul insult.

Are you importing anything right now? And show me anywhere in my comment where I said Oil sales should be stopped.

Next time, just relax, read carefully and then think first.

Yes, Nigeria is one of the largest importer of petroleum products (not crude oil)

PassingShot:

Mumu, at 35 dollars a barrel Jonathan couldn't even pay salaries and it was baba who came to bail many states put of the mess.

Imagine if Buhari had 9 managed our economy well, Nigeria would have been advertised for sale on OLX by now.

Big Mumu, out of Buhari's savings? Or the money he met in the Treasury. Slow Africans!

fulaniHERDSman:

Sweet & Bitter News.

Nigeria on the Cross ... It is almost finished!!

Zombies be like "if only Jonathan saved...."
When E remain months make their dulllard clock same time Jonathan spent in that good for nothing Rock.

What z d color of ur problem

haywire07:


America is the highest producer of Oil but why do they keep importing from Iran and Nigeria?

It cost more to refine der oil dan dat of Nigeria

PassingShot:

My Mumu father, at 15 dollars a barrel Jonathan paid salaries and it was dulllardino who came to mess up many states.

Imagine if lifeless has mismanaged our economy badly, Nigeria is now advertised for sale on eBay.

Ok sir.

asamaigho:


are d electric cars solar powered....bros go and study during dis lockdown abeg.

Believe me you are the ignorant one here. Both solar power and electric cars depends on batteries. You can charge your car batteries with any electrical source - solar, hydo, gas powered or petrol powered generator, etc. The same thing with a solar power system, you can charge your batteries from any source.

The amount of power you can generate with solar panels depends on the size and total number of panels. The amount of power you can store when the sun is not shining depends on the size of your battery bank

fulaniHERDSman:

Ok sir.

I disagree so much with your okay Sir Passingshot, but I understand. Fulanimadman, you better keep your eye on Ebay, Nigeria might go up for sale soon. If you consider the madness of the last 5 years a properly managed economy, then you confirm why the country must break -- you guys have a high tolerance for suffering and should have your own republic of suffering.

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

Do your finding again on the bolded

that's good news to the Nigeria masses, because even when oil prices were highly appreciated, the masses are not even feeling any of the impact positively.
at least there 'll be less pool of funds for these our looting political elites to embezzle.
with out oil money, may be our ruling class 'll be forced to restructure the polity and diversify the economy.