This is nothing compared to our population. Qatar earning way less than us but with a tiny population less than 4million is way richer compared to us. So the earlier we begin investing more in human and other natural resources development, the better for us. And the government should do something regarding our population because the way it’s going, it will be disastrous in the next couple of years.

saaron:
Yet Nigeria became the poverty capital of the world.
You got to give it to buhari's regime, the only regime in the world that specializes in creating poverty and hunger within a short period of time. Make buhari president of America today and watch him make America poverty capital of the universe within few years.
It's not about lack of resources that is his problem, it's the ability to creatively manage the little resources and turn it into wealth that is his problem. Besides, a jihadist and sharia fanatic obsessed with FULANIZATION can never be expected make great financial decisions talk more of creating wealth.
Buhari fits perfectly with the parable of the pound (Luke 19:11) - about three men who were given monies to invest and trade by their master. But one of them instead hid his money in the ground and refused to trade for return on investment. In the end, the little money initially given to the heavilly ignorant fellow was taken away from him, thus leaving him in abject poverty.
Is it by accident that Nigeria became the poverty capital of the world under buhari's regime? Is it any surprise that the little resources Nigeria has at the moment now is used to service the country's huge debts profile made worse by this regime?
Indeed, a man can't give what doesn't have.

ONE NIGERIA DOES NOT EXIST!

Good yarn!

Now the question what the Bleep are we doing with a fulani black arabs who have no ancestral land in Africa, much more of this expired entity called Zoogeria.

Racoon with all the opec info you posted wetin you reason be the way forward ? Pipu are suffering more than their counterpart In hellfire

IpobAntidote:


The population growth in the last 15 to 20 years is exponential and the economy has been unable to keep up. The population growth has been around 6 to 7 percent while economy has been growing at around 2 to 4 percent. That's a recipe for disaster.

Exactly. UAE and Saudi Arabia are not very different from us. They practice absolute monarchy where the King and crown prince can take as much as they want from their country's purse , yet, they have those infrastructure which are a global cynosure.
Their citizens do not fancy technical learning since the most prominent department of education there is Islamic scholarship. They are Islamic states, so, religious dogmatism isn't a negative factor.

Population, complex diversity and expensive bureaucracy may be Nigeria's problem.

IMASTEX:

Let's assume that is correct, so 55% is only. Thus should be best put in the pocket of some few individuals in government.

Bros it's just 125 dollars per each Nigerian in 5 years ...it's literally nothing

70% of that money u use it to pay ...civil servants ,police , army , navy , subsidize University , fight Boko Haram and about 20% is eaten by politicians .. the rest 10% is what u see as roads ,few light u have

Is not about stealing of money even though that's part of d problem, the problem is that people are paying less for the quality oil Nigeria has, countries keep intentionally crashing oil prices to buy this products at cheaper prices and then store them to be resold at exorbitant prices later when the oil market is completely down, d major culprits of this theft are d Americans, if not for one thing I would have suggested that Nigeria leaves the OPEC and sell its oil on d open market since OPEC can't make sure Oil prices are kept at least $150/barrel, it keeps dropping and it begs the question of why OPEC would let the prices of oil drop when IPhone has refused to drop down on the price money for getting this IPhones, OPEC should safeguard the interests of its members but it seems they aren't viable and are not willing to do that, COVId 19 crashed d oil market plummeting the oil price from d barely $45 we were getting to close to $20-30 which is very bad for such a rare commodity as oil which the Americans has invaded countries for, is in the best interest of Nigeria to diversify and I'm not talking abt agriculture but in industrial revolution and technology development, the less dependent on oil, we should use the oil wen the oil in open market is scarce and no country should bully us into selling oil or saying we re hoarding products when Nigeria is a sovereign state!

omenka:
How do you mean? Care to expatiate?

tell him also remember our enormous humongous debts profile outside...

Heathrow44:
Is not about stealing of money even though that's part of d problem, the problem is that people are paying less for the quality oil Nigeria has, countries keep intentionally crashing oil prices to buy this products at cheaper prices and then store them to be resold at exorbitant prices later when the oil market is completely down, d major culprits of this theft are d Americans, if not for one thing I would have suggested that Nigeria leaves the OPEC and sell its oil on d open market since OPEC can't make sure Oil prices are kept at least $150/barrel, it keeps dropping and it begs the question of why OPEC would let the prices of oil drop when IPhone has refused to drop down on the price money for getting this IPhones, OPEC should safeguard the interests of its members but it seems they aren't viable and are not willing to do that, COVId 19 crashed d oil market plummeting the oil price from d barely $45 we were getting to close to $20-30 which is very bad for such a rare commodity as oil which the Americans has invaded countries for, is in the best interest of Nigeria to diversify and I'm not talking abt agriculture but in industrial revolution and technology development, the less dependent on oil, we should use the oil wen the oil in open market is scarce and no country should bully us into selling oil or saying we re hoarding products when Nigeria is a sovereign state!

OPEC was formed neither to regulate oil prices nor safeguard the interest of oil producing States. The US dollars remains the world currency today because it is backed by oil. For you to buy from an OPEC member, you must pay with the United States of Dollars. This follows that if there is no OPEC , China can buy Oil from Saudi Arabia with their currency and whenever Saudi Arabia wants to import from China , it will make use of the Chinese currency . The major foundation of OPEC is the US Dollars.

Until the 40s the British Pounds , Euros and other major currencies of this world were backed by the value of gold. When OPEC was formed, the price of dollars became backed by the price of crude oil. For this reason, the Middle East which hosts the bulk of Earth's petroleum energy has known no rest because anything that happens there determines the global spread of the American dollars.

Any country that leaves OPEC automatically becomes an enemy of America because CHINA will use that opportunity to purchase the Country's oil with the CHINESE currency.

saaron:
Yet Nigeria became the poverty capital of the world.
You got to give it to buhari's regime, the only regime in the world that specializes in creating poverty and hunger within a short period of time. Make buhari president of America today and watch him make America poverty capital of the universe within few years.
It's not about lack of resources that is his problem, it's the ability to creatively manage the little resources and turn it into wealth that is his problem. Besides, a jihadist and sharia fanatic obsessed with FULANIZATION can never be expected make great financial decisions talk more of creating wealth.
Buhari fits perfectly with the parable of the pound (Luke 19:11) - about three men who were given monies to invest and trade by their master. But one of them instead hid his money in the ground and refused to trade for return on investment. In the end, the little money initially given to the heavilly ignorant fellow was taken away from him, thus leaving him in abject poverty.
Is it by accident that Nigeria became the poverty capital of the world under buhari's regime? Is it any surprise that the little resources Nigeria has at the moment now is used to service the country's huge debts profile made worse by this regime?
Indeed, a man can't give what doesn't have.

ONE NIGERIA DOES NOT EXIST!

i dont blame buhari,i blame the people dat voted him to power.As if we did not remember his military era..the moment this Man entered as head of states Nigeria went into recession with speed.

am still in shock so Nigeria can make such money in 5yrs and still its masses are wallowing in abject poverty and the govt of the day is still borrowing every now and then, what is happening in this country where is the Messiah that will turn things around ooooooooo I cry!

jumper524:
$206 billion for a population of 200million is small money for 5years.

That is not a small money compared to naira and the living conditions of Nigerians. You guys are getting your statistics wrong each time you compare your selves with the United States.

Minimum wage of a United States citizen is $7 per hour while that of a Nigerian is N30,000 per month and there are also citizens living with less than N10,000 per month.

Do not also forget minimum wage during the last 5 years was N18,000 and not many Nigerians are employed by the government. Saying this country is poor is a bad choice of words, this country is f*cking rich. A Nigerian citizen can steal $20b dollars and this country will not collapse but you can't try that in the US.

Open your eyes and start a revolution or break away from this country. Those of you still believing in one Nigeria are fools. You will still take this popular message "One day Nigeria will be better" your parents pass to you, to your children and your children to your grandchildren. While the same criminal gangs play chess with your generations.

slimfit1:
It is a lie how? When? where is the money?

Part of it is buried at Ikoyi Cemetery

None of us have the right to grumble and complain of the bad government which rules over us. Let him who has no hand in this our predicament wail. Hold..., enough

Germi9:

i dont blame buhari,i blame the people dat voted him to power.As if we did not remember his military era..the moment this Man entered as head of states Nigeria went into recession with speed.

I cry for this country am just speechless i never knew Nigeria can make such amount of money and yet we are trying

giftedben:


That is not a small money compared to naira and the living conditions of Nigerians. You guys are getting your statistics wrong each time you compare your selves with the United States.

Minimum wage of a United States citizen is $7 per hour while that of a Nigerian is N30,000 per month and there are also citizens living with less than N10,000 per month.

Do not also forget minimum wage during the last 5 years was N18,000 and not many Nigerians are employed by the government. Saying this country is poor is a bad choice of words, this country is f*cking rich. A Nigerian citizen can steal $20b dollars and this country will not collapse but you can't try that in the US.

Open your eyes and start a revolution or break away from this country. Those of you still believing in one Nigeria are fools. You will still take this popular message "One day Nigeria will be better" your parents pass to you, to your children and your children to your grandchildren. While the same criminal gangs play chess with your generations.

you have said it all!

Looters in power, that's why we can't see anything Working

It is well...

My take are;

1. The cost of the recurrent expenditure is really on the high side, the positions of elective and selective positions are so juicy that those who go there are only there to collect their share and not in the interest of the country.

2. Why on earth would a country run a bicarmeral legislature as 'poor' as it is with 109 in the senate and 306 or so in the green chamber. Do we know how much it cost to run both chambers each year ? when the do nothing but fight and argue endlessly. I think is should be downsized totally and the country operates a unicameral system. in doing that a chunk of those monies would go into capital intensive expenditure.

3. They said we should buy Nigeria to grow the naira but the dont lead my example, rather the chose to fly pizza express from the US pizza oh, last year they kicked against buying innoson cars or any cars assembled in nigeria rather they opted for a toyota 2020 model as their official car who are they deceiving ?

May God help us, we are too gullible

Igbochief001:

Bros it's just 125 dollars per each Nigerian in 5 years ...it's literally nothing

70% of that money u use it to pay ...civil servants ,police , army , navy , subsidize University , fight Boko Haram and about 20% is eaten by politicians .. the rest 10% is what u see as roads ,few light u have

They just don't understand that we are actually very poor. Imagine just $206 billion in 5 years for a population of 200 million.
That's just $206 per person per year. That's is even not taking into consideration that over 20% of that money is used for debt servicing. Out of the remaining money, 70 is spent by about 1% of the rolling elites - civil servants and political office holders, and then the remaining 30% is supposed to be spent for the rest of the masses (capital expenditure ), of which half is also embezzled by politicians.

So in the end, the masses end up with nothing.

Joker. you are asking OPEC? You wont ask the Nigerian Government, You think every organisation is like your useless goverment that peddles false information.

giftedben:


That is not a small money compared to naira and the living conditions of Nigerians. You guys are getting your statistics wrong each time you compare your selves with the United States.

Minimum wage of a United States citizen is $7 per hour while that of a Nigerian is N30,000 per month and there are also citizens living with less than N10,000 per month.

Do not also forget minimum wage during the last 5 years was N18,000 and not many Nigerians are employed by the government. Saying this country is poor is a bad choice of words, this country is f*cking rich. A Nigerian citizen can steal $20b dollars and this country will not collapse but you can't try that in the US.

Open your eyes and start a revolution or break away from this country. Those of you still believing in one Nigeria are fools. You will still take this popular message "One day Nigeria will be better" your parents pass to you, to your children and your children to your grandchildren. While the same criminal gangs play chess with your generations.

Hahahahaha, this is the dumbest comment I have ever read here. So all of Nigeria’s importations are done in Naira abi? Keep wallowing in ignorance. The combined net worth of Jeff Bezos and Ex wife alone is more than what your country of 200 million earned in 5 years. Also, your claim that Nigeria won’t collapse if $20 billion dollars is stolen here is sheer stupidity because i don’t know what else indicates a collapsed country apart from bad roads, railways, poor electricity, insecurity......Nigeria has already collapsed

SmartProf:
Yet the govt. is still collecting loans here and there...they will even tell you they have an economic team...we are just messed up.

It is misleading to just calculate the number of barrels extracted, multiply by price and say this is how much Nigeria earned.

Turnover (sales) is not profit

Profit = sales - cost of sales

1. Production cost is $22 a barrel
2. Nigeria does not produce its own oil. The oil is extracted through production sharing agreements and JV agreements with Oil companies. So any profits are based on a percentage agreement. Like a shareholder in a company if you own 60%, then your share of the profits is only 60%

If you understand this oil business you will realize all these headlines are misleading

What actually came to Nigeria is 60%of that amount. The remaining 40%goes to the joint venture partners...

isthatso:


It is misleading to just calculate the number of barrels extracted, multiply by price and say this is how much Nigeria earned.

Turnover (sales) is not profit

Profit = sales - cost of sales

1. Production cost is $22 a barrel
2. Nigeria does not produce its own oil. The oil is extracted through production sharing agreements and JV agreements with Oil companies. So any profits are based on a percentage agreement. Like a shareholder in a company if you own 60%, then your share of the profits is only 60%

If you understand this oil business you will realize all these headlines are misleading

On point

wirinet:


They just don't understand that we are actually very poor. Imagine just $206 billion in 5 years for a population of 200 million.
That's just $206 per person per year. That's is even not taking into consideration that over 20% of that money is used for debt servicing. Out of the remaining money, 70 is spent by about 1% of the rolling elites - civil servants and political office holders, and then the remaining 30% is supposed to be spent for the rest of the masses (capital expenditure ), of which half is also embezzled by politicians.

So in the end, the masses end up with nothing.

All these figures are misleading because they are sales not profit. We are poorer than we think we are. Oil is not all it is cracked up to be. We can publish headline figures of sales all we want but what enters our pocket is what is left after cost of production and equity for the oil companies that actually to the production. I challenge anyone to publish figures that show that the profit (which is what really matters) that accrues to Nigeria from this $206m sales in the last 5 years is more than $80-100m.


We are a dead poor country because our government is poor. Our governments are poor because we focus our energy on oil as if oil is the basis of our economy. Our GDP is approx $450m, oil only accounts for about 10%. One of the reasons we are poor is that govt focuses on the oil sector for revenue and largely ignores the other 90%

saaron:
Yet Nigeria became the poverty capital of the world.
You got to give it to buhari's regime, the only regime in the world that specializes in creating poverty and hunger within a short period of time. [/b]Make buhari president of America today and watch him make America poverty capital of the universe within few years.[b]
It's not about lack of resources that is his problem, it's the ability to creatively manage the little resources and turn it into wealth that is his problem. Besides, a jihadist and sharia fanatic obsessed with FULANIZATION can never be expected make great financial decisions talk more of creating wealth.
Buhari fits perfectly with the parable of the pound (Luke 19:11) - about three men who were given monies to invest and trade by their master. But one of them instead hid his money in the ground and refused to trade for return on investment. In the end, the little money initially given to the heavilly ignorant fellow was taken away from him, thus leaving him in abject poverty.
Is it by accident that Nigeria became the poverty capital of the world under buhari's regime? Is it any surprise that the little resources Nigeria has at the moment now is used to service the country's huge debts profile made worse by this regime?
Indeed, a man can't give what doesn't have.

ONE NIGERIA DOES NOT EXIST!

One thing you got wrong - the US Congress is not as inept and clumsy as the garbage of a national assembly we have here. There is a massive difference - Congress will/have the power to veto a lot of his erratic policies.

Artiiclebeast:
The evil bloodsuckers swallow the money.

Why OPEC no ask for our account numbers? At least each citizen for get at least $1k to do whatever dem like with am.

Na God go punish all the demons setting our country back or stagnant.

I swear man
OPEC for don collect every single Nigerian BVN then send atleast $500 to $1k to every single Nigerian
Nigerians we no deserve to suffer like this.

Seriously OPEC, is these what Nigeria earns or what Nigeria-politicians earns...!!!

Igbochief001:

Bros it's just 125 dollars per each Nigerian in 5 years ...it's literally nothing

70% of that money u use it to pay ...civil servants ,police , army , navy , subsidize University , fight Boko Haram and about 20% is eaten by politicians .. the rest 10% is what u see as roads ,few light u have

Going by your submission, it shows the country is a consuming nation and nothing is been delebrately done to convert money into something more productive that will general more money. If 20% is prudently spent on agriculture, the country will be exporting like mad. Those several MDA's are not needed because many duplicate functions and as a result there are all half baked. But still the government can't adjust them because they use those slots to settle politicians. Lastly, you're assuming that only 20% are stolen it means you don't know the potentials of politicians in stealing.

IMASTEX:

Going by your submission, it shows the country is a consuming nation and nothing is been delebrately done to convert money into something more productive that will general more money. If 20% is prudently spent on agriculture, the country will be exporting like mad. Those several MDA's are not needed because many duplicate functions and as a result there are all half baked. But still the government can't adjust them because they use those slots to settle politicians. Lastly, you're assuming that only 20% are stolen it means you don't know the potentials of politicians in stealing.

Democracy is not effective ...our issue us we don't generate enough revenue

fnep2smooth:
Google CEO said they will be investing $30 billion in to India ICT innovations.
So why can't we invest in this kind of great innovation with our small population unlike India.

Just imagine if Sundar Pichai was of Nigerian decent irrespective of tribe, would he have:
1. Lobbied Google to invest such in Nigeria or
2. Found a way to steal it for himself or
3. Do nothing since he and his (immediate/extended) are well to do and not affected by the economic downturn in Nigeria?

isthatso:


All these figures are misleading because they are sales not profit. We are poorer than we think we are. Oil is not all it is cracked up to be. We can publish headline figures of sales all we want but what enters our pocket is what is left after cost of production and equity for the oil companies that actually to the production. I challenge anyone to publish figures that show that the profit (which is what really matters) that accrues to Nigeria from this $206m sales in the last 5 years is more than $80-100m.


We are a dead poor country because our government is poor. Our governments are poor because we focus our energy on oil as if oil is the basis of our economy. Our GDP is approx $450m, oil only accounts for about 10%. One of the reasons we are poor is that govt focuses on the oil sector for revenue and largely ignores the other 90%

I completely agree with you that Nigeria is indeed a very poor country, and i am also aware that our oil earning (official) is often exaggerated. Most times I am not sure if the figures quoted are profits or turnover (sales).

Having said that, calculating our actual GDP is very complex. This is because a lot of our economy is informal and can never be captured by data. How do you calculate the okada rider, the kabu kabu driver who is not captured by any data? How do you make provisions for the billions of dollars or funds sent by families and loved ones from abroad? Incoming passengers physically import lots of undeclared foreign currency that is not captured by data.

Then there is the billions of dollars earned by Nigerians as a result of crime - drugs and scams. I would not even be surprised if Nigeria's highest foreign exchange earner is crime. If one person Hushpupi could be worth tens of millions of dollars due to scam, imagine what all the millions of scammers in and out of nigeria are worth. Then add to that the earnings from drugs, human trafficking and prostitution. I am sure the total figures would be tens of billions yearly. There are thousands of young guys living both in Nigeria, living opulent lives solely on scams or 419.

wirinet:


I completely agree with you that Nigeria is indeed a very poor country, and i am also aware that our oil earning (official) is often exaggerated. Most times I am not sure if the figures quoted are profits or turnover (sales).

Having said that, calculating our actual GDP is very complex. This is because a lot of our economy is informal and can never be captured by data. How do you calculate the okada rider, the kabu kabu driver who is not captured by any data? How do you make provisions for the billions of dollars or funds sent by families and loved ones from abroad? Incoming passengers physically import lots of undeclared foreign currency that is not captured by data.

Then there is the billions of dollars earned by Nigerians as a result of crime - drugs and scams. I would not even be surprised if Nigeria's highest foreign exchange earner is crime. If one person Hushpupi could be worth tens of millions of dollars due to scam, imagine what all the millions of scammers in and out of nigeria are worth. Then add to that the earnings from drugs, human trafficking and prostitution. I am sure the total figures would be tens of billions yearly. There are thousands of young guys living both in Nigeria, living opulent lives solely on scams or 419.

The point is oil is less important to our economy than most people realize. It is only important to the government because they are too lazy to efficiently tax the other sectors of the economy. If they did they would would get a least another $50b which is more than twice what we get from oil.


We focus too much on Oil. South Africa’s budget for education is more than our entire income from oil....just think about that!! And they are a smaller economy than us.