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"Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures - Business - Nairaland

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"Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Obinoscopy(m): 1:57pm On Dec 05, 2014
President Goodluck Jonathan has assured Nigerians and foreign investors of a stable domestic economy despite the disturbing downward slope in global oil prices.

The President on Thursday gave the assurance when a delegation of multinational industrial giant, General Electric (GE), led by its Vice Chairman and CEO, Mr. John Rice, paid him a courtesy visit at the Presidential Villa, Abuja.

In a statement issued by Reuben Abati, Special Adviser to the President on Media and Publicity, Jonathan said the Federal Government would do everything possible to maintain domestic economic stability.

He urged the company to maintain its confidence in the country.

“We promise our people that even with the drop in oil prices, the economy will be stable.

“I urge you to maintain the confidence you have in this country before the oil price drop, and even expect better management from us.

“Sometimes, it is when you are challenged that you do better than when everything looks good.

“So, I assure you, other investors in this country and all Nigerians that the government will do everything necessary to stabilise the economy and that the drop in the price of crude oil will not create so much distortion in our economy”, he reiterated.

President Jonathan thanked GE for its commitment to increase its investment in Nigeria with the attendant benefit of job creation for many more Nigerians.

He also welcomed GE’s plans to set up a facility in Calabar to manufacture components for the oil and gas sectors.

Mr. Rice told the President that GE had committed about $30 million to the development of the Calabar Plant and was already undertaking the training abroad of some Nigerians who would work there.
http://dailypost.ng/2014/12/05/relax-fall-oil-prices-will-not-affect-nigeria-jonathan-assures/

4 Likes 1 Share

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Nobody: 1:58pm On Dec 05, 2014
really?

That's great news..

Hopefully the unemployed have hope...

But oil price drop won't affect us? How?

GEJ till..______ ( fill in the blank space)




A greater news is as follows below...

Yes its my turn to scream FTC..

Did I hear you say I should behave myself? my friend shut up dia... Do you know what it means to be FTC on 5 DEC 2014?..

I want to thank all my fans who stood by me when I was hustling to be FTC ..

many thanks to glo for not failing me, thanks to my friend Nandom for configuring my techno phone so I can get 3gig for just N1,000..

Thanks to the op for posting this topic. Thanks to the super mod for bringing it to FP.

Ntorr to other Nairaland members. I first una this time...

Oh..!! gosh... I've been typing rubbish. flips my hood and bounces outta thread.

8 Likes 1 Share

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by accurate0805: 1:58pm On Dec 05, 2014
lipsrsealed
Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by sommyblaze(m): 1:58pm On Dec 05, 2014
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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Nobody: 1:59pm On Dec 05, 2014
I am sure his nose has grown by a few inches. Liar liar, pants on fire!!!

43 Likes

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Bsc(m): 1:59pm On Dec 05, 2014
Dnt blieve u any more brother.

7 Likes 2 Shares

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by 5p1naz(m): 1:59pm On Dec 05, 2014
Not affecting the economy... really??

so why has the naira been devalued?

This guy must be the joker in the batman movie...

44 Likes

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Nobody: 1:59pm On Dec 05, 2014
The High time we went back to Agriculture, the better for us.

Oil no go serve us forever.

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by checkdate(m): 1:59pm On Dec 05, 2014
Obinoscopy:
http://dailypost.ng/2014/12/05/relax-fall-oil-prices-will-not-affect-nigeria-jonathan-assures/
Hhhhhmmmmmmmmm

8 Likes

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Vicotex(m): 2:00pm On Dec 05, 2014
I hope dem APC moherfvckers dey read this shit??
Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Vicotex(m): 2:00pm On Dec 05, 2014
kennygee:
The High time we went back to Agriculture, the better for us.

Oil no go serve us forever.
na part of our resource
Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by paleo(m): 2:00pm On Dec 05, 2014
this man don start again o.
first, he promised we are on top of the situations during the insurgencies, now he is here again.

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Nobody: 2:01pm On Dec 05, 2014
When our currency is devalued

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by OtunbaJega: 2:01pm On Dec 05, 2014
This man has gone mad again

16 Likes

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by YEMOYEMI: 2:01pm On Dec 05, 2014
May the oil dry completely in the name of Jesus. The oil seems to be more of curse than blessing to this country. Nigeria will be better without the oil.

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by braine(m): 2:01pm On Dec 05, 2014
Bloody Liar! I hate it when they do this.

1 Like

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by ochallo: 2:01pm On Dec 05, 2014
Are you sure this man is even educated at all? People don't speak like this in France where i school.


One of my friends that schooled in france as well working in an oil company in Nigeria, told me recently that a circular was passed in their company telling them to save their money because the US has stopped buying Nigeria's oil and oil prices would drop and most countries are now using shale.

2 Likes

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Idrismusty97(m): 2:01pm On Dec 05, 2014
Yeah. It won't affect their pockets. They must have mistaken their fat bank accounts for "Nigeria", It is never affected.

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by blemon44(m): 2:02pm On Dec 05, 2014
GEJ we dey you back

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by AngelicaDivine(f): 2:02pm On Dec 05, 2014
My president is just being optimistic
There is still hope for naija entrepreneurs http://jobmasternigeria.org/tony-elumelu-100-million-create-10000-african-entrepreneurs/
Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Nobody: 2:02pm On Dec 05, 2014
Nigeria solely depends on crude oil so the fall of oil prices will definitely affect Nigeria because our economy is not diversified.

Mr President,stop deceiving Nigerians with your assurances.

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Nobody: 2:02pm On Dec 05, 2014
Mr President is being too optimistic.

We are dependent on oil.....so much dependent.....and to make matters worse, our reserves are being depleted to keep the naira from falling into the abyss....

I guess we should be honest, admit oil is a curse.....and start going the industrial route. Simples.

Nigeria is a dutch diseased economy.....best we acknowledge that....and start making changes. Like spending more on power.....and unfortunately....Austerity cometh.(we have no choice.).

The Dutch disease occurs when the traditional export (tradable goods) sector is crowded out by the booming export sector and the non-tradable goods sector. The lagging traditional tradable goods sector may include cocoa, palm produce, cotton, rubber, coal, copper, textiles and some manufactured goods while the booming export sector may be crude oil, coffee, gold, etc. The non-tradable (non-export) goods sector covers all those goods that are produced for domestic consumption only, e.g. staple food items, clothing, building materials, locally-assembled cars. Where crude oil (and gas) is the booming export sector, the non-oil export sector may be crowded out by the oil sector and the non-tradable goods sector of the economy. This can happen when the oil revenue windfall increases domestic demand for non-tradable goods and pushes up domestic prices leading to an appreciation of the real exchange rate which in turn reduces the competitiveness of the non-oil export sector. This will in turn lead to a reduction in non-oil exports in both quantum and value terms. The oil windfall may also lead to movement of the factors of production in the economy. For instance, capital and labor (and land) may shift from the non-oil export sector to the oil sector (in order to maintain or increase reserves and production) and the non-tradable goods sector (to take advantage of the growing domestic demand). This explains why the increase in oil prices and the subsequent oil revenue windfall in many oil-exporting countries have tended to depress their non-oil export sector while at the same time generating a boom in both the oil and the non-tradable goods sectors. With capital and labor shifting from the non-oil export sector to the oil-sector and non-traded goods sector, firms in the non-oil export sector are forced to either close down or reduce their scale of operation. [b]The boom in the oil and non-traded goods sector increases the demand for imported goods. This may not be a problem in the short-term so long as the country has enough foreign exchange to pay for the imports. The depression in the non-oil export sector and the boom in the other two sectors have medium to long term implications for the economy because the oil windfall will not be permanent given the volatility, unpredictability and exhaustibility of crude oil. For instance, if there is a decline in oil prices and oil revenue, the lagging and collapsing non-oil export sector will not be able to compensate for the drop in oil revenue while domestic demand for the non-traded goods and imports remain sticky. Consequently, the country will be forced to borrow from the international financial market to compensate for the decline in oil revenue. Over time, external debts will increase and so will the debt service obligations. Even when oil prices go up later and there is another round of oil windfall, it is difficult to correct the earlier damage or distortions created by the initial or previous oil windfall. In some cases, the oil exporting country may be forced to adopt some form of structural adjustment program (SAP) to correct such distortions or imbalances. Some of these SAPs are painful and may increase the prevalence, depth and severity of poverty.[/b]

From: Managing the Dutch disease in Nigeria. by Dr. Emmanuel Ojameruaye

1 Like

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Emmyginger(m): 2:03pm On Dec 05, 2014
hmm! dats jst like saying d reduction in d level of water in a pond wont affect d fishes

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Jaideyone(m): 2:03pm On Dec 05, 2014
Vicotex:
I hope dem APC moherfvckers dey read this shit??
fool keep swallowing all the lies. 70% of our revenue comes from oil and u still think fall in crude price will not affect us? how dumb can these TANoids get

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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Nobody: 2:04pm On Dec 05, 2014
I'm educated.

1 Like

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by deb(m): 2:05pm On Dec 05, 2014
Once an idioot forever an idioot! Haba Jonathan.

3 Likes

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by lacasa: 2:06pm On Dec 05, 2014
Emmyginger:
hmm! dats jst like saying d reduction in d level of water in a pond wont affect d fishes


EOD cool

1 Like

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by PStacks(m): 2:06pm On Dec 05, 2014
Blessed Assurance.

Always giving Assurance.


Everything is going wrong but his hobby is to give assurance.

GEJ would have been better off working for an Insurance Company than being President of Nigeria.

Clueless Assurance Always

19 Likes

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by bajeen(m): 2:06pm On Dec 05, 2014
This man will never keep his mouth shut. How can you say this while our economy predominantly depends on oil export? BACK TO AGRICULTURE

1 Like

Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by abila122: 2:07pm On Dec 05, 2014
I don't expect any thing less from the presidency as they will always try to paint the truth





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Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by Vicotex(m): 2:07pm On Dec 05, 2014
Jaideyone:
fool keep swallowing all the lies. 70% of our revenue comes from oil and u still think fall intrude price will not affect us? how dumb can these TANoids get
c dis 1 dey talk 'bout oil as if say na your sate dem for dey dig d oil.
Na only oil we sppose to focus on as a Nation? APShIt
Re: "Fall Of Oil Prices Will Not Affect Nigeria” – Jonathan Assures by acorntree(m): 2:07pm On Dec 05, 2014
Empty promises

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