blueto:

Buhari, you have convinced us that you have nothing to offer, so can you kindly return the economy back to how it was before GEJ handed over to you?

That will be greatly appreciated

You are one of the problem of this country

Metallurgist:
the way agriculture is tackle if Nigeria self sufficient in wheat rice and sugar which account to over 1.1trillion naira annually, and dangote 650 thousand barrel per day at full capacity in 2019. this means that almost 80% of the demand for dollars(40% petroleum products, 40% agricultural products) is mitigated , by law of demand and supply dollar may exchange for naira @ far less than a 100 naira

God bless you level of exposure!

Metallurgist:
the way agriculture is tackle if Nigeria self sufficient in wheat rice and sugar which account to over 1.1trillion naira annually, and dangote 650 thousand barrel per day at full capacity in 2019. this means that almost 80% of the demand for dollars(40% petroleum products, 40% agricultural products) is mitigated , by law of demand and supply dollar may exchange for naira @ far less than a 100 naira

God bless your level of exposure!

Not Surprised. The comedian/minister takes pleasure in talking more and spreading bad news instead of working. If the people, elected/appointed to serve ain't working, how will things work. Excuses are lazy man's reason for ineptitude. Naija will work if everyone works beginning from the those in power.

blueto:

Buhari, you have convinced us that you have nothing to offer, so can you kindly return the economy back to how it was before GEJ handed over to you?

That will be greatly appreciated

To turn us to Venezuela or Angola.

Temptee101:
At this juncture, wholeheartedly i sincerely regret ever being a nigerian. Nigeria is cursed with a cursed dullard

With the Oil boom, Nigeria failed to build a refinery to stop wasting our forex all this year's. Our leaders prefer to Import and pay subsidies instead of refining locally. This is the payback time for a lavish spending.

With Jonathan no saving and put us in over $40 billion debt. Jonathan borrow to pay salary before handling over to Buhari.

Read from a germany bank analyst below.

blueto:

Buhari, you have convinced us that you have nothing to offer, so can you kindly return the economy back to how it was before GEJ handed over to you?

That will be greatly appreciated

Maybe you can kindly return the oil price to above $100 as it was during GEJ's time, you should also consider returning the over $42billion reserves and the $20billion ECA which GEJ met and squandered; when you do that and the economy still remains in tatters, then you can be justified to make the above statement you just made.

tuniski:


With Dangote refinery coming on board there is hope. All the noise about our taste for foreign goods is smoke screen. The real forex pressure comes from govt failure on refining petroleum products locally : govt taste for Foriegn petroleum products!

Thank you, how can we rely on importation of petroleum products an essential commodities and expect progress in our economy. With crude at $100/$140 they are claiming largest economy now with global crashed of Oil price we are back to square one.

I thought ibe kachukwu and emefiele are technocrat but I was wrong
They av nothing tangible to offer this adminstration.

They av no solution but compounding d economic development of this country

Meanwhile...

blueto:

Buhari, you have convinced us that you have nothing to offer, so can you kindly return the economy back to how it was before GEJ handed over to you?

That will be greatly appreciated

Tell your brothers to stop pipeline bombing and get a real Job.
I am not sure you have never benefited from those bombings.

you are just an i...

LordAdam:


Please, is your name is Joseph?

You can dream eh!

Here's the thing, what will happen in post-2019 is that we will be more immune from the currency volatility. The exchange rate at that time, which would certainly be over $1/N500 will not magically reduce. The only thing would be that like it was from 2004 to 2014 when the Naira lost less than 25% in value, post 2020, our currency will be more stable against foreign currencies and not lose a lot of its value when next the economy tanks.

As at 2014, we had already reduced our import bill from #1.1t to roughly #700b. With the fall in value of the naira, that inevitably will increase up back to #1t. Anyway, programs like the CBN ABP should send it back down in the near future.

I really pity Buhari, because things would only begin to shape up in late 2018, when the election period will be entering full swing (assuming the price of oil does not go past $70 per barrel between now and then). By that time, Nigerians would have had enough for him. But unfortunately, he'd still continue ruling if he so wishes. The primary reason why is because he is retired Fulani general who doubles as the incumbent president and has his kinsmen in all the sensitive security and electoral positions.

In the future, Nigerians would look back at the 2015- 2019 period as the worse democratic period in the nation's history. The history books will not be kind to Buhari.

-Lord

Nigerian be like. Buhari

[size=18pt]Northern Nigerian that fails to take advantage of its vast land for mechanized farming is responsible for the fall in the value of the naira. The north wants to rely on the niger delta oil for their development forgetting their own resources.

It is payback time.[/size]

And all the COMPANIES in nigeria are FLARING GAS everyday, are they not the militans

PUSH1:

Tell your brothers to stop pipeline bombing and get a real Job. I am not sure you have never benefited from those bombings.

What'd you tell all nigerian's companies that are flaring gas into air

Kachikwu
Which one are you sef
Minister of petroleum is buhari
Nnpc chairman one daura man
Which one r u..... Abeg go siddon somwer jor

mrmrmister:
Kachukwu, you and your generation will suffer!! See the mad men we call politicians

Before Cursing him, Y dnt u transfer dat aggression 2 d person who call himself d petroleum minister or dnt u knw dat Kachikwu still takes orders 4rm him!!!!

the story in Nigeria today is just like the story of Joseph and pharoah in the bible. Joseph interpreted pharaohs dream, 7years of abundance and 7years of hunger.
Gods warning as at the time to pharoah, to store up enough to cover the lean years that was to come.
we failed to store up treasures during the time of our plenty, now we are to suffer for our leaders ineptitude in these lean times.
#history always have avway of repeating itself

doctokwus:
Idiots.But they said once forex market is deregulated,dollar wud start flowing in from investments left,right centre!
The economics of this govt is disjointed and full of contradictions.
First Nigeria's demand for petrol has reduced since the fuel price increase.Coupled with the removal of the subsidy,effectively,net demand for dollars for importation shud effectively have reduced.
Secondly,importation of rice, another dollar gulper has been forcefully reduced by the govt with it's antiquated policy,thus a further reduction in dollar demand.
So what is fuelling the fall in naira if not for a confused and sometimes antiquated monetary and fiscal policy of this govt.
This govt wants to ban import of everything and some uninformed people are supporting them.But one thing many have stupidly forgotten or their antiquated brains cannot recall is this,nigeria as far as I remember is a signatory to the free trade agreement that obliges nations not to arbitrary impose duties on goods;if u ban importation of everything,including ones that u do not for now have comparative advantage over,who are u going to export your own products to to earn forex,or u produce and consume everything yourself!!
A man that does not realise he is taking the wrong road and should retrace his steps will continue on that road to the end,and wen he reaches that end,he wud av lost all strength to turn back to start afresh.This is the state of the economy under this govt.
Foolish people!

There is panicking in nigeria economic atmosphere many people are changing all the money they have into foreign currency so that the value of their money will not be lost if left in naira denominations that is why the foreign currency exchange rate is increasing daily

HAH:
The best solution is to sell the refinaries to anyone that want to buy them.

Believe me if this refinaries are personal business it will work and you won't be hearing of turn around maintenance every six months,

And anyone that buy the refineries must sack everyone and employ new staff and train them because the current employees are so used to being paid even for doing nothing.

As long as we rely on this government owned refineries there is no possibility of local sufficiency of petrol our only hope is Dangote refinery.

Surely when Dangote refinery come on board the NNPC owned refineries will die the way Nitel died when GSM came

Reasonable. And what Kachikwu is saying is true but my concern is that he is spicing it with a bit of scaremongering so that typically the Nigerian will run screaming for the doors demanding 'government action' which means the tradition of corruptive intervention. In Nigeria we make fires to make money. The refineries should be let loose even if 101% of our fx is spent on fuel imports. Not a penny more should be spent on trying to wake a dying, dead horse. Suffering is the tonic of the soul. Nigerians want omlettes without eggshells in the bin.

989900:
I've written too much about this already; sent mails and messages to both the immediate past president, and the current one, ministers, and other policymakers . . . not like my messages count to them anyways.

We are nothing as long as we keep importing refined petroleum for over 200 million people in West Africa with limited hard earned Forex.

Like I've said repeatedly; sent same message to the former president, 'GEJ would NOT have lost if only the refineries were working, plus additional ones that have their licences approved since 2003'. It would have ensured stability of the Naira, the economy, jobs, power supply, industries, and e.t.c.

PMB faces the same fate if he fails to put a kibosh to importation of refined pet. products by making sure we can satisfy the demand through local refineries. It is no rocket science -- it is nonnegotiable!

The national assembly so far, has been irritatingly successful in slowing down Kachikwu's demand for funding and PPP to get the job done.

They should dig the ground and bury those refineries. Not a penny more should be spent on them. Let us continue to spend massively on imports.

Deen77:


With the Oil boom, Nigeria failed to build a refinery to stop wasting our forex all this year's. Our leaders prefer to Import and pay subsidies instead of refining locally. This is the payback time for a lavish spending.

With Jonathan no saving and put us in over $40 billion debt. Jonathan borrow to pay salary before handling over to Buhari.

Read from a germany bank analyst below.

What if another leader comes in 2019 and oil trades for 20 dollars, won't people say the same thing about Buhari, refineries, debts and savings. And believe me, oil once sold for 13 dollars not too long ago. Up and down, left and right, have Nigerians learnt anything. You guys and silly, pointless arguments.

If Buhari wants to build a refinery he can take a loan and start building one tomorrow. Jonathan could have built a refinery at any time during his tenure but the consensus then and now is that government is not in the best position to operate them in the long term and the nation could not continue to subsidize consumption if it was interested in development. That is why even subsidy is ended. The petroleum industry has not failed, it is succeeding. The changes we see though painful are for the better.

tuniski:


With Dangote refinery coming on board there is hope. All the noise about our taste for foreign goods is smoke screen. The real forex pressure comes from govt failure on refining petroleum products locally : govt taste for Foriegn petroleum products!

How many of the ignoramus parading this forum understand this? Don't call it govt taste for foriegn petroleum product? It is like that due to lack of will of past govt who kept telling us govt has no business building refineries.

Reference:


What if another leader comes in 2019 and oil trades for 20 dollars, won't people say the same thing about Buhari, refineries, debts and savings. And believe me, oil once sold for 13 dollars not too long ago. Up and down, left and right, have Nigerians learnt anything. You guys and silly, pointless arguments.

If Buhari wants to build a refinery he can take a loan and start building one tomorrow. Jonathan could have built a refinery at any time during his tenure but the consensus then and now is that government is not in the best position to operate them in the long term and the nation could not continue to subsidize consumption if it was interested in development. That is why even subsidy is ended. The petroleum industry has not failed, it is succeeding. The changes we see though painful are for the better.

What was govt wage bill then?

Sibrah:
How many of the ignoramus parading this forum understand this? Don't call it govt taste for foriegn petroleum product? It is like that due to lack of will of past govt who kept telling us govt has no business building refineries.

Oga. Government has no business building refineries. Fuel is a product not a social service. Get over octane addiction. Government should only create a conducive environment, till the field for the seeds to be planted by the citizens. In the strict sense of it, government should only provide infrastructure. Oga. Refinery na infrastructure?, no be business again?

You can understand that as a child in nationhood government in the 70's and 80's did everything as a parent for the people but at a stage the boy has to become a man and leave home. At a stage the father has to become a grand father. At a stage daughter has to get a kitchen of her own to command. At a stage son will start to spend his own money buying stuff his parents may not like. What does dad do, it is not his money. At a stage Nigeria has grown to produce the richest man in Africa and many more billionaires, industrialists, entrepreneurs, executives, scholars, professionals, etc. Should the country continue to buy fuel for them, continue giving them or should they take responsibility to give back to society and country. TY Danjuma and co have been drilling oil for 20 odd years, some of them have refineries abroad and then they come home to buy cheap 'government fuel'. Is that right. Is is right for a man to be in his father's house eating his mother's food at 50 when he has a job. Haba. Abeg rethink. We are not as useless as you make us to be. Government has no business building refineries 60 years after independence and 50 years after oil became mainstay.

Deen77:


Thank you, how can we rely on importation of petroleum products an essential commodities and expect progress in our economy. With crude at $100/$140 they are claiming largest economy now with global crashed of Oil price we are back to square one.

The previous govt new govt building refineries will be another conduit of corruption therefore the need to support private citizens like Dangote. To me that was thinking outside the box. Let the current govt encourage more Dangotes so we can wean off importation of any product with petroleum. That will be double victory on forex and petroleum products and price crash!

And this goes beyond the oil industry. I am equally and apostle of developmental responsibility in other sectors and I have mentioned before that if we played our cards right the likes of Julius Berger having enjoyed contracts worth hundreds of billions over the years should grow up and take charge. Look at the airport road in Abuja, the gateway to the nation, abandoned, disgusting. Haven't they grown enough to complete that job on their own. Aren't they ripe enough for PPP. Shouldn't the government be leveraging on them as a fiscal deficit reduction tool. Shouldn't they be subsidizing our public works. No. They even take more. They have not outgrown their business model. We gain little from them. Net capital flight. This one too na free trade WTO wahala?

No. It is because we have no expectation, no standard, no developmental plan, no vision. Ask what the Chinese did to the High Speed Maglev Engineering vendors. Nigerians should stop this docile, weak, beggarly attitude, push through the pain and get going. The government should stop playing politics with the state of the nation because they are in power. They should stop explaining and start galvanising the people to work and sacrifice and doing stuff.

doctokwus:
Idiots.But they said once forex market is deregulated,dollar wud start flowing in from investments left,right centre!
The economics of this govt is disjointed and full of contradictions.
First Nigeria's demand for petrol has reduced since the fuel price increase.Coupled with the removal of the subsidy,effectively,net demand for dollars for importation shud effectively have reduced.
Secondly,importation of rice, another dollar gulper has been forcefully reduced by the govt with it's antiquated policy,thus a further reduction in dollar demand.
So what is fuelling the fall in naira if not for a confused and sometimes antiquated monetary and fiscal policy of this govt.
This govt wants to ban import of everything and some uninformed people are supporting them.But one thing many have stupidly forgotten or their antiquated brains cannot recall is this,nigeria as far as I remember is a signatory to the free trade agreement that obliges nations not to arbitrary impose duties on goods;if u ban importation of everything,including ones that u do not for now have comparative advantage over,who are u going to export your own products to to earn forex,or u produce and consume everything yourself!!
A man that does not realise he is taking the wrong road and should retrace his steps will continue on that road to the end,and wen he reaches that end,he wud av lost all strength to turn back to start afresh.This is the state of the economy under this govt.
Foolish people!

demand and supply.....but the man just told you that until we refine all we consume there would still be pressure. Prices of crude which is the mainstay of our forex inflow has been down for a while, and just when it looks like it would pick up, militants helped reduce production. So you are not making as much forex as you would want or should be, yet the demand for it hasn't waned one day. Fueled by various reasons from petrol product imports to school fees payment, to our fetish for foreign goods. Simply put the available forex is way below our demand.

You shouldn't expect a miracle, except if you have a brilliant plan to help the country out of the current mess.

I would love to hear what you would do to help the situation

I wonder if they were not importing these oil products in the past.

Bunch of heartless, clueless, power-drunk demons!