Okija juju: Nigeria should adopt a new marketing strategy for its oil..

E.g:: Buy 1million barrels of oil and get 100 Ekiti state Babes free..

Buy 1 million barrel of oil and get 20,000 Barrels free..

Stuff like that.. But the oil must be sold o...

Go back to your shrine!!!

If u can re-call similar thing happened to the Nigerian economy btw 1980 - early 1990s; which led to words like Austerity Measure; SAP; OFN etc.

but my case is that the Govt. doesnt learn from past mistakes; by now we shall have a very diversified economy. we have the literate population (which the chinese & the India are using to their advantages in manufacturing); fertile Land ( many africa countries live on Agro-economy) and we have the Finances ( billions & trillions of dollars earned from Oil sale over the last 20yrs). But the problem is CORRUPTION among the LEADERS.

So as for me; I cant sit down & be crying nor praying for e go better 4 Naija; I better take steps to save myself. cos when it happens d so called Leaders will not suffer it.

I need to provide answers to the following if i want to survive:-

(1) How do countries without Oil survive; what type of economy do they survive on
(2) Is my current source(s) of income tied to Oil directly or indirectly
(3) Is my current source(s) of income tied to the Nigerian govt. who depends 98% on Oil
(4) How did the millionaires of the 1980s (during the Austerity period) made their millions in Nigeria without stealing govt. funds
(5) Do I have atleast 5 different sources of income that are not Oil related.


If you can answer these questions & more above; i think u wouldnt have any problem when the Austerity will truly come because its on the way.

Please Note; we have at most the next 5yrs to completely diversify our economy (weather personally or as a country) cos in the next 5yrs; Oil prices may likely tumble due to either too much oil & less buyers or technology via alternative source of energy.

Thanks

sheyie2007:
Oil contributes just 14% to our GDP bro... So, we don't entirely depend on it
http://en.m.wikipedia.org/wiki/Economy_of_Nigeria

agriculture: 40%; services: 30%; manufacturing: 15%; oil: 14% (2012 est.)

True. It fetches us 95% of our foreign currency though.

sheyie2007: Pls elaborate

Ok, it means we are not earning foreign currency from other activities as we earn from sale of oil.

We can change this by increasing our export of other commodities and services.

360command: There will be oil recession by next year july

What does oil recession mean?

Do you mean oil glut?

Oil firms like ExxonMobil are headed to South Africa to check the country’s offshore oil potential.

ShyM-X:
It depends on the quantity - the discovery won't stop India and its huge population from importing crude oil for its massive energy needs.

However, Nigeria needs to diversify its economy - 95% reliance on oil for foreign exchange earnings is just ridiculous, tbh.

True.

It's embarrassing.

Henry120:

Thank you.

This is the time for nigerians at all level, across party divides, whether PDP or ACN or APC and also intellectuals, should sit down, think and really invest our proceeds from this high oil prices, into developing the development of infrastructure. Particularly, POWER, SEAPORTS, ROADS and RAILS.

However the good news for us is, in 2012 oil accounted for 69% of total government revenue. That's a nice way to start. Of main aim is to push that number down to 50% in 2years, while we maintain our oil out-put at 2.7-3 million barrels a day.


Our strong points at the moment are: financial sector
:telecoms sector
:ICT sector
: agricultural sector.
: mining

these 5 sectors should be our main aim in developing lasting structures and over all growth. These are the sectors were the future of nigerian finances really lay.


The largest consumers of nigerian crude production should be the nigerian people. We are 170million for christ sakes.

Good.

Others are;

Gas

Entertainment

Tourism

Education