Minister of National Planning, Dr. Abubakar Sulaiman, has described the fall in the international price of oil as a blessing in disguise for Nigeria, assuring that the development would impact positively on the country’s economy.
The minister, who is also Deputy Chairman, National Planning Commission, gave the assurance at an institutional lecture for Block 3 participants of the National Defence College, NDC, in Abuja in a paper, entitled National Planning and Vision 20:2020: An Assessment.
He said the drop in the price of oil would challenge the leadership of the country to bring out its best to break even, stressing that Nigeria was equal to the task.
Sulaiman said: “All we need do is explore other areas. The Customs has surpassed its target, same with FIRS. We need to block all loopholes which are what we are doing as a government.
“We can do without oil to survive, because there are nations who do not have oil and are pretty surviving. So, what are we talking about?
“The present administration is one that has foresight and had long prepared for this through its policies and programmes in various sectors, agriculture inclusive.
“Government is diversifying. It will affect us, but not to the extent people think. There are areas the country can still explore.
“It is a challenge. We should not be lazy; we should prepare for the future. Oil will not be there eternally.”
Meanwhile, the minister has blamed Nigeria’s multifarious challenges on the peoples’ disconnect from their culture.


http://www.vanguardngr.com/2014/10/fall-oil-price-blessing-nigeria-says-national-planning-minister/

exactly, oil wil not be there eternally... Make use of it wisely nw and dont give me dat crap of sh*t

if the oil like it should drop to $1 pb, it won't stop all dis fat politicians from stealing the leftovers. they will even borrow from world Bank to fill the gap.

ichidodo:
With the fall of Oil price to $77 the spectre of Fracking by western countries keen to wean themselves off sweet West African crude will be done away with leading to an increased demand for Bonny light Crude,Al mubarak Crude and their cheapest mode of extraction....What is the use employing relatively significant resource to establishing and maintaining Fracking units when the output is dangerously effected by volatile oil prices....All nija must do is cut govtcosts by 10% and see to an increase production- curbing oil bunkering wouldn't be a bad idea-

You hit the nail on its head. However, your observation is dependent on the counteractive measures taken by OPEC. If they decide to allow free market principles to play out, your observation will come to pass. If, however, they decide to cut production, I see a jolly wild boom for the fracking firms and countries.

I strongly feel "rapidly" diversifying the economy would be one of the best way out at this time! Sectors like Agriculture, Solid minerals, as well as IGR, if properly harnessed would positively boost the Economy!

On the other hand, Nigeria should stop the "export" of her "Crude" since there is an international conspiracy led by the U.S.A to "undermine" OPEC and their Operations!

If only Nigeria can be serious enough to put in place the right infrastructure by enhancing local refining of petroleum products; and complete "abolition" of "importation" of refined petroleum products into the country, our economy would be a lot better for it!

As a matter of fact, Nigeria can sustain her economy by just the "exportation" of "refined petroleum products" to other countries! But unfortunately, "reverse" is the case at the moment! If we can sustain local refining to the point of "exporting" to other climes, our economy would do better!

In my opinion, Nigerian crude should not be less than $150 per barrel! Seriously, if I were the president, I would never export Nigerian crude! I would only "refine" and "export"!! The rest would be kept as "Reserve"!!!