****This is a country of about 30 million
****This is one of the largest oil producing countries (in Top Ten), far better than Nigeria that even has her own internal problems like militancy and sabotages.
**** 1$= 9.95 Venezuelan Bolíva
****1$=320 naira ,(official approx)

Thousands of people have crossed to Colombia after Venezuela re-opened their common border to allow its people to buy food and medicine, officials say.
The frontier, closed by Venezuela last August as part of a crime crackdown, was to open for 12 hours.
Venezuela is going through a deep economic crisis and many say they struggle to feed their families.

Last week, about 500 Venezuelan women broke through the border controls in search of food.
Venezuelan President Nicolas Maduro ordered the border closure because, he said, the area had been infiltrated by Colombian paramilitaries and gangs.
The measure also prevents subsidised goods from being smuggled from Venezuela into Colombia.

Some 35,000 people crossed the border between San Antonio del Tachira, in Venezuela, and Cucuta, in Colombia, a Colombian official told the BBC.


Supermarkets were crowded with Venezuelans buying basic supplies such as rice, oil, flour and sugar, which are expensive in their country because of the shortages.

Gloria Archila was all smiles. "They had everything," she said, comparing the situation here with the empty shelves in markets back home.
Everyone seemed to have a story like this - a mother who was looking for medicine for her daughter, another who described being "happy to see so much food together".
They complained about how devaluated their Venezuelan bolivar was, limiting their purchase power. They also found goods smuggled from Venezuela being resold here. But, by and large, as they returned home in packed buses, they were triumphant - and with full bags.
An unnamed woman who crossed with her husband and two young children told the Efe news agency it was "unfair" to keep the border closed.
"We are from San Antonio, and the reality is that we do not have any food to give to our children."

Venezuelans who want to cross into Colombia in states where the border has been closed need a special permit to do so.
But as the scarcity of food gets worse in Venezuela, many have crossed the porous border illegally.

Venezuela grows and produces very little except oil and has historically relied on imports to feed its people. Oil prices have plummeted leaving the government with a shortfall of income
A lack of dollars means it is struggling to import all the goods its people need and want
The socialist government introduced price controls on some basic goods in 2003 to make them affordable to the poor
But up to 40% of subsidised goods were smuggled across to Colombia to be sold at a profit
The opposition blames government mismanagement for the shortages
The government says the shortages are the result of an economic war being waged against it

http://www.bbc.com/news/world-latin-america-36759102

OAM4J, Mynd44 , lalasticlala , seun

Thousands of Venezuelans were welcomed to Colombia by a military band early on Saturday morning as the two countries' borders were officially reopened after being closed by Venezuela a year ago.

Some people had traveled across Venezuela to queue overnight hoping to cross to buy food and other basics that are in short supply in Venezuela, which is steeped in an economic crisis.

"I came with my family to do some shopping because we can't find anything to eat," said Wilmary Salcedo, a 17-year-old engineering student who had traveled some 500 miles (800 km) from the central city of Maracay hoping for rice, sugar and cooking oil.

Venezuela's stores lack the most basic foods and medicines. Queues of hundreds and even thousands of people are common, and riots and looting are a daily occurrence.

Venezuela's President Nicolas Maduro abruptly closed the border last August hoping, he said, to protect his country from smugglers and paramilitaries. Critics saw the action as a stunt to shift attention from worsening domestic problems.

Maduro announced the reopening on Thursday, alongside his Colombian counterpart Juan Manuel Santos.

"We're interested in a new beginning in economic and commercial relations with all of Colombia's productive sectors," Maduro said on Thursday. Santos said it would be a "gradual" reopening.

Five border crossings will be open to pedestrians during the day from 6 a.m. to 9 p.m. (1100 to 0200 GMT).

Colombia's Foreign Ministry said more than 28,000 people -- many of them Venezuelans -- had moved across the border in the first few hours that it was open on Saturday.
A representative from Colombia's Foreign Ministry said 5,000 people had crossed in the first two hours.

The border has for years been a hotbed of smuggling of everything from price-controlled toothpaste and pasta to illegal drugs and weapons. Maduro blamed Colombians, among others, for the country's crisis and the closure strained relations between the South American neighbors.

Many people continued to cross the border over the past year using dirt paths, shallow river crossings and by paying officials.

http://www.reuters.com/article/us-venezuela-colombia-border-idUSKCN10O0N9

I think, understanding what is going on in nigeria, deep down , this is beyond rulling government now. comparing what is happening in some countries that refused to diversify their resources over a long period of time nigeria is still FAR better than them. If we run to crises like this, which african countries will be able to cater for our influx. We can still buy few things, move around, at least eat some types of foods.

I dont think i need to blame buhari government for this woe befalling us now. It is beyond them. We only pray for quick results of diversification and improve oil price all over the world to improve our foreign earnings. I pray nigeria will not have similar troubles as Venezuelans. If govenment opened our $ 28billion in Foreign reserve to ease dollar or maintain low naira -dollar rates, it will not last 6 months before it is vanished and then, we will likely go into greece way far worse than venezuelan crises. With our population, you should expect what will happen next. We should support the government to move this country forward, critise when need be. Lets forget the past and focus on the future to have better country.

Some people hardly follow international news such as this. The blame game would have been uncalled for.

Nigeria is still ten times better than what obtqined in venezuela. And to see that their population is just slightly more than lagos?

If nigerians cross borders like that ,we would just take over benin republic, togo cameroun and ghana

Modath, HungerBAD what have you guys to say

Interesting.

And to think Venezuela used to be the 6th largest producer of oil in the World,is very sobering.

A lot of Nigerians still don't know how the plunge of oil affected a lot of things,in the inherited problems of the Economy by Buhari.

Buhari diversifying into Agriculture,trading and other ventures in trying to stable Nigeria's economy is laudable.

What do we make of this news? Why not tell us about Egypt and South Sudan?

Thank goodness, we are not a socialist state.

Socialism can never sustain itself or flourish for so long without imperial capitalism. Tell Buhari and APC government that, let it enter their skulls.

Nigerians are a bunch of ungrateful lot.
One day, we will wake up and thank God for Buhari and his team for saving us from an economic calamity unimaginable

Hmmm

Certain strain of Zombiesm is incurable

This remains an evidence of how well Buhari government has managed our situation. God bless Buhari, Adeosun, Emefiele and all those involved in managing our ugly economic situation.

Zombs, you people want to use Venezuela that is under imperial government for years to justify Buhari and APC incompetence,shame on you guys, why don't you people use other oil producing countries like UAE,Egypt, Ghana,Kuwait, Qatar,Saudi Arabia,Norway,Russia and Canada. You are using country that is in turmoil for years to compare Nigeria.Did you guys know what has been happening in Venezuela that lead them into this stage,Venezuela has been crises for years just like Iraq,Libya,South Sudan etc.

Rayhutar:
Zombs, you people want to use Venezuela that is under imperial government for years to justify Buhari and APC incompetence,shame on you guys, why don't you people use other oil producing countries like UAE,Egypt, Ghana,Kuwait, Qatar,Saudi Arabia,Norway,Russia and Canada. You are using country that is in turmoil for years to compare Nigeria.Did you guys know what has been happening in Venezuela that lead them into this stage,Venezuela has been crises for years just like Iraq,Libya,South Sudan etc.

when there is total economic breakdown, you will not remember imperial government, socialist or capitalist. Why i opened the thread is that when total crises land, no body will remember politics again. It will be survival of what to put in your mouth while running helter sketter to survive in empty stomach. And the politicians you are fighting and defending will be following news with their families somewhere in America.
We should thank God ours are not close to that. By the way, i am not apologists to any government be it APC or PDP, but many of those countries you listed up there have a robust foreign reserve. Someone is even talking about South Sudan. It is like you people don't even follow international news or you are pretending as if you are knowledgeable or you are just being clouded with party politics.
If you think around $30Billion (for around 130million people) we have is what you think can sustain the country for the next few months, if open up, you are on a long thing.
What is the best option you think Government can do as at now, please let us know now now

Rayhutar:
Zombs, you people want to use Venezuela that is under imperial government for years to justify Buhari and APC incompetence,shame on you guys, why don't you people use other oil producing countries like UAE,Egypt, Ghana,Kuwait, Qatar,Saudi Arabia,Norway,Russia and Canada. You are using country that is in turmoil for years to compare Nigeria.Did you guys know what has been happening in Venezuela that lead them into this stage,Venezuela has been crises for years just like Iraq,Libya,South Sudan etc.

Almost all those countries are facing worse situation. Let us take on Saudi Arabia.

http://www.salon.com/2016/05/06/saudia_arabia_is_in_serious_trouble_americas_partner/


http://www.zerohedge.com/news/2016-08-09/saudi-liquidity-crisis-1000s-foreign-workers-abandoned-labor-camps-middle-saudi-dese


http://money.cnn.com/2016/05/09/investing/betting-against-saudi-arabia-cheap-oil/

More on Saudi.

http://www.mintpressnews.com/imf-says-saudi-arabia-could-be-bankrupt-by-2020/212830/

http://m.sputniknews.com/business/20151121/1030512122/saudi-arabia-economic-problems.html

The truth remains that there is hardly a better alternative to the method used by Nigeria to reduce the impact of oil price collapse. Bearing in mind that our economy is almost oil dependent.

I only see some beautiful people enjoying themselves by jogging and touring.

I can tell you that despite this situation Venezuela is still far better than Nigeria in every economic indices. Just look at their dressing alone and how well fed they are.

Can you imagine if it were Nigerians crossing the same place..you had see ugly looking malnurished people on bare foot.

Why it looks like Nigeria is better is because so many news in Nigeria goes unreported. The level of crime and poverty in Nigeria can break the Guinness world record if it is ever reported by half.

Call07034780891:
I only see some beautiful people enjoying themselves by jogging and touring.

I can tell you that despite this situation Venezuela is still far better than Nigeria in every economic indices. Just look at their dressing alone and how well fed they are.

Can you imagine if it were Nigerians crossing the same place..you had see ugly looking malnurished people on bare foot.

Why it looks like Nigeria is better is because so many news in Nigeria goes unreported. The level of crime and poverty in Nigeria can break the Guinness world record if it is ever reported by half.

i pity u pls try watch international news.infact i saw it yesterday i av to tank God for giving us buhari

You don't know anything. I am a business owner I know how much it takes me right now to maintain offices in Anambra, Rivers and Bayelsa. To power these offices alone since Buhari entered has cost me thrice more than what i spent in the last 6yrs. We have not considered other stuff like workers etc..

Hunger in Nigeria now is unprecedented. Don't be deceived by the international media, if they focus their camera on Nigeria the level of poverty in this country can make their system to crash. Am not bluffing.

Buhari is an economy killer.

hannyjay:
i pity u pls try watch international news.infact i saw it yesterday i av to tank God for giving us buhari

Rayhutar:
Zombs, you people want to use Venezuela that is under imperial government for years to justify Buhari and APC incompetence,shame on you guys, why don't you people use other oil producing countries like UAE,Egypt, Ghana,Kuwait, Qatar,Saudi Arabia,Norway,Russia and Canada. You are using country that is in turmoil for years to compare Nigeria.Did you guys know what has been happening in Venezuela that lead them into this stage,Venezuela has been crises for years just like Iraq,Libya,South Sudan etc.

i knw u av forgoten wat nigeria pass tru d hands of boko haram but pls visit borno state u ll understand

Call07034780891:
You don't know anything. I am a business owner I know how much it takes me right now to maintain offices in Anambra, Rivers and Bayelsa. To power these offices alone since Buhari entered has cost me thrice more than what i spent in the last 6yrs. We have not considered other stuff like workers etc..

Hunger in Nigeria now is unprecedented. Don't be deceived by the international media, if they focus their camera on Nigeria the level poverty in this country can make their system to crash.

Buhari is an economy killer.

no wonder.ur business is in d south pls try visit d north. Let me educate u small. D reason why some people ar feeling pain is because dey ar use to free and corrupt money but now buhari stop it. Masu gudu su gudu

My friend shut up. Which one is free and corrupt money? We provide services and get paid..how is that free and corrupt? Or do you want me to bring my hard earned money to set up office in Bornu or Adamawa? Tell me one reason I or any other sane investor should consider doing anything in the north at this time? Mtchew!

hannyjay:
no wonder.ur business is in d south pls try visit d north. Let me educate u small. D reason why some people ar feeling pain is because dey ar use to free and corrupt money but now buhari stop it. Masu gudu su gudu

Call07034780891:
My friend shut up. Which one is free and corrupt money? We provide services and get paid..how is that free and corrupt? Or do you want me to bring my hard earned money to set up office in Bornu or Adamawa? Tell me one reason I or any other sane investor should consider doing anything in the north at this time? Mtchew!

eeyaa im sorry to tel u dat buhari will b dia till 2o23. But dia is an option=D LAGOON

Effects of loss of about 2/3 of crude price is felt by ALL oil dependent economies with no exception. From Saudi to Kuwait, from UAE to Qatar, from Angola to Venezuela, from Bahrain to Oman, the effects are felt.

Unfortunately, Nigerians who should be grateful that those who couldn't mange surplus earnings are no longer in charge are busy castigating PMB and his team ignorantly. Were those looters not chased away, we would have become another Venezuela or Greece by now.

This is the reason I did this thread here https://www.nairaland.com/3287385/effects-oil-crash-oil-dependent-economies but trust the powers that be here not to take it or this thread to the front page. Threads that educate the multitude of illiterate members here don't really interest them. Only the yeyebrities and snake related ones do.

DropShot:
Effects of loss of about 2/3 of crude price is felt by ALL oil dependent economies with no exception. From Saudi to Kuwait, from UAE to Qatar, from Angola to Venezuela, from Bahrain to Oman, the effects are felt.

Unfortunately, Nigerians who should be grateful that those who couldn't mange surplus earnings are no longer in charge are busy castigating PMB and his team ignorantly. Were those looters not chased away, we would have become another Venezuela or Greece by now.

This is the reason I did this thread here https://www.nairaland.com/3287385/effects-oil-crash-oil-dependent-economies but trust the powers that be here not to take it or this thread to the front page. Threads that educate the multitude of illiterate members here don't really interest them. Only the yeyebrities and snake related ones do.

Stop all this your gullible excuses, who are you educating with your lies. During GEj time oil prices have started crashing and now oil prices is above $50 which is manageable, Venezuela has been under various loggerhead with US, even during the oil boom Venezuela ban selling their oil to US and the country is marred with various separatist struggle, there has never a time in the past 5years that things were better in that country because of their economic policies against US government. This is not the first oil prices has crashed, OBj economic team led by NOI managed low oil prices well without Nigerians feeling it so hard before the oil prices pick up. [/b]Very soon you guys will start to use Syria, Iraq and Afghanistan to tell people why they should be grateful for PMB administration and APC[b], All this countries economy are not affected the way Nigerian economy is now, Ghana cedis is stable,Egyptian economy is not too bad, Angola is doing well,Algeria is not too bad, UAE, Oman, Bahrain, Saudi Arabia,Quatar check how much they are selling a litter of fuel in those countries despite the low oil price which have pick up now, Nigeria can't sponsor a common Olympic team, how much more if they were Qatar that is hosting a world cup in near by future. You people should pack one side with this your excuses.

[s]

Rayhutar:

Stop all this your gullible excuses, who are you educating with your lies. During GEj time oil have started crashing and now oil prices is above $50 which is manageable, Venezuela has been under various loggerhead with US, even during the oil boom Venezuela ban selling their to US and the country is marred with various separatist struggle, there never a time in the past 5years that this were better in that country because of economic policies against US government. This is not the first oil prices has crash, OBj economic team led by NOI manage low oil prices well without Nigerians feeling it so hard before the oil prices pick up. [/b]Very soon you guy will start to use Syria and Afghanistan to tell people why they should be grateful for PMB administration[b], All this countries economy are not affected the way Nigerian economy is now, Ghana cedis is stable,Egyptian economy is not too bad, Angola is doing well,Algeria is not too bad, UAE, Oman, Bahrain, Saudi Arabia,Quatar check how much they are selling a litter of fuel in those countries despite the low oil price which have pick up now, Nigeria can't sponsor a common Olympic team, how much more if they were Qatar that is hosting a world cup in near by future. You people should pack one side with this your excuses.

[/s]

Rayhutar:
Zombs, you people want to use Venezuela that is under imperial government for years to justify Buhari and APC incompetence,shame on you guys, why don't you people use other oil producing countries like UAE,Egypt, Ghana,Kuwait, Qatar,Saudi Arabia,Norway,Russia and Canada. You are using country that is in turmoil for years to compare Nigeria.Did you guys know what has been happening in Venezuela that lead them into this stage,Venezuela has been crises for years just like Iraq,Libya,South Sudan etc.

When you say crisis., you mean crisis like Boko Haram and Militancy?


Venezuela has the world's largest oil reserves and has been one of the world's leading exporters of oil.


Cause I don't know the crisis you're talking about aside from the high rate of inflation caused by corruption. It's not like there's a civil war their

bkool7:



When you say crisis., you mean crisis like Boko Haram and Militancy?


Venezuela has the world's largest oil reserves and has been one of the world's leading exporters of oil.


Cause I don't know the crisis you're talking about aside from the high rate of inflation caused by corruption. It's not like there's a civil war their

Google about Venezuela crisis, Venezuela under Hugo chevez run a revolutionary despotic country, nationalizing about 1200 multinational companies which led to sanctions by EU and US government, economic crisis in Venezuela has been there for years with their loggerheads with USA just like Cuba. The fall in oil prices make it worst not in the same manner that this APC and PMB sympathizers is trying to use Venezuela economic crises that has been there due to their imperial government polices against the USA and it western allies to cover up for imcopentency of PMB administration.

MadamExcellency:
What do we make of this news? Why not tell us about Egypt and South Sudan?

Thank goodness, we are not a socialist state.

Socialism can never sustain itself or flourish for so long without imperial capitalism. Tell Buhari and APC government that, let it enter their skulls.

Nigeria is an oil dependent economy, now that the oil price has plumetted it affects our FOREX. I crave ur indulgence to read about hw Saudi withdrew over $70B from its reserve to salvage its economy crisis, yet no solution at sight! what about Russia, Iraq, Iran n the likes.
Previous govts failed to diversify our economy and we are facing the repercussion

President99:
Nigeria is an oil dependent economy, now that the oil price has plumetted it affects our FOREX. I crave ur indulgence to read about hw Saudi withdrew over $70B from its reserve to salvage its economy crisis, yet no solution at sight! what about Russia, Iraq, Iran n the likes.
Previous govts failed to diversify our economy and we are facing the repercussion

Some of these people are still in junior secondary school while others are political henchmen whose occupation is teeding the gullible with false information about Nigeria. We are not doing badly when compared with other 80% oil dependent economies.

President99:
[s]Nigeria is an oil dependent economy, now that the oil price has plumetted it affects our FOREX. I crave ur indulgence to read about hw Saudi withdrew over $70B from its reserve to salvage its economy crisis, yet no solution at sight! what about Russia, Iraq, Iran n the likes.
Previous govts failed to diversify our economy and we are facing the repercussion[/s]

What is this one saying?

Stop these lazy man's excuses, nobody is buying them any longer, tell the government to get experts and stop all these stupid comparisons

Is Benin Republic not financing most South-Eastern (Igbo) businesses (importation) that relocated there since Buhari became president?

A pure capitalist country like Nigeria can survive zero Forex using trade by barter, let alone when Nigeria got a vibrant diaspora communities that send more than $60 - $100 billion in six months to Nigeria under hash monetary policies.

The worst is that no country will be willing to lend this government a dime without taking us for slavery because Buhari is not business friendly and as I can see, he is not willing to change.

priceaction:
I think, understanding what is going on in nigeria, deep down , this is beyond rulling government now. comparing what is happening in some countries that refused to diversify their resources over a long period of time nigeria is still FAR better than them. If we run to crises like this, which african countries will be able to cater for our influx. We can still buy few things, move around, at least eat some types of foods.

I dont think i need to blame buhari government for this woe befalling us now. It is beyond them. We only pray for quick results of diversification and improve oil price all over the world to improve our foreign earnings. I pray nigeria will not have similar troubles as Venezuelans. If govenment opened our $ 28billion in Foreign reserve to ease dollar or maintain low naira -dollar rates, it will not last 6 months before it is vanished and then, we will likely go into greece way far worse than venezuelan crises. With our population, you should expect what will happen next. We should support the government to move this country forward, critise when need be. Lets forget the past and focus on the future to have better country.

Yet there currency is better than ours

MadamExcellency:


What is this one saying?

Stop these lazy man's excuses, nobody is buying them any longer, tell the government to get experts and stop all these stupid comparisons

Is Benin Republic not financing most South-Eastern (Igbo) businesses (importation) that relocated there since Buhari became president?

A pure capitalist country like Nigeria can survive zero Forex using trade by barter, let alone when Nigeria got a vibrant diaspora communities that send more than $60 - $100 billion in six months to Nigeria under hash monetary policies.

The worst is that no country will be willing to lend this government a dime without taking us for slavery because Buhari is not business friendly and as I can see, he is not willing to change.

The question is

1 Why was the past Government borrowing successively for 8 months to pay salaries before hand over in May 2015?

2 What could anyone have done better to manage the situation?