Millions of Nigerians are alarmed at the falling oil prices at the international oil market. For many, it's a sign of doom. But for me, and probably for a microscopic few, it's a blessing in disguise.

Our leaders have wasted decades of oil fortunes that would have been massively invested in infrastructures and other sectors of the economy, and now they are falling the accompanying consequences. Isaac Newton's Third Law of Motion comes to mind. It was only a matter of time before Nigeria paid for its profligacy and waste. We hardly learn, as a nation!

We have refused to think beyond oil; our mental faculties took a deadly sabbatical from the moment the blackgold was discovered in commercial quantities. Now, external forces are controlling our destiny as a people.

The falling oil prices will definitely FORCE our leaders to be more proactive in diversifying our economy. Diversifying our economy will definitely give us more options of survival. It's an economic suicide for an entire nation to depend entirely on a commodity so volatile in the International market. If ever we needed to diversify our economy , it's NOW.

The crashing oil prices will also, to a long extent, curb official corruption and impunity. Let's see if the government will seat idly and watch some few eggheads embezzle it's limited resources. A commodity that once sold at over $100 per barrel now goes for a little above $55! Infact the amount of money left to be embezzled is largely reduced.

The crashing oil prices may also force our thieves to pay more attention to our local refineries, as this may yield more profits than just selling the raw crude directly to the international at very low prices.

In every disappointment, there's some blessings. Let's take advantage of this slump and take more proactive steps. As an individual, I've taken some steps to curb financial recklessness as 2015 approaches.

He who fails to plan, has planned to fail.

Happy Xmas in advance, and a prosperous New Year to all Nairalanders.

ok... let see if this wil make dem old leaders change... if i hear say dem change.....

Blessing or curse, I don't understand why the price of fuel wasn't reduced
despite the price of oil being slashed by half

My reasons are;
1) If imported fuel costs N104/litre, what of the little we refine locally?

2) What of Diesel that had no subsidy, if PMS could fall from N145/litre to N104/litre (subsidy excluded) why didn't the price of diesel fall?
Not to talk of kerosene that the subsidy is in ghost (them no dey see us) mode

3)FG claims increase in dollar makes importation of refined crude more expensive.
What of more earnings we get from the exportation of crude oil due to increase in dollar

_Jayseehe

I dnt really know OP but how long do you think it'll take before our government diversify our economy?
These people only care about their own pocket. If they cared much about our beloved country they would have done the needed long time ago.
Although am no economist but I know that these might just affect the masses.
Am glad because Nigerians will think well before casting their votes for someone without vision. God help us all.

Exactly, it would be a blessing if it makes us get off oil and into industrial development.

Nigeria's dependency on oil is the reason why we have massive unemployment, and lack of jobs

Modified at 9am

Nigeria's dependency on oil makes us reliant on imports , and makes local industries less attractive....instead of producing biscuit....we import biscuit. So, a potential biscuit maker goes out of business...leading to loss of jobs and more unemployed.

It also makes our education system bad. Because our education system would focus less on knowledge and more on certificates....especially as the sectors of the economy that require knowledge....industries....have been stifled by oil-money bought imports. This leads to increase in cheating...because knowledge is not placed at a premium...and an education system that does not promote innovation at all.

It also means that we overspend...because we have to import the materials for public works projects. As a result...no savings, and bad economy

And because oil money is not enough....fights over spending it become more common(which is why I oppose fiscal federalism....it is just an excuse for the South to become more oil dependent).

Please....I urge everyone to read the following articles linked below...

Managing the Dutch Disease in Nigeria

Pass the books, hold the oil

Hmm

well it's long overdue for Nigeria to look else where for money and not just oil



Straw Poll Finds 93% Of Participants Prefer Osinbajo To Sambo Ahead Of 2015 Presidential Race
Source: e reporter.com.ng/index.php/political-news/item/2316-straw-poll-finds-93-of-participants-prefer-osinbajo-to-sambo-ahead-of-2015-presidential-race

Sign that 2015 will be a much prosperous time for us all. I don't think Oil is the only natural resources we're having here.

Forget it bro. You are talking as if our leaders have masses in their mind. This is not the first time we get so close to economic melt-down because of slump in oil price, it happened in 2009 and we did not made any serious attempt to diversify then. The truth is, as long as our leaders would have little surplus from oil revenue to steal from, no matter how little, they dont care how masses are suffering.

Stop even thinking of adjusting anything, this period is temporary, and once oil price get better, we will all forget about anything diversifyng, life goes on, plus, our oga jonathan has already piles our 49 billion dollars some where to finance his re-election bid, so even if oil falls to $20 per barrels, it doesnt touch the turf of his shirt. Re-election is all he cares about now.

i have for long stop praying for Nigeria, i just pray for acces to oil revenue to scoop my own share.

yes

AT LEAST THE FG WILL BE FORCED TO PAY ATTENTION TO OTHER SECTORS E.G AGRICULTURE.AND THE NIGER DELTANS CAN DRINK THEIR OIL

You think?

Good luck

Until I buy fuel less than 65 naira will I comment on oil based topic

nigerians been clueless 500BC

very true

na wa o

Op u are on point


It will even be better for oil price to crash down more so that our millionaires cum billionaires will invest in other sectors instead of their usual oil as their comfort zone where they are sure to make profit


Government in the other hand will start drastic manhunt on other untamed sectors of the economy like coal in enugu, serious tax policy, science and technology etc



It is a long term blessing but temporary curse

OP I'm feeling you...You have a point

true talk

Millions of Nigerians are alarmed at the falling oil prices at the international oil market. For many, it's a sign of doom. But for me, and probably for a microscopic few.....which kind english be this?

....they are falling the accompanying consequences. Which kind English be this?

[s]We have refused to think beyond oil; our mental faculties took a deadly sabbatical from the moment the blackgold was discovered in commercial quantities. Now, external forces are controlling our destiny as a people.[/s]. Contextualise this point...

This write-up has caused chaos at Ojuelegba now where I am following this thread. What can we do? This government sef.

K

[/quote] As an individual, I've taken some steps to curb financial recklessness as 2015 approaches.
He who fails to plan, has planned to fail.
[/quote]

On point...Na to follow suit come 2015

God bless you sire, this is a very good write-up. Deserves fp straightaway. Bet pple won't comment on this, especially our GEJ-derailed frnds. Oga jonah won't be moved by thisn afterall hez nt among d majority that will suffer d blow

B

We know the solution to most of our challenges as a nation but we simply act as if all is well.Whichever way the challenges are,some leaders seem to benefit.

hmm

I like what is happening. But as you rightfully said, we do not learn as a nation. This would just be an eye opener to the govt that nothing last especially if its controlled by international forces..but this eye opener wont make them still do anything about it... they are just too lazy up there..Nigeria is going broke.shoutout to poverty!

Its not oil prices falling,but rather its Singaore calling us to attention of her example.
Its Nigeria falling due to her failure to diversify from her reliance on oil.

Alrit good nice write up. Our government does not care about diversifying to anoda sector. As far as they are concern oil sector is still d boom

I am beginning to doubt d economic competence of madam ngozi the so called ex world bank executives..

Cos this is the right opportunity to diversify the economy