Scrypt:
Nigeria is suffering from Immiserising growth syndrome, a subset of the Dutch disease.

Crude oil came with awesome promises but was welcomed by greedy hands.

Diversification is important, very important, but trust me, it will never match the benefits from a commodity such as crude oil.

Anyway, time to vote out PDP.

The essence of diversification is to reduce the exposure of the foreign exchange burse to shocks and volatility from a single stream of earning, oil. If we had a very diverse burse, we wouldn't be having a run on our reserves now.

dein77:


Scary, I must say. Very scary. I'm already planning far into the forthcoming year.

The signs have always been there just that the triggering factor was not the oil wells drying up first.

The price of crude oil, has been lower than $50/barrel in the past, and our leaders didn't do anything. I don't think much will change.

Falling oil prices does not have any advantage for Nigeria. Sooner or latter Nigeria may not be able to meet her financial obligation which may lead to bankruptcy. When the government could no longer pay salary where will worker get money to pay for agricultural goods. All these are interconnected

juman:


You make me laugh.

If the oil price fall to a point those useless "leaders" would just run away.

Very useless "leaders".

There's no hiding from this impending calamity. Wherever they run to, their stolen billions of naira will continue to depreciate in value as the dollar conrinue to fall.....There's no escaping it.

dein77:


There's no hiding from this impending calamity. Wherever they run to, their stolen billions of naira will continue to depreciate in value as the dollar conrinue to fall.....There's no escaping it.

But they would have ran away from angry masses.

The problem is that both pdp and apc are clueless on this.

juman:


But they would have ran away from angry masses.

The problem is that both pdp and apc are clueless on this.

That's the problem. Our myopic leaders have led us astray.

dein77:
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.

I do not know if I should laugh or cry at your ignorance, if you have seen the 2015 budget then you will know the government is about to start paying salaries with the whole budget and very little left for the man on the street aka you, me and every other person not in government.

Do not take my word for it, go and read the budget proposal by yourself.

dein77:


That's the problem. Our myopic leaders have led us astray.

You are right.

ogbonoeba:
The price of crude oil, has been lower than $50/barrel in the past, and our leaders didn't do anything. I don't think much will change.

Let's hope these thieves will prove you wrong this time. It's just a bet shaaa

blink182:
I do not know if I should laugh or cry at your ignorance, if you have seen the 2015 budget then you will know the government is about to start paying salaries with the whole budget and very little left for the man on the street aka you, me and every other person not in government.

Do not take my word for it, go and read the budget proposal by yourself.

And you think I don't know that? You guys just talk anyhow shaaaa.

Scrypt:
Nigeria is suffering from Immiserising growth syndrome, a subset of the Dutch disease.

Crude oil came with awesome promises but was welcomed by greedy hands.

Diversification is important, very important, but trust me, it will never match the benefits from a commodity such as crude oil.

Anyway, time to vote out PDP.

And when oil stays at $50/barrel, how will naija survive?

Bros, where can I find the budget? thanks

blink182:
I do not know if I should laugh or cry at your ignorance, if you have seen the 2015 budget then you will know the government is about to start paying salaries with the whole budget and very little left for the man on the street aka you, me and every other person not in government.
Do not take my word for it, go and read the budget proposal by yourself.

ogbonoeba:


And when oil stays at $50/barrel, how will naija survive?

Maybe our leaders will start THINKING! !! There are scores of nations out there without any petroleum resources, and they are doing better than us....

blink182:
I do not know if I should laugh or cry at your ignorance, if you have seen the 2015 budget then you will know the government is about to start paying salaries with the whole budget and very little left for the man on the street aka you, me and every other person not in government.

Do not take my word for it, go and read the budget proposal by yourself.

Laugh not at my ignorance; cry at our leaders' stupidity and myopia.

ibedun:
Bros, where can I find the budget? thanks

Visit www.budgetoffice.gov.ng.

[color=#006600][/color]

dein77:
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.

Na today...how old am I?.......e don tay wey our leaders dey visionless and clueless

bushdoc9919:
Ex.


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

Managing the Dutch Disease in Nigeria

Pass the books, hold the oil

Links are quite educative, so true

Abeg wat are they using oil to do ,cos for mars planet here am schooling,it is marsolin we are using

dhammyg:
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

ungrateful bittch.
Look at her mouth like "niger delta can drink their oil".
You are not ashamed that your SW is contributing peanuts to the nation.

Blessing it is just as itz obvious that our government cant see beyond oil in this richly blessed nation.More investment on other sector will definitely lessen the side effects of the fall in oil price globally.Agruculture is a nice subtitute to begin with....Lets also enforce strict osterity measures and not the typical hypocritic avanlanche of pretense over real actionz
...

But oil crashes have been here before. Can the op tell us what he did the last few oil crashes we had? Nigerians are good at knowing what needs to be done. Doing the work is the only thing.

Wow! well thought out,clap...clap...clap.U just connected with my economic mindset on this country of ours.I can't hesitate to see an actively diversified economy & how the selfish-greedy power brokers & their allies will manage to embezzle cash.

I often wonder why the Nigerian leaders get all the blame and responsibility, whereas the followers and the voters are absolved from any blame. If the masses to whom the leaders are held accountable to, do not assert their power, then they deserved the leaders they have. It is that simple.

In this economic 'crisis', other problems are bound to follow, but the available solutions are not immediate. Nobody can industrialize overnight, it is almost impossible. For the mean time Nigeria is helpless.

Derversify or not that is not the issue,the fact is these so called leaders are just bunch of CORRUPT Humans or should I say animals because their action sometimes is not different from an animal.

enkay4love:
Wow! well thought out,clap...clap...clap.U just connected with my economic mindset on this country of ours.I can't hesitate to see an actively diversified economy & how the selfish-greedy power brokers & their allies will manage to embezzle cash.

I'm happy many of us are really concerned about the growth and development of this nation.

The issue here is as long as the evil power brokers of this country keep imposing us with visionless leaders,the country will keep retrogressing.Wondering when the young power brains of this country with sound leadership know-how,will be given a chance to put this country in order.I simply don't know if it is a curse for 21st century brains to rule this country.Na wa!

dein77:
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.

I pity you and my fellow Nigerians. I hope you know that as oil fortunes dwindle, they'll turn their attention to the money in our pockets aka "IGR". We are about to enjoy an increase in taxes and levies to support this corrupt government. Once this clueless government can't feed off its oil revenues, it will start to feed on its citizens.

Kay17:
I often wonder why the Nigerian leaders get all the blame and responsibility, whereas the followers and the voters are absolved from any blame. If the masses to whom the leaders are held accountable to, do not assert their power, then they deserved the leaders they have. It is that simple.

In this economic 'crisis', other problems are bound to follow, but the available solutions are not immediate. Nobody can industrialize overnight, it is almost impossible. For the mean time Nigeria is helpless.

A very deep and valid argument. Governance is serious business, and as such shouldn't be solely left for the leaders; the masses have the greater responsibility to hold them accountable.

Your argument has always been my standpoint.

ogbonoeba:


And when oil stays at $50/barrel, how will naija survive?

Naija will survive better if its impending austertity measures start with the LEGISLATURES allowances.

Rainmaker69:


I pity you and my fellow Nigerians. I hope you know that as oil fortunes dwindle, they'll turn their attention to the money in our pockets aka "IGR". We are about to enjoy an increase in taxes and levies to support this corrupt government. Once this clueless government can't feed off its oil revenues, it will start to feed on its citizens.

That will be very welcome. Maybe the masses will then have the courage to protest against these thieving leaders.