billyG:

Tufiakwa.

Naija is not doomed, during GEJ's time we were nott doom. But since change came in April. Everything has gone bad. So let's go backk to him and give him a chance, to test if his prosperity was a fluke now. Cos I can tell u, u might form blind eyes and deaf ears. But people dey build houses, buying cars, renting private jets, he created 5.8million jobs. He built more schs, more medical centres, agriculture took a turn around, economy biggest in Africa, 3rd fastest growing in d world, governors who were with him were working, no violence apart from the BH, which he still fought down; EFCC indicted more people than any other administration. I can continue and won't finish! Just to mention a few. Bout right now is the opposite, inexperience wiv government starting from NASS Crisis, BUDGET crisis, IPOB crisis, SHITTE crisis, Fulani Herdsmen, northern people with more appointments, abuse of the rule of law eg raiding a governor's house, who has immunity. And not apologising to the governor, Social Media Crisis, Oil and Gas crisis, Bank crisis and em even tired of mentioning. The worst is the ECONOMY nosedive into RECESSION.

Even if OPEC cuts cost, other countries like Russia, Canada and the US that are non OPEC would quickly fill up that gap so everything goes back to square one. These countries also never stopped production, even the small time drillers.

Pavarottii:

Which Nigeria? This buhari's cabinet?

I laff in french!
They should just give GEJ back the mandate and let him make this country prosperous once again.

Did you just bring GEJ and prosperous together in a sentence?

1.how much was a barel of oil when GEJ entered and when he left?
2.how much was one dollar to naira when GEJ entered and when he left?
3.how much was in the reserve when GEJ entered and when he left?
4.what was the rate of corruption when GEJ entered and when he left?
5.what was the rate of terrorism acts when GEJ entered and when he left?

NB: I am more interested in the first three questions.

Iran did not thrive during the sanctions, their economy was under strain but I agree they are better able to adapt to low oil prices since they have been under sanctions past few years.

wirinet:


If Iran can survive all these years under sanctions without exporting crude at all, then low oil prices should not be a concern at all.

The question is, how was Iran able to survive and indeed thrive without exporting crude? How were they able to fund exports? How were they able to stabilize their currency?

I think Nigeria should go and take lessons from Iran on how to survive without oil.

persius555:
despite the sanctions, iran was doing business with india, russia and china. If you can sustain trade balance between these three countries, you can very well weather the sanction. The sanctions only prevented them from accessing western markets and its financial infrastructure. Coupled with adeaquate power supply via their nuclear power plant, manufacturing of local goods has been at the positive recieving end unlike ours, without sanctions we produce nothing except oil.
There are so many things we can learn from iran. This is not the best time to be at loggerheads with any OPEC member.

bro, it is not about surviving without oil. It is about doing business in a business viable environment. That's my point. Until, we address this, talks about diversification will end as rants. Why oil could stand and remained the source of income was because the profit margin was large. Cost of production is about 15 dolls and was sold for about 114 dolls. That's about 100 dollar gain now multiply by 2million daily. Which product can generate that kind of profit.if the profit margin was not upto 10 dolls, we won't be talking Oil. Have you bothered to ask yourself why many Nigerian banks finance many oil exploration and service companies without stress. Even the small ones but when the price started falling, what did they do? They retracted their support. We can tell the effect already with low prices. Access to capital is needed at little or no interest if we really want a diversified economy. Whatever, we would be manufacturing would not sell with a high profit margin which may make it difficult to meet interest on loans. This is a problem with many manufacturers in the country and a reason for sub standard product that do not meet the specification of many countries. So, it isn't about looking at this and that country and just talk diversification. It is about business policies and environment.

wirinet:


If Iran can survive all these years under sanctions without exporting crude at all, then low oil prices should not be a concern at all.

The question is, how was Iran able to survive and indeed thrive without exporting crude? How were they able to fund exports? How were they able to stabilize their currency?

I think Nigeria should go and take lessons from Iran on how to survive without oil.

their leaders don't loot the nation and go an buy houses in dubai or USA or UK, the money in Iran remain in Iran. That is the only lesson Nigeria need to learn.

Global oil price will stay low (below $50 per barrel ) till 2018..

Nigerians, prepare..

when the u. US lifted Iran's sanctions, it wasn't just because of nuclear disarmament.

Go live in Iran.

gozmok1:
my 100% support goes to iranian government BECAUSE the zoo President does not have any atom of sense left with him

majekdom2:
do you know Iran's population. They produce about twice of what we produce. They have got functioning refineries , They didn't geneate forex from crude import. An islamic country where you can get money from banks without interest thus, making it easy to do business. Still yet, they needed the sanctions lifted. Now compare to Nigeria.

Population of Iran is put at 80 million, which is just about half of nigeria's current population estimate. So population cannot be a mojor factor responsible for Nigeria's Abysmally poor economic performance even in the era of oil boom, while Iran was restricted from selling oil.

How was iran able to have Functional refineries but Nigeria on the other hand could not. It means Iran is able to meet its domestic fuel needs without having to import refined products. Don't you think we can learn from Iran how they were able to build and maintain functional refineries to meet their domestic demand.

Even though Iran is an islamic country, how come it does does not grapple with terrorists? We have never heard of a terrorist attack on Iran despite sharing border with terrorist infected Iraq. How are there able to manage the Sunmi - Shiite conflict?

If interest free Islamic Banking can stimulate business and the economy, why cant we adopt the same model? We can also employ interest free banking to stimulate business.

If Iran can be energy sufficent, develop nuclear power, both for civilian and military purposes, develop their military strength and capacity - all without oil export.

Iran is even able to build and fund external armies without borrowing - unlike Nigeria.

Why cant we also develop despite receiving such huge revenue from crude oil.

gozmok1:
my 100% support goes to iranian government BECAUSE the zoo President does not have any atom of sense left with him

Then why haven't your sense elevated you to such position.. In other news, I agree with Ibe Kachukwu who happens to understand the nature of demand and supply very well.
Once the commodity becomes scarce, the demand and price will increase.

wirinet:


Population of Iran is put at 80 million, which is just about half of nigeria's current population estimate. So population cannot be a mojor factor responsible for Nigeria's Abysmally poor economic performance even in the era of oil boom, while Iran was restricted from selling oil.

How was iran able to have Functional refineries but Nigeria on the other hand could not. It means Iran is able to meet its domestic fuel needs without having to import refined products. Don't you think we can learn from Iran how they were able to build and maintain functional refineries to meet their domestic demand.

Even though Iran is an islamic country, how come it does does not grapple with terrorists? We have never heard of a terrorist attack on Iran despite sharing border with terrorist infected Iraq. How are there able to manage the Sunmi - Shiite conflict?

If interest free Islamic Banking can stimulate business and the economy, why cant we adopt the same model? We can also employ interest free banking to stimulate business.

If Iran can be energy sufficent, develop nuclear power, both for civilian and military purposes, develop their military strength and capacity - all without oil export.

Iran is even able to build and fund external armies without borrowing - unlike Nigeria.

Why cant we also develop despite receiving such huge revenue from crude oil.

I am not trying to justify the present situation in Nigeria. You keep asking why can't we, why can't we?? Nigeria is made up of humans not wood. Humans such as me and you. And it is that same humans that need to think. You and I , that's my point. Blames do nothing in this situation. Pls, don't mention the govt.

gozmok1:
my 100% support goes to iranian government BECAUSE the zoo President does not have any atom of sense left with him

U no get sense atall monkey jst posting an how with out thinking

Pavarottii:

Naija is not doomed, during GEJ's time we were nott doom. But since change came in April. Everything has gone bad. So let's go backk to him and give him a chance, to test if his prosperity was a fluke now. Cos I can tell u, u might form blind eyes and deaf ears. But people dey build houses, buying cars, renting private jets, he created 5.8million jobs. He built more schs, more medical centres, agriculture took a turn around, economy biggest in Africa, 3rd fastest growing in d world, governors who were with him were working, no violence apart from the BH, which he still fought down; EFCC indicted more people than any other administration. I can continue and won't finish! Just to mention a few. Bout right now is the opposite, inexperience wiv government starting from NASS Crisis, BUDGET crisis, IPOB crisis, SHITTE crisis, Fulani Herdsmen, northern people with more appointments, abuse of the rule of law eg raiding a governor's house, who has immunity. And not apologising to the governor, Social Media Crisis, Oil and Gas crisis, Bank crisis and em even tired of mentioning. The worst is the ECONOMY nosedive into RECESSION.

Even a dead, dumb and blind man knew that this APC government is worst than Abacha and Idi Amin put together. What I am saying is Nigeria needs total overhauling.

Iran will definitely win this clash because their Brent crude is more sort after. I am very happy about this and wish the price should fall even close to $5/b. And it might get to that because when Iran's oil hit the market they will sell even at cut price because they need the money after suffering so much due to the sanctions. Nigeria will suffer the consequences and that's of interests to a lot of people. If Nigeria will collapse let it collapse. Some small group of people benefits from each administration to the detriment of the larger populace.

Lol! Iran is a homogeneous country with an overwhelming Persia ethnic group majority, an overwhelming Shiite majority.

They have stability, something Nigeria will never have.

Having such stability that a largely homogeneous populations guarantees is a building block most powerful world nations today have, it doesn't guarantee greatness( see Somalia) , just as having blocks doesn't guarantee mansions, but you can't build greatness( Mansions) without the stability that Homogeneity( Building blocks) brings.

Can Nigeria even withstand a foreign invasion? With bitter fifth columnists( Biafrans) within ?

I dey laugh o!

This is like world's news

If only saddam Hussein was alive

So far you are a Nigerian whether APC OR PDP or other parties or non partisan, you must go to psychiatric check up. As for me iam a Biafran.

wirinet:


If Iran can survive all these years under sanctions without exporting crude at all, then low oil prices should not be a concern at all.

The question is, how was Iran able to survive and indeed thrive without exporting crude? How were they able to fund exports? How were they able to stabilize their currency?

I think Nigeria should go and take lessons from Iran on how to survive without oil.

Only if smart people were allowed a chance at leadership..... I wonder if some research would uncover their survival skills .

How can you say Nigeria should stop producing oil so that oil price becomes stabilised. like it was reported, oil price can only be stabilised by consensus of OPEC members