Reports have it that Angola local currency the Kwaza is currently trading at between 450-530 in the black market. Their reserve is seriously depleted since 2014 when oil price began to fall.

The currency has always been much stronger than the naira, and it was what some people used to rubbish the current government two years ago. Now that the currency is weaker, what do they have to say?

Let's stop fooling ourselves .. We always want to justify our bad situation with a similar worse off condition wen it suits us. Show me other oil producing countries experiencing similarly bad situation . How about u also show us reports on d fuel situation in their country as well

eTECTIVe:
Let's stop fooling ourselves .. We always want to justify our bad situation with a similar worse off condition wen it suits us. Show me other oil producing countries experiencing similarly bad situation . How about u also show us reports on d fuel situation in their country as well

Russia also or is experiencing economic contraction. Their currency fell badly, although has recovered a little.

Angola is particularly interesting because it has just a population of 28 million with 1.7m barrel of oil export daily. In 2016 it exported more than Nigeria

There is no oil producing country that has not experienced economic problem, even Saudi Arabia had to adopt a huge austeriry budget every year since 2015.

Norway, the oil producing country with the best savings (reserve) plan took out from their Sovereign Wealth Fund for the time since 1996 it was created. The sovereign wealth fund is the equivalent of the Excess Crude Reserve Obj created in 1999. The Norway Sovereign Wealth Fund was over $300b in 2009, in the oil boom of 2010 to 2014 it reached $900b

elampiro:


Russia also or is experiencing economic contraction. Their currency fell badly, although has recovered a little.

Angola is particularly interesting because it has just a population of 28 million with 1.7m barrel of oil export daily. In 2016 it exported more than Nigeria

Ur trying to justify our current economic contraction with dat of others is what I have a problem with. Most of our current predicament has nothing to do price drop in crude. D govt made everyone believe d past govt was to blame for it. Who is to blame for those experienced in those countries. While comparing those countries let us also compare other aspects instead of focusing on only one aspect. How many of d oil producing countries also import petroleum products afta exporting oil? How many dem are experiencing scarcity in fuel??

eTECTIVe:


Ur trying to justify our current economic contraction with dat of others is what I have a problem with. Most of our current predicament has nothing to do price drop in crude. D govt made everyone believe d past govt was to blame for it. Who is to blame for those experienced in those countries. While comparing those countries let us also compare other aspects instead of focusing on only one aspect. How many of d oil producing countries also import petroleum products afta exporting oil? How many dem are experiencing scarcity in fuel??

The past govt did not save. Look at Norway:

Norway, the oil producing country with the best savings (reserve) plan took out from their Sovereign Wealth Fund for the time since 1996 it was created. The sovereign wealth fund is the equivalent of the Excess Crude Reserve Obj created in 1999. The Norway Sovereign Wealth Fund was over $300b in 2009, in the oil boom of 2010 to 2014 it reached $900b


There is no oil producing country that has not experienced economic problem, even Saudi Arabia had to adopt a huge austeriry budget every year since 2015.

These are countries with huge savings, yet they are experiencing contractions. But we don't even have enough reserve to fall back on. The past administration was not proactive. What should have been saved ended in private pockets.

Venezuela currency that was less than 100 bolivars to $1 in 2014 is currently 142,000 bolivars to $1

Another oil producing country

eTECTIVe:
Let's stop fooling ourselves .. We always want to justify our bad situation with a similar worse off condition wen it suits us. Show me other oil producing countries experiencing similarly bad situation . How about u also show us reports on d fuel situation in their country as well

is Venezuela and Saudi Arabia not oil producing and produced more than Nigeria

elampiro:


The past govt did not save. Look at Norway:

Norway, the oil producing country with the best savings (reserve) plan took out from their Sovereign Wealth Fund for the time since 1996 it was created. The sovereign wealth fund is the equivalent of the Excess Crude Reserve Obj created in 1999. The Norway Sovereign Wealth Fund was over $300b in 2009, in the oil boom of 2010 to 2014 it reached $900b


There is no oil producing country that has not experienced economic problem, even Saudi Arabia had to adopt a huge austeriry budget every year since 2015.

These are countries with huge savings, yet they are experiencing contractions. But we don't even have enough reserve to fall back on. The past administration was not proactive. What should have been saved ended in private pockets.

U are actually contradicting urself. U jus admitted countries are going thru economic contractions. Did we experience same becos d past govt wasn't proactive?? D govt claims we've weathered d storm now, how did we do dat?? For how long are we going to kip making excuses??

eTECTIVe:


U are actually contradicting urself. U jus admitted countries are going thru economic contractions. Did we experience same becos d past govt wasn't proactive?? D govt claims we've weathered d storm now, how did we do dat?? For how long are we going to kip making excuses??

It only shows how much Buhari have been able to manage little inflow to protect Nigeria from going the Venezuela way.

The countries that were proactive didn’t go into recession, example is Norway. That is because they had huge external reserve to draw from. The fact that Buhari pulled us out quickly from imminent huge crisis meant he has done well.

elampiro:


It only shows how much Buhari have been able to manage little inflow to protect Nigeria from going the Venezuela way.

The countries that were proactive didn’t go into recession, example is Norway. That is because they had huge external reserve to draw from. The fact that Buhari pulled us out quickly from imminent huge crisis meant he has done well.

Hahahahahaha.... Now dats funny. U Ppl easily cite d Venezuelan example without knowing jack about wat led to it. If for anything , it is actually dis govts actions dat's driving us towards d Venezuelan economic collapse

eTECTIVe:


Hahahahahaha.... Now dats funny. U Ppl easily cite d Venezuelan example without knowing jack about wat led to it. If for anything , it is actually dis govts actions dat's driving us towards d Venezuelan economic collapse

The govt has prevented us from going Venezuela's way because Venezuela and Angola crisis were caused mostly by corruption.

elampiro:


The govt has prevented us from going Venezuela's way because Venezuela and Angola crisis were caused mostly by corruption.

Oga go and read up and stop wallowing in govt imposed ignorance. Jus type "What happened to the Venezuelan Economy". D information is very free

eTECTIVe:


Oga go and read up and stop wallowing in govt imposed ignorance. Jus type "What happened to the Venezuelan Economy". D information is very free

I have been reading about Venezuela for years now. Corruption is a major part of their problem.

Secondly, what about Angola, Russia that also have currency devaluation? Saudi Arabia with austerity measures.

elampiro:


I have been reading about Venezuela for years now. Corruption is a major part of their problem.

Secondly, what about Angola, Russia that also have currency devaluation? Saudi Arabia with austerity measures.

U have either been reading wrong or understanding wrong.. Here's d summary of what happened to Venezuela..

https://www.investors.com/politics/editorials/what-caused-venezuelas-collapse-is-no-mystery-except-to-economically-illiterate-journalists/

U Ppl kip beating around d bush.. Countries experienced recession.. Yes... Was it as a result of their previous administrations? No. Could d govt have handled it beta. Yes.. How? A more responsible austerity measure (Their catastrophic forex policy, so-called subsidy removal which turns out to b a scam, dey are still paying after all). Try and compare austerity measures generally and what we had here and tell me Yes we did d right things.Why do we have to kip making excuses every time on behalf of d govt

eTECTIVe:


U have either been reading wrong or understanding wrong.. Here's d summary of what happened to Venezuela..

https://www.investors.com/politics/editorials/what-caused-venezuelas-collapse-is-no-mystery-except-to-economically-illiterate-journalists/

U Ppl kip beating around d bush.. Countries experienced recession.. Yes... Was it as a result of their previous administrations? No. Could d govt have handled it beta. Yes.. How? A more responsible austerity measure (Their catastrophic forex policy, so-called subsidy removal which turns out to b a scam, dey are still paying after all). Try and compare austerity measures generally and what we had here and tell me Yes we did d right things.Why do we have to kip making excuses every time on behalf of d govt

You are bringing 2017 report whereas I have read many reports since 2014 or even before. The problem of Venezuela started from corruption and still a major problem. Is Venezuela the only country practicing Socialism?

I am not sure you read Saudi Arabia austerity budget.

elampiro:


You are bringing 2017 report whereas I have read many reports since 2014 or even before. The problem of Venezuela started from corruption and still a major problem. Is Venezuela the only country practicing Socialism?

I am not sure you read Saudi Arabia austerity budget.

Like I said earlier dat was a summary of what happened to Venezuela. Becos d report was written in 2017 means doesn't mean its not an indept analysis of what went wrong. Their problem wasn't corruption, their problem was trying to run a socialist govt. U shld look dat up also. Here's a little something on Saudi and how it went about its recovery.
https://www.reuters.com/article/us-saudi-reform-kemp/saudi-arabia-eases-austerity-just-as-oil-prices-decline-kemp-idUSKBN19D03W

Pls what are d austerity measures our govt took?

Too bad.

eTECTIVe:


Like I said earlier dat was a summary of what happened to Venezuela. Becos d report was written in 2017 means doesn't mean its not an indept analysis of what went wrong. Their problem wasn't corruption, their problem was trying to run a socialist govt. U shld look dat up also

The major problem from time has always been corruption. It is recently the European and American elites have been shouting socialism. Must everyone do things like them? That was how they blamed Gadaffi and a few others.

Personally I don't like socialism, but this one started from corruption.