Weldone our Big Bros.

God bless Nigeria!!!

Lies.

Metobime:
If the d oil is extracted @ 2mb per day it will only take 500days or 1½ yrs aprox for d 1billion barrel of reserve to b completely depleted.

So, what are they celebrating?

Usually 200,000 bbls/day.
If you discover a proven 1bn barrels, theres probably 10bn barrels nearby. This is not sentiment issue. Who or what you hate does not matter. There is oil in the North. It is almost useless. Oil is dead as a commodity of global importance.

story,na so we d always hear.

dre11:


https://dailynigerian.com/over-1-billion-barrels-of-crude-oil-discovered-in-the-north-says-minister/

Could this be an underground reason for insurgency?

Amotolongbo:
When other nations are looking away from crude oil as the only source of revenue, we keep on making explorations of crude oil with part of the resources we have.


This administration is just so clueless.

Your statement is contradictory. The fact that the world is moving to clean energy is all the more reason why we should get as much of that black stuff out of the ground and sell it asap. Exploration is key.

You blame this government for not looking for new sources of revenue. This is not true. Every administration has been looking for new sources of revenue. They might not be doing it well but they are looking.

The problem is the structure/ expense profile of the economy. We are spending our foreign currency on many things that have local substitutes but our "class tax" means Nigerian continue to desire these things in order to achieve social status. The foreign exchange we spend on importing bags, wigs, shoes, toothpicks and wine should be properly spent on domestic production. No one wants to do that because the risks are too high; poor, security, weak demand ( less than 10% of Nigerians have over 200,000 in their account and the mean wage is just about 42,000 naira! ) and policy instability e.g gokada!

So the government has crashed interest rates on investments to force money into the real sector. But the only thing gaining from the reduction in rates is the property market.

Nigeria is a very very difficult country to run and it's not just due to bad government. It's also due to the dislocation between wealth and value creation. Nigeria is one of the countries in the world where morevwealth does not create more jobs. In fact wealth in Nigeria creates higher prices.

So this is a system problem that is really tough to crack. Talk to your friends, ask them their ambitions and you will see the scale of our problems.

By the way Nigeria earns more from overseas remittance from its diaspora citizens than it does from crude oil sales.

As we speak foreign remittances from diaspora is larger than

Blue3k:
The finally found something in the borno basin. Let's hope they start producing soon. They can use the new funds to rebuild. Their new headache is deciding if the want to build a pipeline through Niger delta or not. Niger Republic avoided Nigeria all together for their oil pipeline.

Ps: The reason to break up because have a coastline is valuable. Lol why leave money on the table.

If they are smart, instead of wasting funds on exporting oil and gas, they will build a refinery, petrochemical plant, fertiliser plant and gas turbine power plant in the North East to reduce their dependence on imported refined fuel and industrialised the Mining and Agriculture in the North East.....that is if they are smart.

xelly:
Oya, give me one oil well make I know say you sure pass.

My dear, too much scam dey this country. They have such oil and majority of the northerners are been in impoverished.

9jaRealist:


The US exports more than THREE TIMES the amount of oil that Nigeria does - 7.6 million per day in 2018!
>

Guy, they discovered oil to be sufficient... They export out of excess

Wow,if it's really true,then it means they got what they've always been jealous of,reason they want this country to stick as one but now that they got it, then it's goodnews.

So,can we divide this country now please

I can sensed many Southerners are NOT happy to hear Northerners having Oil, is a God work not human work, God can give the one you hated most what you didn't get.

Since buhari entered office oil has been discovered almost everyday in Northern Nigeria but to drill it has become a serious issue.

Ausrichie:

Wait don't tell me our GDP is about 200 billion dollars cause that is what I heard.

Nigeria's GDP is $375 based on 2017 figures. The economy has barely grown 1% yearly since then, so not much bigger.

Meanwhile, 842b pounds is $1.096 trillion. That means the British budget is almost triple the Nigeria's GDP.

Too many people spewing trash. What do you all know about oil exploration and discovery of crude reserves that make you assume there can never be crude oil in the north. Do you even know it's possible that crude oil buried deep thousands of kilometers in the ground in the south can migrate to rock reservoirs located in the north. The north has it's own sedimentary basin. For example, Chad or Niger has been producing oil from their own land that fall under similar climate like part of the north.

9jaRealist:


People in the UK pay taxes...
And are PRODUCTIVE, rather than sharing money.

Nonetheless, North Sea oil SAVED the UK economy...
Before then, the UK was in rapid economic DECLINE!
>

North Sea Oil save the UK economy? I very much doubt that. It may have provided a salve at best.

It was Margaret Thatcher and her economic reforms that turned the UK economy around. She isn't called the iron lady for nothing. That is the general consensus.

greatreality:
My dear, too much scam dey this country. They have such oil and majority of the northerners are been in impoverished.

Na so we see am ooo. Scammer everywhere thinking we are all mugus.

Kwamecron:
This is super story.

a life of strife and sorrow.

Na today

GreenArrow1:


Thank you for this picture. This brings back a lot of memories which is helping to calm my troubled soul tonight. Thank you.

awwwwwwww kisses

grandstar:


Nigeria's GDP is $375 based on 2017 figures. The economy has barely grown 1% yearly since then, so not much bigger.

Meanwhile, 842b pounds is $1.096 trillion. That means the British budget is almost triple the Nigeria's GDP.

Nigeria self na so we go dey forever.