REFLECTION : What would happen to this nations whose economy predominantly depend on oil to thrive you ask ? Well; they start drinking the oil ...!.!. This is a no brainer ....What we warned years ago is today unfolding and guess what ? they still tell Nigerians it is all good..Now this are the attributes; 1. Fall in oil price from over $100 to less of $70 and it would also affect relating resources too. 2. Devaluation of the Naira; not neccessarily to cushion the economy but to try matching the falling prices of oil so the damage would not be too glaring; guess what ? it is glaring. 3. The introduction of austerity measures vis a vis increasing foreign debts . 4. Inflation and since Nija is still a predominantly consumer nation; guess what happens to price of goods and commodities ?........I can go on and on but its simple.....If at over $100 there was less structural / welfare devt; how do you see it at $60.....? ummmmmm ! talk about a nation run by jokers. Meanwhile; the irony now places the czar of OPEC on the laps of Nigeria with the record lows in almost 2 decades.....go figure ...T. Nammor
Posted on: Sat, 06 Dec 2014 07:33:10 +0000
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