Chidi, dollar never stayed at N170 for 4 years, but I will concede that to you not to injure your humour. During massive looting of surpluses, Nigeria's crude oil export was two million barrels per day at a price that fluctuated between $100 and $146 per barrel. Now, crude oil price in the international market swings between $30 and $50 and Nigeria's production is below 2 million barrels per day, partly because of the activities of Niger Delta Avengers, and partly because of world's market demand for crude oil has reduced considerably. Since the value of Nigerian naira depends solely on crude oil exports, it does not require any sophisticated logic to understand that the value of naira must depreciate with falling crude oil income.
Constitutionally, all natural resources in Nigeria belong to all Nigerians and the Federal Government is only assigned the responsibility of exploiting and managing them for the benefit of all Nigerians. The population of Nigeria today is estimated at 180 million people. Let us, for the sake of convenience, assume that Nigeria is able to produce 2 million barrels of crude oil per day and share it to each Nigerian for individual sale at the world market, can you Chidi tell us how much crude oil every Nigerian will get per day and how much dollar or cents will the shared crude oil fetch each Nigerian? If you solve this arithmetic of simple proportion you will discover that the real exchange of a dollar is greater than N510 and thus kudo to Buhari and his team mates for limiting damages that Nigeria would have suffered due to monolithic oil dependent national economy.
Skickat: den 30 januari 2017 04:29
Till: USA African Dialogue Series
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