Nigeria's Sky High Inflation Needs To Be Addressed By Oil Output – Kelvin Emmanuel
Nigeria's Sky High Inflation Needs To Be Addressed By Oil Output – Kelvin Emmanuel
Economist and Board Member of Obsidian Achenar Markets, Kelvin Emmanuel, spoke to the Arise Xchange about Nigeria’s latest inflation numbers with Headline at 31.7% and Food at 37.92%
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This analyst is quite naive on the oil business. Saudi and Iraq oil are quite inexpensive to drill because they are very close to the ground hence the low production cost which then translate to higher Profit margin. This is an important consideration. So the issue about civil war is not a factor as it hasn’t disrupted production.
Shale drilling in the USA is a lot more expensive because the oil is trapped in the shale rock which are very deep in the ground and in very right corners.
Most of Nigerian oil are in the deep sea. Deep sea drilling is quite expensive but insecurity is a major factor in calculating the unit cost of a barrel. So if you take that security expense away our cost price will come down.
If we begin to put our national interest first believe you me this country will grow faster than the speed of light.
A lot of our government policy are not well thought out unfortunately and as a result we are suffering the consequence.
We have failed to think very deeply on the best way to energize our economy for maximum gain.
If we do so, by thinking strategically about the best way to grow our industries we will make some progress.
Our political parties are extremely important in this respect. They must include a well thought out manifesto supported by good economic thinking.
High inflation needs rise interest rate but will fears allow it.
Remove Akpabio as a senator in Nigeria
All these Nigerian analysts seem to have the same mental block. They keep pretending not to understand the pathological wicked and greed of the black politician. Go to Haiti and ask why they have remained a putrid sore on the face of the earth after over 100 years of independence from France. That is a microcosm of what Nigeria may be destined to become at this rate.
The difference between Nigeria and those countries Kelvin has mentioned is Nigeria talks and talks only and Russia works and works more and more.
Yet no new minimum wage 😅