Oil & Gas Opinion

Continuation of Selected Analysis from Ex-ABU SUG Leader’s Platform – 002

By COMRADE ERAGBE ANSLEM APHIMIA

[10/1, 10:49 PM]
ABUBAKAR DAHIRU ABUSITE:

“There’s no basis of comparing the minimum wage of Nigeria with that of Saudi Arabia’.

Population wise, while the population of the Kingdom is just about 25 million, that of Nigeria is 10 times that figure.

Secondly, while Saudia is world’s largest exporter of crude oil to the tune of an average of 4 million barrels daily, Nigeria barely exports an average of 1.5 million barrels per day.

In addition the Saudis generate billions of dollars from the Umra and Hajj exercise.

Thus the revenue generation capacity of Saudi Arabia is bigger than Nigeria and places the kingdom in a stronger financial capacity to have a minimum wage of 3000 riyals, over 300,000 naira, than Nigeria.

Thus it is pure mischief to expect President Buhari to provide the same minimum wage as the Saudis are providing to their citizens or achieve the same level of structural development in Nigeria.

Above all, unlike Saudi Arabia, Nigeria has been the victim of monumental looting of state resources under successive administrations particularly the 16 years of PDP misrule.

On the price of Petrol, the President is correct in insisting on the deregulation of the downstream sector of the industry given the massive corruption going on in the name of subsidy which is a scam designed to enrich unscrupulous business men and their collaborators.

Only those bent on black mailing the President will find fault in what he was saying.”

REACTIONS BY COMRADE ERAGBE ANSLEM (C.REG:COA):

[10/2, 12:01 AM]
Eragbe Anslem Aphimia:

“Sometimes, the basis for our analysis are not academic in the least.

1: What is the population of Nigerians employed in the civil service and public service of the over 200,000,000 Nigerians ?

2: What is the wage bill of this unknown employed Nigerians in the government payroll ?

3: What is the ratio of this salary wages bill to the earning capacity of Nigeria ?

4: The answer to the above questions, will compare and contrast the quality of the wages to the earning power in relation to Saudi Arabia before we can truly assert.

5: what if 2,000,000 people are employed each in Nigerians and Saudi Arabia ?

The ratios will be:

A: Nigeria:
2,000,000/200,000,000* 100
= 1%

B: Saudi Arabia:
2,000,000/25,000,000 *100
= 8%

6: PROJECTED TOTAL WAGE BILL AND EARNING CAPACITY PER COUNTR:

Assuming a minimum wage of N30,000 and R3,000 is equivalent of N300,000

A: Nigeria:
N30,000 * 2,000,000
= N60,000,000,000
sixty Billion Naira Monthly

B: Saudi Arabia
N300,000*2,000,000
N600,000,000,000
SIx hundred Billion

7: Productivity optimization Ratios of Nigeria to Saudi Arabia

NIGERIA: SAUDI ARABIA
1 : 8

This analysis shows the level of unproductivity of Nigeria in the number of engagement of her population to her potentials for greatness

This is the reason for poverty in Nigeria and not because of lower crude oil earning..

[10/2, 12:07 AM]
Eragbe Anslem Aphimia:

2: The Poverty of Nigeria is a function of the deliberate creation of non viable states and political system that thrives on revenue sharing her than revenue generation thru federal allocation from the FG after sales of crude oil for distribution

[10/2, 12:09 AM]
Eragbe Anslem Aphimia:

3: The issue of looting of public treasury has not ended with the last 16 years of PDP but a continum with the APC led federal government

[10/2, 12:09 AM]
Eragbe Anslem Aphimia:

4: The assumption here is that every government in Nigeria is very corrupt until proven otherwise

[10/2, 12:10 AM]
Eragbe Anslem Aphimia:

5: What is the ratio of the revenue balance invested in critical infrastructure?

[10/2, 12:11 AM]
Eragbe Anslem Aphimia:

6: How much of this balance is accounted for and how much is looted ?

[10/2, 12:12 AM]
Eragbe Anslem Aphimia:

7: Who are those that have looted their council, LGA , states, MDAS, and FG treasury?

[10/2, 12:12 AM]
Eragbe Anslem Aphimia:
😃😎😃

REACTION _02

RELATIVELY FAIR STATISTICS OF NIGERIA VS SAUDI ARABIA 2020 COMPARED

1: Estimated Population
NIG: 206,139,589
SAUDI: 34,813,871
RATIOS:
NIG : SAUDI
1 : 5.92

2: Exchange Rate Of Naira to Riyals
NIG: : SAUDI
NAIRA : RIYALS
1 : 101.67

3: MINIMUM WAGE :
NIG: N30,000
SAUDI: R3,000
= N305,010

Nigeria should be able to pay N305,010 as minimum wage for the same number of employees as compared to Saudi Arabia for the same equivalent USD earning for the same barrels equivalent of 2.1m per day

4: DAILY CRUDE OIL PRODUCTION RATIOS COMPARED

NIG: 2,100,000 bpd
SAUDI: 8,900,000 BPD

RATIOS:
NIG: SAUDI
1: 4.23

5: POVERTY RATIOS
NIG:. SAUDI
102 : 1

6: CRUDE OIL PRODUCTION AVERAGE1998-2019 COMPARED:

Nigeria’s oil production in barrels daily 1998-2019
Published by M. Garside, Jun 22, 2020

This statistic depicts the oil production in Nigeria from 1998 to 2019.

Nigeria’s oil production in 2019 amounted to some 2.1 million barrels per day.

Nigeria and OPEC:

Nigeria joined the OPEC (Organization of Petroleum Exporting Countries) in 1971, becoming the 11th country to join the organization following its founding in September 1960.

Nigeria is the most populous country within the OPEC, but in terms of daily oil production, it is ranked eighth within the organization.

In terms of oil reserves, Nigeria’s OPEC ranking is also eighth.

Oil production in Nigeria from 1998 to 2019 (in 1,000 barrels per day)
Production in thousand barrels per day
2019 2,109
2018 2,007
2017 1,969
2016 1,900
2015 2,201
2014 2,276
2013 2,279
2012 2,412
2011 2,461
2010 2,533
2009 2,211
2008 2,172
2007 2,208
Showing entries 1 to 13 (22 entries in total)
See more data

© Statista 2020
Source More information

OTHER STATISTICS ON THE TOPIC

Global oil industry and market

OPEC oil price annually 1960-2020

Number of offshore rigs worldwide 2018 by region

Brent crude oil price annually 1976-2020

2020 global list of the top oil and gas companies based on revenue

7: DEREGULATION PREROGATIVES FOR LOCAL PRODUCTION :

Oil refining in Nigeria

The Dangote oil refinery is currently under construction and is expected to be completed in 2020.

Its construction will add considerable refining capacity to Nigeria’s oil industry. Designed to process some 650,000 barrels of crude oil each day, this will increase Nigeria’s existing refining capacity of 446,000 barrels per day considerably.

According to billionaire Aliko Dangote who owns the project, and after whom the project is named, about 35 percent of the refinery’s products will be exported, with the remainder serving the Nigerian market.

This analysis is a follow up to the initial one on Productivity optimization that showed the under utilization of our human capital resources adducing the reasons for the poverty, unemployment and under development of NIGERIA for 60 years since 1960

COMPARATIVE STUDIES:

Comrade Eragbe Anslem Aphimia (C.REG: COA) is the National Youth Leader of Labour Party and write via 08037009181 from Abuja.

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