The founding Pastor of Salvation Ministries Worldwide, David Ibiyeomie is not in agreement with what the Buhari led administration paints Nigeria to be, as he discloses astounding number of products that are made from crude oil, and if leveraged on will put an end to the so-called recession.
The real life situation preacher has on countless times shared entreprenuership lessons that if yielded to, will proffer lasting solutions to Nigeria’s economic predicaments.
Speaking in a recently held youth empowerment program by his ministry, Ibiyeomie disclosed that there are a huge number of petroleum by-products Nigeria imports, and the countries that export these products to Nigeria only import crude oil from Nigeria; and these crude end products are sold to Nigeria at doubled rate than what Nigeria sold the raw crude, which has now crippled her economy.
Yes it is true that apart from petroleum products, there are at least 500,000 products consumed regularly by humans that are made from crude oil, some of them are:
Roofing paper, car batteries, refrigerator seals, carpet, parachutes, telephones, bras, antiseptics, purses, deodorant, pant hose, air conditioners, shower, curtains,
shoes, volleyballs electrician’s tape, lipstick, sweaters, running shoes, bubble gum, car bodies, tires. Others include:
House paint, hair dryers, guitar strings, pens, eyeglasses, life jackets, insect repellent, fertilizers, movie film, loudspeakers, basketballs, footballs, combs, brushes linoleum, fishing rods, rubber boots, water pipes, vitamin capsules, motorcycle helmets, fishing lures, petroleum jelly, golf balls, dice, typewriter, computer, ribbons.
Apparently the list is endless…
The cleric also gave an instance of The United States of America that is not a producer of crude oil, but has a large quantity of crude in her reserve as a result of being able to produce numerous by products of crude oil.
He further added that, if Nigeria can produce these products, her importation rate will reduce, thereby enabling them to use their crude oil in diverse ways instead of only exporting and buying the end product at a doubled amount of what the raw material was sold, thereby devaluing the initial transaction; and economic recession won’t be Nigeria’s key discussion.