WEBVTT 1 00:00:01.399 --> 00:00:06.599 Hey, Welcome on good evening wherever you're listening from, Welcome to another money 2 00:00:06.679 --> 00:00:11.880 space with me. My name is carlu Adir and here every week we're talking 3 00:00:12.279 --> 00:00:17.120 money, the economy and of course personal finance. We want to talk about 4 00:00:17.120 --> 00:00:21.559 the economic topics and how do they make sense to your wallet. That's what 5 00:00:21.600 --> 00:00:26.079 we do here every weekend, making it live for you. So this week 6 00:00:26.120 --> 00:00:30.760 we're talking about, of course investing, but we're talking around investing in an 7 00:00:30.879 --> 00:00:37.359 environment of unstable or should we say uncertain volatility as to gods see exchangery. 8 00:00:37.479 --> 00:00:40.640 That's what we won't talk about, right, We're gonna get straight into it. 9 00:00:40.799 --> 00:00:44.520 Not much background we can give apart from this. Of course, if 10 00:00:44.560 --> 00:00:49.159 you're in Nigeria, we use a naira, but we also have other currencies 11 00:00:49.200 --> 00:00:53.439 and other means that we transact in. The naira is the official currency. 12 00:00:53.560 --> 00:00:56.840 That means, that's a currency that we settle transactions with. It's a legal 13 00:00:56.960 --> 00:01:00.079 tender menu. You can pay debts with it for a very very long while, 14 00:01:00.200 --> 00:01:03.520 not this year, not last year, for a very very long world. 15 00:01:03.520 --> 00:01:07.799 And that has been losing value, right, So we've gone from a 16 00:01:07.920 --> 00:01:12.120 point where the nira it's just expensive i e. In the nineteen seventies, 17 00:01:12.280 --> 00:01:15.879 it was very expensive. Now it's very very cheap when compared to the dollar. 18 00:01:17.719 --> 00:01:22.079 And we are now the position where one naira extends forgive or take fifteen 19 00:01:22.239 --> 00:01:25.959 hundred fourteen hundred. Last week it was about teteen hundred. It will drop 20 00:01:26.040 --> 00:01:30.480 to a thousand and one eleven more than ninety. Last week you got very 21 00:01:30.560 --> 00:01:34.840 very strong. If you look at elis centrends, it's about one one three 22 00:01:36.200 --> 00:01:40.959 five zero, give or take about nasti exchange rate. So the question arises, 23 00:01:41.239 --> 00:01:44.640 what should you do if you're in Nigerian and you'd want to invest. 24 00:01:45.000 --> 00:01:49.079 How do you navigate this uncertainty? And of course we don't have questions, 25 00:01:49.159 --> 00:01:53.840 So really I want you guys to ask questions. That's really going to be 26 00:01:53.920 --> 00:01:57.519 the main focus of the space today. Ask your questions and I will try 27 00:01:57.560 --> 00:02:00.799 to give answers to it. But let me just say this, as holding 28 00:02:01.200 --> 00:02:06.560 currency, it's not an investment. If you simply hold your nira in your 29 00:02:06.640 --> 00:02:09.400 hand, it's not you're not investing at all. Right, So you've got 30 00:02:09.479 --> 00:02:14.639 to get that narra into a place, or that dollar or that myira into 31 00:02:14.719 --> 00:02:17.240 a place where it can end a yield for you. That's interest yield. 32 00:02:17.639 --> 00:02:21.599 So if you're holding nira, it's going to be in a bank or an 33 00:02:21.680 --> 00:02:23.680 investment in stocks where it can earn a yield for you. Sive to the 34 00:02:23.759 --> 00:02:27.439 dollar, it's going to be an investment where it can end a yield for 35 00:02:27.560 --> 00:02:30.479 you. So the difference is, now, if you want to hold the 36 00:02:30.599 --> 00:02:37.560 nira or the dollar currency, what's the opportunity cost. If you hold nira, 37 00:02:38.039 --> 00:02:43.080 your opportunity cost is the dollar. If you hold dollar, your opportunity 38 00:02:43.199 --> 00:02:46.360 cost is the nira. So the point I'm making is this, if you 39 00:02:46.520 --> 00:02:50.919 hold a dollar bill in your hand, what you are losing is the interest 40 00:02:51.039 --> 00:02:54.240 that you would have gotten if you invested that nira. Instead. The safest 41 00:02:54.319 --> 00:02:59.000 investment in Nigeria, which is going to be the federal government bond. If 42 00:02:59.000 --> 00:03:02.879 you buy a Fed goverment bond, says savings bond round rounds round average to 43 00:03:02.960 --> 00:03:08.479 pay about twelve percent paranum. Twelve percent paranum. So if you hold a 44 00:03:08.560 --> 00:03:15.520 dollar, you are losing twelve percent paranum in nira. If you hold the 45 00:03:15.719 --> 00:03:20.240 nyra, you are losing if you buy the sitckness investment. The US economy 46 00:03:20.319 --> 00:03:23.319 right now, it's going to be the maybe a seedy that is ensured by 47 00:03:23.400 --> 00:03:28.759 the Federal Reserve or of ten year US government bond is going to give you 48 00:03:29.000 --> 00:03:34.240 average four point five percent APY. So if you hold Nyra, you are 49 00:03:34.360 --> 00:03:38.400 losing that four point five percent API in the dollar in dollar terms. But 50 00:03:38.520 --> 00:03:44.719 that's the starting point. The real problem is this, when you hold de 51 00:03:44.919 --> 00:03:51.400 nira at twelve percent earnings, you are going to lose thirty one percent their 52 00:03:51.520 --> 00:03:55.520 inflation. So if you hold Nira, you end twelve percent risk free. 53 00:03:57.159 --> 00:04:01.439 Issue are risk free, but you lose that one percent their inflation. But 54 00:04:01.560 --> 00:04:08.080 if you hold the dollar, you get four point five percent or five percent 55 00:04:08.400 --> 00:04:14.280 issue are risk free, and you only lose about I would say three percent. 56 00:04:14.400 --> 00:04:17.079 Let's say US invesions three two point five percent. So that's what the 57 00:04:17.160 --> 00:04:23.199 problem is. That the Nira pays you more internal returns, but you lose 58 00:04:23.240 --> 00:04:27.879 everything the inflation. The dollar pays you less i e APR returns, but 59 00:04:28.040 --> 00:04:31.160 you get a real rate of return with the dollar, And that's the problem. 60 00:04:31.759 --> 00:04:35.399 So having established that baseline, let's gonna go to the next question. 61 00:04:35.759 --> 00:04:41.319 How should an American or how should the nigeria next earning invest in Nigeria? 62 00:04:41.439 --> 00:04:45.399 Even uncertainty now whatever I will place you are, there's going to be three 63 00:04:45.519 --> 00:04:48.920 points in your investment journey when you enter, when you in, and when 64 00:04:48.959 --> 00:04:53.160 you're leaving. So when you enter, when you're in, and when you're 65 00:04:53.199 --> 00:04:56.680 leaving. Let's break it down for if you're a Nigerian. If you're a 66 00:04:56.800 --> 00:05:01.800 Nigerian earning nayra and you're investing in Nira, so your entry point is Nira, 67 00:05:02.040 --> 00:05:05.519 then you have no problem. You earnira, you invest in Nira. 68 00:05:05.759 --> 00:05:11.879 Your only problem is making a real rate of return. So because you're going 69 00:05:11.920 --> 00:05:17.360 to end risk free twelve percent, but inflation minus thirty one percent, so 70 00:05:17.639 --> 00:05:20.800 thirty one minus twelve is going to be your return. It's not the real 71 00:05:20.920 --> 00:05:27.079 rate of return. It's a difference between twelve which you earn, and thirty 72 00:05:27.160 --> 00:05:30.360 one, which you lose. That's nira. So you enter at that, 73 00:05:30.959 --> 00:05:34.680 When you stay in, you're being hammered by inflation. When you get out, 74 00:05:34.800 --> 00:05:40.680 you also have no issues. You're getting out Nira to Nyra. Your 75 00:05:40.759 --> 00:05:44.120 only problem is that you're going to get out at not at a real rate 76 00:05:44.160 --> 00:05:47.759 of return. You might get out with your twelve percent return, but infational's 77 00:05:47.759 --> 00:05:51.360 really taxed you ten one percent. So from Nyra to nyira, no problem. 78 00:05:51.879 --> 00:05:56.800 The issue comes when you're doing dollars to nyra. So if I take 79 00:05:56.959 --> 00:06:00.279 my thousand dollars and I convert that to night er, so that's gonna be 80 00:06:00.360 --> 00:06:04.360 about how much if we say even if we say us making round figures, 81 00:06:04.399 --> 00:06:10.360 it's there for US twelve hundred if you convert that figure from dollar to nira. 82 00:06:11.079 --> 00:06:15.000 So you've gotten some exchange gain when it's innira. But the instance it 83 00:06:15.160 --> 00:06:19.680 comes to your hand Innra, the thirty one percent incasion applies to it. 84 00:06:19.959 --> 00:06:24.439 The instant you get is in niraor so now you are in Iira at ten 85 00:06:24.519 --> 00:06:28.120 to one percent. If you buy that same bond Niger are ten to one 86 00:06:28.160 --> 00:06:30.839 percent and you make your twelve percent, you're made four percent, which is 87 00:06:30.959 --> 00:06:35.920 hard on five percent. If you try to convert that twelve percent you've made 88 00:06:36.120 --> 00:06:42.560 back to dollar, you've lost money. You've lost because now the exchange rate 89 00:06:43.199 --> 00:06:48.079 risk now applies to you in addition to the interest rate and inflation risk, 90 00:06:48.360 --> 00:06:54.240 so you have more risks if you do dollarnyra to invest. Yes, you 91 00:06:54.319 --> 00:06:58.399 can buy a forward and hedge, but right now the forward market is not 92 00:06:58.560 --> 00:07:00.079 as it should be. Let's just be that way, it's not as you 93 00:07:00.120 --> 00:07:04.920 should be. So the risk for you if you're doing dollar tonira is at 94 00:07:05.040 --> 00:07:10.560 number one inflation number two, the exchange rate risks. You can convert from 95 00:07:10.720 --> 00:07:15.199 dollar from nyira back to dollar, you would lose money in those levels. 96 00:07:15.519 --> 00:07:19.240 So how is the best way for you to invest in this uncertainty is, 97 00:07:19.319 --> 00:07:25.160 of course, if you're coming from dollar to nyra, because already you are 98 00:07:25.279 --> 00:07:29.079 buying from a high base and buying from a high cost. For a high 99 00:07:29.240 --> 00:07:32.279 value base which is a dollar, you are buying an asset that is on 100 00:07:32.439 --> 00:07:34.759 the price, which is a nira. When we say that, we mean 101 00:07:35.040 --> 00:07:40.839 nyra, storks or error property, nyra, anything denominated. So if I 102 00:07:40.959 --> 00:07:45.800 take a thousand dollars and I convert it to nyra and I buy, say 103 00:07:45.920 --> 00:07:50.560 getting go by buying Uba shares, i am buying Uba shares from a higher 104 00:07:50.639 --> 00:07:56.360 basy a premium base, so I can buy more Uba shares because I'm coming 105 00:07:56.399 --> 00:08:01.000 from the dollar. As long as I do not want to convert that you'll 106 00:08:01.040 --> 00:08:07.439 be issues back to dollars. I'm fine if I put that dollarsnira in Nigeria, 107 00:08:07.800 --> 00:08:11.519 I'm going to get the return that Uba pays me. The dividends, 108 00:08:11.839 --> 00:08:18.279 the capital growth in naira. Remember the year to dates return for the Nigeria 109 00:08:18.399 --> 00:08:24.800 stock market is thirty nine percent year to date. Witness the index. All 110 00:08:24.959 --> 00:08:26.720 the stocks in Ninegeria are the good ones, the bad ones. You bought 111 00:08:26.839 --> 00:08:31.200 everything, you're going to get thirty nine percent, which is busy inflation of 112 00:08:31.399 --> 00:08:37.000 thirty one percent. So as long as you are in naira and staying in 113 00:08:37.200 --> 00:08:41.399 naira in certain accid classes, you can beat inflation as long as you do 114 00:08:41.519 --> 00:08:46.919 not convert your money back to dollars. That's the issue. That conversion is 115 00:08:46.960 --> 00:08:50.960 a problem. So with me that if you're a foreigner, if you have 116 00:08:50.159 --> 00:08:54.360 money that you are borrowing to invest in Nigeria, it might not be a 117 00:08:54.399 --> 00:08:58.480 good idea for you because you borrow at that interest rate to convert to Ira. 118 00:09:00.039 --> 00:09:03.200 This is not the time to then go from naira back to dollars. 119 00:09:03.440 --> 00:09:07.440 But it's a time where if you have the means to have access to long 120 00:09:07.559 --> 00:09:11.840 term capital, yoh, this is this is the best time because you're buying 121 00:09:13.279 --> 00:09:20.360 into the largest economy in Africa at a very very low multiple, very very 122 00:09:20.480 --> 00:09:24.840 low cost. That's the whole idea. You can say Nigeria is bad. 123 00:09:24.960 --> 00:09:28.879 But if we agree with you that Nigeria is bad, then was the next 124 00:09:28.919 --> 00:09:31.639 thing after bad good? I would be more worried if Nigeria was good, 125 00:09:31.679 --> 00:09:35.240 because next that good is bad. But in Nigeria is bad. I e 126 00:09:35.440 --> 00:09:41.799 economically is distressed. There's got no power, there's got low exports. That's 127 00:09:41.919 --> 00:09:46.759 the opportunity that if it is fixed, then you're bought in at this discount. 128 00:09:46.919 --> 00:09:52.159 Look at it this way. If Nigeria gets power supply correct, the 129 00:09:52.320 --> 00:09:56.240 economy will not even double, it will triple, even if you argue it 130 00:09:56.320 --> 00:10:01.399 will double. That means everything you are buying today with your naira, you 131 00:10:01.519 --> 00:10:05.200 are buying it at an under valued price because you're coming in with the dollar 132 00:10:05.519 --> 00:10:11.679 to buy a naira asset as long as you're prepared to have that long term 133 00:10:11.759 --> 00:10:15.960 horizon and as long as prayer to have the hope that the country will get 134 00:10:16.120 --> 00:10:18.799 better. So what's the bad part? What if the country does not get 135 00:10:18.879 --> 00:10:24.240 better and you invest these dollars into Nigeria and it gets worse. Past of 136 00:10:24.399 --> 00:10:28.840 life gets towards the baluetry gets worse, then your money is lost because there's 137 00:10:28.919 --> 00:10:31.799 no way you're going to take that money back now our dollar is going to 138 00:10:31.799 --> 00:10:35.200 be more expensive, so it's the song cost. It's going to remain in 139 00:10:35.279 --> 00:10:39.840 naira really forever until a miracle happens. That's the risk that you're going to 140 00:10:39.879 --> 00:10:43.200 face. That you're taking good money try need to chase bad money and now 141 00:10:43.240 --> 00:10:46.200 you can't even come out. Just like what the airlines are going through. 142 00:10:46.440 --> 00:10:50.679 The airlines invested in Nigeria and when when the things were bad. Now it 143 00:10:50.720 --> 00:10:54.480 tells them to be very very good. But the take and get that dos 144 00:10:54.519 --> 00:10:58.840 out. So that's the equation for you entry exit, entry, stay exit. 145 00:11:00.000 --> 00:11:03.799 If you're doing narn Era, you shouldn't be complaining because narron error, 146 00:11:03.000 --> 00:11:05.679 you can still make a real rates of return. If you go to some 147 00:11:05.919 --> 00:11:11.200 sectors. Inflation would affect you. If you have fixed income, it would 148 00:11:11.200 --> 00:11:13.519 affect you, but if you have viable income, it might not lea catch 149 00:11:13.559 --> 00:11:16.759 up to you. Nar error, you are fine. But dollar nira, 150 00:11:16.919 --> 00:11:22.039 as long as you are staying in Nigeria, you are fine. You can't 151 00:11:22.120 --> 00:11:24.720 do dollar nira and get your money out in one year or six months, 152 00:11:24.799 --> 00:11:28.120 Nope, you can't do that. You're gonna do some money there. So 153 00:11:28.440 --> 00:11:33.879 if you're doing dollar to nyra to stay fantastic dollar to nyra to go. 154 00:11:33.639 --> 00:11:37.080 That's where I'm gonna have a problem. Guys, let me stop talking here. 155 00:11:37.080 --> 00:11:39.000 I think I've talked about eleven minutes. Let's go straight to guys that 156 00:11:39.120 --> 00:11:43.600 want to have a question, or guys, I want to have the DMS. 157 00:11:43.000 --> 00:11:46.799 This is your time to shine. Stop giving the floor back. The 158 00:11:46.879 --> 00:11:50.759 mic is open to the main bodies. Let me go to my DMS real 159 00:11:50.879 --> 00:11:52.519 quick and read yes, I need this question? Is gonna come up? 160 00:11:52.600 --> 00:11:56.960 Calu? What's gonna happen to the dollar to Narrah exchange? I want you 161 00:11:58.000 --> 00:12:01.440 to answer me plainly. Is Neira going to go up? Is not going 162 00:12:01.480 --> 00:12:05.720 to fall? I want a simple answer, giving an answer, So let 163 00:12:05.799 --> 00:12:09.200 me I knowed this question is going to come up in many ways in the 164 00:12:09.279 --> 00:12:13.840 space today. Right. The Nyira, the nira that you see today right, 165 00:12:13.240 --> 00:12:18.600 is a derivative. It's a derivative of crude oil. What I mean 166 00:12:18.720 --> 00:12:22.919 is this, if crude oil price goes up, the nira will gain value 167 00:12:24.039 --> 00:12:28.720 because that is foreign exchange flowing back into Nigeria. So when you see the 168 00:12:28.840 --> 00:12:33.840 Nile, the crude oil, the price of crude oil going up, or 169 00:12:33.919 --> 00:12:37.799 the volume of crude oil goes going up. That is volume of dollars flowing 170 00:12:37.919 --> 00:12:43.039 into Nigeria. With me, the Center Bank of Nigeria has more dollars to 171 00:12:43.240 --> 00:12:48.080 defend the currency. Right now, you see the narra getting value, it's 172 00:12:48.240 --> 00:12:54.759 because the center bank has dollars right now from foreign portfolio investments, from remittances, 173 00:12:56.159 --> 00:13:01.120 from loans, from fallign portfolio investments to defend the narra. That's why 174 00:13:01.200 --> 00:13:05.480 narra has gained strength from fifteen hundred to thirteen hundred. The question is how 175 00:13:05.639 --> 00:13:11.919 long crude oil provides a more durable income flow than foreign portful investments. So 176 00:13:13.080 --> 00:13:16.200 when you see Coude oil price going up, the nira is going to go 177 00:13:16.399 --> 00:13:20.000 up. If you see could oil price is staying stagnant or not falling, 178 00:13:20.399 --> 00:13:24.879 the Nana will fall. FPI's are short term. You can only defend for 179 00:13:24.960 --> 00:13:30.320 a limited period before it to go up. So the point is is the 180 00:13:30.519 --> 00:13:35.879 dollar is the exchange Sorry, the exports of crude oil should be your focus, 181 00:13:35.080 --> 00:13:39.080 not the exchange rate. Watch the exports of crudal and the reports also 182 00:13:39.159 --> 00:13:43.080 published by the Niger regulators. If they start to go up, that is 183 00:13:43.159 --> 00:13:48.360 your signal that the nirat is going to stay durable, staying, not just 184 00:13:48.480 --> 00:13:52.080 the short term durable stain. Let me get a city boy, A city 185 00:13:52.080 --> 00:13:56.679 boy, how are you doing? Go ahead my vision. You gotta go 186 00:13:56.679 --> 00:14:07.879 ahead, City board, You've got the floor. Go ahead. Okay, 187 00:14:07.399 --> 00:14:11.759 We'll take auto. Auto, please go ahead, auto. You gotta flow, 188 00:14:11.799 --> 00:14:16.559 go ahead, Okay, thank you. Sorry I didn't join at the 189 00:14:16.840 --> 00:14:20.559 beginning of this piece, but I'm guessing this is just a general space about 190 00:14:22.559 --> 00:14:26.919 investing and what screen on with. That's what we try to achieve. We 191 00:14:28.039 --> 00:14:31.200 try to achieve that general platform for about the economy Niger are personal finance, 192 00:14:31.879 --> 00:14:35.879 go for it? Okay, okay, okay, mine. I have about 193 00:14:35.919 --> 00:14:43.320 two questions. First of all, the obvious question is you should you should 194 00:14:43.360 --> 00:14:50.919 do it by dollar and keep oh do you think even even in the short 195 00:14:50.240 --> 00:14:58.240 versus six months, do you think the these currents the currents exchanger it? 196 00:14:58.679 --> 00:15:03.960 Then? And that's a coond question is is there is there a bottom so 197 00:15:03.080 --> 00:15:07.600 how bad it can go? Can it? Because I've seen a lot of 198 00:15:07.759 --> 00:15:11.200 projections, is it really possible, even as bad as to the new things 199 00:15:11.279 --> 00:15:16.840 eye in the country, can it for some reason get to five thousand to 200 00:15:16.960 --> 00:15:22.720 the dollar? What I'm busicus is there like limits to how bad it can 201 00:15:22.879 --> 00:15:28.200 go? You know with what the country is right now? Okay, yeah, 202 00:15:28.720 --> 00:15:31.559 two questions. So you're asking the first question, should you go buy 203 00:15:31.679 --> 00:15:35.399 dollars today? The answer is going to be, what's your objective? If 204 00:15:35.440 --> 00:15:37.399 you have followed this space. I mean, if you follow me on Twitter 205 00:15:37.919 --> 00:15:41.200 and we do the space, I think for three years now, if you 206 00:15:41.240 --> 00:15:45.399 follow this space, we've always said number one twenty twenty. I think I 207 00:15:45.879 --> 00:15:48.639 twenty twenty. That's four years ago. As I keep your dollars close. 208 00:15:50.519 --> 00:15:56.240 Why because the experts were falling and the Nira was being debased by printing. 209 00:15:56.720 --> 00:16:00.120 Keep your dollars close means you have to die pacify away from dollars from Ira. 210 00:16:00.639 --> 00:16:03.759 If you follow me again, a middle statement I've said, if you 211 00:16:03.919 --> 00:16:08.759 are not spending that Ira in the next ninety days, don't keep it in 212 00:16:08.879 --> 00:16:12.279 Ira. With MESR, you have to keep it in the bank. Don't 213 00:16:12.320 --> 00:16:15.200 keep it in cash. I mean you can keep that money in the bank 214 00:16:15.720 --> 00:16:21.039 and at least end something on that currency, even though there's inflation. If 215 00:16:21.080 --> 00:16:23.240 you put the money in the bank, at least driving in something, or 216 00:16:23.759 --> 00:16:29.279 you diversify your currency. Twenty twenty three we give our list of what to 217 00:16:29.360 --> 00:16:32.799 do because every year we give out a list of what to do twenty three. 218 00:16:32.879 --> 00:16:40.159 We said, diversify away from one currency, dipacify away from one economy, 219 00:16:40.480 --> 00:16:45.279 one commodity, even geography. We said that. So in financial planning 220 00:16:45.399 --> 00:16:48.240 terms, you should not have just one currency, even if it's a dollar. 221 00:16:48.799 --> 00:16:52.960 Talkers, with a naira. You can't simply have your entire budget, 222 00:16:53.039 --> 00:16:57.440 your entire savings in the innira. It doesn't make any sense for you. 223 00:16:57.559 --> 00:17:02.320 It's very dangerous for you because in the year, like I said this year, 224 00:17:02.600 --> 00:17:06.079 once you hold a narrow notes in your hand, you've lost thirty one 225 00:17:06.119 --> 00:17:10.279 percent. The instant you hold a narrow notes in your hand thirty one percent. 226 00:17:11.440 --> 00:17:15.160 Yesterday I tweeted out the returns for the naira two dollar over a ten 227 00:17:15.279 --> 00:17:19.279 year period. And if you saw that I did ten years, five years, 228 00:17:19.400 --> 00:17:23.839 two years, one year. The returns that you are seeing now are 229 00:17:25.279 --> 00:17:29.359 just for one month or one month, d nira has gained value. But 230 00:17:29.559 --> 00:17:33.599 go back two years, go back five years and all that. What has 231 00:17:33.640 --> 00:17:37.759 an era done? And this is not to say when we're just giving you 232 00:17:37.960 --> 00:17:41.720 facts and figures and numbers. So for one month the nira has gained thirteen 233 00:17:41.799 --> 00:17:47.880 percent thirteen percent, But for one year, it's lost one ninety seven percent, 234 00:17:48.079 --> 00:17:52.039 one year dred ninety seven percent, five years two hundred and seventy seven 235 00:17:52.119 --> 00:17:57.359 percent, ten years, seven and twenty eight percent. That's what it's lost. 236 00:17:57.960 --> 00:18:03.160 So your first question, should you Buynira? You should buy. You 237 00:18:03.160 --> 00:18:10.359 should buy dollars to diversify because the Nira is being inflated away. It doesn't 238 00:18:10.640 --> 00:18:15.039 matter the interest rate. I hear pool saying if I buy at one thousand 239 00:18:15.119 --> 00:18:18.240 today and I sell at five nt tomorrow, but why are you worried about 240 00:18:18.279 --> 00:18:23.039 that? One dollar is one dollar. If you buy one dollar, it's 241 00:18:23.039 --> 00:18:26.920 still one dollar. It's what you change it to that you're worried about. 242 00:18:26.960 --> 00:18:30.920 You are really exchange it converression. But you are buying the dollar in your 243 00:18:32.079 --> 00:18:37.680 portfolio to hedge against inflation, to protect your ARA portfolio from losing value from 244 00:18:37.799 --> 00:18:41.599 inflation. That's what you're buying it for. It's not the entire portfolio, 245 00:18:41.960 --> 00:18:47.359 but you have to have a portfolio that exposes you to the dollar so that 246 00:18:47.480 --> 00:18:51.480 you can get that stability becomes your shot cups over. It's like saying, 247 00:18:52.079 --> 00:18:55.799 because there's no there's no more arm robbery, don't buy in home insurance. 248 00:18:55.839 --> 00:18:57.920 That's what you're saying, no, you've got to buy some insurance. You've 249 00:18:57.960 --> 00:19:02.759 got to have on your port for you some dollars. And even in Nigeria, 250 00:19:03.240 --> 00:19:06.960 we allow you to open up dollar accounts. We allow you to open 251 00:19:07.079 --> 00:19:14.319 up dollars savings accounts. Nigeria as a country buys dollars and saves in dollars, 252 00:19:14.359 --> 00:19:17.400 are following yourselves are in dollars. So what's the point of you saying 253 00:19:17.480 --> 00:19:19.599 I will not buy How don't do it patriotism? You've got to have a 254 00:19:19.720 --> 00:19:25.359 portfolio that is diagnastified, that protects you communfication. That's your first question and 255 00:19:25.440 --> 00:19:29.160 your first answer there to the second question where you say how bad can it 256 00:19:29.240 --> 00:19:32.799 get? It can get very very bad, very very quickly if oil supplies. 257 00:19:32.880 --> 00:19:37.799 If we don't export crude oil and five that was exporting two points in 258 00:19:37.880 --> 00:19:41.240 no brows a day today now just exporting one point five one points in no 259 00:19:41.400 --> 00:19:45.559 browse a day. That's why things are bad today because of the exports of 260 00:19:45.680 --> 00:19:51.720 crude oil. Remember you don't hear me talking about exports of cocoa or any 261 00:19:51.720 --> 00:19:56.319 other non oil exports. Because oil and gas exports are eighty nine percent of 262 00:19:56.519 --> 00:20:03.359 Nigeria's exports. Eighty nine percent. So if you have a shop paying you 263 00:20:03.480 --> 00:20:07.200 eighty nine percent, you focus on that shop and you say I want this 264 00:20:07.279 --> 00:20:10.519 shop, this shop, and it won't do it ten percent increasing sales. 265 00:20:10.839 --> 00:20:15.200 I've made my target. Eighty nine percent of our foreign revenues come from crudon 266 00:20:15.440 --> 00:20:21.519 gas eight nine. So that's your answer the auto did I? I just 267 00:20:21.640 --> 00:20:26.519 tried to give you some color to that. How two yes, yes, 268 00:20:26.640 --> 00:20:33.640 thank you? Just a quick why I add this circumd question is I've been 269 00:20:33.680 --> 00:20:41.240 living in years for the first Yeah, about Nigeria falling into this situation like 270 00:20:41.480 --> 00:20:48.759 Zimbabwe where one day we'll be using mammas will full of monol to fight bread 271 00:20:49.160 --> 00:20:53.400 or something like that. You know it has happened before. You know it 272 00:20:53.519 --> 00:20:56.240 happened before in Nigeria. I don't know how old you are, but the 273 00:20:56.359 --> 00:21:00.240 older guys on this space will tell it. I grew up in Nigeria where 274 00:21:00.319 --> 00:21:06.160 my parents were lining up to buy sugar milk. We call it essential commodities 275 00:21:06.240 --> 00:21:08.000 the world I gots are exposed to tell you there was a time in Nigeria 276 00:21:08.079 --> 00:21:11.880 where you go to the store, you will line up to buy sugar milk. 277 00:21:12.039 --> 00:21:15.759 It was called essential commodities. Will go to school, my mom will 278 00:21:15.880 --> 00:21:18.920 pivo us from school, then would go to the store and she will line 279 00:21:18.960 --> 00:21:23.000 up with a voucher, voucher and thatcher allowed to buy a packet of Saint 280 00:21:23.000 --> 00:21:26.359 Louis sugar. It's happened in Niger before, It's happened here before. So 281 00:21:27.519 --> 00:21:32.279 every economy can crumble very very quick. Look at Lebanon. Look at Lebanon. 282 00:21:32.599 --> 00:21:36.440 Lebanon. Lebanese guys are here in Nigeria. We know how wealthy in 283 00:21:36.559 --> 00:21:40.039 quote they are. But look at the economy today. So any economy can 284 00:21:40.160 --> 00:21:44.920 turn on its head very quickly if you take very very bad decisions and it 285 00:21:45.079 --> 00:21:52.799 goes faster down and it goes slower up. So I don't think it can 286 00:21:52.960 --> 00:21:56.200 happen on both. I think Nigeria is a bit more Our economy is a 287 00:21:56.240 --> 00:22:00.200 bit bigger, wider today than when we were in nineteeny three, and it 288 00:22:00.680 --> 00:22:03.160 happened now back then. What is doing crude oil right? And I think 289 00:22:03.200 --> 00:22:07.079 we have lots of me chances that we didn't have back then that would maybe 290 00:22:07.240 --> 00:22:11.319 shore up the economy. But that's what I will say. We won't get 291 00:22:11.359 --> 00:22:15.960 to see in Babwe. But things can get bad very quickly. That's that's 292 00:22:17.000 --> 00:22:21.359 what we'll say. Chucks, Chris Chucks, Chris Chiku. The butter flowsir 293 00:22:22.160 --> 00:22:29.759 Olim, they welcome Chris Chik. Go ahead, Chris chi taking this tribal 294 00:22:29.920 --> 00:22:38.000 Benjamin, mister shrib Benjamin, how are you doing, sir shrivel? Go 295 00:22:38.039 --> 00:22:42.799 ahead? I think you're obvious, bad Olim Day. I had a question 296 00:22:42.960 --> 00:22:47.359 for you since since I have you here o the banks nigerm banks have been 297 00:22:47.400 --> 00:22:52.799 told to recapitalize someone. Someone is asking me here if it should buy your 298 00:22:52.880 --> 00:22:56.599 favorite bank, Fidelity. What should I answer him? I've got a question 299 00:22:56.680 --> 00:23:02.440 from n n s is asking me should I buy dirty bank? Because can 300 00:23:02.480 --> 00:23:06.960 I buy banking stuff at this time? What's your what's your answer? Okay? 301 00:23:07.319 --> 00:23:11.480 So, first of all, for you know, since the Neker came 302 00:23:11.559 --> 00:23:15.799 on board, there was actly any year. Because I've been tracking come Bank 303 00:23:17.039 --> 00:23:21.680 and a manifested a bank to most banks especially, I could tell you for 304 00:23:21.759 --> 00:23:25.480 free that she has had performed most of her pays. And you know she 305 00:23:25.599 --> 00:23:33.400 started with exposure with city companies and you know required whoman room for a very 306 00:23:33.880 --> 00:23:40.359 systemic growing picking capital projects. Despite the raining that you have, banks don't 307 00:23:40.480 --> 00:23:45.599 really look forward investing instructal project. I think it helped and she has been 308 00:23:45.640 --> 00:23:51.119 able to grow the bank and she became so ambitious as some point that you 309 00:23:51.200 --> 00:23:53.240 know, people argue that it's a ta oe bank. Well, he looks 310 00:23:53.240 --> 00:23:59.519 for people as their own bank because they already had international exposure the position of 311 00:24:00.039 --> 00:24:03.640 the Union Bank Corporation in London. But when you look at it, which 312 00:24:03.799 --> 00:24:10.200 the new rules come with the Apex bank seems that they needed down great back 313 00:24:10.319 --> 00:24:15.319 to the National banknizers for safety reas just because they they have to raise over 314 00:24:15.480 --> 00:24:18.799 three hundred billion. And when you look at the fact that all the banks 315 00:24:18.920 --> 00:24:22.880 will rais over to you three on there and you're looking at big disposable comming 316 00:24:22.920 --> 00:24:30.119 o market and looking at that financing, it's quite difficult. But you can't 317 00:24:30.160 --> 00:24:36.039 pat against us just based on market. Just about Carl swears one thing you 318 00:24:36.119 --> 00:24:42.519 know you're seeing on the narrow efforts thing. I think the bank to factoring 319 00:24:42.599 --> 00:24:47.799 on the exchange with somehow because a lot of things are not looking at if 320 00:24:47.839 --> 00:24:49.680 you look at what happened this year, for example, one of the cars 321 00:24:49.880 --> 00:24:53.279 did that. A lot of people are a lot of ways that he ensure 322 00:24:53.319 --> 00:25:00.559 the presidency and do that an empathy issue. So they have access to FS 323 00:25:00.640 --> 00:25:08.000 influenced which increases do have te County is more is more focused on our money 324 00:25:08.079 --> 00:25:12.640 markets right now as the source of and as well, you know he has 325 00:25:12.680 --> 00:25:18.960 increasing SOLI in his basic solery business points two interest rates meetings. He has 326 00:25:18.240 --> 00:25:23.519 blowed the advantage juicias first up when they increased interesting story business points. So 327 00:25:23.920 --> 00:25:29.119 I think here's why you could argue that it's short term that we that he 328 00:25:29.240 --> 00:25:33.839 assured that demand in the black market is attribution. I have never said in 329 00:25:33.000 --> 00:25:38.480 nagal FX markets whereas now I will gain four five percent in four weeks from 330 00:25:38.759 --> 00:25:45.039 mad and sorry because of Luka February of February twenty so as we speak and 331 00:25:45.319 --> 00:25:51.119 now it is really so it has really helped investors in our markets than Cultique, 332 00:25:51.480 --> 00:25:55.759 good class Cup, they are double figure returns. They if you have 333 00:25:55.880 --> 00:26:00.559 invested in better Phasook given the VideA, it's no better than the giant vests 334 00:26:00.680 --> 00:26:06.440 this quarter because there has stablized because if you look as where he started this 335 00:26:06.559 --> 00:26:10.640 kay and look Awa registrating. Now it's come back to his law. But 336 00:26:10.799 --> 00:26:12.799 you know, the longer know that I can reach is right. You know 337 00:26:12.960 --> 00:26:18.200 you can't really Paty cares and thens on that perform to get into that the 338 00:26:18.319 --> 00:26:26.880 days of then took ship. So I try to add to follow upon your 339 00:26:26.960 --> 00:26:30.200 point about fierty bag and all the banks niger are trying to raise capital. 340 00:26:30.680 --> 00:26:36.759 If I in flore one hundred thousands to Nigeria, that'sre than fifteen million exact 341 00:26:36.759 --> 00:26:42.240 credit. That's a fifteen million as in based on billions. Even if we 342 00:26:42.279 --> 00:26:45.200 say even if it raises one to even if I live, if you say 343 00:26:45.279 --> 00:26:48.279 war one, even if it's a thousand, if I inflo one hundred thousand 344 00:26:48.319 --> 00:26:52.799 and era, that's one hundred million. Are you in a hundred thousand dollars? 345 00:26:52.880 --> 00:26:56.480 Yes, yeah, yeah, So I understand and the most like you 346 00:26:56.559 --> 00:26:59.680 know, this is a chance for I know many people in America that have 347 00:27:00.319 --> 00:27:04.440 five hundred thousand dollars there are any one percent on it doing nothing with it. 348 00:27:04.799 --> 00:27:11.319 So if those Nigerians in flow five hundred thousand dollars into a Nigerian bank, 349 00:27:11.720 --> 00:27:14.720 that's almost made that capital. This is not a lot of money. 350 00:27:15.400 --> 00:27:18.119 It's not a lot of money. That's why I'm going to be that capital 351 00:27:18.200 --> 00:27:21.039 bi that they're asking to bring up that normal one. What can we do 352 00:27:21.160 --> 00:27:22.880 the problem right now? Is that there are too many good things in Nigeria. 353 00:27:22.960 --> 00:27:27.599 Markets is really becoming very attractive. So look at money markets for example, 354 00:27:27.720 --> 00:27:32.920 you know pfull in vestors. We're coming in when there was about one 355 00:27:33.000 --> 00:27:37.480 into one night. So just looking at the strengthen of the iron and the 356 00:27:37.880 --> 00:27:44.000 already in double because now I'm not thinking is that the CPI, which if 357 00:27:44.559 --> 00:27:48.720 is trooking the next of banks because look at this year Harris, it means 358 00:27:48.839 --> 00:27:52.640 that you know, banks make money from brooms and it means that it would 359 00:27:52.640 --> 00:27:57.000 have to give this and you know fx volution cares that really took a look 360 00:27:57.079 --> 00:28:02.640 amounts with different demotive because the market is becoming stable, So how do you 361 00:28:02.720 --> 00:28:07.799 complete investors that the complies here as one of gis in the world and the 362 00:28:07.920 --> 00:28:14.000 fact that the convent is also looking at typing the economy, so you know, 363 00:28:14.319 --> 00:28:17.880 for the banks is mixed. And that's why we look at back assets 364 00:28:17.960 --> 00:28:22.000 that about reasoning over provide billions. They are looking at the depths and they're 365 00:28:22.000 --> 00:28:26.559 looking at equity. So you know, because those also meaning words that he 366 00:28:26.680 --> 00:28:33.359 excluded retaining inside they are complicated things because ass As for example, had over 367 00:28:33.519 --> 00:28:41.680 ensured that recuity from So I think the strategy for what the banks apens bank 368 00:28:41.759 --> 00:28:45.799 is. It's not just breaking APIs. He wants a number of banks. 369 00:28:45.880 --> 00:28:49.599 He wants systemic banks, and he wants banks that can river challenge likes of 370 00:28:49.759 --> 00:28:56.279 South Africa dibution. But just like the way we communicated banks unity after the 371 00:28:56.359 --> 00:29:00.720 reforms of SO Yeah, I hear you the point that the money looks like 372 00:29:00.759 --> 00:29:04.640 a lot of money in naira. But if you convert that naira requirement to 373 00:29:04.720 --> 00:29:08.920 dollar terms, right, two or three vessels can come together and actually buy 374 00:29:10.000 --> 00:29:12.119 this. Some Indian banks are going to come to Nigeria. That's what's gonna 375 00:29:12.119 --> 00:29:17.759 happen. It's Chinese banks, Indian banks, even some small American banks, 376 00:29:17.759 --> 00:29:19.759 and it won't buy into Nigeria. Look at the growth of Nigerian banks compared 377 00:29:19.799 --> 00:29:25.599 to growth of American banks. The growth of a Nigerian banking sector here neither 378 00:29:25.839 --> 00:29:30.960 is way. You know, what Access Bank can do in Nigeria is more 379 00:29:30.000 --> 00:29:33.799 than what JP Morgan can do in America. If you know someone, I 380 00:29:33.880 --> 00:29:38.599 mean, Access has lots of opportunities to grow banking in Nigeria. Only forty 381 00:29:38.640 --> 00:29:44.759 four percent of Nigeran banking population have a bank account. Less than five percent 382 00:29:45.079 --> 00:29:48.079 of Nigeran banking population, I've gotten the loan for a Nigerian bank, less 383 00:29:48.160 --> 00:29:53.319 than five percent have gotten the loan. I'm quoting figures from Athena and has 384 00:29:53.359 --> 00:29:57.599 an international inclusion. So if I'm an American bank, small American bank, 385 00:29:57.640 --> 00:30:02.640 not ip Morgan, small than American bank, I would look at an access 386 00:30:03.119 --> 00:30:06.920 as a way. I mean access. You'll be a gut bank. This 387 00:30:07.079 --> 00:30:11.680 is my access to tap into the largest economy in Africa. Even if I 388 00:30:11.799 --> 00:30:15.400 dropped five million dollars, that's the rounding era. Five million dollars. I 389 00:30:15.599 --> 00:30:22.200 bought five million dollars. You have a lot. But if you look at 390 00:30:22.480 --> 00:30:27.599 the father you're talking about the as longless around Najerum park industry as completely agree 391 00:30:27.640 --> 00:30:32.680 with you. But I think that also is after that because look at lasting 392 00:30:32.720 --> 00:30:36.759 for example, it's not looking for right you say he's looking for because if 393 00:30:36.759 --> 00:30:41.720 you look at the edges performance lasted, the damp parks play that you pack 394 00:30:41.680 --> 00:30:48.440 over maybe seventy percent. Yeah, and it's different. So if you look 395 00:30:48.440 --> 00:30:52.079 at our industry, the drum parking industry is more creating than in sector. 396 00:30:52.279 --> 00:30:57.720 Why want to talk about energy in terms of computal releasure and talk about residents 397 00:30:57.880 --> 00:31:02.559 you know won't cash that investment, and now you have banks. So I 398 00:31:02.640 --> 00:31:06.480 think what Carduso is trying to do this well, he wants banks to play 399 00:31:06.559 --> 00:31:10.079 word banks are in one. Banks not to do that textbooks one banks will 400 00:31:10.279 --> 00:31:15.640 be more systemic in their congressponsitivity at the same time and make sure the economy 401 00:31:15.920 --> 00:31:18.000 because like what you said, if you look at the books and if you 402 00:31:18.000 --> 00:31:22.160 look at where the banks are coming from, yes you're right. But if 403 00:31:22.160 --> 00:31:26.920 you look at whay Calosus trying to because why would call interests back for the 404 00:31:26.960 --> 00:31:30.240 five percent? But how would you bring so much use? I think he 405 00:31:30.319 --> 00:31:33.400 wants to only I think he wants to tackle inflation first of all before he 406 00:31:33.480 --> 00:31:37.240 goes into the I think he wants to kill impatient first. Then he will 407 00:31:37.279 --> 00:31:38.400 come back into growth. I think that's what he's trying to do with that 408 00:31:38.480 --> 00:31:41.240 for the five percent. Yeah, readings that he says, if you put 409 00:31:41.319 --> 00:31:47.119 a one hundred narra in the bank, you can only lend out fifty five 410 00:31:47.680 --> 00:31:51.240 forever and have the bank maybe, but I want you to stay. I 411 00:31:51.319 --> 00:31:53.720 want you to stay on cute. So we just roted the room around the 412 00:31:53.759 --> 00:31:56.960 pace. I think it's a lot to talk about the dollar, the inflow, 413 00:31:57.160 --> 00:32:01.480 and I think this Karossos movie is more of an fd I move than 414 00:32:01.559 --> 00:32:05.720 the banking recordition. But I think it's more he wants to target them. 415 00:32:05.720 --> 00:32:08.400 He wants the banks to go and bringing big boys into Niger economy through. 416 00:32:08.920 --> 00:32:13.960 But if you're bringing the five million dollars, you're dealing there zero zero equalib 417 00:32:14.200 --> 00:32:17.480 economics, how are you doing? Please go ahead, thank you, thank 418 00:32:17.519 --> 00:32:22.240 you so much. I don't think I hear it. Okay, okay, 419 00:32:22.319 --> 00:32:28.960 So in some fine points on what you said so for on the Nyror. 420 00:32:29.720 --> 00:32:34.119 You know it's numbers, no emotions like you obviously, and funny enough, 421 00:32:34.880 --> 00:32:37.400 I agree with you on some point, like in terms of I'm keeping my 422 00:32:37.480 --> 00:32:42.480 own doors close. I didn't really get rid of everything. Why because the 423 00:32:42.599 --> 00:32:47.400 fundamentals hasn't really seen a remarkable change. In my opinion, what has happened 424 00:32:47.480 --> 00:32:53.720 this The government has gotten fbis. You know, they've managed to clear the 425 00:32:53.799 --> 00:32:58.000 backlog. But then there are also two things to look at. You should 426 00:32:58.000 --> 00:33:01.079 consider those photos about what and the FBI is need to be paid back with 427 00:33:01.319 --> 00:33:07.000 interest, and we all know what the interests are are basically helpings for the 428 00:33:07.200 --> 00:33:10.240 error. I'm pointing out number two. The battles has been cleared, the 429 00:33:10.400 --> 00:33:16.519 airlines are still struggling to get their capital out at the rate they wanted to, 430 00:33:17.319 --> 00:33:21.119 or they're holding one in my opinion, because they think they have leverage. 431 00:33:22.200 --> 00:33:27.559 One that leverage doesn't seem strong enough. They would want to portray on 432 00:33:27.680 --> 00:33:30.240 capital or cordial losses. You know this, you know it happens, you 433 00:33:30.319 --> 00:33:36.960 know treasurers all the time. So when that happens, we're talking of billions 434 00:33:37.200 --> 00:33:43.440 or almost three years of never you know, being flooding the market again. 435 00:33:44.039 --> 00:33:49.960 So in my opinion, for anyone who's really like exposed to say the US 436 00:33:50.319 --> 00:33:54.200 or nerver assets, I would say two things. If you're exposed, If 437 00:33:54.200 --> 00:33:59.640 you're long the dollar and you're scared of what's going to happen, my advice 438 00:33:59.720 --> 00:34:04.279 to you will be every treasury is treasure build so that you know it's cause 439 00:34:04.279 --> 00:34:07.079 it's short term and the weights are okay. If you are long treasure or 440 00:34:07.519 --> 00:34:12.199 say that your equitism and you know you're still scared about what will happened to 441 00:34:12.239 --> 00:34:15.519 the value of your investment, and to never loses value, you head you 442 00:34:15.559 --> 00:34:23.199 with USD That is my own so you have you're saying you're right because under 443 00:34:23.559 --> 00:34:29.719 it's not a lot of money, and you know it's it's it. Also, 444 00:34:30.280 --> 00:34:32.960 I think you're support when you said car those who is always or has 445 00:34:34.360 --> 00:34:39.599 FDI in his in his society when he's looking to tell banks to recopitalize, 446 00:34:39.639 --> 00:34:45.199 because if a comes into banking equity or that money is going to sit for 447 00:34:45.280 --> 00:34:47.960 a while, unlike the whole money we've been getting for FBI. And I 448 00:34:49.039 --> 00:34:53.400 think that's that's necessary. But again there's also the risk of the banking sector 449 00:34:53.599 --> 00:35:00.599 being fragmented and not exposed enough to do real economy, and the risk there 450 00:35:00.840 --> 00:35:07.159 if they picked begin to take certain tradied business posures. So all these basically 451 00:35:07.320 --> 00:35:09.320 just on some mission you know the narror. Well, it's still diese. 452 00:35:09.440 --> 00:35:15.559 We're not there yet. I hope we are actively in the could maintain the 453 00:35:15.719 --> 00:35:19.440 level of stronger, but I'm not convinced. Okay, I want to go 454 00:35:19.559 --> 00:35:22.840 back to your comment about the heading. Can you repeat what he said if 455 00:35:22.880 --> 00:35:25.360 you are long the dollars with me, if I am buying dollar, please 456 00:35:25.440 --> 00:35:34.360 kind of google again, Like basically, if you're long used, you're already 457 00:35:34.840 --> 00:35:39.079 say you have some dollar savings or cash or whatever, and you are basically 458 00:35:40.239 --> 00:35:44.159 not show what to do whether to sell it to. You know, my 459 00:35:44.280 --> 00:35:49.280 advice would be if you're liquid enough, you could have your treasuries so that 460 00:35:49.400 --> 00:35:52.880 you could, like say, you make up some god losses with the rates 461 00:35:52.960 --> 00:35:58.480 we all know what you are currently. Yeah, so and the advice versa. 462 00:35:58.599 --> 00:36:02.239 If you're already see long trade or you have some Adian everything for you 463 00:36:02.679 --> 00:36:06.840 you know, willing to chol but you're also worried about the body of the 464 00:36:07.039 --> 00:36:14.440 error, then the advice will also gets on open USD positions like basically acquire 465 00:36:14.480 --> 00:36:19.960 some us D antip. You know, it's not it's not about being patriotic, 466 00:36:20.079 --> 00:36:22.840 you know, it's about thinking for yourself. And like you said, 467 00:36:23.000 --> 00:36:30.800 if Buglary introduces doesn't negates, you need to pay for fire insurance. So 468 00:36:30.920 --> 00:36:34.440 yeah, that's so what I was. Yeah, what what I'm hearing you 469 00:36:34.519 --> 00:36:37.159 say is that have a balanced portfolio. You are saying if you are already 470 00:36:37.360 --> 00:36:42.039 wrong, if you already have dollars in your possession, you are saying, 471 00:36:42.440 --> 00:36:46.480 sell some dollars and buy Nigerian treasury bills that are paying twenty one percent one 472 00:36:46.599 --> 00:36:51.360 year and gentature bills right now about twenty one percent. That's why you say. 473 00:36:51.440 --> 00:36:53.719 Then you are saying, if you are in Nigeria treasury bills and you've 474 00:36:53.960 --> 00:36:58.639 bought the long term or equities, you bort long term. You're saying also 475 00:36:58.760 --> 00:37:01.840 that BUTIFI into a dollar holding, so balance out that. That's what you're 476 00:37:01.840 --> 00:37:06.239 saying. Thank you? Yes, all right, great, it's always good 477 00:37:06.519 --> 00:37:08.719 to balance out. You're always good. Thanks. My brother hanging there, 478 00:37:09.119 --> 00:37:12.719 trible? Yeah? Are you? Are you back down? Can you speak? 479 00:37:15.960 --> 00:37:21.679 Chucks Chris Chicks, Chris Chick? Can you speak now? Sir? 480 00:37:22.159 --> 00:37:24.840 Oh I go to Idris Chris Trickle. Great ones, it is tomorrow. 481 00:37:25.760 --> 00:37:30.159 Let me check my dear mister, how are you doing so ahead good even 482 00:37:35.079 --> 00:37:38.440 to your audience. Mine is a question, sir, yeah, in the 483 00:37:38.639 --> 00:37:44.639 equity my head at the moments. So I want you to shed lights on 484 00:37:44.800 --> 00:37:53.360 the my ability or the list. Uh is it worthwhile to buy Nigerian equities 485 00:37:53.519 --> 00:38:02.800 at this moment considering the instability of naira? And also you cann't appreciation of 486 00:38:04.159 --> 00:38:10.440 Nila because I recently developed the interest in your tutor intellections. So I don't 487 00:38:10.480 --> 00:38:16.719 know do you think it is sustainable? You cann't appreciation of Nila. Two 488 00:38:16.800 --> 00:38:21.599 great questions, two great questions. But when you're asking should I buy shares 489 00:38:21.639 --> 00:38:27.960 and Nigeria number one material asking or about okay. So when you want to 490 00:38:28.039 --> 00:38:32.280 buy shares, first thing you must understand that equities are risky. What means 491 00:38:32.320 --> 00:38:37.400 if you buy them today, the price can fall to that very very volatile. 492 00:38:37.039 --> 00:38:42.079 So you want to buy according to your objectives. So if you came 493 00:38:42.119 --> 00:38:45.199 to my office, imagine if you came to plan you said I want to 494 00:38:45.239 --> 00:38:49.239 buy a car, and I don't give you a trailer or I give you 495 00:38:49.360 --> 00:38:52.320 a spots car. The question I will ask you is what do you want 496 00:38:52.400 --> 00:38:53.960 to do with the car you want to buy. If you say I want 497 00:38:54.000 --> 00:38:58.519 to buy carriage cement to cane, I'll give you a nine to one one. 498 00:38:58.719 --> 00:39:00.000 If you say I want to go on the date with my wife, 499 00:39:00.079 --> 00:39:04.079 I'll give you a sports car. So the same question if you are buying 500 00:39:04.159 --> 00:39:07.480 equities, what do you want? Why are you investing? If you tell 501 00:39:07.559 --> 00:39:12.960 me I want to invest for ten years, I don't want any liquidity, 502 00:39:13.119 --> 00:39:15.079 I don't want any income. I want to try to see if I can 503 00:39:15.199 --> 00:39:19.800 make more money. I want to double my money or to quot out my 504 00:39:19.920 --> 00:39:22.519 money or whatever my money right. But I want to invest for a minimum 505 00:39:22.960 --> 00:39:28.199 ten years before I'll require my principle. I will tell you, well, 506 00:39:28.760 --> 00:39:35.079 the asset class that over time has shown the capacity to beat inflation, it's 507 00:39:35.239 --> 00:39:39.400 Nigerian equities or equities in general. So I would have a bias towards equity. 508 00:39:39.440 --> 00:39:43.199 I will tell you invest for the inequities if you are doing it for 509 00:39:43.280 --> 00:39:46.599 the long term and you don't need your principle in the short term. That's 510 00:39:46.639 --> 00:39:50.679 how I want to answer that question right. So again, the second question 511 00:39:51.039 --> 00:39:54.199 is just when you buy equities, you are doing profit and loss. You 512 00:39:54.360 --> 00:39:59.679 are trying to buy into the profits of something and also share into the loss 513 00:39:59.679 --> 00:40:02.760 of sof do you want to ask yourself that company I'm buying, is it 514 00:40:02.920 --> 00:40:07.280 a good company? Will be around here in ten years? We need grow? 515 00:40:07.719 --> 00:40:09.800 Would it fall? So come to Nigeria. Do you think first of 516 00:40:09.800 --> 00:40:14.679 all, Nigeria would be Nigeria in ten years time? The answer is yes, 517 00:40:14.800 --> 00:40:16.800 Okay, then we're buying. Okay, what sectors do you think in 518 00:40:16.960 --> 00:40:22.840 Nigeria in ten year's time we're making money or will not make money? We 519 00:40:22.000 --> 00:40:25.800 do you think buyings will still make money? What about oil companies? What 520 00:40:27.000 --> 00:40:32.440 about restaurants with small sectors? Today? In ten years will become very very 521 00:40:32.559 --> 00:40:37.599 large sectors. What about education? What about real estate? That above a 522 00:40:37.800 --> 00:40:42.119 very very tiny contribution to our GDP today, but will blow up in ten 523 00:40:42.239 --> 00:40:45.840 years as the population gets bigger. You find those kinds of sectors or those 524 00:40:45.960 --> 00:40:50.800 kinds of companies and you buy them. Look at Dangote Cement right now, 525 00:40:51.199 --> 00:40:55.000 Douga simons is an elastic product. We means that everybody knows cements. You 526 00:40:55.119 --> 00:40:58.599 that you build the house a cement or you don't build a house. You 527 00:40:58.679 --> 00:41:01.000 can say I'll build a house to cooker bottle. You don't build a cement 528 00:41:01.440 --> 00:41:05.920 or you don't build a cement. But dang Cements right now, the man 529 00:41:06.039 --> 00:41:10.760 himself, Dangote, the richest man in Africa. He is buying more shares 530 00:41:10.880 --> 00:41:15.480 of Dangotis Cements. So let me say it again, Danglotis cement Is. 531 00:41:15.519 --> 00:41:20.159 You are called the share buy back. So mister Dangote is buying more shalls 532 00:41:20.199 --> 00:41:23.199 of his own company, taking it away from you and I. So if 533 00:41:23.239 --> 00:41:28.039 the richest man in the world is buying more sill of his own company, 534 00:41:28.400 --> 00:41:30.559 should we look at him or should will follow him and buy shares? That's 535 00:41:30.639 --> 00:41:32.840 for you to answer. But you say if you want to make money, 536 00:41:32.880 --> 00:41:37.159 say when in Rome or what you look at what people do, then you 537 00:41:37.239 --> 00:41:40.320 follow them. So when you are buying shares, you are taking a gamble 538 00:41:40.440 --> 00:41:46.079 that that company you are buying in ten years, in five years is going 539 00:41:46.159 --> 00:41:51.280 to be bigger than today. That's what you are doing. I personally I 540 00:41:51.440 --> 00:41:54.199 binance your stuff because I think it is bad today. So the obfice is 541 00:41:54.280 --> 00:42:00.320 going to be good tomorrow. I'm taking a gamble that the Nigerian economy will 542 00:42:00.360 --> 00:42:05.119 do better in ten years time than today. That's what I personally am doing. 543 00:42:05.199 --> 00:42:07.599 If I can answer your question that way, ask your second question, 544 00:42:07.760 --> 00:42:12.119 I'm going to make them also give you give your own talk about if YouTube 545 00:42:12.119 --> 00:42:16.920 buy the stock on the second question. With the Nigerian currency, keep its 546 00:42:17.000 --> 00:42:22.159 very very simple. If Nigeria cells oil the night, I will rise. 547 00:42:22.599 --> 00:42:27.079 In Nigeria gets dollar loans, then I will rise. In Najera gets dollar 548 00:42:27.079 --> 00:42:30.760 of remittance, then I will rise. On this three points. Nigeria is 549 00:42:30.800 --> 00:42:37.000 getting two out of three, so we're getting dollar loan working the remittance, 550 00:42:37.320 --> 00:42:40.840 but oil sales is not yet up. The oil sales is the main one. 551 00:42:42.320 --> 00:42:45.760 So like we have a car with four tires, Naegia is right now 552 00:42:45.880 --> 00:42:49.639 running on three tires, and that tire is the biggest tire that we should 553 00:42:49.679 --> 00:42:54.119 run on because the loans are not going to be forever. Next year twenty 554 00:42:54.400 --> 00:43:00.239 five is gonna pay back one billion off broke bond that borrow the principal one 555 00:43:00.320 --> 00:43:05.119 billion, so that one billion is going to take away even the one point 556 00:43:05.239 --> 00:43:08.639 five million while seeing into the country to take it away. So this has 557 00:43:08.719 --> 00:43:14.920 to continue. We can continue borrowing or we can continue pumping oil. Once 558 00:43:15.039 --> 00:43:19.920 those things are happening, the Nira will gain value. The nira cannot retain 559 00:43:20.159 --> 00:43:24.320 its value for long term on borrowed money. That would never da. You 560 00:43:24.440 --> 00:43:30.280 cannot borrow your way into a strong currency. That's what America is doing today. 561 00:43:30.480 --> 00:43:32.519 But America is lucky there are printing dollars. We can't print dollar. 562 00:43:34.079 --> 00:43:37.480 So you just to answer your question. As long as there's exports and there's 563 00:43:37.599 --> 00:43:42.000 borrowing of dollars, the narra will gain value. If does then stop, 564 00:43:42.440 --> 00:43:45.840 the nira might lose value. The borrowing is not long term. We have 565 00:43:46.000 --> 00:43:51.079 to convert. What the civil is doing is buying time for the federal government 566 00:43:51.159 --> 00:43:53.960 to get that back together. This even has borrowed money. How the CBM 567 00:43:54.039 --> 00:43:58.880 paid back and when ny PC of sales could oil, the money flows back 568 00:43:58.880 --> 00:44:02.880 to CILY and then c B and paced death. If anything happens and NPC 569 00:44:04.039 --> 00:44:07.440 cannot export coude order, then it's it's all over. That's the only if 570 00:44:07.440 --> 00:44:16.559 I answer the question right that way. Yeahs also keep you only he's asking 571 00:44:16.719 --> 00:44:22.280 over should he buy stomps? That's why he's asking you should he buys so 572 00:44:22.719 --> 00:44:28.679 education. I'm telling you that as in Nigeria, and if you look at 573 00:44:29.960 --> 00:44:37.280 data the columnicator, it's pretty very give records for you to make it. 574 00:44:37.400 --> 00:44:46.880 Leave him without investing because you supposably become speak and I think I lost a 575 00:44:46.920 --> 00:44:53.159 limited Olim. If you're speaking, I can hear you. Olim, you're 576 00:44:53.199 --> 00:44:57.119 speaking, I can't hear you. But it just what you're able to do 577 00:44:57.239 --> 00:45:06.119 it just a limita. No, sir, I can't hear him right now. 578 00:45:06.280 --> 00:45:12.199 Okay. I saided listening to him, but I lost him now Okay, 579 00:45:12.239 --> 00:45:15.639 But I at least you got a few points out that we've made right 580 00:45:15.719 --> 00:45:22.400 with you that answer little bit? Okay, Yes, question my question, 581 00:45:23.800 --> 00:45:25.840 question, Thank you, sir, Thank you so much. There are a 582 00:45:25.840 --> 00:45:30.880 lot of questions or my idem about she died Binance. She stuff she died 583 00:45:30.920 --> 00:45:35.320 binance. You can equit the hoop have answered your question with that. That 584 00:45:35.480 --> 00:45:38.760 answer I just wanted saying should I sell my dollar? So again, guys, 585 00:45:38.960 --> 00:45:43.920 you are having a portfolio. Don't look at your dollar as one single 586 00:45:44.079 --> 00:45:49.199 item. Look at your dollar holdings as part of your portfolio. There is 587 00:45:49.360 --> 00:45:53.159 no portfolio manager or investment manager what is sought that will tell you to sell 588 00:45:53.639 --> 00:45:59.320 everything you have in an economy like Nigeria. I would never advise you that 589 00:45:59.400 --> 00:46:02.360 if you have dollars in Nigeria you should go and sell them. That's bad 590 00:46:02.440 --> 00:46:08.480 advice. Nigeria. The reality today is that the Nigeria and naira has thirty 591 00:46:08.639 --> 00:46:15.320 one percent inflation. You can't eradicate that as long as the Nigeria has thirty 592 00:46:15.400 --> 00:46:20.039 one percent inflation, you must die. PASSI fire away from holding just one 593 00:46:20.159 --> 00:46:25.159 currency. That is advice that anybody what is sold will tell you. I 594 00:46:25.280 --> 00:46:30.239 will give me this advice from twenty ten twenty twenty. Men, if you 595 00:46:30.280 --> 00:46:34.039 go back to my tutor feed I take I even push it out. Yesterday 596 00:46:34.480 --> 00:46:37.400 twenty twenty, we told you to hold your dollar. Some spaces we've had 597 00:46:37.480 --> 00:46:42.199 it. We've said, who just simply holding a dollar has been the best 598 00:46:42.360 --> 00:46:46.119 performing investment really in Nigeria. And it's sad for me to say that because 599 00:46:46.880 --> 00:46:52.679 holding a dollar doesn't add any economic value to Nigeria. Simply holding a US 600 00:46:52.760 --> 00:46:57.199 dollar there's no economic value added. Old money in dorm accounts is not adding 601 00:46:57.239 --> 00:47:00.639 any value to Nigeria. It's just sitting in the endom account. So what 602 00:47:00.920 --> 00:47:06.199 Nigeria should have done is to issue a dollar bond. I want the CPN 603 00:47:06.280 --> 00:47:10.400 to issue a dollar bond and allow the banks nice to also issue domar bonds. 604 00:47:10.800 --> 00:47:15.239 Take the money out of domor accounts and invest it in real economy. 605 00:47:15.639 --> 00:47:17.880 So if I have if you go to your bank the same way, you 606 00:47:17.920 --> 00:47:22.440 can deposit dollar into your bank if you are to do the same as accounting 607 00:47:22.519 --> 00:47:25.280 dollar or even buy a bond in dollar. So now once the banks have 608 00:47:25.440 --> 00:47:30.679 digitalar liquidity there there will be no need for this instability that we see up 609 00:47:30.719 --> 00:47:34.960 and down where we are chasing dollars here or chasing dollars there. The dollar 610 00:47:35.480 --> 00:47:39.760 price in my view is not fifteen hundred or teteen hundred. But you know, 611 00:47:39.880 --> 00:47:45.000 if you have a shop, you do what's called replacement pricing. If 612 00:47:45.079 --> 00:47:47.679 you have if you're true. I know. I'm talking about when you have 613 00:47:47.840 --> 00:47:52.639 a store, you don't sell your goods at the price you bought them. 614 00:47:52.960 --> 00:47:55.639 You sell your goods at the price you will buy them in the future. 615 00:47:57.039 --> 00:48:02.920 So what happened in Nigeria are people that have goods are adding the perceived inflation 616 00:48:04.280 --> 00:48:07.880 of the dollar tomorrow to the price of goods because I'm not sure if they'll 617 00:48:07.920 --> 00:48:13.440 get this dollar tomorrow, So if they buy goods, they add a premium 618 00:48:13.519 --> 00:48:15.679 to it. Which is that premium that you are now seeing as a dollar 619 00:48:15.840 --> 00:48:22.079 cost. It's not a question of it's that's the real thing. Thenira has 620 00:48:22.159 --> 00:48:25.159 lost the status as a store of value, and so people are taking other 621 00:48:25.280 --> 00:48:28.360 means. If you stop, the pool will buy right. If you stop 622 00:48:28.480 --> 00:48:32.920 that pool buy good That's why crypto is all the cryptocryptocrypto everywhere. It's driven 623 00:48:34.039 --> 00:48:37.800 in part because young people want to have a place to trade and make money 624 00:48:37.880 --> 00:48:43.039 and also to have to buy and keep their revenues. Intact, if you 625 00:48:43.159 --> 00:48:46.480 hold nira tirty one percent, the dollar has gained seven on the naira in 626 00:48:46.599 --> 00:48:51.199 ten years. How can you then say you want to have a portfolio with 627 00:48:51.440 --> 00:48:57.880 only nira because you are patriotic or not. The payers in here oliver their 628 00:48:57.880 --> 00:49:05.599 physical ahead can't get. But for me, I think I understand why a 629 00:49:05.679 --> 00:49:09.960 lot of people out your statement about the dollar. You know, the matter 630 00:49:10.119 --> 00:49:15.199 is that you know markets. And despite the fact that we try to be 631 00:49:16.079 --> 00:49:22.000 more detaching your conducting resource, who playing hands? You know I covered the 632 00:49:22.039 --> 00:49:25.039 US market for example, I covered repair markets. Probably repair with that, 633 00:49:25.400 --> 00:49:30.440 well, you can't put you can have you can combat your phones to do. 634 00:49:30.920 --> 00:49:35.079 But there's a perium when you are pium indirectly. In fact, you 635 00:49:35.239 --> 00:49:40.679 get this entirectly, but you see the question here is that you can't. 636 00:49:40.760 --> 00:49:45.440 Still, the matter is that if you can't any dollar, it's good good. 637 00:49:45.519 --> 00:49:49.079 If you can invest in do that, it's good, it's good. 638 00:49:49.199 --> 00:49:52.800 But you have it that you can't you have it that your as the black 639 00:49:52.880 --> 00:49:55.800 market buys a premium. Look at the A lot of people put this year 640 00:49:57.119 --> 00:50:00.679 and a lot of people put wants to this year now has modated almost at 641 00:50:00.719 --> 00:50:06.400 that it means managers, I've lost and that's why you look, the demanded 642 00:50:06.639 --> 00:50:08.719 was so efficient that a lot of people so that if you can't hold the 643 00:50:08.719 --> 00:50:13.400 world a lot good time, that is good point for Denis You're an economy. 644 00:50:13.519 --> 00:50:15.320 We need to understand our painting right. If you want my economy to 645 00:50:15.360 --> 00:50:19.920 move forward, we definitely helps you. Look at quality companies in our market. 646 00:50:20.280 --> 00:50:22.400 Look at the volation and assets bank for example, Look at the profit 647 00:50:22.760 --> 00:50:25.480 Prencident, look at the volation of jeping Oder, look at the volution. 648 00:50:25.840 --> 00:50:31.559 We always talk about from a markets but realises that we don't look at one 649 00:50:32.920 --> 00:50:37.840 productive investments in our market. Money markets, for example, I give you 650 00:50:37.840 --> 00:50:42.320 an example money markets. You made forty percent to disquote that because if you 651 00:50:42.400 --> 00:50:45.639 converted you if you if you're putting money at one, you converted to there 652 00:50:46.000 --> 00:50:51.840 are you bought in twenty one percenters? You point now deniers as want to 653 00:50:52.000 --> 00:50:53.480 put the much for self? You just you just all you just need to 654 00:50:53.519 --> 00:50:58.840 do? Then ends I want to do your three wants to be You made 655 00:50:59.159 --> 00:51:02.559 a forty fifty percent cukash. The problem with a lot of people is that 656 00:51:02.800 --> 00:51:07.559 we look we focused just on the dollar, and that is why he loved 657 00:51:07.559 --> 00:51:13.679 people still alone with the dollar to band catsup turning into the investment is an 658 00:51:13.760 --> 00:51:17.920 investment. But may nager don't have that capacity. So let me give you 659 00:51:17.960 --> 00:51:22.400 a real life example. I suppose I think it was the last yes I 660 00:51:22.440 --> 00:51:24.840 spoke about his fiends before. I have a friend that lived in Legos. 661 00:51:25.199 --> 00:51:30.639 His family lived in Canada. Right when his family moved to Canada. He 662 00:51:30.880 --> 00:51:37.000 was exchanging dollars to Canada at his buy us dollars at about one fifty one 663 00:51:37.639 --> 00:51:43.079 when his family moved to Canada. That was the year twenty twelve or twenty 664 00:51:43.239 --> 00:51:47.000 thirteen. At who was buying at two hundred and fifty dollars or so today 665 00:51:47.079 --> 00:51:54.159 he was buying at about a thousand, five hundred so before he was turning 666 00:51:54.239 --> 00:52:01.360 me. Before he buys dollars and then he cents. But now anywhere he 667 00:52:01.519 --> 00:52:06.840 sees dollars irrespected, whether he's sending to his family or not. He buys 668 00:52:06.960 --> 00:52:09.320 and he keeps. Then he sends the dollars that he has already accumulated. 669 00:52:09.440 --> 00:52:15.360 Why is it so? Why is he accumulating does because he's losing NIRA interest 670 00:52:15.760 --> 00:52:20.079 and buying dollars because he says, I'm not even sure I will get these 671 00:52:20.199 --> 00:52:22.920 doors, and buying today at whatever price, I'm not sure I will get 672 00:52:22.960 --> 00:52:30.119 it tomorrow. So I better forego the dollar or the NYRA return and hold 673 00:52:30.280 --> 00:52:35.760 the dollar at a loss, because I will have their availability. This same 674 00:52:35.840 --> 00:52:40.320 guy's comments is the same. I know you do this geographical breakdown of cryptocurrencies. 675 00:52:40.960 --> 00:52:45.000 Look at the geographical breakdown of cryptocurrencies. Who do you see holding these 676 00:52:45.079 --> 00:52:50.280 currencies? Importers? You know, these guys have discorded. The way you 677 00:52:50.400 --> 00:52:53.840 can import or pay for import is true crypto. So they are doing it 678 00:52:53.960 --> 00:52:59.639 because the Cybian did not give them dollars. The Cybia told them go and 679 00:52:59.760 --> 00:53:04.599 get your dollars elsewhere. So they went elsewhere and they got their dollars to 680 00:53:04.840 --> 00:53:09.280 P to P through crypto. That's how Niger's been funding imports. Saint tuncbm 681 00:53:09.400 --> 00:53:15.360 band crypto and a duty list of forty four items. The point is really 682 00:53:15.199 --> 00:53:21.320 as long as you do not have these dollars coming in steady, it has 683 00:53:21.400 --> 00:53:25.920 to be steady. Eventually this thing where this cycle will play itself out again. 684 00:53:27.519 --> 00:53:31.000 If you look at the plotting of the Nigeran exchange rate and you plotted 685 00:53:31.039 --> 00:53:36.920 against the Nigerian crude oil exports, what you see is this, then Narra 686 00:53:37.000 --> 00:53:40.400 will rise to place them to plot two. It will rise into Plat two. 687 00:53:40.760 --> 00:53:44.920 It will rise it to Plato. It means it gets to a new 688 00:53:45.039 --> 00:53:49.000 support. It stays there, it gets to a new support. It stays 689 00:53:49.039 --> 00:53:52.440 there. It doesn't fall. It will rise, stay there, rise, 690 00:53:52.840 --> 00:53:58.679 stay there. The difference is how much it rises. In some instances rises 691 00:53:58.760 --> 00:54:01.760 by will be twelve percent. Some in this last year from twenty twenty three 692 00:54:02.280 --> 00:54:07.679 till this year has raisen. I explanded, explanation. What's the word now 693 00:54:07.880 --> 00:54:10.639 that big were? It has risen far too much to do there And that's 694 00:54:10.679 --> 00:54:14.440 the problem I saying. It's not that the mirror is not rising. What 695 00:54:14.639 --> 00:54:20.480 I remember my mother uprising dollars to travel for forn Ira seven mira. I 696 00:54:20.559 --> 00:54:24.159 remember her as clear as they now for errors. She was complaining that it's 697 00:54:24.159 --> 00:54:29.199 too expensive. I was complaining back then, so it was always rising. 698 00:54:29.920 --> 00:54:31.559 The difference, man, is that it has gone from what where did we 699 00:54:31.719 --> 00:54:37.440 remove float? It has gone from that five hundred to fifteen hundred eight thousands 700 00:54:37.599 --> 00:54:42.400 ira par Yeah. Yeah, but can you see the difference of what I'm 701 00:54:42.480 --> 00:54:45.960 telling you? Use that me and you can make this age because we have 702 00:54:45.480 --> 00:54:54.199 since you can not disposable come. I'm looking for the buying crypto and say, 703 00:54:54.280 --> 00:54:58.719 is that one of the problems. A lot of the that they have 704 00:54:58.880 --> 00:55:01.360 ins if you look at it, if you look at it for example, 705 00:55:01.440 --> 00:55:06.280 you like you said, you invest for the long period. The nine Gien 706 00:55:06.440 --> 00:55:09.599 does not have that mindset and then you can do that. Interns they can't 707 00:55:09.639 --> 00:55:14.679 do what you're saying. But the aid Nagia does is looking at and you 708 00:55:14.840 --> 00:55:20.480 come losing about thirty percent consy for that city does not have that capacity. 709 00:55:20.679 --> 00:55:24.639 And that is why I said that, see cosi population is most people for 710 00:55:24.800 --> 00:55:29.519 they have Niginia. And that is why I also said that in lot of 711 00:55:30.280 --> 00:55:36.760 Nagera cities is lose money to consist population because of the row market. Guidus 712 00:55:36.800 --> 00:55:40.320 took a good mass did when good marsters are put out their look and economic 713 00:55:40.400 --> 00:55:45.559 and better. I was at more on a community than just unders said that 714 00:55:45.880 --> 00:55:50.360 and then I will for what you see after meeting my bankers are meeting my 715 00:55:50.440 --> 00:55:52.840 investment strategy and as you forgoes it, I'm going to have exposure. And 716 00:55:53.440 --> 00:55:55.840 at one point of it, so I was like, okay, at one 717 00:55:55.880 --> 00:56:01.360 point, let me limit my tot explosion me reduced them. Look at how 718 00:56:01.440 --> 00:56:05.920 bad can you get? I mean that was the form of aging constantly. 719 00:56:06.000 --> 00:56:10.280 But I cannot doesn't even know what edging is all about those things that book 720 00:56:10.480 --> 00:56:14.400 by and that's why I said that. You see your statement, yes, 721 00:56:14.719 --> 00:56:23.639 miss, but you're missed in pupposed to want to. They're shouting their crying, 722 00:56:23.800 --> 00:56:29.199 okay does that held and making money that's Britain. So you can see 723 00:56:29.199 --> 00:56:34.239 that they have strategies. So those are so those guys are Those guys are 724 00:56:34.360 --> 00:56:37.840 trading and that's what they're their color hero. We are not talking about trading. 725 00:56:37.880 --> 00:56:42.719 If you want to go and trade now every day DM dms are still 726 00:56:42.760 --> 00:56:45.880 coming and she died by either. I'm not interested in traders. I'm not 727 00:56:45.039 --> 00:56:50.880 talking to traders. But I'm talking about the woman that said that's a middle 728 00:56:50.960 --> 00:56:55.679 class would lady in lucky or in a caser her husband sorry I'm being sexist, 729 00:56:55.760 --> 00:57:00.880 gives her one hundred thousand to buy food stuff. This person I'm talking 730 00:57:00.880 --> 00:57:07.280 about, if that lady keeps that money under her pillow, she's gonna she's 731 00:57:07.320 --> 00:57:14.239 gonna lose three percent three point four percent for food inflation food Unagi is thirty 732 00:57:14.320 --> 00:57:17.519 seven percent annual monthly three point four This is the person I'm talking about. 733 00:57:17.960 --> 00:57:23.639 That housewife has discovered that if it takes that hundred thousand naira and buys one 734 00:57:23.760 --> 00:57:29.320 dollar and keep that same one dollar under her pillow. When she takes that 735 00:57:29.519 --> 00:57:32.280 dollar again and sells it to Nira, she still has her naira in her 736 00:57:32.320 --> 00:57:36.639 hand to buy her full stuff. This is a problem in Nigeria. That 737 00:57:36.800 --> 00:57:42.079 woman never bought dollars before, but because of the fall of inflation, that 738 00:57:42.400 --> 00:57:45.880 lady has now become a currency dollar holder. This is the problem. So 739 00:57:46.199 --> 00:57:52.760 more people are now holding dollars are never held it before. Before dollar was 740 00:57:52.920 --> 00:57:58.440 traders put their travel abroad Pta Medica. Now you have the average rank and 741 00:57:58.599 --> 00:58:02.639 file holding ten dollar, fifteen dollars, one hundred dollars in their house because 742 00:58:02.719 --> 00:58:06.599 you don't want to buy something. They go to the air with Malam down 743 00:58:06.639 --> 00:58:09.840 the road. They change on Nira. They trade those retail guys. If 744 00:58:09.840 --> 00:58:14.559 you're ad of their dollar holdings, is what is causing this lack of dollar. 745 00:58:14.679 --> 00:58:17.719 They buy, they hold, the release and they sell. That's what's 746 00:58:17.760 --> 00:58:22.320 going on again. That lady will stop holding dollar if she goes to the 747 00:58:22.400 --> 00:58:28.440 market tomorrow and tomato gonna buy ten percent. Look at the NBA's report on 748 00:58:28.519 --> 00:58:30.960 food. We go to the food. How can food be tty? Seven 749 00:58:31.280 --> 00:58:37.639 percent? In fishing is official witness on official is almost fifty percent. I 750 00:58:37.760 --> 00:58:39.400 went only I was in Legos, I should do my videos. I went 751 00:58:39.519 --> 00:58:43.559 to the market, not at Jerbot the market. I went to Mile twelve. 752 00:58:44.039 --> 00:58:46.760 I went to a daughter in the mod I went there with those guys 753 00:58:46.800 --> 00:58:52.360 that are selling with will Barrow selling Ocral. I met them. How much 754 00:58:52.400 --> 00:58:53.880 do you buy today? How much do you buy twenty months ago? These 755 00:58:53.880 --> 00:59:00.360 stories are crazy. As long as you do not capture food in fishon Nara 756 00:59:00.400 --> 00:59:04.360 will rise. So hear me, Narrabi rise this week, you get to 757 00:59:04.440 --> 00:59:08.480 one thousand, it's all rise. But how do we sustain this rise? 758 00:59:09.400 --> 00:59:15.079 If CBN wants we all know you're a seiler can make one dollar one n 759 00:59:15.360 --> 00:59:16.400 You and I know cel that can do it. It won't we You and 760 00:59:16.480 --> 00:59:22.880 I know that after that Core, after that on care well we will go 761 00:59:22.960 --> 00:59:27.800 back to this okay dollar dollar remittance. So we The issue is exports of 762 00:59:28.000 --> 00:59:32.519 crude oil eighty nine percent. That's the issue nobody wants to talk about in 763 00:59:32.679 --> 00:59:37.239 Nigeria. Once you say the lot, that will accuse you. But eighty 764 00:59:37.440 --> 00:59:42.880 nine percent of your dollar export dollar has come from exports of crude oil. 765 00:59:43.239 --> 00:59:47.559 Why has nobody held the neck of n NPC and the secuty and say why 766 00:59:47.719 --> 00:59:52.400 can we not increase crude oil exports in this country. Is it difficult. 767 00:59:52.880 --> 00:59:55.719 That's the problem. Only let me get some Yeah, go ahead of this 768 00:59:59.639 --> 01:00:13.079 se there has put some time and look at the market is seen has been. 769 01:00:14.800 --> 01:00:20.000 You know, I was looking at my training platform and I could see 770 01:00:20.599 --> 01:00:25.480 the interest on dinner has really been on the on the rice, which we're 771 01:00:25.559 --> 01:00:30.199 not see in the past couple of months. Calu back to you. We 772 01:00:30.360 --> 01:00:37.840 all do we have structural issues. But the question is that cardiathlic Nigeria take 773 01:00:37.920 --> 01:00:40.320 advantage by just buying at the black market. The answer is no, and 774 01:00:40.440 --> 01:00:45.880 that's why I said, I see we can algy con them. Making money 775 01:00:45.000 --> 01:00:49.159 is no emotional or being pacotic as you said. But at the same time, 776 01:00:49.239 --> 01:00:53.960 we use whatever you have. The richest guys in this country are edging 777 01:00:54.079 --> 01:00:59.760 properly. Those that have the exposure in the product can afford to do distance. 778 01:00:59.800 --> 01:01:04.519 You're saying, well, the probably it can't. Someone that's any for 779 01:01:04.639 --> 01:01:12.719 example, someone that's sending it wants theoria dollar and he uses his word and 780 01:01:13.320 --> 01:01:15.280 before you know it, it has not forty percent of its value. You 781 01:01:15.400 --> 01:01:19.599 know, the relative responses as on the economy, and that's what I'm talking 782 01:01:19.639 --> 01:01:22.719 about, makes no problem, makes sense I get there. Let's get the 783 01:01:23.400 --> 01:01:35.880 what's called does it? You ad he like that writer his drop off? 784 01:01:36.920 --> 01:01:43.000 Mister mister ocean ocean sal Yeah here, Hi, please go ahead, sir. 785 01:01:44.719 --> 01:01:47.039 Yeah, okay, So you're already touched on some of the points and 786 01:01:47.119 --> 01:01:52.599 then talk about just now. I think I'm just correct on this, you 787 01:01:52.679 --> 01:01:59.920 know, more more like looking at holding the dollar as an investments instrument rather 788 01:02:00.239 --> 01:02:05.119 than it's so that you want to speculate on buy at one night, open 789 01:02:05.199 --> 01:02:07.960 to sell a three kar and stuff like that issue. It's it's best for 790 01:02:08.079 --> 01:02:13.679 you to look at the dollar as an instrument. Diversify your portfolio, right, 791 01:02:13.840 --> 01:02:19.400 have exposure when it comes to the Nigerian market, have exposure when it 792 01:02:19.480 --> 01:02:23.239 comes to the US dollar. Right, That's that's the only way you can 793 01:02:23.320 --> 01:02:30.159 properly hege your entire portfolio. So it's it's this place is not really for 794 01:02:30.280 --> 01:02:35.480 someone that wants to buy dollar and then keep. It's more for someone that 795 01:02:35.639 --> 01:02:39.199 wants to buy dollar to hege his Nira. Right, and you see the 796 01:02:39.400 --> 01:02:45.760 likes of down with them. All of these guys are properly hedged their portfolios. 797 01:02:45.920 --> 01:02:50.840 And it's not now it was something they scared doing as far about as 798 01:02:50.920 --> 01:02:53.400 twenty fifteen twenty sixteen. Dang it did. That's right, because it was 799 01:02:53.480 --> 01:02:59.880 losing a lot of its value. And we've also seeing these effects flu affecting 800 01:03:00.039 --> 01:03:04.239 companies as well. They are losing money as a result of effects. Right, 801 01:03:05.039 --> 01:03:10.159 So basically what may out probably probably advise to anybody, do not say 802 01:03:10.199 --> 01:03:15.559 you want to hold the dollar if you know that in the next three months 803 01:03:15.599 --> 01:03:20.119 you have me or de Nara again. So you buy dollar and then maybe 804 01:03:20.199 --> 01:03:22.760 after some two weeks and hours to change and use the error. Right, 805 01:03:23.000 --> 01:03:27.440 you can just have a constant amount that you say okay, yes, I 806 01:03:27.519 --> 01:03:31.320 want to be exposing this amount and keeping it in the USD. That's the 807 01:03:31.639 --> 01:03:35.239 last stage. You want another stage, you can take it for that and 808 01:03:35.280 --> 01:03:37.760 say, okay, rather than just keeping this dollar, I want to be 809 01:03:37.800 --> 01:03:42.599 able to earn interest from this dollar. So you could look for a dollar 810 01:03:42.719 --> 01:03:46.599 portfolio. There are quite a number of companies that allow you to save an 811 01:03:46.639 --> 01:03:52.079 investing dollar even if you're not buying stocks. You can earn some interest from 812 01:03:52.159 --> 01:03:54.960 it. Right, So you can take a look at all those companies if 813 01:03:57.440 --> 01:04:03.000 outstages. But it depends on watch your financial financial situation maybe, but personally, 814 01:04:03.079 --> 01:04:05.840 what I do is this right now? If I do not have need 815 01:04:06.320 --> 01:04:12.239 for nira, I do not keep the neror right because at the end of 816 01:04:12.320 --> 01:04:17.559 the day, you want to have like your how do I put the zign? 817 01:04:17.599 --> 01:04:21.760 You want to have some currency in dollar in order way to at least 818 01:04:21.920 --> 01:04:28.719 maintain your power because the dollar the nira is using value. And so even 819 01:04:28.880 --> 01:04:34.079 though Gnara's gain strength now and the last like two three weeks or four weeks, 820 01:04:34.639 --> 01:04:40.760 even though generas gainst stread now, we're not seeing that impact in the 821 01:04:40.880 --> 01:04:45.159 market. Why because of impish Right, a boat of noodles went as high 822 01:04:45.199 --> 01:04:50.480 as sixteen seventeen thousand, A bag of rice is almost one thousand. Rewind 823 01:04:50.599 --> 01:04:55.880 back like eight years nine years ago, the same bag of rice was seven 824 01:04:55.960 --> 01:05:00.199 thousand, A box of noodles was around the two thousand to fifty once was 825 01:05:00.239 --> 01:05:05.639 around nineteen eras twenty fifteen. To day is almost one thousand. Ere pick 826 01:05:05.760 --> 01:05:10.760 me up is over eight thousand, the big team is about sixty one thousand. 827 01:05:10.920 --> 01:05:17.079 So you can get you can see inflation in it at the very Laman 828 01:05:17.199 --> 01:05:20.360 rates. When it comes to food, which is what everybody can do without 829 01:05:20.400 --> 01:05:25.760 the most heats, right, So inflation is eating hard in that area. 830 01:05:26.360 --> 01:05:31.519 So it depends on Again, it depends on how you're analyzes or view your 831 01:05:31.679 --> 01:05:39.119 portfolio and the more as an instrument rather than something want to speculate on. 832 01:05:39.559 --> 01:05:44.400 And also I think you've hit the point. I think they're selling a lot 833 01:05:44.480 --> 01:05:47.639 better than I have done. The point is this, as long as food 834 01:05:47.840 --> 01:05:53.719 is thirty four percent offacial inflation, more market to mean I go to hold 835 01:05:53.760 --> 01:05:58.639 dollar. That's just the reality. So now tell those market to men that 836 01:05:58.719 --> 01:06:02.679 are holding dollar, they should sell the dollar because the dollar on the black 837 01:06:02.760 --> 01:06:06.719 market has fallen in right, if your food is still thirty seven percent, 838 01:06:08.199 --> 01:06:11.440 how does it make sense to them? If the if the dollar price goes 839 01:06:11.480 --> 01:06:15.880 to what want but they can't buy the food? Then what they said the 840 01:06:15.960 --> 01:06:21.159 dollar for on what basis is the strength of dollar reflective in what they see 841 01:06:21.239 --> 01:06:26.400 on the market. Have prices falling? Dollar price has gone up? A 842 01:06:26.559 --> 01:06:30.119 be has a go for salah or chicken pocus? Has the price gone down? 843 01:06:30.559 --> 01:06:34.159 So why would they sell their dollar? Because one dollar is one dollar? 844 01:06:34.760 --> 01:06:42.960 It's wonder lies one dollar you get because of dollar is nira is one 845 01:06:43.000 --> 01:06:46.440 dollar is one You can see that dollars to go on America? Can you 846 01:06:46.519 --> 01:06:53.800 take that to do, spend the big let me get mister. He walked 847 01:06:53.840 --> 01:07:01.880 off to the Sorry, I'm sorry. Sorry, it was a question live 848 01:07:01.960 --> 01:07:10.880 in everyone. So I joined them by by chance and just to say a 849 01:07:10.960 --> 01:07:15.360 few things in terms of what I had to a few things that they were 850 01:07:15.400 --> 01:07:21.719 saying. I think over the last twenty thirty years we looked at the fundamentals 851 01:07:21.760 --> 01:07:26.559 of the Nigerian economy, if only from a money ty perspective, which for 852 01:07:26.760 --> 01:07:30.960 me, it's something that we need to step platform. Everything has to do 853 01:07:31.039 --> 01:07:35.119 with disciplient, Everything has to do with stagery, Everything has to do with 854 01:07:35.280 --> 01:07:40.719 with with money to apply well, the first question you need to ask yourself 855 01:07:40.880 --> 01:07:45.519 is ninety in the economy and the economy is not moving. Why because the 856 01:07:45.639 --> 01:07:49.559 velocity of these moneys are not spinning as quickly are supposed to create new world, 857 01:07:49.960 --> 01:07:54.639 to create employment? And what has this fundamentals like? In the number 858 01:07:54.679 --> 01:07:57.320 of people that I was reading through the chat and a lot of people have 859 01:07:57.440 --> 01:08:00.480 said, if you don't get electricity right, you won't why to the inflation 860 01:08:00.599 --> 01:08:05.760 thirty seven and inflation is steady one percent today because the logistics of moving food 861 01:08:05.800 --> 01:08:10.920 from one points to the other. He's so hazardrous, so it's so bad 862 01:08:11.280 --> 01:08:15.599 that we can even move food. I brot at the time when and I 863 01:08:15.719 --> 01:08:18.439 said this in all and see when the naira felt against the other was in 864 01:08:18.520 --> 01:08:25.079 the eighties when it drops below nira to dollars. And subsequently it does always 865 01:08:25.159 --> 01:08:28.880 go to the fundamentals. Right, we have more bins and physical parts of 866 01:08:28.960 --> 01:08:30.600 the economy. And I tell you, like you said, why are we 867 01:08:30.760 --> 01:08:34.800 not giving two million barrels? Because we have that, we have the capacity 868 01:08:34.840 --> 01:08:41.159 in place, of course, the neglect of investments in this area to poost 869 01:08:41.159 --> 01:08:45.279 those capacities. When when when people are talking about oil, Iran has been 870 01:08:45.319 --> 01:08:49.760 on oil sanctions for god knows allow, but they didn't close on their production 871 01:08:49.960 --> 01:08:54.640 capacity to the extent that at the points in times where we are at the 872 01:08:54.680 --> 01:08:59.279 same the same point with Iran today, Iran and do four five million barrels 873 01:08:59.319 --> 01:09:03.279 a day and we're still struggling to do two million barrels in capacity. And 874 01:09:03.520 --> 01:09:09.359 if your extreme trades, I mean sorry, your export ended as ninety or 875 01:09:09.600 --> 01:09:13.399 ninety percent. For godoyal, what are we doing, how are we producing? 876 01:09:13.720 --> 01:09:16.479 What are we producing? What I've been exporting? We need to focus 877 01:09:16.560 --> 01:09:19.960 on the issues of I know at the point in times, so many of 878 01:09:20.039 --> 01:09:25.840 the subs can contribute from our vic from nature. It was cheaper, production 879 01:09:26.119 --> 01:09:29.520 was easier, the ease of movement was easier. And as we get back 880 01:09:29.520 --> 01:09:33.520 to those fundamental how do you Most times when I think about the number of 881 01:09:33.600 --> 01:09:39.119 things, I think about the nineteen thirty recession in America, why you government 882 01:09:39.319 --> 01:09:43.159 decided that it was time for you to pull into work and how do you 883 01:09:43.319 --> 01:09:46.640 do that? And so many things that we need to do, and we're 884 01:09:46.680 --> 01:09:50.560 not putting those moneys to captain markets. Can we can see that those wople 885 01:09:50.640 --> 01:09:55.039 are actually we're doing them. We can get some reports about it, even 886 01:09:55.159 --> 01:09:58.520 if they have some other things behind the goal markets, we can see those 887 01:09:58.560 --> 01:10:02.000 things and we can ask those for start putting direct people onto building rules, 888 01:10:02.079 --> 01:10:06.159 digging others. We're giving up contract in terms of the fact that I want 889 01:10:06.239 --> 01:10:13.880 to repair a great sym role that takes the fun to bring up from producer, 890 01:10:14.039 --> 01:10:17.680 and then I give the contract to Expizian Songs for four hundreds of billions 891 01:10:17.720 --> 01:10:20.399 and the roads are never built. So if we don't come back to the 892 01:10:20.439 --> 01:10:26.399 fundamentals of matching a fiscal monitory and just going to continually saying, oh, 893 01:10:26.479 --> 01:10:30.159 the dollar was to do or the dollar did not write and like, well 894 01:10:30.319 --> 01:10:35.479 know the fighting this was done in twenty twenty sixteen twenty, and we're fighting 895 01:10:36.119 --> 01:10:40.920 the life change it against me. Were doing to pay for it because treasurydis 896 01:10:41.720 --> 01:10:45.000 for what money that prop me into Nigeria. It's a ready won't percent. 897 01:10:45.159 --> 01:10:47.720 Of course we're going to prey for those Treasury. But of course I think 898 01:10:47.760 --> 01:10:57.199 that serial the exchange that's call into one and we're doing one percent on treasure 899 01:10:57.239 --> 01:11:03.520 build. If I had a million dollars this America, I gamble one, 900 01:11:03.600 --> 01:11:10.319 yeah, twenty one percent, think discount whatever it is, I will make 901 01:11:10.560 --> 01:11:15.119 work. I will make it wonder than thousands in terms of that, and 902 01:11:15.239 --> 01:11:19.000 that's more than that we're getting American Europe. So let me just do that 903 01:11:20.960 --> 01:11:30.560 and again of something something else got quickly. We're trying to slow down discipline 904 01:11:30.640 --> 01:11:34.239 is trying to slow down and inflation, right, but but at the same 905 01:11:34.319 --> 01:11:41.239 time, the federal argument is also saying that when paying fifteen thousand eras of 906 01:11:41.479 --> 01:11:47.199 X y Z also planning on an increasing minimum, which okay, something like, 907 01:11:47.479 --> 01:11:53.159 well all the stands slow down inflation, you're momping money out, but 908 01:11:53.279 --> 01:11:56.720 then you're pumping back in, right, I don't know what words you're you 909 01:11:56.840 --> 01:12:00.560 on this. Maybe this is something that you can also torture on some I 910 01:12:00.720 --> 01:12:04.960 find I don't know. Set again, please st again? Please can you 911 01:12:05.079 --> 01:12:11.840 can you make that point again? Okay? I said the the cibling is 912 01:12:11.880 --> 01:12:15.840 trying to slow down inflation, right, which is why they've been increasing interest 913 01:12:15.960 --> 01:12:17.960 rates and all of that. Right, They've been using their tools. But 914 01:12:18.079 --> 01:12:21.520 the federal government is saying they're going to pay. They're paying fifteen thousand ar 915 01:12:23.039 --> 01:12:27.399 x y z number of rooms, they plan on increasing minimum wage and all 916 01:12:27.439 --> 01:12:30.600 of that. Yeah, so to reduce inflation for your rumping money. And 917 01:12:31.000 --> 01:12:34.840 yeah, I'm like, okay, us, does it make sense? Actually? 918 01:12:35.159 --> 01:12:38.520 I get you say. The thing is this right? I'm a capitalist, 919 01:12:38.640 --> 01:12:43.880 right, but I must say this, what is the Nigeria too low? 920 01:12:44.800 --> 01:12:46.760 They're just too low? I did? I agree? It is low 921 01:12:47.479 --> 01:12:55.560 and it's majorly because yes, we're in n indirectly. Yeah is that virtual 922 01:12:55.640 --> 01:13:00.119 yet the reason that we don't have productivity in Nigeria? Then, I d 923 01:13:00.359 --> 01:13:05.159 worker is very unproductive Hence they are wages are not real wages. You know. 924 01:13:05.199 --> 01:13:09.520 If you if you want to know a country that has on productive worker, 925 01:13:09.760 --> 01:13:12.600 just go to a high rise building. If you see a lift, 926 01:13:12.720 --> 01:13:15.840 elevator or a guy they're operating a lift, that's your your sense. You 927 01:13:15.920 --> 01:13:20.039 know, if you go to New York, those expensive buildings help lift operators 928 01:13:20.760 --> 01:13:25.760 because they are like conscience buildings. They are very expensive. But if you 929 01:13:25.800 --> 01:13:29.399 go to Nigeria as well, you see those elevators in there's a guy his 930 01:13:29.600 --> 01:13:32.239 job is to press a button to move the lift up and down. Why 931 01:13:32.319 --> 01:13:36.079 because his wages are so low that we're can afford to employ that guy. 932 01:13:36.199 --> 01:13:42.000 You know, I've never seen a guy in America with a driver there. 933 01:13:42.079 --> 01:13:45.039 I know that people that have drivers, but I've never met anyone myself that 934 01:13:45.239 --> 01:13:49.239 owns a driver. Maybe a nanny that comes and stays, but I've never 935 01:13:49.279 --> 01:13:55.199 seen anyone that has a driver or living nanny or living gardener. Buildings has 936 01:13:55.319 --> 01:14:00.399 them, but you don't see herbage books. Wages they product typo. The 937 01:14:00.479 --> 01:14:04.239 Nigeria walker is so low. The average middle class from in Nigeria would have 938 01:14:04.479 --> 01:14:10.800 one driver or two drivers, two house girls, one gatesman, one cook. 939 01:14:10.920 --> 01:14:14.239 This is average middle class, so highest you have one one driver, 940 01:14:14.720 --> 01:14:18.319 one cook, one house girl. Average is not an outrage that they live 941 01:14:18.359 --> 01:14:23.680 in Abya. They live in Abba. They will have this same staff this 942 01:14:24.359 --> 01:14:29.399 that they average in general by because which is had nothing, so they have 943 01:14:29.640 --> 01:14:31.520 to increase with It depends on how do we pay for these wages? Do 944 01:14:31.600 --> 01:14:36.079 we do taxes? Do we do sells? Done assets? Where's a different 945 01:14:36.159 --> 01:14:42.880 discussion. But we cannot pay a walker. I had this guy saying if 946 01:14:42.960 --> 01:14:47.760 you end two hundred thousand naira in Nigeria, you will not emigrate. Wow. 947 01:14:48.000 --> 01:14:50.119 I like the guys. I do want to hit the guy that I 948 01:14:50.199 --> 01:14:54.920 had on Twitter. But you can't say that. You can't say that you 949 01:14:55.000 --> 01:14:59.560 know that two hundred thousand I give you. This is an example of Costco 950 01:14:59.680 --> 01:15:06.399 Chicken. Costco Chicken is five dollars. Five dollars that represents zero points is 951 01:15:06.600 --> 01:15:13.680 zero four of the average workers pay in America zero point four or something like 952 01:15:13.720 --> 01:15:16.760 that. So the guy flipping burger in America the lowest paying job in America 953 01:15:16.880 --> 01:15:20.680 on federal low I'm not talking about the winspan in Rich States. I'm not 954 01:15:20.720 --> 01:15:25.800 about the federal minimum, which America is seven point two five dollars an hour. 955 01:15:26.359 --> 01:15:30.399 That guy can afford that chicken at zero point four percent of his total 956 01:15:30.520 --> 01:15:34.319 take home for the month, zero point four. In my Geria. That 957 01:15:34.479 --> 01:15:41.920 chicken is twenty five percent of the guy's take home. So that same chicken, 958 01:15:42.359 --> 01:15:45.239 a guy in America can buy it at zero point four percent. A 959 01:15:45.359 --> 01:15:48.920 guy in niger has who used twenty five percent of his take home to buy 960 01:15:49.119 --> 01:15:54.800 a five dollar chicken, that's a five hundred. So we just have to 961 01:15:54.880 --> 01:15:59.640 go up. And it can only go up through productivity, which creates wealth 962 01:16:00.520 --> 01:16:02.439 and allows the energy to get paid a million. And I don't think if 963 01:16:02.439 --> 01:16:05.000 you paid a million that inflation will go up. I think there's a lot 964 01:16:05.079 --> 01:16:11.520 of compressed the man in Nigeria that if you pay workers a million in Nigeria, 965 01:16:11.760 --> 01:16:14.920 they're gonna go out them buy food and buy product that they could not 966 01:16:15.039 --> 01:16:18.039 afford before. How many workers have you seen that bought a brand new AC 967 01:16:18.479 --> 01:16:21.239 or brand new free Just look at your neighbors. Don't look at positions. 968 01:16:21.239 --> 01:16:25.279 So your normal neighbors, how many neighbors do you know, maybe they don't 969 01:16:25.279 --> 01:16:28.239 walk in the bank that got a brand new car okay for the car, 970 01:16:28.600 --> 01:16:32.880 ac or fridge? How many people do you know in Neigos, Riches city 971 01:16:32.920 --> 01:16:38.319 in Nigeria that bought a brand new fridge or brand new AC or brandw television 972 01:16:38.399 --> 01:16:42.640 how made you know? So there's a compressed compression. There's no concent in 973 01:16:42.680 --> 01:16:45.600 the country because the country is very no power now, no whor ealth creation. 974 01:16:45.760 --> 01:16:48.600 I went to barbie illegals. When you walk into the barber store, 975 01:16:49.079 --> 01:16:54.359 they'll cut your hair is ten thousand. Then you have to agree that the 976 01:16:54.560 --> 01:16:58.359 one genitor for you for the cut your hair. So the gender is not 977 01:16:58.520 --> 01:17:01.840 on because of course they can't put this so the on ditora couldn't cut your 978 01:17:01.880 --> 01:17:06.399 hair, they'll put it off. That's a service industry. Cutting your hair's 979 01:17:06.399 --> 01:17:09.760 supposed to come, your massat, your hair, wash your hair. They 980 01:17:09.760 --> 01:17:14.600 don't have to have for that nonsense, because it isn't diesel. So that's 981 01:17:14.840 --> 01:17:16.800 a question, bro. And again he was making the point of mess Miselle. 982 01:17:17.079 --> 01:17:21.159 I didn't want wake to the point that there's ninety five trillion naira in 983 01:17:21.319 --> 01:17:28.199 circulation, ninety five trillion, and dollar is going up. They'd not at 984 01:17:28.279 --> 01:17:30.279 least far hear too all this thing. Let me just say to you, 985 01:17:30.399 --> 01:17:35.359 dollar will dollar will follow. The question is what will happen tomorrow? That's 986 01:17:35.399 --> 01:17:39.600 my own You know, I'm giving you a financial planning, not I'm not 987 01:17:39.680 --> 01:17:43.840 doing trading. I'm not doing accounting. I'm telling you, if you have 988 01:17:43.920 --> 01:17:47.399 a portfolio die VER'SI five. That's what I'm telling you. Take that any 989 01:17:47.520 --> 01:17:51.000 day of the year. Bring it back to me fifty years, one hundred 990 01:17:51.079 --> 01:17:56.319 years. I will still be right. Diversify your pots for you, especially 991 01:17:56.640 --> 01:18:01.479 if the other portfolio is depreation depreciating at testy seven percent to buy food. 992 01:18:01.880 --> 01:18:08.199 Diversify your portfolio. On that hill, I would die. Chucker. I've 993 01:18:08.199 --> 01:18:15.560 got your about aking, Chucker. Go ahead, Chucker. Okay, yeah, 994 01:18:15.640 --> 01:18:20.359 I'm in any place I can place. I'm just listening to sure Sure, 995 01:18:20.439 --> 01:18:24.520 so drop off. You can not speaking, so you don want to 996 01:18:24.520 --> 01:18:28.359 speak? I can you say something? You say something about the production, 997 01:18:28.960 --> 01:18:32.239 like how to increase the countries I need? So, how do we work 998 01:18:32.279 --> 01:18:36.399 on you know production, like you know, making your workers the average worker 999 01:18:36.560 --> 01:18:42.800 you know, you know lies in terms of the production as aspects. You 1000 01:18:43.239 --> 01:18:45.760 just said, like I need to go or something like that. Just power, 1001 01:18:46.880 --> 01:18:51.359 create, create power, supply let them be power. So if you 1002 01:18:51.439 --> 01:18:56.079 have power, that badnesson. I went to can hire two workers. This 1003 01:18:56.159 --> 01:18:59.079 is a one worker because they will take wonderful this is a higher seven worker. 1004 01:18:59.479 --> 01:19:02.840 Just create power. All the government needs to do pass the policy on 1005 01:19:03.000 --> 01:19:08.880 power and get out of the way. The privacy takeover does create power, 1006 01:19:09.119 --> 01:19:14.399 isn't isn'tough? Then there will wealth generated at the very very local level past 1007 01:19:14.479 --> 01:19:16.920 policies and the wealth will be generated. You don't have to we don't even 1008 01:19:16.960 --> 01:19:21.680 going to do anything past the policy. Get out of the way. I 1009 01:19:21.800 --> 01:19:32.720 can't how you doing? Yeah, look so thank before getting straight, I'll 1010 01:19:32.800 --> 01:19:45.640 say so when it comes to the issue of basically microeconomic the language developments and 1011 01:19:45.199 --> 01:19:50.119 when we're able to have done and some of the policies and the issues that 1012 01:19:51.079 --> 01:19:59.880 economics basic. I know you always say think about electricity and legacy is from 1013 01:20:00.039 --> 01:20:04.960 our based in University of the economy. I think maybe that's it probably applies 1014 01:20:05.039 --> 01:20:08.640 more in the long term, but in this short movement, and I'm not 1015 01:20:08.800 --> 01:20:15.159 so contains that's going to be as strong as as you as you argue. 1016 01:20:15.960 --> 01:20:20.840 A good example that we shure of that should take questionary for us is what 1017 01:20:21.079 --> 01:20:29.399 is going on currently there have a situation where invested heavy amounts of dollars in 1018 01:20:30.760 --> 01:20:36.359 in uh power of that and then trans tran relate into economic good at least 1019 01:20:36.399 --> 01:20:43.239 in the short term, probably the long term. Probably now the points that 1020 01:20:43.279 --> 01:20:48.359 I'm trying to make is that Nigeria doesn't have the productive useful Let's see having 1021 01:20:48.520 --> 01:20:57.520 any poor elegistic for the whole country, whether wishes into resistance or must that 1022 01:20:57.560 --> 01:21:02.199 would probably fight think in twenty years before we're able to get to that position 1023 01:21:02.319 --> 01:21:09.279 where if you get to impus like it's really certain indos to come up. 1024 01:21:09.439 --> 01:21:15.840 That's another way into co exist. The thing is that when it comes to 1025 01:21:15.920 --> 01:21:23.159 the productivity issue, I think there's some there's some taxing centers that to mental 1026 01:21:23.239 --> 01:21:28.960 give in order to get companies either to train workers or so you will, 1027 01:21:29.079 --> 01:21:34.760 those incentivise them, encourage them to to obscure their workers to actually improve productivity. 1028 01:21:35.800 --> 01:21:40.560 So for instance, you hire somebody maybe that hasn't gone to university for 1029 01:21:40.680 --> 01:21:45.560 has in good White and mecal and you say, for everyone that's hire with 1030 01:21:45.840 --> 01:21:54.239 so and so we maybe work. You probably give them it actually gets or 1031 01:21:54.439 --> 01:21:58.119 tax deduction of something of that sorts. It's done in other countries. I 1032 01:21:58.159 --> 01:22:00.800 think that's something that we really need to do as a society. It'stad of 1033 01:22:00.840 --> 01:22:06.640 this situation where we're encouraging entrepreneurship. Basically one man businesses that really do not 1034 01:22:06.840 --> 01:22:13.920 scale, do not create the wealth that needed to improve the economic performance of 1035 01:22:13.960 --> 01:22:20.560 the contract through the contract house for through the country out of overty and the 1036 01:22:20.720 --> 01:22:25.479 situation that we're currently. For instance, now we have a lot of communities 1037 01:22:25.600 --> 01:22:30.039 in the training sector. Let's ask us this question, how many how productive 1038 01:22:30.119 --> 01:22:35.119 is training set of Niger economy? It is usually won't true people business? 1039 01:22:36.199 --> 01:22:41.560 How much technology are the us? How much is that improving the welfare and 1040 01:22:41.680 --> 01:22:46.279 improving the productive the situation of the economics, it's really imitating that way. 1041 01:22:46.359 --> 01:22:53.520 So I also know that there's some microeconomic decisions that are the government community that 1042 01:22:53.880 --> 01:22:58.560 is currently cope oil. So posting oil is one way to get toward blood 1043 01:22:58.640 --> 01:23:05.880 into the economy. But the usually this glabal for or you boost oil boel 1044 01:23:05.960 --> 01:23:12.319 production is that you'll get to the point where you're posting power production and then 1045 01:23:12.479 --> 01:23:16.239 you could be stopped. You could be stopping says that the last starts to 1046 01:23:16.279 --> 01:23:23.439 appro getting into the familiar costs, the resource costing or the touch these and 1047 01:23:23.520 --> 01:23:29.479 where becomes it's so strong and to destroyed your manufacturing sect or your experts sector 1048 01:23:30.600 --> 01:23:35.359 that you have and that probably affects the economy performance only of the country going 1049 01:23:35.439 --> 01:23:39.039 forward. So I think we need to do it in such a way that 1050 01:23:39.399 --> 01:23:42.720 in this show then we say maybe twe to five games. We're going to 1051 01:23:42.800 --> 01:23:46.239 increase oil productions from about one point five and twenty six million today to say 1052 01:23:46.279 --> 01:23:50.880 about two point two in the next three four years, while at the same 1053 01:23:51.159 --> 01:23:58.600 in all region manufacturing, high tech manufacturing in other parts of the economy, 1054 01:23:59.039 --> 01:24:03.840 so that we don't get into this system so highly to pay the commodity. 1055 01:24:04.239 --> 01:24:08.399 Okay, I can't. Okay, I hear you, but it's just just 1056 01:24:08.439 --> 01:24:11.840 so that we can we can so, I mean you're making two points number 1057 01:24:11.880 --> 01:24:14.920 one. Just let's just be clear. The problem in Ganner is not the 1058 01:24:15.039 --> 01:24:19.800 availability of electricity, it is the cost. The way they signed that contracting 1059 01:24:19.840 --> 01:24:25.319 Ghaner was that they had to pay for power they did not even need or 1060 01:24:25.560 --> 01:24:30.119 use. The Ganna economy today is better for having electricity. It's how designed 1061 01:24:30.159 --> 01:24:34.199 that contract. They are paying for power they don't need or use. In 1062 01:24:34.319 --> 01:24:38.800 my village today, if you bring power to my brig in the first seven 1063 01:24:39.199 --> 01:24:42.960 they will make gary cheaper. If they make gary cheaper in my village, 1064 01:24:43.000 --> 01:24:46.439 they can export and they can make more wealth in my village and in every 1065 01:24:47.039 --> 01:24:51.359 religion, Nigeria is a non starter. Once I was in Legos a month 1066 01:24:51.439 --> 01:24:57.479 ago. There is no power supply in Legos. I'm making bull statement everywhere. 1067 01:24:57.560 --> 01:25:00.000 Was Injureration. The hotel I stayed in they have to do a special 1068 01:25:00.239 --> 01:25:04.760 increasing rates to pay for diesel. They just appeal tobyone. Listen, we 1069 01:25:04.840 --> 01:25:09.640 want to get to pay special on your bill for diesel and we paid. 1070 01:25:10.359 --> 01:25:15.479 So if you have power supply, you reduce thirty percent of the cost of 1071 01:25:15.520 --> 01:25:19.079 finish. Because that's inflation will fall because all the go to Nigeria will now 1072 01:25:19.239 --> 01:25:25.920 fall by a certain margin, which is that diesel price margin, bread billions, 1073 01:25:26.359 --> 01:25:30.520 everything will fall because power supply is cheaper. That's Number one on power, 1074 01:25:30.800 --> 01:25:33.880 so there's no staturdays and there's no argument there. Once you have power, 1075 01:25:34.479 --> 01:25:39.600 your economy will triple because we don't have it, so once we have 1076 01:25:39.800 --> 01:25:43.239 it, it will there's no issue there. Or Number two on crew oil 1077 01:25:43.319 --> 01:25:48.600 is the same argument Nigeria. Remember two thousand and five, we were already 1078 01:25:48.840 --> 01:25:55.479 at two point two million barrels a day, so we're not increasing, We're 1079 01:25:55.600 --> 01:25:59.119 just going back to where we were. If we were two point two million 1080 01:25:59.199 --> 01:26:01.199 birels a day, then you can I be That's okay. Let us now 1081 01:26:01.279 --> 01:26:05.000 take it a bit slower and say want to grow crude oil and grow at 1082 01:26:05.039 --> 01:26:10.000 the culture and grow something else. But we have we're falling from where we 1083 01:26:10.159 --> 01:26:14.479 were from two point two numbers. They will come beload out one point five. 1084 01:26:14.880 --> 01:26:17.439 So now Nigeria has got to go back to the two point two billion 1085 01:26:17.520 --> 01:26:21.079 bars a day where we are there. We can just start saying, Okay, 1086 01:26:21.199 --> 01:26:24.560 what's the counting plant? Should we do? Trade? We do in 1087 01:26:24.600 --> 01:26:27.159 the culture? Do we do services? We do? Crude oil and gas. 1088 01:26:27.439 --> 01:26:30.319 That's what we need to do right now. We still don't have enough 1089 01:26:30.359 --> 01:26:32.960 your air adviser, that's from crude oil and gas. We don't have enough 1090 01:26:33.039 --> 01:26:38.000 engine oil, enough PMS, enough luperc. We don't have enough of even 1091 01:26:38.119 --> 01:26:41.319 this crude oil we are saying we should have as fired away from. We 1092 01:26:41.560 --> 01:26:45.920 haven't done enough even under crude oil. How many worlds do we have? 1093 01:26:45.279 --> 01:26:50.520 Why won't Texas Mu's more old than Nigeria. Angola is doing more than us 1094 01:26:50.600 --> 01:26:56.920 Libya. He's doing there, US Libya fight incible world, Angola Nigeria. 1095 01:26:57.199 --> 01:27:00.159 So I would say, if we maximize it, then we can pull back. 1096 01:27:00.199 --> 01:27:02.680 But for now, we have a long way to go, and I 1097 01:27:02.760 --> 01:27:06.239 can't long way to go your point that you are true, but the fact 1098 01:27:06.239 --> 01:27:11.199 that I was speaking soon that we gata is a costing, not the availability. 1099 01:27:11.520 --> 01:27:15.800 And I just got to get back to make the point about this. 1100 01:27:16.680 --> 01:27:24.239 This argument you're talking about power is I think you're making the argument for I 1101 01:27:25.399 --> 01:27:31.159 believe that if my dress gets a point where we are supplying access for his 1102 01:27:31.399 --> 01:27:38.880 power, that defunct actively the cost of power. Now what is the will 1103 01:27:39.359 --> 01:27:45.840 for consumans? But actually the higher prices for power? How easy will need 1104 01:27:45.960 --> 01:27:51.319 be for how would do is it will be for you to pass on the 1105 01:27:51.479 --> 01:27:55.479 cost? I can't. The price will not go up, it to go 1106 01:27:55.760 --> 01:28:00.560 down. I can't it to go down. It won't go up. I 1107 01:28:00.680 --> 01:28:05.720 can it will go down, not up. I can't. It will go 1108 01:28:05.920 --> 01:28:15.279 down. I can't hold on. I can't solve the problem. It's not 1109 01:28:15.399 --> 01:28:25.399 really like that straightforward, especially productivity economy. It's not like the US economy 1110 01:28:25.520 --> 01:28:30.479 or journey. You can easily advocate a can you have being? I can 1111 01:28:31.439 --> 01:28:36.520 ok Okay, you have been a bit too technical. This is a very 1112 01:28:36.640 --> 01:28:42.079 very simple thing in Nigeria to day. If I want to make bread, 1113 01:28:42.560 --> 01:28:47.920 I put my generator on so I won't buy diesel or pms run that generator, 1114 01:28:48.439 --> 01:28:53.479 make bread and sell. So the cost of I can get bread is 1115 01:28:53.960 --> 01:28:58.800 power diesel. I can get bread has diesel power in that cost. If 1116 01:28:58.880 --> 01:29:03.520 there was public apply the cost of public supply is cheaper than me putting on 1117 01:29:03.600 --> 01:29:09.520 my generator. Even though that cost of power goes up, it is cheaper 1118 01:29:09.640 --> 01:29:13.000 than me running my diesel. That's the point I'm making. So the cost 1119 01:29:13.039 --> 01:29:16.039 of gee bread will fall, So the cost of power will go up, 1120 01:29:16.479 --> 01:29:21.079 but the cost of good na will fall, and then you will become more 1121 01:29:21.520 --> 01:29:26.800 productive. That's the point I'm making. There's no argument here. There is 1122 01:29:27.039 --> 01:29:30.199 none. You can't go to anywhere and argue that if there's no power and 1123 01:29:30.319 --> 01:29:33.840 introduce power, they country will not get better. What was in dosal retribution 1124 01:29:33.960 --> 01:29:42.600 all about? There's no argument we had here. I came none. I 1125 01:29:42.720 --> 01:29:51.800 know you. I think sometimes recent economic information prective in this extremely very straight 1126 01:29:51.920 --> 01:30:00.520 forward with the reality that is not always that straightforward. That they are going 1127 01:30:00.560 --> 01:30:05.520 to improve power does not mean this, this and these factors just improved. 1128 01:30:05.640 --> 01:30:11.600 It's not exclusure. It's not always like that. So one instance that you're 1129 01:30:11.600 --> 01:30:16.600 talking about and talking about break if you if you increase power to the entire 1130 01:30:16.680 --> 01:30:20.880 country and Okay, they're no longer in the generator. There is in public 1131 01:30:20.960 --> 01:30:27.119 power, public electricity. Now you're nine too that there are other factors that 1132 01:30:27.239 --> 01:30:32.079 contribute to the price of goods. It's not just impute costs. There's also 1133 01:30:32.359 --> 01:30:38.279 competition in markets. Make sure, and the problem where you have situations where 1134 01:30:38.279 --> 01:30:44.039 you have industries are extremely concentrated. Yes you may increase so, yes you 1135 01:30:44.079 --> 01:30:47.159 may reduce imprid costs, but then if then more competitive markets, they will 1136 01:30:47.319 --> 01:30:51.359 not reduce prices. You will just get the straight away. Prices will stay 1137 01:30:51.399 --> 01:30:56.800 the same. People will be making more profits, and and people who are 1138 01:30:56.800 --> 01:31:06.279 wondering how is it that power has come and still that break or straightforward? 1139 01:31:06.439 --> 01:31:11.720 That's my point. Okay, I don't see. I'm not here. We're 1140 01:31:11.760 --> 01:31:16.039 not in an NBA class. Why not the teases What we are saying has 1141 01:31:16.119 --> 01:31:20.479 no argument. We all went to school. If a city does not have 1142 01:31:20.840 --> 01:31:28.640 electricity, and you introduce electricity to that city, the cost of doing business 1143 01:31:28.760 --> 01:31:33.960 in that city will go down, and the city would manufacture more goods at 1144 01:31:34.159 --> 01:31:39.560 lower cost and create more world. You can argue, have I'm presenting it 1145 01:31:39.640 --> 01:31:42.520 from here, and you might have a point, and you can say I'm 1146 01:31:42.520 --> 01:31:46.920 making it sound simple. That is a different topic entirely. My junk be 1147 01:31:47.039 --> 01:31:51.359 right or wrong, but the fact of the matter is what we're talking about. 1148 01:31:51.720 --> 01:31:57.880 The reason why American workers earn more than Nigernia workers is that they have 1149 01:31:58.039 --> 01:32:02.279 more tools of trade. But in we have any laboratories, any any tools 1150 01:32:02.319 --> 01:32:08.439 of traders. I don't use electricity in Legos, the commercial capital of the 1151 01:32:08.600 --> 01:32:13.600 largest economy in Africa. There is no steady power supply, even for five 1152 01:32:13.720 --> 01:32:17.319 hours. That's the point I'm making. So if you introduce steady path supply 1153 01:32:17.439 --> 01:32:24.119 to the largest economy in Africa, their output would increase. Their output increases, 1154 01:32:24.399 --> 01:32:29.800 then their productivity increases, Then wealth is created the more jobs are created. 1155 01:32:30.119 --> 01:32:33.319 It's a simple point to bring in. How I'm presenting it is. 1156 01:32:33.880 --> 01:32:39.119 It doesn't dance the point in any way. It doesn't take away from the 1157 01:32:39.439 --> 01:32:44.520 main tenants, the logos of the arguments. So therefore we'll have to move 1158 01:32:44.600 --> 01:32:53.720 on. I go, I go to go. Why don't you see it? 1159 01:32:54.079 --> 01:33:00.560 Literally? And we are to leave our house because maybe if I take 1160 01:33:00.600 --> 01:33:05.239 out my toddler right, uh would have to find slips a to the point 1161 01:33:05.319 --> 01:33:10.600 he just moved to the hotel. It was just ridiculous. Anyways, since 1162 01:33:10.680 --> 01:33:15.640 this Nara's threatening and anyone looked at the Pa to Pa market to see him 1163 01:33:15.800 --> 01:33:18.159 because my husband is the tech guy behind the P two P. And he 1164 01:33:18.239 --> 01:33:27.479 said he's noticed that volume has reduced. That will tell gone down Okay, 1165 01:33:27.760 --> 01:33:30.920 he said, So I have a sister who's always sending money from Toronto and 1166 01:33:31.279 --> 01:33:34.399 I caught. I was like, oh, I need to waiting if I 1167 01:33:34.479 --> 01:33:41.359 need the dollars for stars that he said, So like when Narah depreciated, 1168 01:33:41.479 --> 01:33:45.479 I think it gave dazbr incentive to send more money home. So there's there's 1169 01:33:45.600 --> 01:33:49.960 there's downside to this dreatening, right, And my husband like he hasn't been 1170 01:33:49.960 --> 01:33:55.079 involved maybe to pick up, but from the Dazzbara point of view, let 1171 01:33:55.159 --> 01:33:58.720 me say Canada, he hasn't seen it yet, but he's said maybe to 1172 01:33:58.840 --> 01:34:01.560 pick up. But at the moment, everybody is going that dollar side. 1173 01:34:02.199 --> 01:34:05.840 But why why? Okay, because because because it's now gone from one five 1174 01:34:05.920 --> 01:34:09.520 to one, well, you guys are sort of waiting to go back to 1175 01:34:09.600 --> 01:34:12.079 one five. Is that what you're saying. I think what he's saying that 1176 01:34:12.199 --> 01:34:15.399 confidence is not there yet. They're just like, whatever I think we do 1177 01:34:15.520 --> 01:34:17.680 fully gain, right, so the confidence is a right there, and it's 1178 01:34:17.760 --> 01:34:20.880 like, I'm not going to say until dollars I just did my narrowing account 1179 01:34:21.000 --> 01:34:25.439 not working for me, so I can't say as an account and the first 1180 01:34:25.479 --> 01:34:28.279 ted Ton it's like if I need ten dollars a bit that it's TSDB. 1181 01:34:28.359 --> 01:34:30.960 I'm only sending ten dollars. I'm not selling twenty dollars because I don't want 1182 01:34:31.000 --> 01:34:34.960 that sitting in my account and later DS will increase price in three months, 1183 01:34:35.039 --> 01:34:39.560 right, So I guess the confidence is not yet there. Maybe to come, 1184 01:34:39.680 --> 01:34:42.039 I don't know, but at the moment it is not. I'm not 1185 01:34:42.199 --> 01:34:45.239 saying that the Cybyan has attracted I will say in the last month, but 1186 01:34:45.399 --> 01:34:51.079 I take nearly four billion dollars because of the increase in the or more rates, 1187 01:34:51.399 --> 01:34:55.640 four billion dollars has coming. I think renters have gone up a bit, 1188 01:34:55.960 --> 01:35:00.680 like I said, apart from crude oil, Similis and everything correc and 1189 01:35:00.840 --> 01:35:03.560 they can't do see oil and I don't know see that fact that money is 1190 01:35:03.600 --> 01:35:15.159 actually coming to Nigeria. The one I'm making money, I said, the 1191 01:35:15.239 --> 01:35:20.079 points you're making, but those are institutional investors. Every day moment popped me, 1192 01:35:20.119 --> 01:35:23.840 are you sending money home, don't know what We are the ones that 1193 01:35:24.039 --> 01:35:28.199 literally drive the economy. We're the ones that keep it sustainable right the moment. 1194 01:35:28.600 --> 01:35:32.159 Institutional investors will always take advantage of increased rates, right, but we 1195 01:35:32.319 --> 01:35:35.640 are the ones, the grassroots where the ones that is keeping the economy standing. 1196 01:35:35.920 --> 01:35:40.479 We are the ones sending money to our parents to buy reads by tomatoes. 1197 01:35:40.760 --> 01:35:45.359 Those are ones keeping the economy. And if ours r started to like, 1198 01:35:45.600 --> 01:35:48.520 what's true, it isn't my transfer because I know it's going to fall 1199 01:35:48.600 --> 01:35:54.000 again, right, doesn't it doesn't it happen? It does? It does? 1200 01:35:54.079 --> 01:35:57.439 That's as those full of questions, it does have that negative impact. 1201 01:35:57.600 --> 01:36:03.039 If rematizings go, remetis are actually what has kept going when feels remetas scoop 1202 01:36:03.119 --> 01:36:06.439 up and all that. So if rats starts to go down to affect us 1203 01:36:06.560 --> 01:36:11.479 more so, I hope that you guys recounted that you guy should talk talk 1204 01:36:11.520 --> 01:36:16.720 to your people and send more money home. Sorry, sorry to say this, 1205 01:36:17.920 --> 01:36:23.079 Sorry, remintiance, this actually went down. They went down in the 1206 01:36:23.199 --> 01:36:29.600 last four years dractically. So one is pushing the market today and they correct 1207 01:36:29.640 --> 01:36:32.479 me if I'm wrong. His foreign portance for the investment and it's just to 1208 01:36:32.560 --> 01:36:40.079 be able to sound ensure that we drive the exchange to both who bring about 1209 01:36:40.119 --> 01:36:46.600 the ability in the economy so that businesses can can actually plan planned properly. 1210 01:36:46.760 --> 01:36:49.760 Not like you said, not the one that you're buying. You buy dollars 1211 01:36:50.199 --> 01:36:55.880 at one one thousand, and then your replacement is one thous That's where we 1212 01:36:56.000 --> 01:36:59.439 are and want so pray for that. Like you said, it's the homobiles. 1213 01:37:00.039 --> 01:37:03.520 We're going to pay for that in interest. We know we're talking about 1214 01:37:03.560 --> 01:37:06.600 this points raising points. I forgot talk about this point that I just I 1215 01:37:06.720 --> 01:37:14.560 not seeing that what has happened the sign is borrowing money at one twenty one 1216 01:37:15.640 --> 01:37:18.439 and selling to the businesses at below market, so eventually you have to pay 1217 01:37:18.720 --> 01:37:21.399 for subsidizing the thing and all that way. Talk about it. Yeah, 1218 01:37:23.000 --> 01:37:29.520 this say think we're doing it for years now. It's real and really it's 1219 01:37:29.560 --> 01:37:32.720 been going on. It was what kept the young last people between twenty sixteen 1220 01:37:32.760 --> 01:37:36.000 and twenty seventeen. Are you with me? And it's the same, it's 1221 01:37:36.039 --> 01:37:43.319 the same logic that it's being used to keep down to it each time it 1222 01:37:43.399 --> 01:37:46.159 happens. Let me share, guys. I'm going to share that infographic of 1223 01:37:46.279 --> 01:37:54.600 the exchange rates compared to the dollar exchange, the dollar ex crudal exports compared 1224 01:37:54.640 --> 01:37:58.000 to the exchange, and I from nineteen eighty five. I'm going to share 1225 01:37:58.000 --> 01:38:00.039 it again. And you see the graph, and it's an interesting graph. 1226 01:38:00.640 --> 01:38:10.960 Is this narrow appreciation thing happened? If I don't some technical analysis and my 1227 01:38:11.119 --> 01:38:15.720 chances were telling me too fine, so I wouldn't be surprised it still happens. 1228 01:38:16.840 --> 01:38:21.239 I think your child, I know that is. I think it's Jack 1229 01:38:21.279 --> 01:38:29.199 needs to sleep because it is that you don't understand the type of coury market. 1230 01:38:30.239 --> 01:38:38.359 And just like I want to say it again, every normal or elementary 1231 01:38:38.479 --> 01:38:43.560 promist knows that in that is intellative of exposed. But the issue here is 1232 01:38:43.640 --> 01:38:48.840 that there are always gaps and there are always cycles in each economy. Now 1233 01:38:48.960 --> 01:38:55.319 this discycles right now? Is this short? Admit them? We all know 1234 01:38:55.479 --> 01:39:00.239 that Nigeria definity is dependent on FOSSO. But card also has been able to 1235 01:39:00.399 --> 01:39:04.119 do and the seeing has been able to amplify trust. What they did in 1236 01:39:04.199 --> 01:39:08.560 the paper market, like the last person was acting, is not that the 1237 01:39:08.640 --> 01:39:12.840 BP market was more really playing scals, but the bet pay market had the 1238 01:39:12.960 --> 01:39:16.520 referring power. The first part because a lot of natures use bilers to check 1239 01:39:16.960 --> 01:39:21.159 unofficial rates. But that is not happening again because he has blocked most of 1240 01:39:21.279 --> 01:39:26.600 the sides online. So you had that apple. Also, now the market 1241 01:39:26.680 --> 01:39:30.239 is stilling pure, so you see nigeras choosing the mini corn market. But 1242 01:39:30.159 --> 01:39:35.239 players on the average, guides that have stable exposure are now going to buy 1243 01:39:35.319 --> 01:39:40.119 bit. And if you can't compare by bit and with biers, a campaign, 1244 01:39:41.199 --> 01:39:45.600 a gity or assets with the Unity Bank, no matter how product that 1245 01:39:46.079 --> 01:39:50.119 product, Community bank is the volume with different drops. And that's answer that 1246 01:39:50.239 --> 01:39:55.920 question. Now, I think where we should focus on, where we focus 1247 01:39:56.039 --> 01:40:00.159 on this white woman's success. And I will be going to and why I 1248 01:40:00.880 --> 01:40:02.600 said now, I will be a two thousands because we are using the conversation 1249 01:40:02.720 --> 01:40:08.760 and only look at the time scrap He's gonna to every pointing knows that. 1250 01:40:09.199 --> 01:40:12.840 But the question is do you have the bit to old Wendy? Now for 1251 01:40:14.039 --> 01:40:15.800 the kids on the storm, there's a show that many that you have to 1252 01:40:15.840 --> 01:40:19.520 do that bit And that is where argument is, if you don't have your 1253 01:40:19.560 --> 01:40:24.159 bility, why don't you enter with what ability you have? So I look 1254 01:40:24.520 --> 01:40:29.840 your point exactly essentially, don't enter the kitchen. If you can't stay in 1255 01:40:29.880 --> 01:40:38.159 the kitchen exactly, exactly exactly, So don't tread in English. He's saying, 1256 01:40:38.319 --> 01:40:42.039 if you are not able to, if you don't have the means to 1257 01:40:42.319 --> 01:40:45.439 buy dollar and to hold dollar, please don't go and buy or sell or 1258 01:40:45.520 --> 01:40:49.239 trade. Don't stay on your lin That's what I've been saying all things. 1259 01:40:49.279 --> 01:40:55.239 And I was the successful guys in our market. Look at this. True, 1260 01:40:55.560 --> 01:40:58.680 people start from one beginnings. You know, people try to do things 1261 01:40:58.840 --> 01:41:01.600 because they are first guess any sex. You don't know what. For example, 1262 01:41:01.800 --> 01:41:10.199 you can't do works because yes you can't fife crisis market to look at 1263 01:41:10.239 --> 01:41:12.920 that, Yeah, that is what personal players. So that pot and that's 1264 01:41:12.960 --> 01:41:17.479 why we come to this space to share ideas on how to keep personalities lost. 1265 01:41:17.800 --> 01:41:21.680 Marco levels discipline, use what they're doing as a short term and they're 1266 01:41:21.720 --> 01:41:27.520 trying to give outside what you do do it. That doesn't mean you should 1267 01:41:27.640 --> 01:41:31.039 buy at the black markets, all those should sell all those. We should 1268 01:41:31.079 --> 01:41:34.279 talk only me, only me. They the guys look at my two feet 1269 01:41:34.359 --> 01:41:38.520 right now. I don't share the infographic there. It's the trend of oil 1270 01:41:38.720 --> 01:41:42.840 price and extenderate. It's from nineteen eighty six to twenty eighteen. Look at 1271 01:41:42.880 --> 01:41:46.359 that. Look at that chat. You will see that the Myra and extended 1272 01:41:46.439 --> 01:41:51.640 Denyra and Crudel exports were the same from eighty five. There was a small 1273 01:41:51.680 --> 01:41:58.880 pomp in nineteen ninety till nineteen ninety eight the same. Then in nineteen ninety 1274 01:41:58.960 --> 01:42:01.159 eight. I don't know what I'm trying find. Ninetety eight that's when the 1275 01:42:01.399 --> 01:42:06.279 madness started. You can see that the valuation just went up. It doesn't 1276 01:42:06.359 --> 01:42:12.000 come down, It goes up, finds resistance stays, goes up, finansistance 1277 01:42:12.079 --> 01:42:15.000 stays on, support goes up, financistance stays like that, that's what's happening. 1278 01:42:15.239 --> 01:42:20.960 Look at twenty sixteen. Exactly what is happening today is what happened in 1279 01:42:21.039 --> 01:42:27.880 that twenty sixteen exactly. And it is still this top chart stop twenty eighteen. 1280 01:42:28.399 --> 01:42:30.840 So if you open this chart up to twenty twenty four you will see 1281 01:42:31.039 --> 01:42:35.960 exactly what is happening to day is what we're seeing that tween sixteen. You 1282 01:42:36.039 --> 01:42:41.800 can see exact same teen twenty fourteen, exact same teen two thousand and eight, 1283 01:42:42.920 --> 01:42:47.439 exactly the same thing. What has not changed in here the oil output. 1284 01:42:47.520 --> 01:42:50.800 Look at the oil output in Nigeria. That's the look at it. 1285 01:42:50.960 --> 01:42:56.039 So it's right there. That chart should be your answer. It's right down 1286 01:42:56.079 --> 01:42:59.520 my illustration, on my twitet, on my timeline. So all the short 1287 01:42:59.640 --> 01:43:01.640 term dollar has gonna, that's not gonna, Linda has told us not. 1288 01:43:01.800 --> 01:43:05.000 Olimita said, if you cannot be in the kitchen, if you can't take 1289 01:43:05.039 --> 01:43:09.319 that heat, leave that kitchen, stop trading. If you have money you 1290 01:43:09.359 --> 01:43:12.760 want to buy like go Google said. She she has money, shes to 1291 01:43:12.800 --> 01:43:15.079 paid the STV. She sent red dollars. That one is not for trainings 1292 01:43:15.119 --> 01:43:19.840 for she's holding it to exchange and buy something in naira. Okay, but 1293 01:43:20.079 --> 01:43:25.239 this trading matter, Open up that chart. This is not new. What 1294 01:43:25.479 --> 01:43:31.119 we're seeing today happen sixteen happened, fourteen happened, all eight happen nineteen ninety 1295 01:43:31.199 --> 01:43:34.520 eight. Look at the chart. It's right there. So let's all chill. 1296 01:43:34.800 --> 01:43:40.720 Let's just all chill and the patrotterism. Chill, mister goodswill, how 1297 01:43:40.760 --> 01:43:47.960 are you doing, sir christs on what he says. I'm gonna leave with 1298 01:43:48.600 --> 01:43:53.119 dollar thing here, there's a smart money, there's no money. What's the 1299 01:43:53.199 --> 01:43:59.840 different? A few difference this time frame smart money has a longer time frame. 1300 01:44:00.279 --> 01:44:03.199 You know, dumb money has a short time bring he thinks he's going 1301 01:44:03.279 --> 01:44:10.399 to make it soon or in the medium term. Smart money hasn't big and 1302 01:44:11.359 --> 01:44:15.279 contfolio. Dumb money always loses in the market because he doesn't have he has 1303 01:44:15.319 --> 01:44:19.520 in an arrow or no puts for you, then there's stamper. Smart money 1304 01:44:19.560 --> 01:44:25.239 has a healthy cash position and it's sustainable in fluid. Like all all the 1305 01:44:25.279 --> 01:44:29.119 media was just trying to say some people earning efforts some people and you know, 1306 01:44:29.880 --> 01:44:33.319 so you can't just buy and say because he's going over, but he's 1307 01:44:33.359 --> 01:44:36.199 been going up. Only buy for two months and see how much. And 1308 01:44:36.600 --> 01:44:40.439 it finds out to me that I told him don't do it because I knew 1309 01:44:40.600 --> 01:44:45.159 exactly what is a family man. I'm not. But then if you must 1310 01:44:45.920 --> 01:44:51.520 create around this, if you must make some cash of the mirror in the 1311 01:44:51.600 --> 01:44:55.720 next day, from between now and December, this is my own thing. 1312 01:44:56.800 --> 01:45:01.840 The nerror goes above one four fifty, you can't tip up Nora crosses that 1313 01:45:02.039 --> 01:45:09.880 trashold you should cashon or you should like basically don't go in at that point 1314 01:45:09.920 --> 01:45:12.279 in the time. But again, you don't take my word for it. 1315 01:45:12.439 --> 01:45:16.039 The US don't like itself has some as possible advance the fat could cut it 1316 01:45:16.159 --> 01:45:20.720 the fast costs today there's never as dynamics is a little bit shaky, but 1317 01:45:20.880 --> 01:45:26.039 it just makes FBI all the more attractive. So yeah, just you know 1318 01:45:26.279 --> 01:45:30.720 you can. The thing is you can take it loos on this decision. 1319 01:45:30.840 --> 01:45:34.359 So it's not supposed to be an investment strategy or something you buaise the whole 1320 01:45:34.520 --> 01:45:39.520 investment decision or you know, use it to edge or you know, basically 1321 01:45:40.279 --> 01:45:43.319 know that you can take it hit and you can. We stand that. 1322 01:45:43.439 --> 01:45:46.279 It's especially the issue like some of us was gained almost eighty percent or more 1323 01:45:46.680 --> 01:45:50.520 on the US, then no problem. If not, I wouldn't advise it. 1324 01:45:50.880 --> 01:45:54.800 But you're right, car. Look, if you're talking a long term 1325 01:45:55.159 --> 01:45:59.720 one year, two years, three years, four years, the dollar would 1326 01:46:00.800 --> 01:46:06.119 there's no going around it. It's just so unless suddenly, let me just 1327 01:46:08.319 --> 01:46:11.760 if you hear tomorrow, if you go up to your hear that NPC has 1328 01:46:11.840 --> 01:46:16.800 exported to one point nine million battles and that they're online to export two million 1329 01:46:17.199 --> 01:46:19.680 sell dollars. If you hear that one. But I'm not sure you're going 1330 01:46:19.760 --> 01:46:25.520 to hear it, mister good. I'm not saying, you know, it's 1331 01:46:25.680 --> 01:46:28.680 oil. It's all about look at the chat. I don't share that chat. 1332 01:46:28.760 --> 01:46:31.439 It's all about oil price. Stop asking will do'll I go up or 1333 01:46:31.520 --> 01:46:35.199 down? Rather be asking will any PC import or export more oil? That 1334 01:46:35.319 --> 01:46:39.640 was yould be asking, don't ask why. I'll go to ask what the 1335 01:46:39.720 --> 01:46:42.319 dollar export is going to go to? And I will answer your question. 1336 01:46:42.399 --> 01:46:45.600 Mister go to please go ahead her Okay, thank you very much. Can 1337 01:46:45.640 --> 01:46:50.199 you give me yes? I can swer so. Actually I went to jump 1338 01:46:50.279 --> 01:46:59.000 in when someone was talking about because of production that it will change. I'm 1339 01:46:59.199 --> 01:47:04.560 showing you have when you have a power infrastructuring place. You see. The 1340 01:47:04.640 --> 01:47:10.600 thing is we don't understand is there's you know, we have several chorists that 1341 01:47:10.640 --> 01:47:14.560 came back to this that can back up the fact that when you provide those 1342 01:47:14.560 --> 01:47:21.159 infrastructures, okay, you create you create economic activities within within that ecosystem, 1343 01:47:21.800 --> 01:47:29.680 and economic activities generally create wealth, you know, create actually for the acconatory 1344 01:47:29.760 --> 01:47:33.640 to put in that within that area, and besides for those that are produced 1345 01:47:33.720 --> 01:47:39.000 for those manufacturers or those more business small business oponents. You know, this 1346 01:47:39.439 --> 01:47:43.760 what will call it poplar cost average where you have a fixed amount of your 1347 01:47:44.000 --> 01:47:47.720 investment actually puts in place over you started period of time and atomatically you know, 1348 01:47:48.279 --> 01:47:54.319 recreates value. You know exponential value. You know much more than if 1349 01:47:54.399 --> 01:47:59.720 you are you know, if you can fluctuating your your investment size. So 1350 01:48:00.159 --> 01:48:06.800 just like you have production, if people want to establish if fixed or a 1351 01:48:06.880 --> 01:48:13.399 preatable cost of production. If you have fossil fuel, you know fuel as 1352 01:48:13.399 --> 01:48:20.079 all that's that has exposure. You know that you have tenders prime fluctuation over 1353 01:48:20.399 --> 01:48:25.439 a period of time. Then that does not do these small business order edit 1354 01:48:26.000 --> 01:48:31.359 good by seeing that cost variations over the period of time. So they would 1355 01:48:32.000 --> 01:48:38.399 also change because at which they or the prize that which they give to the 1356 01:48:38.479 --> 01:48:43.880 consumers, the pass on to the consumers, as do fluctuations keep that cost 1357 01:48:44.159 --> 01:48:47.279 changing over time. But if you have the prime perstructuring in place, there's 1358 01:48:47.640 --> 01:48:51.720 a steady costs, a play of cost over a stead period of time, 1359 01:48:53.159 --> 01:48:56.640 and you can see that stability in pens of not just the cost but also 1360 01:48:56.680 --> 01:49:00.960 the price pass of the consumers and overall you know they changes then defic that 1361 01:49:01.000 --> 01:49:06.680 the personal and all that to create the stable price and to overall it to 1362 01:49:06.840 --> 01:49:12.359 actually create a conversion environment for the you know, not just for the coussion, 1363 01:49:12.479 --> 01:49:17.840 but also for the manufacturers. So the discounts, the confusion of the 1364 01:49:17.880 --> 01:49:24.159 brilliancy which who was discounting, became part of the manaufractional built in place as 1365 01:49:24.319 --> 01:49:30.279 a way to actually create that Uh, that's production. That that value that 1366 01:49:30.399 --> 01:49:33.760 we all need, you know, is just you know, my opinion, 1367 01:49:34.079 --> 01:49:36.920 but I just I don't have the mach couple of compututions to make that. 1368 01:49:38.079 --> 01:49:42.000 Just let you know, the consture continual coming at your peria and just moment. 1369 01:49:42.079 --> 01:49:44.800 Yeah, yeah, good, I didn't really get I did that, 1370 01:49:44.920 --> 01:49:47.359 guys. The question was the all about the style of the presentation. I 1371 01:49:47.359 --> 01:49:50.279 don't think it was arguing with the fact. I mean, power is basic. 1372 01:49:50.760 --> 01:49:56.079 There's no argument that if you bring power to any state in Nigeria the 1373 01:49:56.119 --> 01:50:00.880 improtive logo, look at making noise because of small geometic recovered again, take 1374 01:50:00.960 --> 01:50:05.479 power to any place in Nigeria, that place becomes more wealthy, is anywhere. 1375 01:50:06.239 --> 01:50:11.399 It's always I'm only sure if he's arguing with this how we present but 1376 01:50:11.479 --> 01:50:18.319 let's really focus on what is the doctor Abram? Doctor Ram got word opian? 1377 01:50:19.479 --> 01:50:28.880 Yeah, hell, good afternoon after Where I am I've always listened to 1378 01:50:28.960 --> 01:50:33.560 your spaces when always for quite a while now and just silent listen. But 1379 01:50:33.680 --> 01:50:39.600 today I just so as you're shipping my two parents for such as. Disclaimer, 1380 01:50:39.880 --> 01:50:45.159 I am not an economist, I'm not a university. I'm just umboo, 1381 01:50:45.199 --> 01:50:48.319 Sir Johns somewhere in the corner of the world somewhere. But but I 1382 01:50:48.520 --> 01:50:53.119 just I mean the alumnidia, I mean, thank you for what you've been 1383 01:50:53.199 --> 01:50:56.760 saying. But I feel a love me there. It's almost like, I 1384 01:50:56.760 --> 01:51:00.039 don't know if it's a official I think of what he's been saying, it's 1385 01:51:00.039 --> 01:51:10.279 almost like defending the Torrent in the Strutsch as the best possible. But before 1386 01:51:10.279 --> 01:51:13.960 I go on, I saw to talk about the the gentleman who was who 1387 01:51:14.119 --> 01:51:18.800 was trying to diminish the importance of power supply. I don't know, Okay, 1388 01:51:18.800 --> 01:51:21.479 I live in Canada right I've lived in UK. I live in Canada 1389 01:51:21.600 --> 01:51:27.119 right now. But I have been privileged to visit a few African countries, 1390 01:51:27.159 --> 01:51:31.800 particularly in East Africa. I think if that speaker goes to Tanzania Kenya, 1391 01:51:32.199 --> 01:51:39.079 you would realize the importance of constant power supply. I have to say that 1392 01:51:39.239 --> 01:51:42.399 the first time I went to Tanzania. I was, you know, I 1393 01:51:42.560 --> 01:51:45.560 was bron off my feet. So before I went, my impression was that, 1394 01:51:46.000 --> 01:51:51.279 you know, of course there's always this delusion that we have forgiven for 1395 01:51:51.640 --> 01:51:56.359 forgive me. Let's an illusion, I won't say delusion, but certain an 1396 01:51:56.399 --> 01:52:00.640 illusion that we have of Nigeria being caught and the giant of Africa. So 1397 01:52:00.760 --> 01:52:03.159 of course, if you're going to any other African country, you you, 1398 01:52:03.319 --> 01:52:06.960 you, you're attempted to be a big condescending since you're you're, you're, 1399 01:52:08.079 --> 01:52:12.279 you're the giant of Africa. Until I go to Tanzania, and and I 1400 01:52:12.319 --> 01:52:15.520 said, after, I said to myself, from then only if anybody ever 1401 01:52:15.640 --> 01:52:18.479 mentions to me Danigeria is some giant of Africa. You know, I'm not 1402 01:52:18.560 --> 01:52:24.640 going to hear anything else they're going to say. Because Tanzania is able to 1403 01:52:24.840 --> 01:52:31.079 produce uninterrupted power supply, and because of that they have a super vibrant small 1404 01:52:31.239 --> 01:52:38.399 and middle skill economic activity that has kept the country going. They don't have 1405 01:52:38.560 --> 01:52:41.840 the oil that we have. You don't have so much else that we potentially 1406 01:52:41.920 --> 01:52:44.760 can boast of. Okay, I know the God is in the god Tanza 1407 01:52:44.880 --> 01:52:48.279 night, which is something very special jewel mineral, but but but that's not 1408 01:52:48.560 --> 01:52:55.560 such on such a huge skill and that's Tanzania excellent root services. I went 1409 01:52:55.600 --> 01:53:00.399 to a Roosia specifically excellent rood services, excellent education in try Fam with colleagues, 1410 01:53:00.920 --> 01:53:04.479 you know. And then Kenya. I've been to care a few times. 1411 01:53:04.520 --> 01:53:10.039 Same. Sorry, So I think I know the problem we may be 1412 01:53:10.119 --> 01:53:13.079 having in a geners. People need to go see what's happening. So some 1413 01:53:13.279 --> 01:53:21.960 African countries that are quietly but gradually making great economics stride and see what the 1414 01:53:23.199 --> 01:53:27.960 god that we haven't God, rather than basking in this pseudo euphuria or being 1415 01:53:28.000 --> 01:53:31.520 to Gander of Africa. So that's not about the power generation thing. If 1416 01:53:31.720 --> 01:53:39.039 you improve power supply, there will be a leap and bound of economic activity 1417 01:53:39.319 --> 01:53:44.199 that would generate once that would generate income that would improve the quality of life 1418 01:53:44.239 --> 01:53:47.000 of people. I'm in health care. I can't tell you what concert power 1419 01:53:47.039 --> 01:53:49.720 supply would do be your healthcare and the hell there you are, well, 1420 01:53:49.760 --> 01:53:55.840 there you are. That's about that now in terms of the old production, 1421 01:53:56.840 --> 01:54:00.079 I don't get it. Why again, I've been to I also taken delivered 1422 01:54:00.119 --> 01:54:04.680 just to go to some Middle East Africa. Middle East countries particularly, I've 1423 01:54:04.720 --> 01:54:10.279 been to many A few times. I cill our friends there and again going 1424 01:54:10.359 --> 01:54:13.279 there, I was trying to see because this is it's a much smaller country 1425 01:54:13.279 --> 01:54:17.359 in terms of population, Yes, but I wanted to see how they're able 1426 01:54:17.399 --> 01:54:25.560 to use their oil world to rule their people and their country. It still 1427 01:54:25.640 --> 01:54:30.760 remains, what is the problem in Nigeria? Why can't we improve our oil 1428 01:54:30.800 --> 01:54:36.239 supply? The guy talking about Siby and syby and Sybyan, What is Sybyan 1429 01:54:36.399 --> 01:54:41.560 doing? What are they doing with the a NPC? What can somebody get 1430 01:54:41.680 --> 01:54:46.199 the NMPs to tell us why we can't get a million barrel have put daily 1431 01:54:46.279 --> 01:54:51.039 to two million and above? We have the open quarter? Why why are 1432 01:54:51.199 --> 01:54:57.359 not fully utilizing an open quarter? And then it's this business of oil theft? 1433 01:54:57.920 --> 01:55:00.039 How do you still the first timmer? I even Canada? If my 1434 01:55:00.119 --> 01:55:03.279 shop to put realize that canad is actually an oil producing country and they put 1435 01:55:03.359 --> 01:55:08.439 us a hell of amount away? How do you steal oil? I mean, 1436 01:55:08.560 --> 01:55:14.520 how do you so so the day? Please? If you're a government 1437 01:55:14.600 --> 01:55:17.680 official, we need answers and we need them quickly. Is it because it 1438 01:55:17.880 --> 01:55:21.399 grews? It grows? I left like you over twenty years ago. It 1439 01:55:21.600 --> 01:55:26.439 grieves our heart. I went, like I said, went to Tanzan. 1440 01:55:26.560 --> 01:55:30.600 Yeah, we Kenya. It's just I just got a look. Look, 1441 01:55:30.600 --> 01:55:32.399 look like you. We need to get our acts together. There is no 1442 01:55:32.560 --> 01:55:35.800 excuse, there is no build around the bush. These people are putting us 1443 01:55:35.880 --> 01:55:40.920 a shame, you know. So it's only if you're a government of please 1444 01:55:41.239 --> 01:55:50.039 these things. You know, dog dog it was it was. It was 1445 01:55:51.199 --> 01:55:55.560 be passionate about I know why it wasn't it was it was your Momi day. 1446 01:55:55.760 --> 01:55:58.159 But let me just round off. Let me just round up to say 1447 01:55:58.199 --> 01:56:01.760 that. Well you say, say good as you may the me. I'm 1448 01:56:01.800 --> 01:56:06.960 going to borrow money to outside the value of era. I don't want know 1449 01:56:08.079 --> 01:56:13.960 the wisdom you say it's you say it's creating confidence, but the body investors 1450 01:56:14.239 --> 01:56:17.760 know how that confidence came about. For example, I'm just a little to 1451 01:56:17.800 --> 01:56:20.479 me in my own little corner, but by the grace of God, I'm 1452 01:56:20.520 --> 01:56:26.119 not I'm good amounts of dollars I do. I'm not asureed to say that, 1453 01:56:26.840 --> 01:56:32.319 but I know how the current artificial improvements talking about that's not increasing my 1454 01:56:32.399 --> 01:56:38.039 own confidence in anything. So so I just saw a living there for us. 1455 01:56:38.079 --> 01:56:42.039 I just look, we can provide better answers that we are trying to 1456 01:56:45.640 --> 01:56:56.920 hold on hold to speak, what what what? What the so just count 1457 01:56:57.680 --> 01:57:03.399 and because we are today the refinery, it's important crude oil from overseas just 1458 01:57:03.520 --> 01:57:08.279 to provide thistle for on refinery. Isn't that the most absolved thing? Ever? 1459 01:57:08.880 --> 01:57:13.520 We kind of produce enough crude oil to service the refinery, even if 1460 01:57:13.560 --> 01:57:16.760 we have to get that guitary finery to purchase the crude on from major government 1461 01:57:17.399 --> 01:57:24.199 as a magat prize. But this morning you're having to go overseas to buy 1462 01:57:24.399 --> 01:57:27.279 the glue oil at the market price, at the global market price. And 1463 01:57:27.399 --> 01:57:31.199 again you have to building the diffreighting costs, the shipping costs, the logistic 1464 01:57:31.399 --> 01:57:35.680 costs of that crude oil that you purchased file away in the United States. 1465 01:57:36.279 --> 01:57:42.079 What's imagine the added costs. Actually what you see is from Nigeria life, 1466 01:57:43.960 --> 01:57:46.600 you know, shifted to your refinery. So what economics sense at this what 1467 01:57:46.720 --> 01:57:50.000 we're talking about, It just doesn't know make sense. Please if somebody can 1468 01:57:50.079 --> 01:57:55.439 explain it to me, It is crazy, Okay, okay, I listened 1469 01:57:55.520 --> 01:58:03.279 to the last speakers of all algy fact I am the writer trying to use 1470 01:58:03.399 --> 01:58:11.840 analysts and trailer but vined that if you look at the pology program, I 1471 01:58:12.000 --> 01:58:18.159 stay am vellistrated now and I try to do data by put down emotional. 1472 01:58:19.199 --> 01:58:30.720 I was ready disc right in desire. The process as the about them was 1473 01:58:30.960 --> 01:58:40.439 that we cannot crowd our problem. We shortened solutions and rejectiveness of this solution. 1474 01:58:40.800 --> 01:58:46.439 So for example, we knew that the CBS tried to sol them and 1475 01:58:46.760 --> 01:58:56.159 thank you friends making that. Because the web by we innovated and output and 1476 01:58:56.640 --> 01:59:02.079 cover you know, desiaty a little product. So at some point the semple 1477 01:59:02.159 --> 01:59:11.920 most impersonally that except that which story except for urpises secrifrise because when there's an 1478 01:59:12.039 --> 01:59:17.960 operational perform you this is one of the expensively work about what difference a parent 1479 01:59:18.520 --> 01:59:24.199 a way look at this price. But then it conte towards started margin. 1480 01:59:25.039 --> 01:59:30.000 I look as you kind of fun as like you are being he said total. 1481 01:59:31.000 --> 01:59:38.039 But the quest one is that you see when you when your when the 1482 01:59:38.119 --> 01:59:46.720 sister brings short time traditional rule community or rule guys say as I'm not sport 1483 01:59:46.720 --> 01:59:54.960 that when the short pen restore conststore coverers live, we don't see that and 1484 01:59:55.800 --> 02:00:01.119 it's just me I will going somewhere two two years. And that's why it's 1485 02:00:01.199 --> 02:00:06.840 margin are the one that stifty per cycles that we have problems, but we 1486 02:00:06.920 --> 02:00:13.079 have people that solved different and we have to parish. I don't talk about 1487 02:00:13.079 --> 02:00:17.920 the I talk about as I like, and it's very put out those see 1488 02:00:18.520 --> 02:00:26.239 the cbre on the one king side has restored stability in certain ways. As 1489 02:00:26.359 --> 02:00:31.319 out time in the past he starts to pay, I'm not going sack or 1490 02:00:31.800 --> 02:00:36.880 a colony. I will be doing what I say I want right now. 1491 02:00:38.600 --> 02:00:44.159 The same thing looks into the system based on the alariness of our wanting market 1492 02:00:44.640 --> 02:00:53.239 and as a stability and account Yeah. Only the great point just the mix. 1493 02:00:53.960 --> 02:00:57.520 The Godment guy were respected guy. I know him for ages, so 1494 02:00:57.640 --> 02:01:00.199 he's a private cent guy. If he knows where he's coming from, he's 1495 02:01:00.279 --> 02:01:04.640 talking the trade inside. Is giving you really private sexual information or not to 1496 02:01:04.720 --> 02:01:09.039 have him here? Just just to make that point clear, madam. I've 1497 02:01:09.079 --> 02:01:11.520 got you here, madam, but you say please go ahead. So ma'am, 1498 02:01:11.600 --> 02:01:16.880 thanks for waiting so long. You've got the flows up A yeah, 1499 02:01:17.039 --> 02:01:20.960 thank you. It's a pleasure. Please come from you can hear me. 1500 02:01:21.119 --> 02:01:28.960 I can very well go ahead, all right, all right, yeah, 1501 02:01:29.079 --> 02:01:33.000 okay, So I actually I didn't want to speare. I just wanted to 1502 02:01:33.199 --> 02:01:36.720 listen and learn, you know, and see what the request. When it 1503 02:01:36.920 --> 02:01:41.439 was acting I was talking about, I was like, what am I hearing 1504 02:01:41.560 --> 02:01:44.000 here? For? God? See, I'm happy. I'm not going to 1505 02:01:45.039 --> 02:01:49.479 I'm happy that people have already addressed and antiquately. The reality is that it's 1506 02:01:49.960 --> 02:01:54.760 one of the biggest problems we have in this country, one of them. 1507 02:01:55.159 --> 02:01:59.920 In fact, I can almost say that the reason why I have not really 1508 02:02:00.880 --> 02:02:04.119 made any significant progress when it comes to economic development, it is because we 1509 02:02:04.199 --> 02:02:11.840 will lack power. If you if you have any fair clues to anybody in 1510 02:02:11.920 --> 02:02:15.720 the manufacturing industry, they will tell you that Jesus is one of their biggest 1511 02:02:15.800 --> 02:02:20.279 problems businesses. You know a lot of projects are not economic d just because 1512 02:02:20.319 --> 02:02:25.319 of energy costs. Even there's there's a security dimension. All this ACTISSI and 1513 02:02:25.399 --> 02:02:29.560 all these most people do and like you said, bread and all these people 1514 02:02:29.600 --> 02:02:32.640 are not into crime. Some of them are now doing what they're doing because 1515 02:02:32.720 --> 02:02:35.840 there was no power. You know, parting it is the be able to 1516 02:02:36.039 --> 02:02:41.279 connect their one dec and then they're able to run their dec. But now 1517 02:02:41.359 --> 02:02:46.880 you're there, they're going to buy for six hundred and ara and you think, 1518 02:02:47.039 --> 02:02:58.239 please please, and then why I would compare ourselves with with Ghanah Ghana 1519 02:02:58.560 --> 02:03:06.560 is yes, I respect. Do you know that Nigeria is much more well 1520 02:03:06.760 --> 02:03:12.439 in doubt in terms of almost everything and compared to Ghana, where I mean, 1521 02:03:12.479 --> 02:03:16.560 you shouldn't just be using jan as a castory. So please, let's 1522 02:03:16.640 --> 02:03:24.800 I hope nobody believes what he said about I'm just worried that somebody is good 1523 02:03:25.800 --> 02:03:33.319 to believe that I w carry that and then maybe I can. Let's let's 1524 02:03:33.359 --> 02:03:44.039 maybe I'm glad to I wanted to talk about again as well. I think 1525 02:03:44.680 --> 02:03:49.399 in my opinion, what what I can say is that I don't think anybody 1526 02:03:49.479 --> 02:04:03.920 should bet begins in Iraq. Sorry go ahead, I can't hear you now, 1527 02:04:04.159 --> 02:04:06.880 madam. You are you got the floor? You are saying we shouldn't 1528 02:04:06.880 --> 02:04:10.880 better against the nira. I don't think we're saying we should bet for or 1529 02:04:10.920 --> 02:04:15.640 against. We're not competing the dollar and thenira are not competing. There are 1530 02:04:15.680 --> 02:04:19.279 two different currens. And I think the problem is this, we're trying to 1531 02:04:19.399 --> 02:04:25.239 answer a question should you hold dollar should you hold nira And we've said that 1532 02:04:25.399 --> 02:04:30.319 the neirah value is derived from imports of dollar. Those imports are from sales, 1533 02:04:30.800 --> 02:04:35.520 from loans, from remittancy. So instead of asking what's the value or 1534 02:04:35.560 --> 02:04:39.760 should I bow, should I sell, look at the sources of supply of 1535 02:04:39.840 --> 02:04:44.600 the dollar. If this dollar supply goes up, Narra will gain value. 1536 02:04:44.640 --> 02:04:48.800 It's just that simple. So if oil outputs this falling, Neira cannot gain 1537 02:04:48.920 --> 02:04:53.800 value in the long term. You can borrow dollars and sell to businesses and 1538 02:04:54.079 --> 02:04:58.159 make sht term returns. That's fine, but long term you have a problem 1539 02:04:58.199 --> 02:05:01.119 on your hand. That's not just the reasoning you can compare dollar. There 1540 02:05:01.159 --> 02:05:05.920 are two different dollars reserve currency, the rights just the West African or you 1541 02:05:06.000 --> 02:05:10.640 say that Nigrien currency. So that that that point. If well made, 1542 02:05:10.680 --> 02:05:14.800 Emmy, you're gonna say something, Emmy for love one and if you want 1543 02:05:14.800 --> 02:05:19.479 to say something that you've got the floor, Emmy, go ahead, Emmy 1544 02:05:19.640 --> 02:05:26.319 speaking one speaking twice, Checker underscore truth, Chucker underscore truth. Please go 1545 02:05:26.359 --> 02:05:30.159 ahead, sir, Yeah, can you hear me? I can hear you, 1546 02:05:30.720 --> 02:05:34.640 Claire, You've got the floor? Yeah, thank you, lots of 1547 02:05:34.720 --> 02:05:45.199 one. Pat, I think as usually brilliant saying we have to What I 1548 02:05:45.279 --> 02:05:51.159 want to add is that I think that we need to start focusing on this. 1549 02:05:54.720 --> 02:06:00.039 Central banks controls money supply and common and control interest rate, which is 1550 02:06:00.079 --> 02:06:05.600 still way that banks and other institutions within the country all funds. That's it. 1551 02:06:06.920 --> 02:06:14.079 If if we want to reduce, like if we want to increase the 1552 02:06:14.199 --> 02:06:16.439 value of the power in which I personally think is kind of a bad idea, 1553 02:06:17.079 --> 02:06:20.479 especially if we're trying to be an exploiting mission. We have to focus 1554 02:06:20.600 --> 02:06:29.760 on the economy. So focusing on the policies within each day they implementing policies 1555 02:06:29.880 --> 02:06:35.640 to increase production power is a staying now right, So people who want to 1556 02:06:35.680 --> 02:06:40.439 go into the power of business should go to the states that have the highest 1557 02:06:41.520 --> 02:06:47.359 to have a large potential for industrial output. So stakes like a room all, 1558 02:06:48.319 --> 02:06:50.920 yeah, et cetera, right, or states that people should be thinking 1559 02:06:50.920 --> 02:06:55.319 about. But I think the focus should be on us even more. We've 1560 02:06:55.399 --> 02:07:00.119 done there, and I think that we need to Like if I'm a governor, 1561 02:07:00.199 --> 02:07:05.439 I will singularly focus on power output. I wouldn't focus on anything who 1562 02:07:05.600 --> 02:07:11.800 build quoture. I would just focus on increasing our power output because that's going 1563 02:07:11.880 --> 02:07:15.880 to be governed. We've tried to human counter development and all that stuff that 1564 02:07:15.039 --> 02:07:20.199 some many people that are said, and culture. We haven't talked about culture, 1565 02:07:20.600 --> 02:07:25.760 right? Are we creating a culture in our various state? Step remotes 1566 02:07:26.359 --> 02:07:30.119 our work? Are we creating a culture in our various state? Step promotes 1567 02:07:30.560 --> 02:07:38.000 entrepreneurship ingenuity. A lot of times we don't look at the habits of the 1568 02:07:38.119 --> 02:07:43.359 people in the land and use that as a mentum for us to be able 1569 02:07:43.359 --> 02:07:47.920 to produce work, right, because you can increase power, But if the 1570 02:07:47.960 --> 02:07:56.319 people are quite frankly lazy in a state, then your productive outfit isn't going 1571 02:07:56.359 --> 02:08:01.640 to increase, right. So I think we mean to think of waysively more 1572 02:08:01.760 --> 02:08:05.960 productive and we need to start thinking long term. You know, I think 1573 02:08:05.000 --> 02:08:11.960 the guy again I'm not a mistake and spoken gigis he wasn't thinking long term 1574 02:08:13.640 --> 02:08:18.000 at some point. We have to think about ten twelve years from now. 1575 02:08:18.840 --> 02:08:24.920 What we do in this country is stan about right. We get political positions, 1576 02:08:24.359 --> 02:08:28.960 people steal the money because political positions are like a lot of people just 1577 02:08:30.039 --> 02:08:35.720 go up there still the money just very short term speak constantly, And I 1578 02:08:35.840 --> 02:08:39.800 think that's a lot of these things are why we're struggling as a nation. 1579 02:08:41.279 --> 02:08:46.119 Don't remote entrepreneurship, don't generally promote part work maybe outside of a few states, 1580 02:08:46.159 --> 02:08:50.479 Snageria, Mulot, snara, not hardworking cultures. So that's going to 1581 02:08:50.560 --> 02:08:58.079 happen each type. You how I got you? And oh sorry, theround 1582 02:08:58.119 --> 02:09:01.239 up real quick, gonna yeah, yeah, I know, I know, 1583 02:09:01.319 --> 02:09:05.640 yeah, And I just want us to kind of focus on it's just c 1584 02:09:05.079 --> 02:09:11.319 C and cardinals. He's only gonna be completely mony, Like what about our 1585 02:09:11.359 --> 02:09:18.640 state governors? Hower is the safety it's not a feral government. You're a 1586 02:09:18.720 --> 02:09:22.720 governor in your state? Is really why? Now, he's really the reason 1587 02:09:22.840 --> 02:09:28.560 why you don't have power in the same outfit slow, So let's focus on 1588 02:09:30.239 --> 02:09:35.359 policies that power out. But those policies are gonna be gonna say so yeah 1589 02:09:37.079 --> 02:09:39.800 with that all right, guys. So guys, one of the closest stress 1590 02:09:39.840 --> 02:09:43.119 here. We're taking it down to the top of the hour. Then when 1591 02:09:43.119 --> 02:09:46.800 we're shut down, we're talking to Nairah, We're talking investing across borders, 1592 02:09:46.800 --> 02:09:50.960 We're talking stilling the NIRA. How can we get it off long term? 1593 02:09:50.119 --> 02:09:54.520 Lots of great speakers, lots of great suggestions that we had about the piz 1594 02:09:54.520 --> 02:09:58.079 of p market being down. We're talking about the CBS rule. Do you 1595 02:09:58.119 --> 02:10:03.239 shoot like this not callers said, focus on the nn pieces rule, getting 1596 02:10:03.960 --> 02:10:07.880 the nairas trend up and all that. So lots of good comments there. 1597 02:10:07.600 --> 02:10:13.279 Home church going down. Let's go to mister Lewis. Mister Lewis, what's 1598 02:10:13.319 --> 02:10:20.079 up, mister Lewis to buy you've got the floors. Mister Lewis, yes, 1599 02:10:20.479 --> 02:10:26.760 hello, I can hear you loud and clear please okay, so veryically 1600 02:10:26.800 --> 02:10:33.000 I don't us also has the voice of the Oil test. A couple of 1601 02:10:33.039 --> 02:10:41.880 weeks ago, I watched that interview. This is your what's about? What 1602 02:10:41.039 --> 02:10:48.479 he said was shocking. He said that is abandoned where else? That's about 1603 02:10:48.560 --> 02:10:56.840 world that's left that the world that to get the oil. So it was 1604 02:10:56.840 --> 02:11:00.680 a dissical that is stalking. I'm like the oil like, can the government 1605 02:11:00.800 --> 02:11:09.439 not give concession? But anyway, that's just you know as the man as 1606 02:11:09.000 --> 02:11:16.319 does that. But the mains as concerning this issue, it's a financial expanse 1607 02:11:16.439 --> 02:11:22.039 and economists here there's something else is groped with and and it passers. And 1608 02:11:22.159 --> 02:11:31.159 that question is why do we have to buy dollars in cash? I'm paying 1609 02:11:31.159 --> 02:11:35.880 into our account before ceremoney, before you can make that international elements. My 1610 02:11:37.079 --> 02:11:43.840 thinking is that at times is the dollars in cash or efforts in cash that 1611 02:11:43.239 --> 02:11:48.800 has not the ability for the trade. And because of the professional I'm a 1612 02:11:48.880 --> 02:11:52.880 lighty guy because then people people, but nobody has been able to give me 1613 02:11:54.119 --> 02:11:58.600 satisfactory answer because I know that country in the world. Well maybe if you 1614 02:11:58.720 --> 02:12:05.439 don't know all that's with the perfect world where what I think the final fixed 1615 02:12:05.479 --> 02:12:07.960 to this issue is that in the engineer should be able to walk into his 1616 02:12:09.079 --> 02:12:11.880 bank, don't really sip and says, so basically go that okay, any 1617 02:12:11.960 --> 02:12:16.079 funny remiss you collect your money in error very simply because we simply doesn't go 1618 02:12:16.159 --> 02:12:20.920 to my back my half around a thousand and the opening I want to pay 1619 02:12:20.000 --> 02:12:24.880 for something in the then say in Russia, please kind of convert my family 1620 02:12:26.000 --> 02:12:30.279 of the thousand and to Russian money at official exchange rates. Then maybe charge 1621 02:12:30.319 --> 02:12:33.520 me if he and transfer the money. And the same thing that also applied 1622 02:12:33.560 --> 02:12:39.560 to the exchanges like Webster, Union and even our carts, even if it's 1623 02:12:39.640 --> 02:12:46.840 better for what them charges, if she a percentage processing fee or something that 1624 02:12:46.000 --> 02:12:50.640 solves the whole issue of going to buy cashw matter and I'm an said about 1625 02:12:50.640 --> 02:12:54.880 this for in exchange is that I realized the man I seeing myself at the 1626 02:12:54.960 --> 02:12:58.199 Lo Lo p econolication start doing a lot. Really, I realized that he 1627 02:12:58.279 --> 02:13:03.520 wants to tea. He never has more value than Japan is yet So this 1628 02:13:03.680 --> 02:13:11.960 RealAge that you say, ah, we know that Japan, and well know 1629 02:13:11.039 --> 02:13:16.359 that japanay in production country. Everybody knows Japan, but our never too. 1630 02:13:16.479 --> 02:13:20.560 D you go one lera to Japan is here you will see that our nror 1631 02:13:20.960 --> 02:13:26.079 currently has slightly more value as Japan even think career. So so the value 1632 02:13:26.159 --> 02:13:31.760 of the there, I think we get very existed on it. And if 1633 02:13:33.479 --> 02:13:37.399 things like minimum wage can fixed cost of production, our improvements production when I 1634 02:13:37.479 --> 02:13:43.439 hear about that you produced is more expensively there and all that I think our 1635 02:13:43.520 --> 02:13:48.840 makeuposive production, supply share and probably see the mostly things the same reason why 1636 02:13:48.880 --> 02:13:56.079 it's more easier to expose something of that just potable difficult things. So because 1637 02:13:56.119 --> 02:14:03.520 I need Actually my main question for the past is why on the only where 1638 02:14:03.560 --> 02:14:18.439 you have to buy towns your bank now, So what about your question? 1639 02:14:18.600 --> 02:14:24.600 Is Lewis Lewis as aswer the question because in the bank is lower than the 1640 02:14:24.239 --> 02:14:28.359 outside. So if you take cash you can buy the better with outside the 1641 02:14:28.399 --> 02:14:33.479 bank. It's just recently. The stidients allowed the bad banks to sell without 1642 02:14:33.640 --> 02:14:37.039 caps in the past because at the bank is lower, so it's better for 1643 02:14:37.159 --> 02:14:41.159 you to take your cash out of the bank and buy. That's what's going 1644 02:14:41.199 --> 02:14:48.600 on. So it's just not a way. Other countries don't fix their currency. 1645 02:14:48.720 --> 02:14:50.239 We had a PEG. If you go to the US want to buy 1646 02:14:50.479 --> 02:14:52.880 currency, you get the extremey to buy from your bank. That's why they 1647 02:14:52.920 --> 02:14:58.000 buy from the bank because you can't buy cheaper outside. You don't see quote 1648 02:14:58.039 --> 02:15:00.920 unquote malam outside in the US. So you okay because you can go to 1649 02:15:01.000 --> 02:15:03.520 your bank, I get the price without a PEG, and you're pegged. 1650 02:15:05.039 --> 02:15:07.479 So the bank is giving me your official or used to give your official rate, 1651 02:15:07.760 --> 02:15:11.359 which also lower than the lookout the real rate. That's what's going on. 1652 02:15:11.800 --> 02:15:26.199 So I think it's ruling in the rest of I believe that no answer 1653 02:15:26.279 --> 02:15:28.880 the question, answer the question. That's why they were doing it. Do 1654 02:15:28.960 --> 02:15:31.920 you have something you do you agree with, That's why they're doing it. 1655 02:15:33.000 --> 02:15:35.319 So now that has gone away. If you go to g T Bank or 1656 02:15:35.439 --> 02:15:37.920 any bank for instance, they give you their quote. If you don't like 1657 02:15:39.039 --> 02:15:41.119 it, you go on that bank. The quotes is now sort of the 1658 02:15:41.239 --> 02:15:46.840 same. The power rate and the rate are now equalized more or less. 1659 02:15:46.880 --> 02:16:00.880 So you're fine. That's why does that makes sense to be a long time 1660 02:16:00.960 --> 02:16:03.720 to speak. Let's go take your room, Lewis, do it. Let's 1661 02:16:03.760 --> 02:16:09.960 get a pre a lot please, let's get a pre a lot. Hy 1662 02:16:11.000 --> 02:16:18.399 Okay, yeah, Hi, please go ahead. Okay, okay, guys, 1663 02:16:18.399 --> 02:16:20.319 that's be quick. Let's be a quick one. You gonna round owt 1664 02:16:20.359 --> 02:16:22.439 and then we'll take it the day. We've kept guys there for two hours, 1665 02:16:22.479 --> 02:16:24.800 three hours, so I want to just black players. Just make sure 1666 02:16:24.920 --> 02:16:31.799 round up and then we'll just take it down to I've listened to Blend and 1667 02:16:33.840 --> 02:16:39.120 I'm usually comming you for what you've been doing, you know, make sure 1668 02:16:39.239 --> 02:16:46.360 that we guess eddicated about you most of these skins. But then by worry 1669 02:16:46.159 --> 02:16:50.799 in all of this is how I don't know, I don't know. Maybe 1670 02:16:50.920 --> 02:16:56.399 this is good something that will be left for you to be well. I'm 1671 02:16:56.399 --> 02:17:03.879 always picked on trying to maybe it's not just be a talk show. So 1672 02:17:05.040 --> 02:17:09.239 what what what what that would mean for me is that you know, to 1673 02:17:09.399 --> 02:17:13.040 be able to find a way, you know, you know that's getting this 1674 02:17:13.280 --> 02:17:16.719 down to you know, the local man, you know, on the streets, 1675 02:17:16.840 --> 02:17:20.200 because at the end of the day, we're not just going to i 1676 02:17:20.319 --> 02:17:24.200 mean, be talking about you know, all of this and then and nothing. 1677 02:17:26.280 --> 02:17:30.159 It's really dumb about it to maybe affect them the kind of take it 1678 02:17:30.239 --> 02:17:35.079 that he wants as people for you know, our country. So what what 1679 02:17:35.319 --> 02:17:37.600 what efforts have we really been making, you know, so that you know, 1680 02:17:39.120 --> 02:17:41.959 at the end of the day, we don't just talk about these days. 1681 02:17:41.040 --> 02:17:46.959 And then you know, most of us we sound rather very knowledgeable about 1682 02:17:46.040 --> 02:17:50.799 these days. But then you know, most of the people's or most of 1683 02:17:50.840 --> 02:17:54.760 the people who in government, you know, who we do you know, 1684 02:17:54.799 --> 02:17:58.440 should know this better and then come up with those policies that we you know, 1685 02:18:00.040 --> 02:18:03.479 look at most of these things don't are not necessarily you know, implemented 1686 02:18:03.559 --> 02:18:07.000 most of the things. So how do we i mean effects those kind of 1687 02:18:07.079 --> 02:18:11.239 thinges. How do we get to indicate you know, those before the streets 1688 02:18:11.239 --> 02:18:16.520 and let you know that this is what it is supposed to be and this 1689 02:18:16.680 --> 02:18:20.719 is what we are supposed to do for us to get it right, because 1690 02:18:20.319 --> 02:18:24.719 if not, if you asked a question, you asked a question, yeah, 1691 02:18:24.799 --> 02:18:26.719 I mean as a question, yeah, so you can just be talking 1692 02:18:26.760 --> 02:18:31.040 about this and making this just to be like some kind of talk shows. 1693 02:18:31.440 --> 02:18:37.840 So but yeah, but realistically to get you know, those changes that demand 1694 02:18:37.920 --> 02:18:41.360 for So that's just I don't know, maybe just like a question or just 1695 02:18:41.680 --> 02:18:43.760 just draw our attention to you know, the points I'm trying to do right 1696 02:18:43.799 --> 02:18:48.319 now. So thank you. Yeah, but but it is a talk show. 1697 02:18:50.000 --> 02:18:52.120 If you called Aluminidae, and I'm telling it for a fact, if 1698 02:18:52.159 --> 02:18:56.600 you call Alumedia and you're asking this question off the space, you might be 1699 02:18:56.719 --> 02:19:01.639 willing to pay consideration if you find him. This guy writes for a lot 1700 02:19:01.760 --> 02:19:07.159 of magazines internationally. He's here just simply because he's a friend. I'm not 1701 02:19:07.319 --> 02:19:11.719 paying him. Is here because of a friend and you're asking a question and 1702 02:19:11.840 --> 02:19:15.440 he basically is answering your questions. Lots of other folks here. There's lots 1703 02:19:15.440 --> 02:19:16.920 of folks here that are coding their names. These are the guys that work 1704 02:19:16.959 --> 02:19:22.120 in investment banks in Nigeria or do a lot of cash in Nigeria, have 1705 02:19:22.280 --> 02:19:24.319 a lot of knowledge. Just come and speak and go with They don't see 1706 02:19:24.360 --> 02:19:28.399 who they are, you see not. I don't ask who you are on 1707 02:19:28.520 --> 02:19:31.760 my spaces. It's actually a talk show. Where you can come and hear 1708 02:19:33.280 --> 02:19:37.200 the real stuff that is going on with money, capital, money, personal 1709 02:19:37.280 --> 02:19:41.120 finance, and the economy. You hear stuff here that you will not get 1710 02:19:41.280 --> 02:19:46.159 anywhere, and it's for free. So my job is what I'm doing right 1711 02:19:46.239 --> 02:19:48.719 now. I've brought that knowledge from the boardroom. This is what we're doing 1712 02:19:48.799 --> 02:19:54.840 here, is what we talk about in our tiny community. We know what 1713 02:19:54.040 --> 02:19:58.200 is happening, we know who's gonna make money next week. We go and 1714 02:19:58.319 --> 02:20:01.600 we do it, and you don't have a I brought it down so that 1715 02:20:01.760 --> 02:20:05.799 more people can just listen it. So even recorded, you can listen here, 1716 02:20:07.120 --> 02:20:09.360 pick one or two things and run with it. That's what we're doing. 1717 02:20:09.639 --> 02:20:13.239 So I've done my own. No one wants this. You can grab 1718 02:20:13.360 --> 02:20:16.959 this now and drill it down further to your own content and say, oh 1719 02:20:18.000 --> 02:20:20.200 I'm on this space. Is is what they said? Is recorded? They 1720 02:20:20.239 --> 02:20:24.879 can listen to it. We've been doing this for three years, one two, 1721 02:20:24.000 --> 02:20:28.200 three, three years. This stuff we're doing here, same with the 1722 02:20:28.319 --> 02:20:31.360 podcast, simply with the tweets we do online. Why because a large gap 1723 02:20:31.440 --> 02:20:35.440 of knowledge. So the point I'm making is this we've done our own, 1724 02:20:35.040 --> 02:20:39.719 is for you to then run with it because this is this space you're seeing. 1725 02:20:39.639 --> 02:20:45.920 I don't think you can find any space consistently in Nigeria talking about the 1726 02:20:46.079 --> 02:20:52.520 economy, finance, personal finance consistently in Nigeria on this same topic. We 1727 02:20:52.600 --> 02:20:56.079 don't talk sports, we don't talk politics, We're just talking money. So 1728 02:20:56.200 --> 02:21:00.879 we're doing this enough so to say it's not becoming top sure, it's a 1729 02:21:01.000 --> 02:21:05.760 talk show literally spaces on Twitter. That's what I try to do to get 1730 02:21:05.840 --> 02:21:09.600 that information out there. So you got to take a suble have actually intellection 1731 02:21:09.719 --> 02:21:13.440 then your molds like use this. So that's what it is. Pr Lorge. 1732 02:21:13.799 --> 02:21:18.040 But thanks for the comment. I appreciated. Look man, look man, 1733 02:21:18.079 --> 02:21:20.680 but logo, how you doing sir? You've got I gotta go for 1734 02:21:20.760 --> 02:21:24.760 it. Yeah, thank you very much. So I just want to make 1735 02:21:24.799 --> 02:21:30.319 you real quick Christmas price is One of the reasons why then would have a 1736 02:21:30.440 --> 02:21:33.479 challenge is because every budget and that year I think of, and every expendature 1737 02:21:33.520 --> 02:21:39.959 that the government does, he's threeten in the US dollar. So that being 1738 02:21:41.040 --> 02:21:46.319 said, it would be hard. So for me feels like when they talk 1739 02:21:46.360 --> 02:21:50.280 about a narr it's like a mirage they make up. Think they're trying to 1740 02:21:50.360 --> 02:21:58.639 make the narrow have value. But in every single thing, every ear too 1741 02:22:00.120 --> 02:22:09.159 is I feel like if we could make every all that region and state become 1742 02:22:09.360 --> 02:22:16.680 very productive, it would give more value to the correct thing because if you 1743 02:22:16.760 --> 02:22:22.200 look at the whole of you know, nanegers as a whole, you you 1744 02:22:22.360 --> 02:22:26.639 only be pointing that leg us I put job with knock us. You know, 1745 02:22:26.920 --> 02:22:33.559 on each ob and every station in Langera has something they can produce than 1746 02:22:33.639 --> 02:22:37.239 God has been exposed to their miniary sources. Station. I knew there was 1747 02:22:39.920 --> 02:22:41.440 I think in two thousand and five, three, two thousand and five thousand, 1748 02:22:41.600 --> 02:22:46.840 yeah, dozen five team they did like at in terms of minary sources. 1749 02:22:46.159 --> 02:22:50.799 Unfortunately nobody brought that into the opener and the governor's may be their pression 1750 02:22:50.840 --> 02:22:52.879 of ain't no howig dealing it is so for me, I think one of 1751 02:22:52.959 --> 02:22:58.840 the best ways we kind of go if really wanted their value to the nial 1752 02:22:58.040 --> 02:23:01.879 used to go back to making sure that every state becomes independent on their own 1753 02:23:03.319 --> 02:23:07.959 man. What I mean it depends true in dependence and tell you every state 1754 02:23:07.079 --> 02:23:13.280 in point self and survived one that one that you could. Secondly, is 1755 02:23:13.319 --> 02:23:18.680 it someone may may mention about the fact that you couldn't go into the box 1756 02:23:18.760 --> 02:23:22.719 to you know, same money to a different country by currency and all of 1757 02:23:22.799 --> 02:23:26.559 those things. Yes, it was it was an intentional thing. It was 1758 02:23:26.680 --> 02:23:33.639 intentional because a plot presence from a clan that I belonged to, felt that 1759 02:23:33.799 --> 02:23:37.159 they owned the country and they were training and creating a block market. So 1760 02:23:37.280 --> 02:23:43.000 trying to create like a strategy of scarcity. Now now it's concerned. I 1761 02:23:43.079 --> 02:23:46.520 think the only thing I think it is being subsidized science, the educational, 1762 02:23:46.760 --> 02:23:52.399 the proof of petroleum is based off subsidized. The dollar was very low because 1763 02:23:52.440 --> 02:23:56.760 the dollar was subsidized. Now they made mention about saying they wanted to float 1764 02:23:56.799 --> 02:24:01.600 the contribute is just not subsidizing the US dollar makes it very expensive exactly. 1765 02:24:01.600 --> 02:24:05.200 That was the hope for many people because if you didn't go out to your 1766 02:24:05.239 --> 02:24:07.879 proof of funds and all those things, you don't need to worry about the 1767 02:24:07.920 --> 02:24:11.440 black packet rates. The administer are gonna let you know, rich accor into 1768 02:24:11.920 --> 02:24:15.799 to raise from the central back. So I also feel like the idea that 1769 02:24:15.879 --> 02:24:20.159 they owe the value of the currency. It's also a very big problem and 1770 02:24:20.319 --> 02:24:26.040 it's intention Now nine dazz Greats is because night dress being sabotagic, But that 1771 02:24:26.159 --> 02:24:28.680 is because and then with the whole sabotized things started with the fact that they 1772 02:24:28.719 --> 02:24:33.239 try to use their RISI system. There's a lot of productivities that are coming 1773 02:24:33.280 --> 02:24:39.680 place. I just wish we can't have a genuine habits industry because our private 1774 02:24:39.719 --> 02:24:45.079 sector is I would regard it as one of the worst private sectors because they 1775 02:24:45.159 --> 02:24:48.639 are they are legally they don't want to have value to the system, but 1776 02:24:48.719 --> 02:24:50.719 they want to re from go value there can yet, I want you have 1777 02:24:50.840 --> 02:24:54.440 people like that in the private sector run in the country. You have issues 1778 02:24:56.159 --> 02:25:00.879 loose and loads of issues. So we need genuine private sectors of and for 1779 02:25:01.000 --> 02:25:03.879 me, I think it would be private second viders that come from you know, 1780 02:25:03.000 --> 02:25:07.399 grass roots, because when it goes back to the so called private seconds 1781 02:25:07.520 --> 02:25:11.639 were this is the fact that it's this elits like for example, there's used 1782 02:25:11.639 --> 02:25:15.079 to be a company called Door Project that was both all a Latin water and 1783 02:25:15.159 --> 02:25:18.000 they were fully funded by access back. These people have no collaterals, not 1784 02:25:18.079 --> 02:25:22.040 VID. You don't know. They were those change suppliers Fine and selling. 1785 02:25:22.120 --> 02:25:26.520 That's the way. From Bye and Selling, they moved to suvice. They 1786 02:25:26.559 --> 02:25:31.239 got they governments apply comply. They started conceptional company. But over ten billion 1787 02:25:31.360 --> 02:25:35.319 dollars. These people have no idea about constructor. They aren't out door close. 1788 02:25:37.280 --> 02:25:39.159 So you got talk about the fact that so corlearly, I'm still not 1789 02:25:39.280 --> 02:25:45.760 the legs of this country for us that they genuinely have growth today. That 1790 02:25:45.879 --> 02:25:48.159 company has tracked because there was a changing government. Well hurry came in. 1791 02:25:48.440 --> 02:25:52.559 It wasn't favorywhere anymore. The bank closed properties. If you come down from 1792 02:25:52.600 --> 02:25:56.440 the government ablage, the property is just by the last man, black man, 1793 02:25:56.520 --> 02:26:01.040 black office, valubray. So you think about it. There's a whole 1794 02:26:01.040 --> 02:26:05.479 lot of issues and we will come in here and beginning begin to bring in 1795 02:26:05.559 --> 02:26:09.520 solutions, pro fi solutions. But the question is this, are we genuinely 1796 02:26:09.680 --> 02:26:13.040 ready to make things work? Because I can tell you one of the biggest 1797 02:26:13.079 --> 02:26:16.639 problems we have as a country is a level of apocrisy. You see, 1798 02:26:16.680 --> 02:26:18.760 everyone wants to be good. Think about this. They rather know having good 1799 02:26:18.799 --> 02:26:22.680 stud I'm buying us that also has a lot of the lots to do with 1800 02:26:22.760 --> 02:26:28.200 our Veston They rather know it's it's just ridiculous. I would say this, 1801 02:26:28.520 --> 02:26:33.879 Yeah, any states would be existent and it will look like they have power. 1802 02:26:35.159 --> 02:26:39.079 They are powerful. It's because there's a population in that place and functions. 1803 02:26:39.319 --> 02:26:41.840 If you look at it goes today when the south is time, the 1804 02:26:41.879 --> 02:26:48.520 people move, that's all economy is dead. So we have what it takes 1805 02:26:48.079 --> 02:26:54.719 to go and make I know that it's economically viable and have our own control 1806 02:26:54.760 --> 02:26:58.280 and value, and that way no one will have new choice. That's a 1807 02:26:58.360 --> 02:27:01.440 power what we want to make, and then we can have value. In 1808 02:27:01.559 --> 02:27:03.799 terms of talking about the nyrus and the dollar, I would not tell you 1809 02:27:03.879 --> 02:27:09.319 you lie, I think because the country has been out creating any terms of 1810 02:27:09.399 --> 02:27:13.760 the US dollars, it's has its own currency. But we we paintended to 1811 02:27:13.840 --> 02:27:18.680 look like was then and we're really doing everything expectations and everything in the US 1812 02:27:18.760 --> 02:27:22.799 dollar. That's what our value was. It would take a while to command 1813 02:27:22.000 --> 02:27:26.319 the strength of the narraback. But what we can't do is when we share 1814 02:27:26.879 --> 02:27:31.280 that economical power that it's been putting on the past plastics and we have to 1815 02:27:31.399 --> 02:27:37.879 go round. You know that over time we can't recover. And then when 1816 02:27:37.920 --> 02:27:45.159 we're truly ready to now be honest with ourselves, then we cannot say we 1817 02:27:45.239 --> 02:27:48.680 want to put the value of the araback. It's funny how the guy else 1818 02:27:48.719 --> 02:27:56.680 would be that the guy has more murrency and he has more value. And 1819 02:27:56.719 --> 02:28:00.440 I hear that every week and I'm always like, really, do you think 1820 02:28:00.760 --> 02:28:03.879 the city has more value than it does it? You just have let's let's 1821 02:28:03.920 --> 02:28:09.120 have about that. Well, so we have what it takes. The ideas 1822 02:28:09.159 --> 02:28:13.559 are there. We don't have grants. We don't have government grants for the 1823 02:28:13.680 --> 02:28:16.239 ideas. We don't have drafts that do this to be fundable. I look 1824 02:28:16.280 --> 02:28:18.520 at the grants and I was upset. Look we got a round up. 1825 02:28:18.520 --> 02:28:22.719 Look man, sorry about that. We got a round up with you don't 1826 02:28:22.760 --> 02:28:26.680 mind you know you're talking about giving grants. I'm already talking about mom, 1827 02:28:26.760 --> 02:28:31.399 I'm not already this on this guy. So the REDI a spooksman. He's 1828 02:28:31.440 --> 02:28:35.840 talking about the fact that they're giving a fifty thousand grabs for what. What 1829 02:28:35.920 --> 02:28:39.319 does five thousands I want to do? And then we need to move our 1830 02:28:39.399 --> 02:28:46.399 publisher to understand this. By yourself, you can't move faster. Together, 1831 02:28:46.600 --> 02:28:50.639 we can't move further. The idea that everybody wants to own a company is 1832 02:28:50.680 --> 02:28:56.680 one of the most inticulous things that exists. Act with that was brought out 1833 02:28:56.760 --> 02:29:03.719 of unit creamwork. All right, if we can't think of merging and all 1834 02:29:05.000 --> 02:29:09.319 look like people who came to that waits they decided to divide those when they 1835 02:29:09.360 --> 02:29:15.639 can bring we need to come back. But you let that that is only 1836 02:29:15.719 --> 02:29:20.159 as a team that we can't bring you the value. Gotcha all right, 1837 02:29:20.200 --> 02:29:22.200 bro, thank you appreciate that. Let me get last to speacause we've got 1838 02:29:24.319 --> 02:29:28.239 just rab you and I've got this just trib you. You've got the floor. 1839 02:29:28.319 --> 02:29:31.120 Thank you so much for waiting, and I appreciate that. Just trap 1840 02:29:31.159 --> 02:29:33.399 you go ahead that I've got to excel to me. Yeah, Rob, 1841 02:29:33.520 --> 02:29:37.159 you you've got the floor, go ahead, yes, brief and es I 1842 02:29:37.239 --> 02:29:46.719 can so first one to say that the argument that Nagia is every country in 1843 02:29:46.760 --> 02:29:52.520 the world, but dost they found themselves in? So we should just forget 1844 02:29:52.559 --> 02:30:01.719 that serious we should be coherent argument. So the current situation matter of finds 1845 02:30:01.799 --> 02:30:05.079 itself is not the problem, or it was not caused by the common man. 1846 02:30:05.680 --> 02:30:13.920 You spoke earlier about the market woman holding ten dollars, five dollars whatever, 1847 02:30:13.159 --> 02:30:16.319 so that when she needs something she could trade it back and buy. 1848 02:30:16.959 --> 02:30:24.719 Those are not the real people making impact. There are people holding millions of 1849 02:30:24.879 --> 02:30:28.840 dollars in cash in their homes and that's where the real problem is. But 1850 02:30:28.239 --> 02:30:31.639 at the end of the day, it's the common man that gets told, 1851 02:30:31.920 --> 02:30:35.440 oh, give up your one dollar, don't buy this, don't do this, 1852 02:30:35.719 --> 02:30:39.639 and it's like everybody has to support the government. People have lost their 1853 02:30:39.719 --> 02:30:45.239 businesses, people have lost their means of livelihood, people that have been thrown 1854 02:30:45.280 --> 02:30:48.040 into abjective poverty. Things you used to be able to afford, you no 1855 02:30:48.120 --> 02:30:52.079 longer try and fold, and then you get told to just jump on the 1856 02:30:52.120 --> 02:30:56.440 board, jump from the band wagon and hail somebody, or uligize somebody, 1857 02:30:56.600 --> 02:31:00.639 or affort somebody, and if you don't do it, it's you've got a 1858 02:31:00.760 --> 02:31:03.159 person or something. I think we all love. Nature of the reality is 1859 02:31:03.200 --> 02:31:09.159 the reality. Briefly, I would like to share a personal experience. So, 1860 02:31:09.079 --> 02:31:13.680 like two weeks ago, I changed the pounds. The pounds was doing 1861 02:31:13.719 --> 02:31:18.440 well then against the neerra, so I changed it for like two thousand intenera. 1862 02:31:18.840 --> 02:31:22.520 Then I bought Chinese for rememby, which is the yon at two hundred 1863 02:31:22.520 --> 02:31:26.200 and seventeen narra each. So I explained three hundred pounds and I got around 1864 02:31:26.840 --> 02:31:31.600 five hundred and seven to something thousand, I don't remember exactly. And I 1865 02:31:31.719 --> 02:31:35.319 had to then now Shane convert the narra into Chinese yuan, which is rememby 1866 02:31:35.799 --> 02:31:39.879 and I got two thousand, one hundred remy so I gave it to somebody. 1867 02:31:39.879 --> 02:31:43.079 I actually had somebody to do a job for me. Now, after 1868 02:31:43.200 --> 02:31:45.159 like two weeks he said, you can't do it, and then I asked 1869 02:31:45.200 --> 02:31:48.760 for my money back. He is Bangaladihi, so he doesn't spend narra. 1870 02:31:48.840 --> 02:31:52.399 I have to give him Chinese yon because he has a Chinese reach chut account, 1871 02:31:52.440 --> 02:31:56.319 which is like the version of broadsupp I give him a moment towards that, 1872 02:31:56.360 --> 02:31:56.760 and I think, okay, you know what, give me back my 1873 02:31:56.879 --> 02:32:01.239 money. I don't need Chinese you and I can't. How does it give 1874 02:32:01.280 --> 02:32:03.840 me back? He sends me back the money. Now I have to go 1875 02:32:03.000 --> 02:32:07.280 and change it back to narra or two pounds or two dollars or something, 1876 02:32:07.479 --> 02:32:09.479 and there's no way again with that. When I went back, the value 1877 02:32:09.520 --> 02:32:15.200 of the yan is still the same. But now when I ask the same 1878 02:32:15.239 --> 02:32:18.959 person, I bought narra for two seventy from that today it's one hundred and 1879 02:32:20.040 --> 02:32:22.840 fifty. I cannot have fort to do that. I'm going to get like 1880 02:32:24.040 --> 02:32:26.879 two hundred thousand narra if for the same money two weeks ago that was five 1881 02:32:26.959 --> 02:32:31.959 hundred and seventy thousand. No, no matter how much I loved that you 1882 02:32:31.959 --> 02:32:33.879 are I love the country or the situation, the fact on the ground remains 1883 02:32:35.920 --> 02:32:39.719 that. It's like he keeps saying, like the economics is the economics, 1884 02:32:39.799 --> 02:32:45.799 you cannot preturn. The reality is yeah, and I rage yes. That's 1885 02:32:45.840 --> 02:32:48.799 the point I'm making again with with the lady, that leader is buying dollars. 1886 02:32:48.280 --> 02:32:52.440 What I'm saying that lady is not an economic person. That lady has 1887 02:32:52.520 --> 02:32:56.399 no idea of exchange rate. What she just knows is this, if it 1888 02:32:56.479 --> 02:33:01.920 takes her one thousand Ira and she buys a dollar, she can use that 1889 02:33:01.120 --> 02:33:05.239 same dollar in a month's time and buy a supplies looker in Nigeria. That's 1890 02:33:05.239 --> 02:33:09.000 what she knows. She doesn't know an NPC, doesn't know CBN. She 1891 02:33:09.280 --> 02:33:13.159 just knows that with the money's and a dollar, it doesn't feel That's what 1892 02:33:13.280 --> 02:33:16.440 I'm saying. And there are many put like her in one way or the 1893 02:33:16.639 --> 02:33:20.879 other, that want to save nira. You know, in the market place 1894 02:33:20.879 --> 02:33:24.840 in Nigeria, people go around taking money from people to save the collins a 1895 02:33:24.000 --> 02:33:28.920 job. They go around and take money daily from these people, and they 1896 02:33:28.000 --> 02:33:33.239 see this money every day. So this woman, I'm telling you, collect 1897 02:33:33.319 --> 02:33:37.159 this money. And if they collect that money, they go and buy dollar, 1898 02:33:37.520 --> 02:33:41.280 and they'll hold that dollar just to trade it back to buy the same 1899 02:33:41.360 --> 02:33:45.360 goods. But they can use that dollar and buy the same goods that when 1900 02:33:45.399 --> 02:33:48.319 they have NIRA. That's what's going on. So you have a new class 1901 02:33:48.360 --> 02:33:52.639 of pod that don't have any business holding dollar that are now demanding dollar. 1902 02:33:52.920 --> 02:33:56.120 So don't demand that has gone up. So I was making the point with 1903 02:33:56.200 --> 02:34:00.920 that example that where there's stability in prices a month for that, I will 1904 02:34:00.920 --> 02:34:05.879 also fall. If you have food incusion at seven percent and dollar is going 1905 02:34:05.040 --> 02:34:11.319 up and down and food is still ty seven percent, why will not go 1906 02:34:11.479 --> 02:34:16.079 up? People are asking on Twitter, she died buy food today? Is 1907 02:34:16.360 --> 02:34:20.360 tirty seven percent inflation? Dollar went down last week? That the price of 1908 02:34:20.440 --> 02:34:24.719 food go down last week? Yes, sir, No, then the price 1909 02:34:24.799 --> 02:34:28.600 of food go down after that. So then what are we talking about now? 1910 02:34:28.360 --> 02:34:31.600 So what is the argument about? So I will say that your dollar 1911 02:34:31.719 --> 02:34:35.799 goes to ten ut to one dollar with the price of bread reroduce. If 1912 02:34:35.840 --> 02:34:39.760 it does not reduce, then is it a real artificial So the people are 1913 02:34:39.920 --> 02:34:46.600 argue, you're looking for a villain to pinch your that song. I'm giving 1914 02:34:46.680 --> 02:34:50.280 you the data. I didn't make the data up. This is the pure 1915 02:34:50.479 --> 02:34:54.120 data I'm giving you. You get eighty nine percent of your exports from crude 1916 02:34:54.159 --> 02:34:58.879 oil. Have you increased crude oil exports? No? Where is does against 1917 02:34:58.879 --> 02:35:05.680 to do? You are borrowing dollars at twenty one percent to sell to make 1918 02:35:05.760 --> 02:35:09.079 your dog your diarra rising value. Okay, you borrow today, will you 1919 02:35:09.200 --> 02:35:13.319 borrow tomorrow? That's the question. If the bors But what that you argue 1920 02:35:13.399 --> 02:35:16.520 about. If we've agreed that the one is for the dollar, the nirak 1921 02:35:16.680 --> 02:35:20.760 is rising because we are borrowing dollars, then what are we arguing about? 1922 02:35:22.200 --> 02:35:24.159 If you want to continue to keep borrowing, you want to hold the loders, 1923 02:35:24.200 --> 02:35:28.319 hold the dollars. But what would argue your data with me? And 1924 02:35:28.319 --> 02:35:31.479 I'm not talking data and personal finance. If you want to do it whatever 1925 02:35:31.520 --> 02:35:35.719 you want your dollars, go and do with your dollars. But for me, 1926 02:35:35.600 --> 02:35:39.280 if I have dollars, I would dipacify my own pubs for you, 1927 02:35:39.559 --> 02:35:46.399 because I defor the mentors have not changed. If tomorrow I hear that eden 1928 02:35:46.479 --> 02:35:50.799 PC has supplied the whatever in India two billion battles. I will be the 1929 02:35:52.000 --> 02:35:56.399 first person to sell my dog because if from the mentors have changed, this 1930 02:35:56.559 --> 02:36:01.959 is not this is pure Matt. It's maths, mathematics. So let's move 1931 02:36:03.040 --> 02:36:05.760 on, though, last speak up before I go to give me close the 1932 02:36:05.799 --> 02:36:09.360 box, last speak up, roast to excell to me, how about you? 1933 02:36:09.399 --> 02:36:13.399 So thanks for also holding there? Please get actual to me, you're 1934 02:36:13.399 --> 02:36:18.600 still there actually to me going on, actual to me, going to a 1935 02:36:18.639 --> 02:36:28.120 little bit thankful hanging out, Thanks for having you know, I keep playing 1936 02:36:28.200 --> 02:36:37.159 everything you know, I actually wants to because it wasn't like actually that there's 1937 02:36:37.239 --> 02:36:46.600 no alcohol, that's people won't lose that how Google, Google have got so 1938 02:36:50.079 --> 02:37:05.000 yes, I listen to you very similar to what we understand that uh you 1939 02:37:05.120 --> 02:37:11.879 have we walk that made of the reduction of boats. We work and take 1940 02:37:11.920 --> 02:37:18.280 it all of them. I wants to at that point and it's rappy so 1941 02:37:18.479 --> 02:37:22.719 you must see it. Do I listened to this? Not say when I 1942 02:37:22.760 --> 02:37:31.079 said that it's likely that interested papeat how this that may be? What we 1943 02:37:31.200 --> 02:37:37.239 have now is that actually says follows govern it's more than our vast ready now 1944 02:37:37.799 --> 02:37:41.399 the sire like I've said it depends right off staff. It's not. It's 1945 02:37:41.479 --> 02:37:46.840 meant to because we work going after you. Then when the after do work 1946 02:37:46.879 --> 02:37:52.120 out? And what does I work out? So he tells you that all 1947 02:37:52.159 --> 02:37:56.559 the structor programs think about it's still very like. But I said that one 1948 02:37:56.600 --> 02:38:03.040 of the people writer is that the text part this usual last years amongst the 1949 02:38:03.120 --> 02:38:11.120 PA systemic, per polotic, uh uh movements do not get to further look 1950 02:38:11.159 --> 02:38:18.600 at now interesting that you know bankside whether they get a out growth or we 1951 02:38:18.879 --> 02:38:26.200 can about opportunity. One is the everybody said, well revolution of sas decided 1952 02:38:26.239 --> 02:38:33.760 that. So thinking that cause to say got really like to those Parsimar too, 1953 02:38:33.879 --> 02:38:39.799 because so imply a fine that we can all be to conquer ANALYSI. 1954 02:38:39.920 --> 02:38:46.479 But the studio this space is that maximize the comition to better our by And 1955 02:38:46.639 --> 02:38:52.399 that is why I say that reader as yeah, especially want to restart the 1956 02:38:52.520 --> 02:39:01.399 problems that go in mart. If you know that you can have the one 1957 02:39:01.479 --> 02:39:05.239 word, but if you know that you don't have that capacity, tran google 1958 02:39:05.280 --> 02:39:13.559 that capacity. We have markets that at that just so you can always do 1959 02:39:13.799 --> 02:39:18.040 from somewhere, don't look down on the That's where I keep all the people. 1960 02:39:18.239 --> 02:39:22.959 You don't do that, and you see I'm still probably I think you 1961 02:39:24.959 --> 02:39:31.239 quit. I still do that something who have to come out from the desert. 1962 02:39:31.440 --> 02:39:35.479 So uh. The last point is that you have an investment account. 1963 02:39:35.639 --> 02:39:45.799 And I think the about injury player better serious trouble because life is changing. 1964 02:39:45.879 --> 02:39:50.680 And you know I also because you had to try and speak to do that 1965 02:39:52.200 --> 02:40:00.079 send their life and we have different on the eg. Look at the you 1966 02:40:00.120 --> 02:40:18.120 can't do you can you can't and you know that people want to every to 1967 02:40:18.200 --> 02:40:31.120 that I have. I hoped to go something that goes because the problem is 1968 02:40:31.200 --> 02:40:35.879 that many of course you don't look at you you want as we said, 1969 02:40:37.319 --> 02:40:41.879 thank you and I would all right, thank you so so much for that. 1970 02:40:43.079 --> 02:40:46.159 Hey, guys who've come to the end. We spent nearly three hours 1971 02:40:46.239 --> 02:40:50.399 talking money, capitol market, and of course the economy. So we're all 1972 02:40:50.479 --> 02:40:52.760 every goes in host and we're here every weekend so you can catch us next 1973 02:40:52.799 --> 02:40:58.040 weekend and we always try to have this open forum where guys can talk, 1974 02:40:58.159 --> 02:41:01.799 you know, ventilate issues and hopefully we pick one or two things out of 1975 02:41:01.879 --> 02:41:05.200 there. What's having Nigeria right now with this bank recognization? Will it cause 1976 02:41:05.319 --> 02:41:09.360 markets to fall will it bring in FDI, will it even cause a dollar 1977 02:41:09.440 --> 02:41:13.159 to rise or fall? We're going to start to look at that critically. 1978 02:41:13.280 --> 02:41:18.719 I think it's this by I think that sector is a bye which particulars talks 1979 02:41:18.760 --> 02:41:20.079 to buy. Of course, we'll come in here and talk about it. 1980 02:41:20.600 --> 02:41:24.479 I still hold the dollars close, but also hold the Nigerant equities close, 1981 02:41:24.840 --> 02:41:28.840 you know, like like I've said, if the market is down, the 1982 02:41:28.000 --> 02:41:31.600 only place you can go next is up, So you know, don't don't 1983 02:41:31.799 --> 02:41:37.079 do too much dollar dollar dollar. Remember Nigeria is also a very very large 1984 02:41:37.159 --> 02:41:39.319 market and it can also go up as well. So guys, have a 1985 02:41:39.440 --> 02:41:43.959 great week coming forward, and I hope to see you guys here next week. 1986 02:41:43.040 --> 02:41:46.520 You guys, enjoy, take yourselves and buy