Hey, hello everyone. Now, welcome to another evening with Me Kalu.
This is a X basis with Me Kalaaja. This is where we talk money,
the economy and of course finance, and I want to make the topic,
you know, personal to you. How do the economic topics of the
week affect your wallet? That's what we're talking about here every week. This
week we have an interview. Right, I'm speaking to mister agi Uluatbi.
He is the MD, the chairman and the CEO of Nord Automobile Limited.
I'm trying to get him to come on here and I'm so so pleased that
he's able to join us, just when we can talk around the issues of
SMEs manufacturing. He's on the ground. He's making stuff. This is not
services. He's making stuff on the ground in Nigeria. So without much for
her doing. It's gonna ask me to welcome to on me introduced himself and
then we can go from there. Thank you so much. Do on mute,
sir. How are you doing today? I'm doing very well. Good
evening here in Nigeria and so Nigeria this evening year. Good evening everyone listening.
I really appreciate this and I feel privileged to be here on this space.
Like he explained earlier, my name is the Lord Vir Jerry. I'm
the founder of not Is, one of Nigeria's what too manufacturers are assemblers,
Yes, so that's what we do. We make cars. Were semble cars
in Nigeria. Excellency. Yeah, you've been very more sad. I think
that's that that just to sit at alone, just the fact that you can
make cars in Nigeria, I mean with a lot that's going on, that
is just so you're being very very humble, but welcome to the space.
Like we won't just basically learn about what you do and we'll just pick a
few lessons as to do the interviews guys, So let's just go on the
street real quicker. So just my first question to you, why cars?
Right? What is it in your background? And I prepared you for this
role? I mean, did you want to do this? Is this what
you were to do? You want to make cars? Or you saw the
opportunity, let's put it that way. Okay, So so what I've always
wanted to be an entrepreneur. I've always from a very young age, I've
always repent entrepreneur. And that's also because that's my copy mechanism for Nigeria.
I grew up in Nigeria at school or my life in Ningeria like call it
me do or black class. You know. Family, and I saw a
lot of my uncles. Even though as as we were with my most of
my uncles and my parents were boding legals and suerary, and even as well
as the new people, they found it very hard to get jobs. After
I saw this happening, I didn't want this to be my own side of
the story. I don't want this for myself. So I said, okay,
what was I gonna do them? Is I have to try and create
jobs. I have to look for a way to make things, and I
look for something I was very easy. We have a lot of farm from
both side of my family and my dad's side my mom's side, so I
said, okay, Nigeria also has a football. I was thinking about all
these things when I was aving a teenager before I don't going to university,
so I knew Nigeria has a very big food problem. Even til now,
I knew how that it is that a lot of our problems will be solved
if Nigerians can be able to get enough food at good price. So I
said I was going to be a farmer. I was. I used to
do people I would did those days when I was a teenager, when I
was really really young, that I don't worry. I'm going to feed a
million people. I'm going to crush the price of food in Nigeria. I'm
gonna be very popular. I'm gonna be this. But I did not think
it was going to be automobile. It was going to be farming in my
opinion, So so I did. I started farm meorchanization in school. After
that I came to Legos for NYC. I saved in my Cities Bends.
Now, after my Cities Bends, I really liked the place. It was
a lovely environment. Like I said, at schooled in Nigeria, I thinking,
imagine how and then I joined universtity. The culture wasn't so nice.
So going to my Cities Mens Nigeria, seeing how well I was really treated,
well, I just said, you know, I'm at I'm going to
be farm anymore. So I decided to focus on the automobile side of things,
and I decided to stay at me Cities Bends and I left the farming
for a while so when we are doing that because I've always wanted to,
I'm trying to summarize because I'm always want to be an entrepreneur. Somehow,
even though I didn't do farming and produced food, now I produced cars.
I just still found myself producing something, even though life moved me away from
what I initially wanted to do. So even though to move you, I
had or find the opportunity still Seeing the problem of Nigeria, which is we
cannot keep buying two combo vehicles, a look of our effects go out because
people buy Nigerians. Nan is a very big market for cars. We spend
with two one point one three llion to one point eight three llon dependent on
the year buying cars. On the sad parts is that less than five percent
of that volume is brown new to ninety five percent and little or even more
of our vehicle purchase and Nigeria are used vehicles, so that we don't create
any jobs. It doesn't take anything to sell use vehicles. That's what I
want or two sales people and I once more, even if the children sell,
just having cannot and selling cars vote to for a market. That side
is about that one point one three or one point eight three yore like one
point five three llion in two dollars. You said, as the big big
markets depend on If maybe three point five billion, maybe four billion you does
dollars, that kind of should be creating thousands of jobs, tens of thousands
of jobs. And that's what I wanted to do. I was a messities
bends. I thought how these people were just you know, sending very goods
to the Nangeria and selling out, opening them to sell. And I said,
you know what, we can take these things ourselves. We can create
more jobs, we can add more value, we can help Nigeria, we
can improve the GDP of Nigeria. And one of many other reasons. I
have many other reasons why the celebrity I can't talk about if you ask me,
but one of the major reasons was to solve some of the problems we
have in Ageria. So it was it was more like so it was cars
specifically for the employment. I'm just trying to figure out why it was cars.
Toby, can hear me, Okay, can hear me? Yeah?
Yeah, so it is so, yeah, yes, great, So specific
to cars, it was was it the need or the opportunity did something happen.
Did the policy happen or did you have because of the backgrounding mercedies bears,
you knew about that line of business. We try to go into it.
What was the trigger for cars? So a policy happened, something happened
very right, So it's about it's about a drive for entrepreneurship, a drive
because I always feel entrepreneurship is creating value, solving in need in exchange for
financial gain in that order. That's always my idea of entrepreneurship. So of
course, as I want to solve that problem, it problem has to have
been there, then you see the opportunity and the policy has to be there.
So in twenty fourteen the policy a policy came about in Nigeria called the
National Automotive and Industry Development Policy any ID P Twenty fourteen. It's encouraged local
manufacturing in Nigeria. It increases arey for fully built vehicles. For commercial vehicles,
it's increased it for I can't remember, maybe ten percent or two retires
to teny five percent. Then increase those for passenger cars from I think twenty
percent to thirty five percent duty, thirty five percent levy, so a total
of seven two percent. Then for semi knockdown semi knockdown that is an assembled
part. But the semi which means that the parts are already painted, are
they already welded, but they're still they're still not together. You still need
to come and put the put the actus together, put the engines together,
putting transmissions together. Semi knockdown and pay ten percent for public knockdown, which
is the same thing you find anywhere in any factor in the world, whether
in the city is based in jagoua range over complete knockdown you pay nothing.
Just bring him too that those parts you need to welded. So for the
definition for complete knockdown means that he has to be un welded, which means
you have to have a welding process and anger are damage, you need to
also do electoral electroplating. For anti RUSS you need to also now painted and
duty they are that you do that you know have to bring into the assembly
line to assemble now they so you pay nothing for that. So the encouragement
was there. The gems of industity then I was a little I was an
in industry, but I was just I was invested. Invest then the most
senior man in my industry like to utilize costs. Cost charities were really against
this policy because they didn't trust the governments. They felt that the government was
always going to do policies or mysseults. They said that people have invested billions
of those as in Nigeria descents and those investments are going to waste, and
so they do not want to invest in because assembling cars in Nigeria is a
very capital and in any way any but assembling cars is capital intensive. So
this senior men did not think it was right. And we had a lot
of town with meetings with the government of the day then and the minister and
he promise toosed a lot of things, biding a lot of promise and people
started investing in little. The twenty fifteen came and the government of that they
maintained the policy. So I think that gave the industry players including me,
the belief that was going to work out well. So between twenty fifteen to
twenty eighteen, just three years, Niningerians in my industry, like people in
my industry, invested more than four hundred billion naira that's maybe more than one
billion years as well as at that threat at that time if everybody was also
building assembly planned building capacity. Because we felt that Saneria was ready and at
that point too, that was one of the reasons why said, okay,
you know what, if this has happened, it means that the government of
Ninegeria is ready for this, then we can actually take advantage of this thing.
At that time too, the dollar was also basing a combination of different
factors. The government brought up the policy that I felt was in support of
local manufacturing. Then at the other end, the I used to sell.
I was selling me this basic spreme type a boss. This point, I
was going for nine point five million, because the dollar was an hour at
that time, you know, and two uta I was like seven point five
minute, as our compt you can imagine, so it was ten point five
were selling for like nine million nine point five Next thing, the dollar went
into more than four hundred within a year. The landing costs of a vehicle
I used to sell just a year before at nine point five million, which
means that my cost price was into lower, went to around prints for twenty
five million NI from nine twenty four. Yeah, from from my custperences,
around seven point something million nine eight less than eight million. It went from
that to twenty four million nih. We didn't a year the same vehicle the
same euro price. Be gonnare available in general from Yeah manufacturing. They don't
increase the price because of the currencies in evaluation. We didn't a year between
twenty fifteen to twenty sixteen twenty four million nire. Of course, you can
imagine vehicles that I used to tell about almost two hundred units a year underland.
Something you need to year. The twenty sixteen I saw that I can
remember very well. We saw thee thirty three units and they take three units
some of them. Was almost like emotional blackouts on the customers because these are
customers that the area had like pending others, so we have to force them
to buy twenty seventeen. You don't want to know the numbers. It was
less them units. So at that point I said this business was going to
die because you know, we jumped something. And when you say this business,
and you asked about myself, so as if I told you this my
h my story, you would have seeing how I go to being the CEO
of the Gelostical my Cities business. I didn't tell you about that. For
just to be clear, right when you say this business, when you say
this is a referring to the retail sales of cars in Nigeria, retails of
important cars, and I just have to refer to this business right as at
twenty seventeen, twenty sixteen, you're actually the reason why I stayed. Not
sorry, I did, no, just just to be clear, just to
follow right, when you say this business was not going to survive, you
are speaking about the retail sale of important cars into Nigeria. That's what you
referred to. No, I was talking about my first company. I was
talking about my first thing. Okay, my first company. In twenty two
thousand and fifteen, two thousand and four, taste to fifteen, I founded
a company called jet Co founded called jet Van. That company was an authorized
dealer of my cities benz gotcha? Gotcha? Gotcha? Yes? So that
company was well bringing me cities, bends, sue and sell them. Do
you understand? Interesting? And we're selling very well. We sold very well
in twenty fourteen, We sold very well in twenty fifteen. But in twenty
steen we lost market here because what we used to sell for nine point five
million had to be sold for around twenty nine twenty eight million Jesus, all
within one year. So I realized that that phusiness was going to die.
Gotcha that that was when I knew that I needed to start a company that
will re use the costs of vehicles or the price of vehicles to Nigerians.
So I said, you know what, Now everybody's complaining to buy brand new
vehicles anymore because nobody, nobody can afford it. And I told okay,
So I went, I went again, necessarily, can you remove all these
companies? Why you do this? Can you do that? They refuse because
for reasons vested on to them, they refuse. And I told myself,
this is an opportunity for me. Then Nigeria already has policies at home that
favors manufacturing of vehicles. You already have customers who will buy if the price
is good and the quality is good. Luckily for me, I've been through
all the message mens factories in Germany. I know how cars are made.
I didn't know I could make them, but I know that I've seen this
cars been made. I have an idea how they can be made. So
I it's an opportunity if I can provide Nigerians with durable, elegant, easy
to maintain and affordable vehicles, then I would have been solving a very good
problem. If I do this, then I can get a lot of my
customers who cannot buy my vehicles anymore, who are going to rely on publishing
their old vehicles, who are going by to com bovee vehicles. I can
get these customers to buy to start by my new vehicles that have made year
in Nigeria, because it will be a lot more affordable because I won't pay
duty and I would be able to control the factors of production. Electricity is
expected to jerily. Yes, but land is cheap, label is cheap.
It's very interesting, and you also eliminate a lot of me, you men,
it's very interesting. So I did the analysis and I realized that,
you know, I did the analysis, and I realized that I'll be able
to afford affordable I'll be able to provide affordable vehicles to Nigerians. And I
started the plan in twenty seventheen so I registered not in twenty seventeen, and
he's been going well since then. I can tell you more. It's been
there afose tough times there and there, because I had to design the vehicles,
I have to source the materials. I have to travel around the world
trying to get the right materials, trying to get what Ninegerians want. Even
you know, I was trained by my cities, but which as a lot
of German German things and realized, I know that may not be what Ninegerians
want. Nan Gerrans may want to move towards the Asian parts like Japan.
You know, Japanese parts are very popular Nangeria. So I moved towards that
area. So because that would always that would allow me meet my objective of
providing durable, easy to maintain and affordable vehicles for n Enginians. Let me
ask a question. So so as your question I started, I did it
because the opportunity came, Like the vehicles were more expensive. Nine generals could
not buy and Englis couldn't buy, telling those that are dream businesses, and
the government had a policy that was encouraging it. So that combination was was
a very big incentive for me. And I went too and to pro to
pro to to just give me a good example, selling bank has been very
pom giving us to the stelliment is very important for me. It's helped me
a lot. There was a time in twenty nineteen a customer of Stelling Bank
also was this. One of the things about about when you have a local
production, when your your economy, just the multipli effect on the economy is
but also so the the this customer has a transport company that provides logistics and
transport solutions to the i one of some of the IOCs, you know,
the oil companies and so the person. But the Selling bank finances this company
the five posses maybe like four or five. After four years, the possess
that are you know, you know reatten off or something like that, you'll
not take the new posses because the oioses want new possess I think every four
or five years. Yeah, you get so the four years have gone.
They wanted news posses and they usually accliminal mentioned the brand, the brand,
but you know, want the popular to the popular Japanese brands. So this
customer went to the bank again. The bank digger the cash flow and disease,
you know, and they realized that the revenue projections was not enough to
meet the cost of the vehicle of the post and that means from their analysis
that business will be unable to pay back the loan was about to get and
of course the credits him said no, this customer was really really mad,
like he was fastical customer. I was really really upset. I think he
was gonna lose his business. You know, was he gonna considering living like
you at that time? Because he's our business. We crossed the zoom things
you know, and our long the line. The somebody is telling band just
told me about it that have a customer that has a big problemle that this
is probably hard like he has. He has a customer this is this is
it is a way we can solve the problem for him because we have bosses.
Can we sell this bosses to this customer? Sayings, we also use
Japanese pats, it's almost the same thing. Can we introduce they can introduce
so they can also induce those the iosis and the iocc Yes, then we
can't be able to finance because our vehicles are about sixty percent the price of
this other popular brand. And that means that the customer will be able to
afford it and the loan will meet the creative objectives JIGG. So we spoke
to this customer spoke to the IOC and in a couple of week the the
DUW was done. The bank was able to you can act like I said,
I mentioned nor the band selling bank was twenty nineteen. The bank was
able to finance this customer because now the numbers make sense, and because I
was able to buy the vehicles of man, this customer has remained in returning
customers since then. You know. Now, these are the kind of solutions
that when I remember, makes me very happy. If false, it could
be like us because of the high cost of important thing these vehicles, this
customer would have lost his business, jobs would have been lost, a lot
of people would have you know, like him, like now, because my
my friend now he told me that he was already considering living Nigeria because there
was no points. But now he's an Egeria. The company has gone bigger,
everything is everything is way well, you know, and he's success stories
as his story, his success story of my of my own company. So
those are the kind of problems that we solved that makes me very happy and
shows me that we are doing this for the right reasons. Gotcha, gotcha?
I mean, that's very very good insight. I mean, I just
had to write this down nine million to twenty four million because of just one
change in positive. That's inflation. So when Nigerians say inflation, inflation,
that's how inflation comes to Nigeria because we've imported the inflation. So now once
that car is twenty four million, then everything has to take dressing. You
know the car car betweenty four millions and a few will be ten ra.
Everything has to take dressing more or less. So that's important. Inflation right
there, what we call a demand pustion. It's there's no supply of those
busses, so the price has to go up more or less. But if
those busses were sufficiently produced in Nigeria, the price will between the four million
because there will be competition, there will be supplied. Then the price stays
though, So this inflation we'll talk about go ahead because I told him with
solve a problem. The at that time, he was buying the vehicle for
twenty I think twenty six million, and he bought his vehicle for US for
teteen point five million. Interesting, so I mean, you guys are easily
financial. So I mean, so I see what you're saying the same the
same quality, a different name and it's made in Nigeria. So because it's
made because just not just to be clear, just to be clear. Right,
the same brand, the same chassis, the same chassis Midien Nigeria is
going for tirteen million, and the same chassis imported. Can you hear me?
I can't hear you? I can you hear me? Question? Yes?
So I was just making trouble. I was getting right. The same
vehicle chassis, right, was going for tirteen million Nina made in Nigeria and
the important vehicle chassis for about twenty six million. Is that what you're saying.
I'm not sure. I'm not sure. If you can't hear me,
let me add someone just to confirm you. Guys can hear me? So,
Joey, can you hear me? I can hear you? Okay,
let me ask a question against her? Sorry about that. Yeah. So
I'm just a really clear on the on the on the on the impact of
local manufacturing. The locally manufactured Boss that you made with the same chassis is
going about thirteen million, but the important versions going about twenty six million?
Is that correct? Exactly correct? Okay? Just to get that point in
there, Just that the audience is following completely take you to just to that
point. Let me go back to this. I will just get a few
questions into you just to answer. So who is the given us an insight
of the demographic of the nord customer and also where you're basically sourcing the Nord
carston if you have to say the Nord car, what is the DNA of
the Nord car? Is it? Is it the Mercedes or is it the
Eastern What's the DNA of the of the Nord car? Okay, very nice.
So I was trained by my cities bans and you know, we all
know they are luxury that you cannot you cannot deny that. However, Nigeria
is not. It's the people of the Nangeria, the average guy on the
road to average gel on the road. We're not reach We're not. We
cannot buy luxury easily at the moment exceptly subsidized. So I knew immediately with
was a problem for me when I was starting on because all I knew was
the German products, German brick pads, German engineers. But I knew immedically
that that was not going to work in my in my country and solve the
kind of problem I wanted to solve. I wanted to solve a problem where
an average percing and iveage hard work in Nigeria and can normalize buying brand new
vegs. Didn't see two combo is the only thing? Do you understand?
You don't buy to combine and go and praise God in George. They have
to, you know, they have to see that. They also like that
the counterparts in Japan and in America, they also deserve to buy and normalize
buying brand new because I need have to do that. They had to also
be affordable. We had to be so so we don't make logory locksory vehicles
and make what I call utility vehicles, elegant vehicles, vehicles that you can
give everyday people can use. They had what the guys, the middle class,
the upper class can use. That's what we use when we're not making
the rouge roys or the rest when when I'm doing the keys at the moment,
So our to now to answer your question about demography, the attacket markets
is the middle class, the middle class, the apper class, the corporate
organizations that want to be efficient, the government paras status, the military para
military you know, and I think, so answer a question more than and
ninety okay, well, okay night, because we have a lot of so
the the majority of the working class in Nigeria, let's the ninety percent of
the employed gainfully employed, not the other you know, gainfully employed n Egeria
is not what the parties are saying now about what he said? Or one
are you know gainfully employed Enginians? About eighty percent they had working descent Nigeria
and that's that's what our market is about. Interesting, so let me so,
let me ask you a double question because I want to guess folks are
already asking to speel and ask you a double question. Right, it's manufacturing
Nigeria viable? And what is your largest expense after these two have the last
one? So it's I mean you've told ten sixty two. Let me ask
quickly manufacturing Ageria is not viable at the moment. But the answer is no,
they know, and I don't know why this is. There's a shame,
is not I'm hoping that I intend to be closed out to the government
of the day. Now I tend to spend more time in our bu jab
try and talk to the government. And because I'm in Legos, and I'm
always in Legos, but I think that I have to take a leader shapable
in this my in my industry and try and do what every normal business man
anyways anyways, more than the marks or whatever. You know, you have
to talk to government, j to lobby. So as a woman's manufacturing is
not viable, it is, It's just not viable. I was on TVC
so vehicle and I said something every time I'm going to repeat now and I
can break it down for you. It is currently more expense seve to assemble
cars in Nigeria than to important it is a lot cheaper, It's significantly so
I have to import fully huge vehicles in Ageria to assemble. Is here asking
so why are you still doing Okay, Well, I was doing it because
when I started, these sensitives was dead. That's what this thing to do.
You know. I was giving it back an INSENTI twenty fourteen. In
twenty twenty, the last government, for reasons I do not understand reasons,
will fought against remove it. Some people who do you know you don't want
to do the hard work of creating jobs in this country. So people don't
do the hard work of moving Angeria forward, who just like to import things
and do dreading and do the easy things out when to the government created and
I created an association or something something that I don't think that's don't really exists,
and argued that we manufacturers in Algeria. That's what I really I said,
I have to go to a pajab wall because when you're not talking to
government, when you are in the passing. Of course, some people are
actually good, they are life and misrepresents your industry and say things that are
not So they went today to the government and said that we don't have the
capacity. Let me just scure people have been to my factory. If two
factories and legals are having a player, I have university of legals. My
combined one shift, I can't do two shifts. But let us even stay
one shift. My combined assembly capacity in Ningeria at the moment, it's more
than nine thousand years a year. That's not that's not that's not petty.
That's that's large. Yes, and I do not sell can more than two
hundred units a year? Oh so you can't do it. You can't do
the mathematics, dud. The racially do the facenties. So I'm not even
doing I must even doing anything close to what my capacity is, not even
ten cents, not even five percent of my capacities. Not one percent,
bro, you know, no a little bit about one percent. Maybe you're
about two, about two point two or so, maybe maybe maybe two percent.
So my factory is you can't even go there. My factory is always
closes. Wow, Come on, man, bro, let me just say
something. And we've been robbed three times in your three times? Do you
know why we do? In my opino? Do you know why we've been
robbed three times? We look a lot of money, a lot of my
couperance. But toldna, do you know why we've been robbed? Because the
factory is always closes? Wow? If we if were if it was walking,
if it wasn't working, peopling where you're always making things. Because the
people the wasing Robe, it was bobbling, you know, you know they
it was those bubble a people that were very hungry or broad in the blood,
went in broke, broke into the and you know what, I love
the same guys because they've always broken that same place, that same the same
patime Lena friend, the same way you say, oh, why don't you
use these electric phase or this was that our power? I use that factory
because I can basically I can't. I can produce what I get it on
into this mhm. You know the time I can produce what that what they
put out demand I have for an entire I can produce it in just to
this. Do you think I'm going to pass the crazy start? That's an
absolutely mind blowing start. It just said there. I mean, I mean,
there's no way we when we leave a lot of things. So now
but yeah, we've got a lot of curiosity there, everybody's there, but
we're still I'm not doing anything. So so people went to a would ya
and lie that we don't have compacity. That's not true. So because of
that, they decided to scrap these sensis, which was making people mean manufactured
because ANI and invest. So what has happened now since twenty twenty is that
a lot of the people that are those doing these we I don't blame them
anyway. You know that those doing this for the purely financial reasons and everything.
I've stopped investing auto industry and people like us that have the drive that
that are doing it for some patroxic reasons, you know, mixed with financially
you know, you know, and also, like I said, we've also
trained. I spent a lot of my technical team for training. We spent
a lot of money on training them. We both equipments. If I stopped
assembling, it means that happened, Ladysheople go, yeah, b it means
I have to lose that train investments. It means I have to lose a
lot of investments. So just carrying that cost, just carrying that costs exactly
what I'm doing now is we're we're trying to cut our costs as much as
we can, try to feel okay, how we can do a high bred
of you know, not losing too much money, and hoping that sooner,
as soon as possible, the government will see that this is an industree that
can create tens of thousands of jobs. That's the thing. It brands you
in Gerney model of industries. That's the thing, that's the mind blowing thing.
I mean, you are. That's why I wanted to bring you to
the space. You know, most of the stuff you're saying, I want
you to come and see it, just so Pople understand what you're going through
you you you are carrying costs. You are telling us here just because are
you saying it's nine thousand or eighteen thousand capacity? Nine nine total? So
you're you're not doing man, You're not You're not doing five percent of your
capacity, not because you don't want to do it. Took over a policy.
No, when you come to my factory, I'm always we're always board
always, I do every month. Question for you, A question for you.
Did the CB and all the seben interventional loans? Did you get any
of dad? I didn't get any, not one, but you could.
Unemployed people were applied, but we didn't get you applied. What's going on?
Don't anybody listen to you? They are listening, trust me. I
don't know if they're listening. Board. We can easily make this country grease.
It's not to it's a'most the same too. But there are a lot
of low and includes a look. So so you know we didn't get we
requested for within get okay, if you come, if you come, if
you if you ever come, I don't know if you ever come for We
have with some applciation. We have an indust to be right. We have
a subcicition, namas not nation or the motive manufacturer suspicion. If you ever
come for our midsins, if you year the allegations, the things that go
on, how people are upset, how people are upset about some things that
are not rights in industry, you will you will shake your head. Okay,
and again just for the record, Just for the record, I'm gonna
ask this like the question so if I was to ask you the one thing
or the the what's the largest expense apart in your factory? Is its power?
Is it? Is it wages? Is it? Is it policy in
action? Let's put policy in astionals an expense because I would ask you that
separately. So so very good nor asker. Let me answer that. So,
so I have an amba, like I want to finances, I'm going
to ask that this the right way. So the out I want to give
you an issue is not really an it's not an expense. It's not an
expense. It's something where you will go with our outsighting jo is it will
go on down way you call cost of sale. So and if you refuse
this, so the most expensive paths of my pian l was basically you know,
is a cost of sealighting, which is the still okay, the still
depody hearing de body that's used in making the cars. Is that that's important,
Yes, that's I'm going to It's all important because we do not have
a still plans in an Enginia. A lot of my partners outside anger are
wondering because like evenly located can have this, you know, so let me
put it's the most and if you let me, let me know why.
It's very important right now. I told you now because of a lot of
important positions that we do here. We make a lot of our parts in
Angeria. We make about text percent of our parts hearing aingeria, our grus
a don't hear in Algeria. Those are our plastic parts are don't hear in
Ageria. So now, but it still I would love to do this ceiling
in Algeria because apart from the I often the fact that it's a seen of
pride if we make this seal in Algeria, we would so let me when
I make still, I have to buy after when I buy still have to
buy this seal. I buy many from China because China has chips steal and
also very good still so a buying the body from China and I have to
nownce chip it from China. So about from the costs of the ceiling self
the body itself, there's those are these freet costs and also the logistics cost
of moving it from the pots down to the factory now in Nigeria in Legos,
pots to Legos. Okay, yeah, so a container a container at
the moment is around four thousand, five hundred dollars for a fourty foot container.
So maybe you can do two per container, two body per container,
so you can divide us about that's just two two thousand, two round fifty
per car added to the cost of the body itself. Then the cost of
logistics from the pots to your factory. Wait quick question QUI quickly if we
get this still in Nigeria, I can as show you for my analysis atist
in a couple of interviews the cost they only cost the retail price we already
fifty percent or forty percent depend on the of the model, lower than most
other international brands in Nigeria. M Our retail price will drop as much as
ten percent of the packer. Question for you, wait, when you say
you're important steel, are you important the flat sheets or the already mold sheets.
What a steel the already okay, that's even where in some cases not
where the okay, okay, you already mooded because okay you can that person
is because we can do the pressing machine. The pressing Yeah, we need
we need about five thousand units too to make it viable. Oh. Problem
interesting because niger Nigeria is buy more than five hundred thousand vs every year,
so the five thousand percent of the markets. But the problem is that more
than five a tent of that it's used already. It used to came.
Man, you are opening up a lot of avenues here. I was gonna
ask you a simple questions. Let me ask you your important. Still there's
a quota, there's Delta, there's Jaws, there's a showble, there's Katsina.
You can't get still from any still factory in Nigeria. Uh No,
you can't. I've done the working that you can't. You travel and travel
and travel. Wow, beautiful Nigeria, Andreia is beautiful. We have good
landskips. Before I handle about the micause poor are waiting, poor hands at
rob Let me just go back to this strategy and the last question. Nigeria
has a lot of gas. We've seen them do the CG. You know,
we want to convert to gas. MABE has an advantage. Is cheaper
than fuel. Do you think on a strategic level Nigeria should maybe trust to
CNG and focus on that to give us and you know, a unique selling
point point. So cars out of Nigeria, our CNG is cheaper. We
give you guys softness to get that. Don't you think it's viable or just
go stick with the petrol and worry about our stop here. So so this
this is a very it's a good question. And it's also not just the
commercial question. It's also at the moment it's globally also politically the political question.
But so Nineria email opinion, Nigeria, I should make decisions in the
best interests of Nigeria, those like every country is doing. China is making
economic decisions align with the strengths of China. USC is making decisions in line
with the strength of the US. Same thing with you and the rest of
Nangeria should do the same. Most are straights. Nangeria is a gas notion.
We have tones of gas, so much gas that most of the guys
that were found are actually found when we're looking for clue. So people will
say, Nageratic gas station with a drop of oil. We should use more
of this gas. We should gid more infrastructure for gas. It's cheaper,
is being designated as clean, and we should also promote it. We should
do more pr on it. Personally, personally, I like electric vehicles when
I outside Nangeria are driving electric vehicles that I don't know if you there first
to drive, like the the acceleration is mind blowing, is mind blowing.
But I have to not be selfish as to ask myself my country and Ageria.
Are we in a position to promote CNGG or electric or do both?
I would think we should do both so that we're not left behind when the
rest of the world is doing the electric. But we should actually also promote
what we are very good at, which is what we have in our bondance,
which is also the same. So because at the moment, say,
got patrol is maybe in fact you heard that they're even subsidize, So that
means that the original price of petrol at the moment I think anyway in the
world, the original price of patrols. Have our won dollar. So it's
always also as that zero point nine dollar has ninety cents to one dollar.
That's always the price of petrol or as reagi any way in the world.
So so, but c N is around two hundred nar and ageria even though
if in my opinion, but I've gone around to ask is about two undred
and which means that that's about twin ten percent the price. So it means
that for somebody who is going to buy about sixty thousand earths for maybe it's
that the person would be good the same journey for twenty thousand an ars.
That's significance. If you tell somebody doing over all this or taxify that instead
of buying ten thousand a earth for for your for your car, for maybe
a deal or two, if you buy twenty five two thousand, five hundred,
it will be known for you. The person will make it jump police.
So I think we should go for that. But the problem at the
moment is infrastructure, so which can actually the government does don't have to build
infrastructed themselves. You don't have to call the private sector and let them know
that this is your policy, and they will not be policy from ourselves.
We just need to the government is to show that it can be trusted.
They will be policy for ourselves. You can invest in this and we will
not do any points from myself, and I'm sure the Paris and will invest
evenly. I'm very interested in investing in STAG and also providing my customers all
over Nigeria with saying your points where they can actually quickly rescue that staying even
because because I really think that this would be in Nigeria stable. We are
the gas here. Saying that we're have in effects because we already have it
here, gotcha compressed it and take it around around the nation makes sense,
So I sell them just sort of reset the room, summarize and lets folks
speak. I let just let you know we have about nearly four hundred folks
listening, more than about four undred and twenty listening. The mentions I'm getting
on my DM certifications are off the hook. I can't even read them again
up not looking at them again. There are so many points of what you're
saying, because you are saying what we see and also saying what we haven't
heard. But we now start to get a sense of the poet with Nigeria.
Let me just somebody what you've told us. You used to work in
a company that imports, that does imports. You saw an opportunity because it
was a police passed by the government. The policy worked, you went and
set up your own local manufacturing in quote company. That company slope in Nigeria
dropped. Local prices dropped. We're talking about thirteen twenty six minutes. You
dropped inflation, You hired workers, you paid taxes in Nigeria. That's what
you were doing. Then the policy, the same posit that encouraged to come
to Nigeria and saw a local manufacturing center was removed. Now you have a
factory that you have a capacity of nine times too because you can do two
ships eighteen. You are idle because you don't get enough demand because price have
gone up. Number one, Number two you could you could you import your
steel from China even though we have five steal plants in Nigeria. No,
but tree. You are important the bent steel, not the flast steal,
because it will take you about five thousand capacity of vehicles to do that still
bent in Nigeria. If you were able to do that in Nigeria, the
cost drop by I wouldn't say more. If that cost drops, you sell
more. If you sell more, your fastest capacity goes up. You're able
to then modernize that factory hire more people. So the vicious circle starts again,
and it starts and ends with one word. Policy. The policy brought
you in the post, it took you out the politics, keeping you where
you are. You've said you want to go to a poacher and chase that
positive elements doing. I say, good job, that's what you should do.
That's as my summary and the point I'm making is this, guys,
when we point to the government, we don't want to abuse or accuse anybody.
We want to tell the government one policy. Chane, you've said this,
sir p Pp. You want the pactical to come in possess myself.
One policy can change the nation because this is a real example policy. He's
not asking for money. Seeben did not give him money. He's saying give
him the policy. Let him go to walk. That's all he has asked
for. That's not too much. Let me get some guys to speak to
me aside. If you don't, I don't know how long you're gonna stay
with us. But please yeah, lots of okay, go ahead, sir,
you've got the floor going once. Do you understand calm it's been a
very designable, very very where you call him from. So if you don't
mind, okay, I'm from my go ahead, sir. Yes, I
think he's just so about that's happen and get up saying there also have an
Athenabian environment for they supposed to try get those foreign nationals or n jaans.
And I'm quite I really the fact that he knows his onion and he knows
where you know, it's actually pinching him as an individual or it's a business
owner. And I hope I'm going to make sure our designer are alliance.
And that's why I like he said, as a business person's always good to
be in the limelights and not being on the back foot other people who know
our invested interests don't come as spoilt your back good points. I just oh,
do you hanthing he said? Did you anything? He said? Oh
wow, Wow, he's looking at some fantastic points. Let me just let
me just summarize. I'll summarize back to you. He's nig is a very
interesting points, go ahead and something probably summarily he knows what you want.
There should be a synergy because he's what he's what the maintain, he said,
holding out environment right, like it's it. It will be jobs.
Okay, let me where you talk about him of could you just summarize from
the top to him. I can hear you now, just summarize from the
top two he can get you what you're saying. The part about you saying
he has to be visible, to be visible, So I put on take
away this job. Really, really, I hope that's the only energy between
him as a professional and the governmental really, because there is an e environment
and policy, everything will walk up b so that I used, like myself,
you know some of that persons that our stick when it comes to you
know, getting jobs of being you know the ely I like occupied will get
a job and it will be better for the country for your time. Thank
you, thank you. The main point he said that I want to just
the first thing he said, right, it's very important that you are out
there so that people will know you and then when they want to pass the
sort of policies they can call you gonna see it. Does this make sense?
That's the one thing I got from more he said that you know,
and that's what you want to do. Now that if you are out there,
then they can the government and say hey, I want to do this
or do that. How would it affect you? That's the one point I
took away from him. Okay, let me get Shago surgery. Let let
let's get Shugo out. If you can't hear pease, let me know.
I had the time. Shugo, You've got the floor Sago underscore underscore?
Shego go ahead. So how are you doing to say? Hello? You
mean? Yes? I can? Mister Jay? Can you hear Shugo?
Okay, Shago? Hold on, Jake? Can you hear mister Jake?
Can you hear me? In? Suger? Mister Jay? Can you hear
me? Now? Mister Jay? Can't hear me? Now? Can you
hear me? I want him to go off, Yes, I'm here.
I want you to log off and log back in again. Go off and
come back in again. Can you hear me? I'm gonna send you.
Let me send you, log off and log back in. So if you
can hear me, log off and log back in again, then that way
we I think your your your audience and connected to the space. Let me
just kick him off and then you have to come back and will that work?
Shago, just hold him, please, mister Jay, can you hear
me? Okay, I'll tell you what. Right, I'm gonna kick him
off. Then it's right that way. He has to come back in again
because he can't hear us. So let me take him off the space.
I'll remove him then if you can, please, mister just walk back in
again. I'll just added to speaker. I'm I'm not sure if you want
to take a question before he comes, or if he doesn't want to top
generally, I think we all heard what he said. He's been he's talking
from the trenches as they're saying, quote, So do you want to go
ahead and speak or do you want to Maybe I can write it down and
when he comes, I could relate that what you say to him as well.
Okay, I can just gribe and speak, and then when it comes
back, you can just say, okay, he says it's back. Let
me let me look for him and add him. I see him here,
so I'm gonna add him as a speaker. Gave me a second, I
was gonna add him, so added you back now as a speaker. So
I want you up there so you can hear all right, So go ahead,
sugar, I think it's back up, go ahead, okay, thank
you very much. Okay, I want you my question is actually directly and
it's two indirectly. I want him to tell loose what's it says something about
it and there's no complaint, there's no complaint like your life produces still.
I want him to expand ship ad on that because we are all these two
Look, yes, I can hear you, yeah, I can back,
I can hear you. Oh, all right, thank you, because we
have all these two complain literally around the country. We have their job details
A. And then I'm surprised to hear that there's none of them is producing.
Maybe it's still great still vehicle manufacturing great still that you can use in
your process or your production process. Look see that they are not Okay,
okay, okay, I don't we don't it don't so I can answer I
thought you were, don't Is it that it's still the kind of the quality
of still the manufacturer is not up to the standard you can use in vehicle
manufacturing process or they don't those do something that you guys need. That's my
question. Okay, so vote what the quality of still are the type of
still that we need and not be media like mister College said, we need.
We need flat hits that are rude, you know, but basically flat
hits. So you take it to a pressing machine that cuts so further way
it cuts him? Do you cut it? Then you press it into the
ship that you want after you create a mood. So you create a mood,
you take the mood to the press same machine. Then the pressing room
on the pressing machine presses them. You get your ship. So they don't.
We don't make swatching anderia. What we usually make a still for maybe
construction and a couple of things, but not for the type that is needed
for making us. So that's that's the issue. And even if even if
you find a place that can make that kind of still for the auto sector.
Well, I went to the task still. I saw them making from
still, but they only do watching it for construction. Like I said earlier,
they couldn't do what we wanted, and they were not really interested in
doing what we wanted for interesting and they will only be interested or suppose it's
saying the government would maybe subsidize the price they're not interested because it's not Yeah,
exactly, it's a going business. They need volume to this. It's
very nity volume to provide incentive for them to do that. Correct, He's
just like, let me give it a good example. It's just like the
classes too. I wanted to start making because we buy our glass from China.
Also, I wanted I just about say that, you know what coming,
what's this glass now? Classes in three thousand years with the commos,
you know. So I went to the company that makes I went finding events
and I met this company that makes glass in Injuria. In fact, they
make the bottle for one of the biggest beauties in Anginia, in fact,
two of the biggest buries in Anginia. That's where all picked the leg us
in southwest there right there, yes, And I spoke to them and I
said, can you please make I don't want to stop. I don't want
to be importting my glass anymore. The wind shield can you please make them
for me? And they were very interested. They were happy. They look
what I was doing. Of course, eventually came down to the numbers.
They gave me a mini moment I want to have to do, which I
know were the calling throat. I won't do in fifty years, so I
couldn't do it. So we telling me to do. I know, and
you are it's lesser than and you are is less than as group and five
percent of majeracity annual carb in demand. I'm come and give less than as
group and five percent. Oh, we couldn't do it because we do not
five brown new vehicles in no BROWNI vecus in Nangia. So it's all.
It's were back to capacity, We're back to utilization. We're back to all
that which is the only government and solved the only governmic and create that mask
capacity, mask market. So thanks schegl great question. Thanks. Let me
get my I go I go to, I go to or I go to.
Yeah, I just go, yes, go ahead. What are you
calling from? When the Caribbeans for work right, and we met some governmental
fishers and they were talking about ex important cars from Ningeria, So I don't
know where you are in the import side of things, and they were telling
us so much about how they want imports cars from the interior. I don't
want to do business with my interior. So I don't know if you've seen,
if you've been to the Caribbeans to talk to them and see about if
we cannot meet your capacity in Ningeria, maybe the Caribbean market might be an
attractive area. What what what's what Caribbean states were? We were in Antigue
ware A Jamaican and just Barbados, just around that area where those dream some
work for the pots, right and they're talking about, oh yeah, you're
an interior. They got excited and like here we're looking at our buying cars
from Nigeria to meet our man and stuff like that market. I don't even
the talk. They said, innocent, let's talk about innocent, and I
actually also actually talked maybe innocent one the only one. We're making an idea
that I realized that you existed. So I don't know how far you've seen
the exports market, how the Caribbean looks like. But the government officials showed
a lot of interest. So no, so they you're very right. They
they've contracted us. A lot of them are protracted us from Jamaica, from
Saint Kids, from even Barbados. So a lot of Jamaican government officials right
away have contracted us and we're speaking with them. But so in fact,
we even got the dealer I can't remember his him now sign the dealership contract
with him. I was supposed to go to distilizing, isn't Jamaica. So
so we're looking at it. We are seriously considering it. However, I
do not think the market is that big, but it's it's very it's very
interesting. I like the fact that they like US. I like the fact
that even though they're closed out to the US market, they're also really very
like you said, they are very keen. They're always asking those are all
we send those messages? You know, very very very very encouraging. That's
the word, very encouraging, you know. So, but the market is
not very big. I think the the eyes demand is about so and see
units a year. Then the dealershiper goes, which is interesting, is good,
but you know, not it will make it will not probably solve some
of the problems talking about so what we are looking at it, and very
soon we will be important in something. And we also important we just before,
just after COVID, before Egypt got into this very big problem of their
effects, we sold some of our NO tanks to Egypt, and we also
even got an Egyptian dealership. But next thing, Egypt gots into a bigger
effects issue than ageria artry. It's bigger than angeriassip so so they couldn't import
anything, could look at their capital just curiously, why are they interesting like
you are all the way from there? Is it because we're quote unquote in
the same you know, demographic Why do you think they're interested in in why?
It's a good question, and I have not asked them because I don't
want I don't want to. I don't want to come across as being yeah,
not worthy of the of the I don't don't go now. Yeah,
but what I've analyzed it, so for the Egyptian wants, let's have of
the Egypt. For Egypt, I think they realize that it was we're affordable
compared to the all the planities in their markets. Realize, well, we
are affordable. And I was very contacted over and this is like, so
I'm not very happy to command is not good because that would have been a
big market. I'm even bragging right for us because these guys they we're using
it with security company, very popular security company in Egypt, you know,
with their quarters and so they would have been a very big market for then.
So like I said, we're buying for most because we had a better
price than the other mostly also Japanese uh substitutes in Egypt interesting interesting. The
Caribbean also we have we're also having ganna. We have a lot of note
becus in that as people who tell our bosses, and I think those derisions.
Also because we're a lot of cheaper, we're a lot more affordable than
the important that's important. So that means that means sorry, that means that
if you were able to get this stuff in n you, I know your
role presses your power most the entire Africa. Africa is interesting. I can
see it already. We will, we will just easy. So I mean
if if does someone, it does someone in government listening to you now right,
I mean this is he's giving you a low hanging fruit, you know,
invest in the role press for him. He can do more cars.
He can drop his car and they can do much more. Just I'm just
putting out there. But then let them take women wommy high women or more
lab how name right? Please please yeah, yeah, yeah, you're right.
Thank you mister Carlo and mister Jay, you for giving us this opportunity
in notes to give us the eyes every of business in Injia, but just
have a coold question. I get the problems that it's going to in Injinia,
but education is restart. We don't produce flat sheets which enables mister Jay
to imports from China which has become developed the biggest prize market or whatever.
But then I see a problem however, education is why don't we have a
set markets in Injuria. Mister she tried to answer our question, but then
mischarge. I responded with they're gonna give you some pots which is the travel
is your point five percent of the car's de margin Ingeria. But then again
it's why should Najeria view all your markets? Why can't you think about exporting?
But my main question is why don't we have a flashets markets in Interia.
That's a question not questionable one occasion number two, If the government can't
do anything, why can't your private investors to solve these problems? We cannot
necesaribrate for governments every time, but why can't your private investors to solve this
problem? We have flashes problem and Injeria the governments do anything. Why don't
we have private investors to try to solve these problems so that your job as
a car mancucturer is going to be easy. Stort of solving from China,
true, thank you? Good questions? Is China good? Good question?
Something? No? I mean she, I mean she's asked you just more
detail. I have a flash in Nigeria. We don't because we don't have
any we have any steel plants in Nigeria. That's a simple answer. We
have no steel plants in Nigeria, only the one in from We don't have
the thing. And why we don't have the volume, It's an economic question.
Like you know, people always say em the numbers don't lie, you
cannot like what are economies will always find this level. We don't have the
volume because we don't have the volume for the brand new in Nigeria. So
we need to do something and that's where the government comes in. We need
to do something to encourage Nigeria to start to buy brand new vehicles because we
have the markets. We don't have a problem with a lot of smaller countries.
We are a big country. We have the markets. Even if you
say, oh, only ex amounts of the Nigerias are in the middle class.
That number let's say twenty percent. That number is bigger than the size
of a lot of African countries. So we have in markets. All we
need to do is create the right policy that would ensure that people can be
able to buy brand new vehicles made in the country. The after conquestion is
why are we moving? The moving, the the the respondent to the government,
why why I think we are not moving in any respons governments. Like
ms said, we already we're not asking the government for forms. I said,
not without government forms. We got private investors from Nangeria and outside Naeria.
We just need enibling environment. We just need I think, mister J
again you're being a bit too modest. So let me just say this,
Facer right, there is no car company on Earth, America, Russia,
South Korea that has been built with doubt government direct funding, direct patronage,
direct policy, not even indirect direct Tesla today he was his own private capital.
I get it. But without the government's subsidi on electricity, he won't
sell one Tesla. One samething with China, sameing with America for the GM
all those guys. So the government has to create skill for you, sir,
which means I look at what you just said, we've identified those from
critical part. For you've said there's still present mill it's gonna cost you millions
cbn. Or whoever can buy it for you and give it to you on
higher purchase or list purchase you they buy it, give it to you and
you pay back. As you sell every card, every car you sell,
you take ten percent and you pay back the government fifty year loan. Who
cares fifty year loan? You're paying back. But you are creating jobs in
Nigeria. You are creating capacity in Nigeria. That's how you do it.
But to say that only you and your investors you can investment is still bending
plan. That's too much capital for you, sir to know. Yes,
because we're not sure that the business. It's not your job to do that
our business. I want to make this make still, not like I'm buying
still. They don't win the busiers of making casts. Not still. It's
like you're saying, because you have a restaurant, you have to agree or
right, that's a we won't do that. And again, just to be
clear on these still questions, she was asking Nigeria at Jilcutta was designed to
make the flat shits. The flashes. So if you don't make flat shits,
you can't develop as a nation in quote right, But what they make
now is the most of the roads. So you see roads, you see
those round other things. Construct that's what they really focus on in Nigeria and
still manufacturing. A Jacuta is still planned. Delta is delta or show boats?
Are all it? Direct delta? Yeah, they all direct steel reduction
plans. They were supposed to. They do something different. Agacuta is supposed
to do. The one in Kaduna is one as a bit revolutionary that's gonna
do. The RII direct reduction iron technology is like a Jilcutta. Like a
Jilcutta. It would make still so hopefully. But again this issue is scale
because Misagel can't go and buy one bill of steel. No, that doesn't
make sense for the Still the partway to run is funness to supply one bill
to mister Jay. They need to get an order. That's why Jakota cannot
start working. You need to have a five year order, five year row
materials on ground before you turn down my career over and call the funness on.
Otherwise the team will just knock in quote. So you need capacity you
need to have to forward sales before you go and turn the factory behind on.
That's what us watching to say, just to give clarity to that.
But then let us go go go go quick on the question. Lots quests
are coming in unis. I've got your right, NIS, go ahead.
Oh thanks for having me, mister Carl and mister j Hi. Everyone good
evening. What you call it from unod astion and wherever you no one is
all I have to say. Are you guys hearing me? Yes, we
are where you call it from. I'm just calling from s where high.
Go ahead. So my my tink about this Auto Limited stuff in in nine
in Nigeria is we all know that steel company is a bad anition. Steel
company is a bad bone of a nation without a steel company in any nation.
That is why Niningeria is where it is today, because there's no reason
why the steel company in your rebaland is not functioning for sixty two years walking
perfectly well. The flash shoot, we are talking about how many engineers have
turned out in Nanginia universities. How many engineers have turned out in Nigeria universities
for sixty two years? You mean the government doesn't have the money with all
that resources on ground to food that company moder one hundred percent functioning and hiring
all those engineers to bring out all those flashings that is needed by private companies
or government companies to work with for automobile. Like somebody recently said the last
person that all there's no way you can carry out this kind of you know,
a project with our government. Tesla almost have to borrow money from California.
California gave Ellen most Tesla when they started, lots of billions to start
their job. We'll remember what happened in twenty or eight and all nine with
Ford Company and the rest of them when they went down the federal government of
United States of America London, London, Obama gave them billions of dollars for
that company now to go down in Michigan. So the part I'm just trying
to say is that if we have engineers in Nigeria that can help produce the
still, why can't the Nigeria universities or government give them scholarship to go to
best universities to go and study these things. It's not it's not rocket science,
it's not thank you the brains to study these things or scholarship come back
to Nigeria, help build these companies and get all these companies working. Thank
you. You can't have investors coming into Nigeria. We tart all these things
being established. We all know all that, and I don't adding the security.
Security boils down to most of these important things that need to be carried
out in Nigeria. Let us stop fooling ourselves. I'm sure that at least
here which smart brains that are not what's want to do Nigeria forward is sisty
two years. I got two people are ship right now? Good point Inness,
good point, I got you. I think it's it's the same point
again. And like like you again. If I take you off the space,
just remember it's just to add more people know your comments are well respected.
I think the point again, miss, we go back to this still
issue when we talk about a jacuta, have written about a Jacutta. I
have personally gone to all all of Nigeria steal me. I think I've ben't
gone to sugar. I've gone to all of them the same issue at Jacotta.
This is way we are today. If a jacuta had worked different place,
it hasn't worked and it will not work. No, we've had this
argument on Twitter. I posted it when where it became president. I posted
it, Go and look at it twenty sixteen. Lots of people are attacked.
Some people. It does not work today because it's not. It's economics.
You can't you can't cheat economics. It needs to have many things working.
The railway near Marco raw material, we have to imported limestone. Even
the code Djakota was a big, big, big, quote unquote four one
night. They did us right. They build a factory and design it to
first to import from them to make it. Who are important bullets from Ukraine
to make still in Najakota. That's when it's that the only time it worked.
But it's not going to steal it. So we have to stop and
start and say what do we need to get still to mister Jay and the
other guys know much about the one in Cata, but I'm about a lot
of the future of nod is like I was a built on where is relying
on the success of that place. You know, Cana is the technology.
What's killing a Jacuta is that it is like a like a big pot in
furnace. So before you have that furnace up. You need to have all
your raw materials before you can start it. But Cardinizing what the called d
r I, like what Dell type is, That's what Cartinizing d R I.
But Kardna uses local st ours. That's a kid. It can is
designed to use local imputes. Jacota is designed to use important impute. So
that's the big Yeah, I'm one of the reasons I'm look, I'm hoping
that Cardinal would work because it means that if we can do well, the
cost of this field will be comparable to excellent national cost of the feel now
you're getting yeah, excellent, Yeah exactly, let me get em a woman,
best go ahead? So yeah, even can you hear me please loudly?
And Claire, what are you calling from, sir? Okay, yeah,
yeah, thanks very much, And I mean I'm calling from Lagals.
Yes, go ahead. Yeah, my questions, I mean I have two
questions, weren't for you? Okay, two for you mister ja yeah,
and one for you mister Carlo. Now, mister Jaya, I mean,
fantastic work you're doing, you know, persevering, you know, in in
spite of every Now you've explained how your target market for cars mostly the middle
class of ports and all that, and how you know all the dynamics.
I've always asked this question about the manufacturers, automoba manufacturers. What about manufacture
of tractors because and I'm saying this because we see the money government throws at
agriculture year in, year out. The demand and supply of tractors is abismo.
Now, is there is there any is there? Is there something there
like? Is there something that you know when it comes to tractors? Now?
My second question is as regards what you call it, have forgotten that?
Yeah? Bosses, yes, even bosses. I'm talking. I'm talking
about this. I'm talking about this large bosses because Nigeria doesn't have like mass
tragedy infrastructure like that. So what about that? Now? My question for
you and mister Carlo is you've been talking about this card now you know,
going into still and all that. Is this also connected to the prospective AKK
gas pipeline And in an earlier webing now you know this weekend you said local
manufacturing is expensive and I think mister Jai has also validated that. So will
this gas pipeline and others also make whatever still that they are going to you
know, supply to people like mister Jai, cheaper than what is important from
China at the moment. Thank you, fantastic questions. Want to you want
to go first? Yeah, okay, let me go. So you asked
about why what about manufacturing tractors. We manufactured bosses, pickups, su these
trucks, tractors also. However, like we all, you know, he's
He's economics is just commerce. You would focus on areas where you have the
best opportunity of selling. Even though you have you may or you've build the
capacity to produce other items. So in ad we can produce tractors. We
can produce I I was trained by missus Ben. We make trucks. We
can make trucks also, which is simp take close to making tractors. However,
it's not made a lot of tractors because accumulation. I don't think governments
are can buying a lot of brand new tractors if they have we have not
gotten others. We's not gonna go throing RSPs. So and that way it
comes from. You know, if you can go through the peru of public
procurements, you will see our name. You'll see all the local manufacturers.
You can go there and see, okay, we want to buy x amount
of tractors. Bureau Public Complements. Can you say the message to local manufacturers
of vehicles or motor vehicles and tractors and DREA they know us, Can you
please send them a request for proposal and we're going to do a pad.
We're going to pick the best price for the best quality. They don't do
that. So it's gonna see when you start to do things like this,
that's how it's done in most places. That's how it's done. You are
there, you put your capacity. The government comes or the the entity comes
and they ask you to make a proposal. They do a budional competition and
they choose the winner. If you don't win, you lend your lessons.
You go back. You go back either reduce your course or increase your quality,
or two boots so we can make the tractors. It goes up,
always saying we just need some intention now, decisions from our government. There's
me. I'm going to digress a little. The US need today that you
are all show up, and I'm a big noise. I made it tweets
from days ago. I said, when will the Nigeria's tochnic. If it's
one, I don't know if everybody's with this thing. Those the time the
uses are launch and objects into space. In nineteen fifty seven, that thing,
it was like electric shocks the US. Because of that thing, the
president at that time signed the National Aeronautic Space Something. Well, they act
the actly from NASA and that's the foundation of what because in the coom Valiy
a company called fair Child, which is the parent which is the founding company
of the popular intail we know today will not have been possible. So basically
your computer will still be the size of the freak res gerator today. Man
will not have been on the moon. If the US governments feared the adminitry,
we're not patronizing companies that we're not going to three years old. They
were deliberately calling for b saying I want to see companies that can make transistor.
I want to see companies that can make this because we want to go
to space. Those companies did those things I don't want to go and later
when the government room now stopped doing business with them, they moved into the
mass market, producing computers, producing transistors, producing microprocessors for us. But
it's started with the government patronizing them. I mean, it's a good point.
It's a good point you're making. Sound like this is the point I'm
making. The government's job is to create skill to go somewhere and say,
this guy's a young car company. He cannot compete with for the gym today,
so we will let him stand on our shoulders. We will give him
order for fifty thousand units, so he has others in his hand. He
can then expand he can hire people, he can grow without he doesn't need
cipient. Money is one part of it. But you give him that badge
locally made, preferred manufacturer, give him all that guarantees the pixies. We
can, we can more people, train more people, correction to grow capacity
and that same capacity, like I said, he's found on the government stud
that then you cannot move to Kenya. Zimbabwe is South Africa even you know.
So that's that's how it's done. So if they get they make others
for tractors, we will we will supply the same thing we posted. Anyway.
I hope the government. That's why I said I hope the government.
If you, if you watch the news, they are going to one of
the policies. One of the ways to you know, just is the sufferings
of Nigerians because of the increase in the price of petrol is buying c powered
bosses and our companies, one of the companies. I'm hoping, I'm hoping
we submitted our proposal. They haven't given you yet. Sorry, they haven't
given it to you yet. I mean it's you the other guys, Yes,
they're yes, Okay, Well, we've submitted our proposed We've committed our
uprising. We also noted to them that these will create thousands of jobs.
We are going to assemble all those vehicles in the Angeria, complete knockdown,
We're going to do the weld in here. Everything is going to be explained
to them that thousands of the Angerians are going to be employed in making these
bosses. So we hope that they give us the the contract. We hope
that this was opportunity to employ more people and grow the skill that we really
really need to grow. So so for possible, yes, we do it
too, and we are there, but we can't be as big as you
mentioned in if we don't also get the demand from from the government and other
people. And then the other entities. Yeah, a good point. I
just answer a second question real created sadly, sadly, you you confirmed the
point that we made last week that local manufacturing is more expensive than important,
which is why the dollar has become very expensive because if I import, is
cheaper for me. So holding the dollar at the thousand naira is cheaper than
holding the thousand naira itself. It's crazy, and that's where dollars going up
because I just import and I save money than buying local. So think about
it. If you think about, your mind will explode. That rice important
to Nigeria is cheaper than rice growing in Nigeria. It's crazy, but it's
true. So yeah, there was acond point about this, this gas pipeline.
There are a few projects that Buhari should have done from day one that
he did not do. That my mind was blowing, you know, like
if you want to create an industrial powerhouse in the North. First of all,
I did it to it a long time ago. And I said,
if you look at the before Nigeria was Nigeria sit today, we had Northern
Nigeria, Western Nigeria, Eastern Nigeria, dost Nigeria. Go and look for
the planned Industrial Plan of Northern Nigeria. It is the best documents you will
see rating for any country to go from agree in proper tired world to first
world. The British rooted for them step by step. This is what you
do. This what you do, and they actually did it. If you
go to Bauchi, what you call Bauchi today, it is Bauchi Plateau.
If an other states is not this, Blachi is more the big Bauchi.
Go and look at the Google the amount of industries in Bauchi alone, what
they do. Google it the ones that make realms, the iron wires,
cables on and make roofing, the ones that do cats. To google what's
in Bauchi State, you would see where they were going to an agree and
in society you're going to do agro allied and manufacturing. That's what's going to
do to the first world. They were practicing it when they in nineteen sixty
three. It stopped after the Civil War the army came in. They now
they're looking at oil. The point I'm making is this they manufacturing in Canal
and could not die because of power and this gas Akka pipeline. If you
take power to the north. You drop the costs of making textiles or in
north, then it's a game changer. You have the market. So they
are scale with goals up. They are cost per unit falls. Even the
Chinese cannot compete to them again even so that means you start to export textiles
from northern Nigeria all across West Africa and all across Africa. Then you tied
it into Bona Boy and all this guy win and Gan textiles. You want,
you want the race Ethiopia Cannibal compete with two. But we are short
sightedly left that project the dying members of the regime. It's not funded.
We're now using our lookout for them to do the Pipeline's most expensive pipeline the
world for gas. They will tell you it's bigger, is whatever, but
it's pretty expensive. I got the Chinese pulled out. If that partner works
today, the cost of power falls. That's thirty percent removed from the table.
Tell me strate to take away from his table and then give you a
price. And so big project. We delayed on it. It's a critical
strategic project. We should get it done. Let me just go straight to
icont econts Enterprises. Oh my god, and nam right, you've got the
floss up. Please go ahead, Ecolets all right, sorry, okay,
thank you, hope you can hear me, all right, Thank you so
much, Thank you mis stargery. Also, I like so glad to be
on this face because this is actually my field also manufacturing, And thank you
for bringing the points you already made and these are really drunk true topics.
So but I still understand that, just like you said, potted all these
points. And if you persons are asking questions, why is it this way
often now, especially like it's a surprised We don't know that these flash ships
are not really made like here in Nigeria, and they can be so surprising,
and then manufacturing is not being given that attention it deserves like in Nigeria.
For example. I take a look at them that we mentioned Detroit,
Michigan, where most hardcore manufacturers are, Bill, don't I tell you apart
from just trying to make a car, and like a car, every part
is unique and just like you said, when these shifts are when you're bringing
the shifts, let's say in flats, you need various types of machine,
diet machines and c machines to transform these shifts to promoun ship to the other
and make a sense hiper like presently, I deal a lot with sense machines
and things like that, so I really understand them the challenges in terms of
you imposting into them when it's already folded. And this is where brings to
a big gap for someone that was trying to make points the engineers and injury.
Actually, the educational system also has this challenge that the curriculum or curriculum
are currently does not even fit to industrial standards, such that there is a
big gap knowledge gap even in the kind of graduates we are producing. There's
this large noise gap where most graduates are not even or don't understand the processes
even things to get a full car ready, you know, like they total
assembly plants and things like So there's this thing called the triple helix s energy
or something like that being done by ted from trying to make sure to breach
that gap between research industry and private organization because I think there's just this now
they're not partnering properly very well to the industry is supposed to reach out to
the researcher, show them their problems, and then the researchers are supposed to
get to work and see how to solve this problem and then bring out the
solution for the industry to work with, and then government is supposed to bring
in their path by funding that solutions. But it's quite a big, huge
gap, and I don't know how when we are actually going to solve this
problem because it's way where we're eating deep into the nation, and especially when
we have a lot of youths who can actually explore setting scrept jobs. I
do not see what we need like right now in Aginia. I don't know
where what we really lacking because the human capacities, the people willing to lend,
the current trends of technology and manufacturing, you know, especially power is
just like what you just said, very very important if power is not gotten
al because for every plant, every machine you're bringing into every assembly line must
almed setting power. So if that is not really solved very well, I
don't know. I think even the Jokuta that's happening, the problems I see
here and there with most of this factors will continue when our power is not
very effective. So I just want to say kudos to you and what you're
doing. I think you really need to get closer to the government and try
to know or be in place. So there's such policies that favors just one
particular person for his particular purpose. Do not go for the port rada.
Just like I said, nanginers should make decisions for nanginer and things that favor
nager. Look at naginera strengths, work under strengths and not making things or
taking decisions that don't actually favor the a large number of people and just for
a few people. So that here is a good point about hal for you
had. Yeah, yes, it's saying a lot of very good points.
But I'm going to pick on the electricity. So most people know electricities is
very expensive, not very not very expensive, but it's a Nigeria at the
moment a big part of our cost so which we can say it's nomenos been
expensive, but you know, when people compare to what our counterparts are playing,
you can argue that the most simpting, but it's it's a big part.
And also eve from the costing part, it's also very frustrating because it's
not very it's not available, and it's not the quality you want. However,
however said a lot of times we it's for me. Look if it
talks a lot of manufacturers in Nigeria, they were admitting to you that,
yes, legs is a big problem. However, it's probably no prop to
I would talk about automobile. There's all the respective. Now we have other
things that we can come we can compensate for our expensive electricity. We have
very brilliant people in Nigeria, in lots of Nigeria and shoot smart. I
walk with a lot of them every day. Smart people, supers, smart
people. If you know how to find them, they are there. And
the label is not as expensive as every anywhere else. So it plays where
you can see these kind of smart people for that amount. That's number one.
Number two, the cost of land is not This is one of the
tactles of production of land. Label is not very expressive. I call these
two things row damn because as freeland as the Nigerian USA, they need a
bit of training. But if you if you if you do you're hiring rights,
you get people that are very interested in your company, that are very
interested. If you successful, you do a bit of training, bit of
press up and you have super world class people, which you that's number one.
Then you also have land. Of course, we have a lot of
other infrastrate problems. No root root dis do that. So you need to
like I said, it's a damnon way in the row. You need to
get that land, get it in a place. When you do those two
things, and you have to argue the lips is a problem, I didn't
know the d You will find that that your cost of manufacturing is you need
to be less up than it is, for example, in China as low
as China is at the moment. The problem that we have in Nigeria m
if all these things remain constant, is the uneasy way of doing business is
of doing business. You always have problems here and there. Either you're trying
to clear the vehicle, you're trying to do this, you're trying to import,
you're trying to export. You're always going to have problems. That's one
of the issues we have. Number two is the inconsistent government policy. Just
let us know what we are doing. Are we going less or are we
going right? Will you those the government wants us to create jobs in Nigeria,
invest in Nigeria in your to morble industry or we don't want that,
do want those to focus on magriculture. We need to know where we are
going as a country and the policies have to stay pulled because going in my
industry, for example, investments, when you buy equipment, the equipments sometimes
have break even points of minimum seven years, sometimes ten years. So you
need the people want to invest. They want to be sure that I can't
say this thing for this number of years break even, then start to make
my financial gain. Then, like we've talked about, we were talking about,
we also need decisions from our government to show that we are going to
support you. It's say opens we're going to buy from you days and exactly
other five we says that you have to buy your components, your vehicles from
Nigeria. It is not being followed it. It does need to enforce it.
It's not being followed people. You can you can only imagine. I
think we have five five hundred thousand, could be it could be lower.
Advent on the year could be higher. Five hundred thousand vehicles and motorcycles are
important into Nigeria every year. Only about five percent of that is brand new.
Imagine a market where about fifty percent of that brand. I mean,
I mean, if I think there was an advocated side, I will say
the government can say we will buy the quote unquote expensive locally made cars,
and I leave the private sector could buy the private cars if the government alone
says everyone must drive and locally assembled or locally whatever cars. So a lot
of problems. Yeah, I mean, that's well from the problem. Let
me and let me ask goodful. I would say something. I have a
friend, Okay, I'll mentioned the numbers. I have a friend who has
an auto dealer. He got deler. He does, he does twice my
revenue every year he has. But he has more stuff in his house.
What I mean that his cook you know, this driver, that that he
has more stuff in his private home time in his business. So he's he's
important. You are manufacturing. He's doing better than anything. He has like
five stuffs maybe two sales people on account and as, but he doesn't have
Why me, I do I have more than sixty two about seventy direct stuff
direct? Then I have not that one dread in direct and I do those
hundreds and something you need to hear so you can imagine if I do five
thousand union to here you can imagine how more jobs to be created. So
these and I would do these things. I'm gonna saying we do so of
electricity. I would do these things even after our current states. If the
government those said the nis are enterprising, those evos right policy, as I
said I have. We we built I don't know if you're aware, we
build one of the biggest universial centers inside the University of Legals campus. Really
really, let's talk about that if you if we could, Yes, we
we a lot of unionized students, professor of professors and engineering coming there.
Engineers have brilliant people like I don't know if I don't wan talk about because
because it's about the unilie because of that place. Now we're building drones.
Drones we just said a drone company. We're building drones. We we also
built a ground controlstation and autopilots ourselves. We wrote every line of the code
ourselves. I took that code to China. I tested it in the aerosprint
edition and they told me is one of the most powerful sort says is ever
thing? Very impressive. Okay, very let me get some folks, some
guys, so let me let's get some folks in here that would like to
jump in and have David David go ahead service. Let's get David e.
You've got the floor? Okay, Yes? Is that it? Hello?
Yes? Go ahead? Please? Okay, sorry masters. I wanted to
ask two questions and the one contribution. You hear me? Yes? Go
ahead? Noisy go ahead? Can you hear me? We can? I
wanted okay, I wanted to ask two questions and one contribution. The question
is you know I have had valuable there in you know about this policy,
that the policy the government. The policy is one of the biggest problems.
I was having a new report, you know when you spoke about when you
spoke about the glass and those about the shoot ruling in Agera. I was
thinking one thing, is it not possible for the automanfacturers in Nagera to come
to LA and you know maybe it's the Auto Manufacture Association come to later that
she said, so in joint venture, all of them in joint venture with
the manufacturer, or do with this last manfacturers all with this in really continues
to actually solve this problem because I have actually seen it a bam done it
from other countries where okay, you cann manufacture everything. So you set a
joint venture with this thing, we are going to buy everything from you.
But because of you know the fact that your own side, because your own
capacity is not that much, you can actually look at the possibility of maybe
join this together with every other Automa manufacturers and and youre because when this problem
that you're facing, it is so every Apple manufacture and you are with benefited.
So what I'm asking is is it not possible for the Appo manfacturers to
come together and tackle one of the major problems that one of the person that's
that you are facing in Yeah, but why should they do that? Why
why should they do that? I think the point is about scaling and what
a company has a balance sheet? Right, So imagine if I make textiles
and you're asking me to set up the power generating factory that what you're asking
why should I do that? That's not my job. Why I'm saying this
is because of the governments of the government that we have an endura for a
well, and all the truths that we know is that even if they say
that they're going to help in such area, the posy of them helping let
me even let me even help you, Let me help you us here,
let me even ask like we won't do what you're saying. We won't done
it. We are just mentioning you earlier that we have an association, right
we come forward. Yet we have meetings and and we are a lot more
friendlier than multiple think. We're all friends. We know it told a welcome
for the meeting in the top. We all know that if we get a
bigger pie, which means that influentians start to buy more brand new vehicles,
it's better for us. The I can count. I can't the entire markets
my company alone can take its like the entire brand new markets in Ningeria.
It's so small that my company alone can supplies and I know one of two
other companies that I can't do the same during time. My point, so
the solution is we need to find a way to move more people who are
buying used vehicles into the brand new vehicle segments and people who are buying important
fully used vehicles, like the governments, the different arms of governments to start
survive need in their own country vehicle. Especially when you check the quality also
then do an opened and select the best quality for the best price. So
we have actually come together, We've done meet teams, we've come together like
one, like one company. These together, our our competitivit differences. But
sometimes know, sometimes most times we don't get a resolved And that's because I
don't know if that's because Soeple doesn't do Joyble don't don't want to do what
they want to do in Nigeria, that's the truth. They don't don't want
to follow some of the rules and regulations. Like I said earlier, we
have an executive order that says you have to buy maybe Nangeria. If you
cannot, you have to try. You have to go out there and try
and buy the Maibe Nangeria base is when you cannot buy, you cannot say
you want to go outside. Ask yourself, how many parts start us?
How many government agents do this? And for those that are not doing it,
who are you in the majority? What are they going through? What
are the consequences of them not obeying these exective order? No, and that's
why it continues to happen. So we've come together, we've done that.
Way to do we won't we won't see. We even came together at the
point and said it's still pressing machine. It's about and like no only it's
still pressing whatever. It's about twenty million dollars. We've come as okay,
you know what, we will all come together to do this thing, to
bring them one thro these twenty million dollars. You guys in government, just
as sure that every year all your vehicles who come from we that we've done
this. We didn't get any results from them the meeting that we did not
get any result. We've done these things, so but then they do not
respond. Possibly, so try test that being there done. That's got a
T shirt. I mean, if you don't get the market, you can't
Is that simple? All right? Okay, really quick, no, we
gotta we gotta move on, sir. We gotta move on this. You
don't mind set ye have I have my second question? You have a very
very quick, very very quick okay, So the second contribution I wrote about
it recently, you know, on my to spend on my Sorry, you
gotta ask the question real quick now, okay, okay, So what I
what I was talking about? This what I was talking about, you know,
it's you know, the postility are actually a lining in such a way
that the Luca market can actually be you know that they look as sorry,
So I gotta move on, sir, I'm so sorry. I gotta move
on. I'm so sorry. Let's get a twelve. Yeah at twelve,
you've got a flossae. Yeah, good morning, good morning. Yes,
I go ahead, a very cool. So I have a couple of questions
and some things I would like to talk about, so just real quick.
I think one way we can grow internal get Nigeria to use more new cars
is financing. And that's a major issue if you go outside of the country,
even place likes of Africa, people barely pay cash down for cars.
You know, there's always that financing aspect to it. So if policymakers want
to come in to see how we they can grow you know, the use
of new cars and then probably target making ninets, that's one way that you
can then grow the numbers. You know, there are a lot of companies
in Nigeria that have like banks and the rest of them that have you know,
vehicle loans and give vehicle loans and all that to their staff. If
there is a policy in place, maybe something like the way you have any
chair for housing and all that, there's a policy in place like a financial
product that you can you know, create and then maybe go bank. Can
you know, kind of have some kind of backing and all that to rate.
That would be a long way to make it easy for Nigerence to have
cars on a high appurchase and finance and basis. And our question I want
to ask is autopaths. One area that I feel that a lot of Nigerien
local auto producers can do is things like autopaths, like maybe breaks and a
couple of other autopaths that can also move and also target the export market.
I don't know how viable this would be, you know, but I think
that's one of those things you could do that would help you and keep your
factories alive. Again, I don't know much about it. I don't know
how easy it is. Maybe it's probably been done. It's just something I
want to suggest. Then there's also the issue of what are the lessons we've
learned. We've been assembling cars the seventies. I think Pan and Books and
Messages and a couple of other companies came in to Nigeria and the seventies and
we had this grand plan and we're selling you know, many of us who
grew up in the eighties and nineties use Nigerian cars. Along the line,
something happened. A lot of the things you're suggesting now, government buying,
procuring just only Nigerian cars and all that. All these things happened in the
nineties. I remember growing up then most governments, even up to early two
thousand's, most government cars were posia and even up to now you still see
a lot of governments too, you know, procure posia and all that.
But it didn't really work. Something along the line didn't work. So I
feel like there's something we still need to learn because the major thing for me,
and the major the thing that's kind of like, I feel like the
major problem here is the cost of manufacturing. If it's cheaper to import than
to manufacture here in Nigeria, then the economy with decide there's nothing you can
do. You can ban things and all that water will always find this level.
And we've seen that here in Rise. We've seen that in so many
things that we'll try to ban. I think are what can we do to
make vercal manufacturing cheaper? Managa, how can we make it competitive? Because
we're not just looking at the impulse substitution. We should also look at exporting
South Africa today. A lot of the toyota we're using Injuria today, brand
new toyota come from South Africa, right, Morocco too, there are other
countries. I've also gone into vehicle assembly and all that. So what are
they doing? What do they have that we can leverage on? Is it
power? Can we can we can we solve power or dedicate pable free tradism
where we have cheap power, and that would then encourage heavy industries because I
was so Africa did well before they met their power or they had cheap code
and they use that to do heavy industries and all that. And so there's
your competitive advantage. What competitive advantage we have in Nigeria that will make vehicle
production very cheap and allow us to be able to target the export market because
that's where the money is. So well, I that's those are mine.
Yeah, those are very very those are fantastic. I mean yeah, yeah,
the raw martials and the loan, the other loan. I mean is
it possible that I can go to Nord and get Yeah, those two I
really love on this custom manufacturing because maybe I think I need to clarify public
because so that everybody can get it, because I think it's a very very
important topic. So there is a reason I mentioned earlier that we were just
we sawd some no tangs to utician markets and we have some customers in Ghana.
If you go to the post pack, you're gonna you see some posts,
some positis. I've gotten pictures from from my friends in Ghana sending their
pictures and convert late to me. Why is that happening? Because we are
cheaper, We are more for people than the other alternatives in these markets.
If those people get to know more about those like you said in the Caribbean,
they will all the more from us. That's why we need it for
you. So the cost of manufacturing for us is as good, if not
even lower than our counterparts from elsewhere in Japan or usc When we say it
is cheaper, we're talking about the used market. All the adware explain it.
Now, if somebody wants to buy most people want to buy vehicles.
Now, they were going to buy a five year or four years or three
years would which is not really so old but also not new. Are you
get to my points? So they go out there they buy this vehicle,
which is we has as status of use in international trade, but it's as
good in the social in social class in Nigeria. So they bring these things
in and that's accused the incentives to make the vehicles in Nangeria. So but
if you take a vehicle an STV for example, paths for paths that were
assembled in Nigeria, are you take that same vehicle pat for paths that were
assembled in Japan? The vehicle in Angeria will be will be mad for the
book, I said, I made it about this some years ago, I
said, maybe a year ago, I said, I counterpart elsewhere in Japan
or America are buying brown new vehicles in America about twenty thousand dollars, mister
Carlo in America, right, I'm sure a brand new Vecu in America.
You could be difficult for you to see a brand new Vecan America for ten
thousand dollars? Is actually I played the fifth Yeah, I guess so,
yeah, I mean it's brown new vehicle. What's the vehic in America?
It dependently on the brands. Really, you can you can get a car
here for like thirteen thousand and all that what was his name? The fod
those little folds, little tiny gms, little small like they look like tinos,
very very tiny Spottish kind cars. Okay, dollars. You can get
a north vehicle forty equivalent about fifteen thousand dollars. I'm not apprised the can
abouts like in normal size. See that that I'm sure you'll be getting for
about twenty dollars one goas so, why are we able to get complete at
that price? Because our cost of manufacturing is also committitive, because even though
we have relatively expensive electricity, I as an entrepreneur, I've identified some factors
of production in Nigeria that are affordable and we're using that. So to answer
your question of our cost of manufacturing, I think we are fine going back.
You know, you know you in your next question before that was there's
nothing I want want to do now, not only seventies. I also mentioned
that that that was one of the reasons why the the seniument of my industry
said no, they don't want any manufacturing because it would not last. The
reason why, I mean, the reason why it failed was policies and assaults
every every every country tries to protects it is industry. Different parts of the
of the economy has to choose the US, those the China. Those in
China. You cannot tea is very scarce in China, very very scarce.
Why because the tariffs Toetia doesn't have a factory in China, and so if
you'ren't being in China, you have to beca factory in China. So if
you want to bring in China, you have to import it in artitarists is
really really expensive. So we can do this tempting in Ningerias. Okay,
you know what this citizens, So you take care. If you want to
sell to Nigerians, then the vehicles and Injurians drive mostly vehicles that are made
by Ningurians. Great jobs in Nigeria. You cannot bring in the vehicles where
when you five six people are employed in seals and you're selling two thousands of
people, you have to create that job and you need to only be sustained
when the policy remains constant, when the courage, when the policy remains encouraging
implemity is why it didn't work. People got into government and they felt they
chose easy money. It's easier to import it in our self. So what
did they do? They decided to reduce the tariff so that you can discourage
manufacturing and you can bring in more cheap fully built vecus. And of course
the intensive to vocals and Jeri are just type because why would anybody want to
make vehicles when there is a completive advantage and as that's the reason why it
does that. So we need to remain we need to continue to support your
creation in Nigeria, waiting to continue to do things to keep policies that create
jobs in Ninggeria working. The other question I asked was about finances. Very
I had this feed some some some some months ago and I said, I'm
not samey reason why people have to pay for their cars in four cars are
usually the second most expensive things and have reprecing with buying their lifetime after the
house. So it makes sense, so actually spread the payment for cars Ningerians
don't have. Nigerians you should not buy cars at once. You should spread
that for as much as five six years. However, and I we have
some problems. I tried to ignore it. Two years ago on my own,
we started a financing program because we tried to get some banks to support.
Some banks supported for the extreme. The interest was too high. Most
customers were not interested because the interests are around twenty eight percent by our most
customers were not interested. So that when you say you are doing it,
but you have to inteft theer cents, it's almost like you're saying about doing
this because it's gonna be very difficult to get somebody to buy a car and
spreading payments for so see at twenty eight percent. So we tried to do
it and we brought the interestry down to around the fifteen percent, you know,
just to see how it were. And it didn't work well. He
didn't work too well. We had a lot of defaults. We had a
lot of issues, which is some of the problems actually plague in our credit
system. We also have to solve that problem. But I think that,
like you said, it is a way to go. If the reason why
we spending creating system was because I analyze that if we're able to sell some
vehicles with payments like the payment, with people being able to spread payments,
we will sell maybe ten times more than currenttee sale. So that's like ten
times our current revenue. And that was the incentive for me. But we
tried it and it didn't work out to the world. We had a lot
of defaults, people just refusing to be, people changing a dress, people
moving away, people changing jobs. It was also much problems because we don't
have we don't really have a good what I call it identity is sustain So
he's very hard for people to get that credit. Yeah. Without without much
identity, you can't track people. If you can't track people, you cannot
score. If you can't score, you can't Yeah, good points. And
he's always no, always very reliable. Yeah, and he's asking and I
can take the last one. He's asking about the cheap power wife. We're
are going to create a class that which I've done that yesterday, right,
don't that yesterday? Right? Create maybe a place and our free trade zones
could just do that, go to the free trade zones on the coasts of
Nigeria and create complexes with no taxes, constant power and security companies moving there
and of course they know how and beton will seep out to the surrounding here.
That's what China did. So we haven't done that caliber Yeah, I
mean, yeah, so we just copy. Yeah, it's not rocket science,
and it's a good point. Just go there and and get that done.
Put out other stuff there and you know, and we can start from
there. A EJ A e J. Mister Manchester City hiding got the floor
AJ oh yeah, yeah yeah. It's really a lot about it. What
explain and all those things? Well my quistion is that because my questin I
want to do for him is it have you make because this is my first
time of hearing this moding, noding mobility or tomobile? Have you made this
to a car been popular in nan Duran for every part of the state to
really come so close to the cars to give really get to know about this
car because one of the things and now Uran love cars and you need to
make it popular. And there's another thing I want to ask. Are you
the one and I's saying this company yourself full time or you are the shareholders
or with you because there's one thing I want you to understand that if you
give the a you're an opportunity and even you're not, you'ren to in face
like maybe by sharing your company, at least you have be planned for the
company. That company will grow and make it very good standard and you with
your company will grow where I would alieve you will give us because I know
many Nagurans who are looking for a way to win face even the minimal to
buy share to make your and nothing will come that tomorrow all these company close
down and all those things, and you really got good intention. They're definitely
the complaining good. So I want to know what is at least you're one
of these two questions going ill still what is actually your your plans for it?
Your first question is about it. Isn't how popular really proteing your brands?
Well? Thank you? Is a very big country, very big country.
And I got to really say, I appreciate that we're trying to push
not because I used to be ice work from my cities bends. It was
easier when in uns cities bends, but when I stayed not and it was
a lot. Like we spend a lot in advertisements, we do it a
lot and a lot of people as much as we spend. You go somewhere
else, who say, ah, I'm talking about you to see isn't about
you? To be as you were on space now, mister Carl is very
popular on Twitter. You you something will happen tomorrow and so still see I've
been on Twitter. I head about this before you be thinking all were on
space is one very popular person, you know, and so he's just like
I said, he's all shows that address a very big country on our own
side, very creative media if you're at that point. But that's one of
the reason why people actually love us, because we are we are there,
we we we can relate to the average Niningerian abreging enjoined you, we're showing
an egeriance that this is an Agerian dream. You can actually be in this
country and make good things and do well. You know. So what we
are being a bit patient, We are spending more money, We're going out
there were dream more creative things or I agree with you that we live a
lot more work on that side. But I think with more sales and with
time, we will be as popular as we need to be. So that's
good fast because your second question is about do I own all the company?
No, I don't own all the company. I own majority of it.
You know, I started company in twenty seventeen. I at that time my
own own represents. In twenty nineteen, after starting the company and building some
things, that investing setting things, I got some investors in that got a
part of the company. So I sold a fraction of it, and we
haven't raised money since then until recently, which we got a new strategic partner.
I wasn't even for the money. It was for someome they had some
strategic interest we're gonna bring in on board. They give them a note,
a tiny part. So at the moment, I still own a pig parts
of the company and and we are not we get raising money from the public
because we do not need it at a moment. We are trying to grow
our company and growing revenue and maybe to our proper you know, investment rounds
and grew to the point where we can do a proper IP. By that
time, by God's grace, will probably be one of the biggest companies on
the African continent. So that's our plan. Actress. Hopefully more revenue we
get the first time we get to the IPS, so maybe when we get
to the IP or earlier for the maybe doing doing doing a round if you
know, people get maybe even part of it. But right now we're still
okay with what what we we have. It's trying to grow, it's trying
to get his numbers a traction up and all that up, and it's show
capacity. No scale skill skill us what skill skill skills skill wins. That's
just it, scale wins. Hiogo, We've got the floor. Go trickle,
go ahead, go ahead. Thank you, Yeah, mister char it's
great hearing from you. I really love what you're doing. It's very inspiring
for entrepreneurs and manuring trying to make possible happen. Basically, myst a bit
of a suggestion and also a question, but it's a broad question. That
focus is more on the mindset of possessing majority nine nine percent of what you're
doing as an entrepreneur. It's mainly about mindsets and then the rest. It's
the efforts that were put in and also the system that we couldn't place it.
So, doing business in Nigeria and like building a company, like a
real company that is doing a huge good in the public and also turning on
profit is like a mission impossible. And if you think of it as a
mission impossible, mission impossible is that it's a scenario whereby everything that is supposed
to work in your favor is turned against you. So in that case,
it becomes your question your tax It's just like you're giving the tax your taxes
to make sure that you achieve this and like in the normal sense, you're
supposed to be feelm like normally in the mission impossible. But the tax is
to make sure that all of those things that you're tryally going to turn in
together. So a good example is all of ninety nine percent of the constrom
we had in heavy year. It's around the government's government, government's government covernity.
So think of it this way. Government is your father. Your father
is drunk, he's an altit your mom, he's sleeping with other or other
women, and it's not coming back home. So you basically don't have a
father in that situation, what will you do? So it's usually the kind
of mindset that an entrepreneur in Nigeria should adopt if they really want to make
the headway. And it's also very important that when we have that kind of
mindset, it's not because we have let's say the next it's in mindset of
perspective towards life. It's actually from a realistic perspective, because if you look
at most of these other countries that eventually went from nothing to great and all
of that, at some point their government was like very terrible. America didn't
start off very rich and all of that. It was actually entrepreneurs that built
America. Wasn't politicians, was people coming from different parts of the world who
have feared of what is wrong, and even people who are in the country
you didn't like what was happening. Entrepreneurs came up and then they started building
business people and the building system. So in light of this, uh,
this background, I would like to also borrow from what authors said when he
talked about I want to have you asked the question talked about it was a
question what land the ship will go? Let's land the ship will go.
Yeah, I don't ask the question of you'll collaborating with other automakers to find
a way to make you know this steal and also the solve the problem of
power and that you pointed out that you've tried that to some extent but it
didn't work. But if you look at realistically, you might find out that
that might be your only option if you really want to make make it headweight
in this thing. So the question of accents can you delete in a let's
plain this in if my question is let's presume that there is no government,
let's delete government adults shoeah. But Gogle, Google, Google Google. But
there's government now, no government. When it's comes to solving the problem of
the stelling and solving the problem of the power, let me come in go
there is government. That's the reality. The America you mentioned the men will
beuil to America and ready book. I don't know if you ready book.
They took advantage of the facts that they were more or less the governments,
Rockefeller and the rest, right, you know, they took advantage of the
fact that they were close to government. It did a lot of things.
There is a really I can't remember know of the company, Mr Carluca.
You remind me of the company that was broken down into the oil Acas company,
Standard Oil because they came to big standard oil. Standard Poe is very
good, Standard Poel. They grew because the government were supporting them. Then
they became too big and the same government said you are too big. You
your size is now it saved to the agorage Americas's so let us, let
us, let us get you broken down. There is governments like you said,
you your men are like you used to said the world father to for
entrepreneurship or for businesses, it's not you. You're not gonna if if the
government is like the father to a toddler, to a guy in primary school,
that's that you cannot do it on your own. You cannot do it
on your own. The government has to one way or the order supports you
or looky way, or they have to. So that's why we're saying the
government has to do one or the things every company in the world Tesla General
Electric intail I just mentioned the foundation of Intael that we that makes that computers.
You think Intael will not have been possible without NASA. That means your
computer will not have been working if the America did not try to compete to
your Escessa in the nineteen fifties and nineteen sixties, and you will not have
Silly Convalley because in nineteen fifties and nineteen sixties the big gets contractors of the
companies and Stilly Convalu and really where denied him the US military and NASA.
So the government has to like like mister can also mentioned, we're not saying
that he just wait on the government. No, the government will help you
build capacity. Then when you build capacity, you go out there because you
do not have capacity, you have employees, you have everything, you go
out there, go to the world a start solving problems at a better price.
That's how it's doing. I agree, I agree, I agree.
The government should give you skill, I give you the power to negotiates.
I mean, if you read the story, if you can read the story
about is it how you die? And South Korea they had a much dictector.
He came in, he called Heinda and said, go and build ships.
They don't go and build ships. They were looking for ships. I
think I knew nothing about our ships. And they went to Scotland, got
order for two ships, went back, trained South Koreas and delivered the ships.
It's a large customized the story. But the point is the government was
interested in creating in South Korean export led economy. Any which way was going
to be done. So we're not just saying shoot at blanks, but what
do you want to do in Nigeria? Are we going to do agriculture and
feed ourselves? Are going to do export and export? What do we want
to do? Then every government posing was then aligned. If we're important,
let's do that, and we're going to import and then goods are going to
be cheap in Nigeria. But we'll sell crude oil and fund those imports.
They will export a lot of crude oil, but right now we're not exporting
crude oil. We are important. We're doing capital substitution, we're doing import
substitution. There's capital controls, their subsidies. The posities are disjointed. So
if we know where we're going to, yeah, if we know we're going
to we can buy a car or buy a more and get there. But
if today the road is here, tomorrow the road is gone, it's on
this left hand side, then you can't plan. Imagine if you are a
business today, they float the currency you are planning on a flotter currency.
Then they float is somehow back something somehow, but you know it's you need
planning, it's not. Some businesses don't like oncertainty. These stock markets don't
like uncertainty. If things are clear. If don't, it's going to be
ten thousand, but it's going to remain at ten thousand or five years.
You can't plan around that. You can plan around ten thousand, even if
it's expensive. You can say, Okay, I'm gonna build my car at
five thousand. But if it's tends on today one tomorrow, one million next
year. You really can't plan. That's the problem in Nigeria. Stability of
macroeconomic indicators. We need to have those things stable. Even if infection is
twenty five percent. Okay, let this stay there be. Then we can
then start look for policies that will then have local products that have a lower
inflation. But if it's all over the place, then you have a problem.
That's really my take where I think going on. Thanks Ugo, thank
you Sag. I know again, I'm just thank you for hanging out with
us. We're nearly at three hours. We're gonna end up about forteen minutes
or two of the hour. Thanks for hanging in here and talking to us
about not just nod you know the same side, the investing side, the
entrepreneurs. That is what I want you to come and talk about, right
to give us your sense of the Niger economy, that side of that,
what you guys go through, visit these policies at us and I think of
the injustice to to give you a shout out and thus two time to put
out it's it? Yeah is it? Chiquo vi Ip will sue how you
doing sir? Is it? Chiu v Ip will sue you're handing you hear
me, I can hear you said, because it turks were calling from You're
good to go, mister Jay and kind of thank you for having me.
And I'm coming from me and I think you know, besig I've got two
questions for you. One of them is mainly around more like educating us on
electric cars than the second one has to do week to cost, you know,
for Nigerias. So Bohole, we lost or faith in governments providing us
water in Nigeria and people started diving Bohole. None of people provide water for
themselves. There are also people who built houses in Nigeria and have stolar panels
on your houses on your roof and they don't know that rely on PSCN for
power. Now we started thinking and I'm discussing this my mind and some of
my friends. We regards to the challenges that we face with pm I surprises
people being able to feel their cards in Nigeria area. So we are thinking,
how can we save Nigeria and also save with humand pressure on b ms
and how can we like we leave that parting from Nigerians. Then we thought
we have sung as a natural resource to us almost all year round in Nigeria.
If we have electric cars in Nigeria and I have my house in Nigeria,
I can put pilar panel on my roof, drive my car, comeback,
plug it in the sun that powered my house via the solar panel would
charge my car. Then the next day I can go out under my denners
and come back. Isn't that way we will reduce that human pressure on MS.
I know it's quite expensive for please, I want you to educate us
more. Truman lights on the challenges we building electric cars in Nigeria. I
was listening when you talked about the gas how that it's cheaper or it's preferable
to have the gas power cars and electric cars. Can you trou more like
on why we are not look at the fact that we have the sun as
natural resources used that as an incentive, you know, and think towards building
electric as as one. Number two, If all things are all variables are
as steady and an accustant an equal, do you think you will be able
to produce cars that work between three million and five million era? Those are
might two QUESTI because I think that would that that would see Nigerians, you
know, thinking about driving your cars. Might our fathers did back in the
eighties and nineties when they bought Pugure about three thousand era and all that.
So these two vestils, can you please ed get us move on that.
Thank you, thank you, thanks so. First question on the electric and
I like your illustration. Well that's very good illustration. And like I said,
I like electric cars personally, but as a businessman, I'm always driven
by solving problems. And I've looked and of course solving problems. You look,
you get your environment or the environment target markets, your audience. How
you're in solving problem and I realize that a lot of them still have electric
providing electricity for themselves. So what we did, we did, we did
not what your illustration, your example is a lot of moustraly forward. You
put yoursel a panneling on your rule, you get your charge extition, You
get your electric vehicle made by not bring it into your own charge overnight for
eight hours or five hours the charge next morning you can drive you for even
or because you can do like two dread the underc elemeters very good, it
would work. But the question is how many people can afford? How many
people we even drive vehicles in n Ageriat can afford to power their own throughout
the night. You can't take I can't. Yeah, but how many people
can? How many? How many Uber drivers have to have power on?
Even twenty flowers have power from it to clock when they get five am,
six am, seven am when they recover. So that's my challenge, which
electric vehicles in Nigeria and I hope that we can solve that popular because electric
ve people solve a lot of these problems. It's yet the initial costs are
the moment's maybe more expensive, but I think that's just like that's like the
volume team. As we do more volume, we can reduce it and people
can charge our because I drive around, it's something that we're doing. We're
also doing the CG. That's why I said I think the best bet for
Nigeria is a combination of woods Nangeria, Ding c AG and for boots in
CG because we have a lot of gas, and also also making electric veh
because because we have so on and we can get our solar panel charge our
electy vet. So we're looking at put off them, but we have to
them. We have to. We have to be mindful understand the kind of
country that we're in, so we don't even have enough power to charge their
foods. That's the reality in some places. So it's a balanced so that
I think the answers that question. Then it take on about cars three to
five million there the the globe. The world is in the global markets at
the moment, it's sous global. The cost of crude or the cost of
the cost of that cost was still a price at the international markets. And
they spend this thing on my Twitter handle or x X timeline before and I've
reached cat A smoker has about that body dimensions to you, it's about one
point five tons a tone of good steel not pressed, I mean flat sheets,
it's about one thousand dollars. So if you need about two tons,
that's about two thousand dollars. So on that I'm only the cheats I'm talking
about with pressing, Yeah you got you know, it's already two thousand dollars
already regard less. So and that's who and even if even if you make
those things in Nigeria, you have to buy at the amount because easy to
go to the steel company in Katina. The best thing would rather sell to
the best thing wants to buy still in India at two thousand dollars at international
market for buying seal that selves to you, you own to buy at the
lower amount. So we're still going too prices at that amount. So when
you when you get this seal, you get the engine, you get transmission,
you get the opposed street, you get the cheers, you get the
air and now you have to about the sifty, the air bag, the
chassis. You are going to be seen a ve could a leaning mom,
it's nine ten thousand dollars realistically, then you have to now put the cost
of the could men's the position you're preaching, expenditure and all those things.
So basically you just see a ve could have you at twelve thousand and eleven
thousand dollars at whatever the dollar races. So my point is this is still
going to be priced in US because it's an international market. Okay, just
just just before I go really quickly and it's a kind of place, just
empten seconds be I let me just say this. You know, we have
we have this attitude in Nigerism. It's not the best of people. We
have this attitude of you know what, anything that is expensive. We are
so attracted to people do whatever it takes to have it, factly just to
have people they are who come fromble most implant the just to practically their neighbors
that you see, I have this if you look at the improvement that have
gone on in the houses that have been built from Lakey, you know down
you know, into towards the met and all that you can see the m
of houses that people are building, people are building service up things and all
that. I think I want to think that if you and your your colleagues
I mean when I say your colleague, I mean the people you have in
your association who produce, who produce a moment acture has would look towards the
the electric tower and try to create awareness on the advance teach that people would
have having that solar panel and how easy it would be if there will be
a kind of a breakdown course, no numbers will tell us. Numbers numbers
stick better than than than the world. If you will give people in number
times what they stand to see if they invest that big money in having solar
panel, I want to think, as my engineers, people will start having
that and you will see going forward, well, people build housy that they
want to rent. They will put it as one of their marketing tools that
I have solar panel. I'm not just building yourself as apartmental have solar panel.
If you move into my house, you are home and dry way to
electric cars. That's just what I'm thinking, and this is what I would
just suggest that maybe you and you know, people in your association would think,
you know, maybe consider maybe not immediately, but was in your rest
future considers looking like it would work. Yes, thanks, and I agree
with what you said. We're we're we're out because we're not We've not munchetities.
So I'm not going to go into details, but we are doing something
very big with a commercial bank in Nigeria and one of the international bodies and
with the government of a couple of states in northern Nigeria. We are making
in Nigeria here electric tricycles, thousands of it. It's going to be a
big project. It's a big project launching thousands of it, and we're going
to give it to women in the not to be able to help their families,
you know. So we're solving the transition issues and also making those women
not have to buy the expective, retroom and arriving. There's a form people
from one point to another. And also ensure that these women have are able
to end money to support their family and beauty better family, you know,
and train their children better. So when I said that we're doing we're launching
thousands of Elis first face and we're going to do Judi announcement sometime in October.
So I mean we hear the details the partners, the banking partner,
the state governments and the partner. But yeah, we chose electric vehicle because
we and like I said, this is k tricycle, so electric tricycles.
We choose electric because we understand that with the price of petrol going up,
with the same gamfrastructure not being there, electric is the way to go.
So in doing that, we're also because I said it's all volume, we're
doing about the thousand Arti moments because of the volume involved. We're also creating
the charging stations for these women and it's stricutor next in women in the Northern
Nigeria. So we're creating the charging stations because so they can always go there
and charge. They don't have to have the epique or this or that because
I know they realize if I build, if you build the evy and tell
them, oh, please go take the ev oh, it would fail.
So we had to also build the infrastructure in northern Nigeria for these women to
be able to charge these electric tricycles and move people from one point to another
and any money for themselves and for their family, and hopefully a levy to
all the symptoms of poverty, you know, make things better for them.
Thank you, good Janie, welcome, Thanks so much, and let's get
a man, a man, you're up next quarter. First light. The
man is getting really first light, two twenty five dias. Go ahead,
sir, first light. You've got a flaw. Okay to that too,
down, turn on the calculus, the calculus fast, go ahead and speak,
sir. Yeah, good evening. Thank you mister Carlow for this wonderful
platform. And it's the joy. Good evening as well. Thank you for
for the enlightenment. Yeah, I understand the frustration. Well I'm not in
Jomini your shoe, but I can't feel the frustration. We were. It's
really going to speak about government support, government support, government support, and
it's you know, it's clear that it will be very very difficult for you
know, for any manufacturing entrepreneur and enjoyer to survive or to grow without some
from some support food the government, you know, purchase from the government,
Sales from the government is usual. Is to me, is at least of
the problem from governments, you know, creating and enabling environment, creating uh,
you know, a cheap raw material. You know, access for example,
is still. We cannot talk about manufacturing is really fort to mobile without
mentioning our still production in Nangeria. You know that that accounts for modan like
of an average car has like maybe over not want two terms of still,
you know, and that's a major challenge. And that's why, you know,
I always think, I always when I see your Twitter on myself out
and I feel like, Almo, this man is really trying doing all these
things. I mean, these challenges you understand. So what I want to
ask is that you know, we know we have a problem. It's production
of still. And sincerely, production of still is not just to step process.
It's it's it's as really primary still primary production. It's it goes beyond
those taking all and putting into all. Hello, it's good beyond taking all
I'm putting it to one machine that we get out still. You know,
it's a series of processes up to from the from everything to you know to
the last jake stay, stage stamping and person that you say and all over
that. So I want to ask is there in Nigeria now, you know,
as a manufacturer, as a cam manfactorer, is there also because we
have this perform you gotta ask the question, sir, Go ahead and ask
the question. Go ahead and ask the question. Yeah. The question is
is is a command factuing business? But you know, recycling the aspect of
still maybe it will also help and also accelerate our answers to you know,
still still materials in Nigeria. That's my first question. Second question is you
got to ask a second question directly, just as question directly sir. What's
the squ ahead? Yeah, okay, okay, thank you. The second
question is we have policy and agitation problems that you mentioned both there is my
wad is manufacturing as a showing a jail and which which will also be a
source of support collect or support for or this kind of problem? What that?
What's what's what a strong are they taking? Are you guys? Are
they taking I do are you a member or what CAUSTU are is taking to
make sure that the stable policies and legislation that can also support manufacturing in business
and Enginerous sent you everyway. So I also companies into recycling on Still,
yeahs that is that's not our business. You know, it's in that,
it's in the value key, but it's not really our business. Our business
is to assemble cars, manufacturing of the companies that we need, put it
into the assembly process and make the vehicles safe, elegant and durable and affordable
for our customers. So that's a very very far part in our value toad
and no autocompany that I know in the world is very both that. So
we have vendos, we have suppliers that will help us get this. Still,
that's a stone everywhere. So the anside is no, it's not really
what we're trusting. It might be a profitable business, but that's for somebody
else. That's the answer to that. The second question is, uh,
the ISNAMA dream very well? NAMA is NAMA is doing fairly well, fair
well. There's always room for improvements, but I think they're fair. They
try to push for us and I think they're dreaming. The basic can do.
Like I said that there's room for improvements. We try to advise them
and what to do. What's two differently there, But they're dream well.
The the Secretary of NAMA is very access and he tries his best. So
yeah, they're helping. We just need to be closed as to the governments.
We need to let the governments see that supporting the automotive industry is automatically
just prove an aerial GYDP and easily created a lot of jobs. That's what
I think we need to do and it's normally left to the schools of the
association. We as stickles as in the association have to also join them doing
that. I think that's more things we've been doing. We've not really we've
not really done that very well. This year I'm going forward, I want
to be very very involved in doing that. I thank you. I will
suggest an a play for you and other kind of factuals that will be on
this platform. Because if we see somebody as a question about popularity in Nigeria,
and I think that's what has helped brands as Steven out certain angeria is
detainment industry as well. Maybe you can I have not seen any in Najeria
movie bbja is I don't know that. Mostly in Najeram movie. The one
was even very popular. I was on number one for a couple of weeks.
Okay, that's nice then, because that would we don't looking on when
no nice, you said, mister Jay, I'm more interesting. But sometimes
when I watch I was just like these a Jagon Jack going on all these
movies. You know, sometimes you just yeah, I don't the suggestion and
I'm gonna look glad something like that. It's already. Yeah, we were
aware a couple of movies. Where were the stars wearing one that movie?
I can't Boddy mean now we've been like two or three movies and two of
them were number one for a while. The stars number one for our two
weeks or so one week, you know. And also, mister Joy,
also people have to stick. They might see it and not know it's not
that's a nothing. You might be there and they might see chair. So
ken, ken, ken, you've got the floor. Okay, thank you
very much, mister Carl. Thanks again, mister Joey for being here.
I hear the passion in your voice. I hear I hear the love for
for your trick what you do. And I mean as you've heard everyone speak
today, you you can you can hear that then Urians love their country.
And you know you touched on a lot of things, quite important things,
talking about factors of label and how that you affects your business and audio analysis
don't And one thing that you touch which is of vital importance is the ease
of doing business. You know when when most people in government talk about is
of doing business? What what they always to think? It means bad that
that phrases of doing businesses is about starting a business? How easy is it
to start a business? But it's beyond that. Is of doing business is
a is a metric that is corpulated using different factors. And you know there's
also components getting the construction permits and getting electricity like like you said rightly,
and you know, registring properties, getting credits, a certainty of contracts,
trigging across the borders. I mean, it's it's it's a lot of it's
a lot of components and it's quite difficult. I know it's still a company
like yours in the material today with all the mirald of challenges we have spicially
around instant jobs and and all of the problems. And it's easier for these
sort of ways and the and the pay starts to easily scale because they can
be in their bedroom and run a digital company. They can scale digitally.
But for you that require boots on the ground, it's quite difficult. And
one way, one short way that at least would help you grow is to
ensure that that ease of doing business environment is conducive for businesses to try.
I mean, if you look at the Dangletar refinery, for example, that
man had to had to construct his own power plants dedicated for that part,
for that for that complex's sourcing us from somewhere in the mandera that they gated
for that plant, because he knows that none of those that kind of critical
facility to come from the government. I would like to add to you quickly,
be a true I don't I don't know the man for too long,
consul the amount of time we have left. If you've considered the industrial layout
in KGr, because I know of setting companies there that are currently powering their
their facilities using the gas pipeline using across that place, were exercially. What
is guys did was and they looked at their cost. Of course using Disoo,
running Dizoo is quite expensive. And it discovered that we have an advantage
because there's a gas going across our complex industrial companients. So they discussed with
you know, the gas pipeline, and we're able to sign a gas seal
agreement and tapped in into those into that pipeline. But APA and equipment called
premiss, which is an equipment that helps to reduce the pressure of the gas
into your facility. And then all you need to do is to buy a
gas generator. So and and I mean, we know gas is cheaper way
when when when compared to this and these facilities they are running right now one
hundred percent on gas away from the bridge and they are and they are and
they're running their business. I wish and maybe you can and okay if that
is possible, Okay, So I don't know that's you need. Okay,
So hello, go ahead, I can't hear you. Go ahead, okay.
So we we have been able to solve some of our power problems.
We currently use gas where we where I think we have to fact tries.
I don't want to go to want into details because some of the details are
tracing critics to bring our cost of production down. So I don't go to
more details because I don't always listening. But just know that as at not
we solved that problem. Well, we have a relatively good price for electricity.
Could be frustrating here and there because it's not regular butt, but in
overall is fair. It's fine compared to what is applicable even also in the
world. So that's fine. That's the asert to that. So but talking
about ease of doing business, yeah, you mentioned something else about ease of
the business. Yes, it's one of the biggest problems are And I can't
I can't go on and on because I had not only me, my entire
industry, nagera automotive industry had a big problem with the last administration. We
had a big problem. We complained to everybody and anybody in the administration to
give VP to the Minister of Trade and Investment, to the Minister of Finance.
But now we have a new administration. I would know what just you
know, I would just let us hope that things are going to be different.
I spoken to a couple of them and they promise those that things would
be different, because, like I said earlier, some of the things that
we went through we're just not necessary. It was just it was just it
just should not happen. You know. We spoke to our dig Will admitted
that a lot of the things should not have happened. And we're hoping that
the new administration, and we're trusting them that they would they would be able
to make things a lot better for us. Okay, let me let me
just touch your one topic. You need a license, you need you need
you automotive license to say, well that was an idea. You'll know that
you cannot just be copying the money and when starts and being vehicles, right,
you need to get a license and the license for reasons pass them,
which I understand is only valid for one year, which is you know,
okay, fine, But the problem is that as at the last time,
the new administration is there where opening things are different. As a last time
people it took people between four months to eight months to renew their license.
So basically it's like you have a bank, you need a banking license from
the central Bank and where you're banking, and you have you need every year
and when you apply for renewal, which should take only two weeks according to
the meetings they've admittals and the rest, it takes about four to eight months,
which means you are technically out of business between four to eight months for
that year. It happened numerous times. Last time, I bet my license
currently access. It's not going to expire to some time. Hopefully when it
expires, you will see same problem with new new governments. We're hoping that
because those are some of the problems we have. Why is it delve no
reason defire those This was from what this table for weeks. That's the reason
some okay, listening yours come to in the factors to do inspection. So
people will not just leave their table to come for the inspection for two or
three months. Why nothing they just did? That's nothing, no reason.
And if you don't have the license, you cannot legally assemble and you can
also legally imports. So you are just talk But why is it one year
license? If you're a factory CC you already look why one year? They
said? They said that he will through a show that those that are trying
to get eat the business. Basically those that are not compliance. Those that
are not serious will need to come for revalcation every year. I get your
I get your points, because the struth of the matter is that you don't
we know the popular props myself. You know, seeing a couple of companies,
yet we know that Okay, those ones, they have the factory the
factors. Why we're posting our vacancy nami there so you know that we are
there. We don't need why. I agree that there are some companies that
may have the license and may just get it for the because their license has
some some bigs, you know, so they may want to just get it
and not to use it, so they will be forced to go back every
year to get it. We've tried to argue that we're also movols, that
we've show new capacity. Can you exclude us from this one year? Well,
they haven't done that, But maternally I didn't have a problem. You
can come and revalutate manufactory. I don't have any shootings. But don't we
fight, don't waste time, don't do it at the right time, Come
check, validate, and let's move home. Well for me, you,
I'm a young guy. I always give them problems. I always I've always
calling people calling my own is a lot faster. You know what you don't
do We don't have to. We don't have you don't have to stay six
entrepreneur before you do it the right, gotcha. I mean it's just I
mean, this is we're just getting all this information. I just think one
year if you were brand new. But once you show production capacity or you
show that you're exporting maybe two years under graduated skill, that maybe three years.
So that was an incentive for you to stay in the game. Yeah,
and get your license extated. All right, Well, I was coming
to the air. We got about ten minutes more. Let's get three folks
in a GI just three folks that there was ended up. Got Hawk better
and Sam, so Hawk, let's go first, Hawk, Hoogan, this
CFR go ahead. So let's go to the point. If you don't mind,
everyone nice hear me? Yes, Lord and Claire. Okay, Yeah,
thank you, thank you, thank you so much. Mistacter you out
to be. I've listened to your uh you know, speeches since more persons
earlier today. Thank you for what you do in a difficult environment like Nigeria.
Thank you for your tenacity and your insights. I want to talk a
little bit. What I want to talk about is kind of what I call
the political economy because at the end of the day, when we talk about
the economy, the business of what you're doing, it comes down back to
leadership or politics or you know, the how things have been done in the
in the country and that affects you know, what you're able to do,
what you're able to do, and for example the issue of electricity, for
example, how that you know, how that affects the business. And this
is my this is my this is my personal believed. I believe that there
are some that they are called an elite or cab house who are kind of
there the many of them in the country and they don't have the natural interests
of the country at hand at their India arts. They just want to make
money, a lot of money, exploit money, and they don't want to
develop the country. And I believe that this is part of the reason why
Nigeria is where it is today because I'm how you explained, for example,
that Nigeria can give people like the country like nigail being in power and we
hardly I mean as some of them as don't have to the f our electricism.
Nigeria doesn't have that. How do you explain that since sixty three years
after independence in the city three years now, you're almost doing the circle around
the same thing over and over again. So it is not that it is
not that the resources are not there. It is not a Nigeria's And how
smart the one of the most Bilian people in the world is because some of
these few elites are They're controlling things, making a lot of money and the
rest of the countries is getting poorer. So I want to just encourage,
you know, many of us who are listening here to to get engaged in
politics, not just at the national level, but also at a look at
level because at the end of the day, politics affects even even even the
business right ease of doing business. Why would it take your eight months,
for example, to just renew your your your license, because because somebody is
expecting that, you know, baby, you have to give them money for
them to do that, and they are eight months in the life of a
business. It's it's a talented has almost a three quarters i think three and
three collars at three almost nine months. So I just wanted to get involved.
We've had a very contentious elections to going on. Well, I don't
think we should take our eyes off the mark because we see that hour the
leadership of the country affects our the country develops. We spoke about America,
the many wet, then we develop the United States or entrepregners, but the
government or the day give them the right hand of philosophy, they helped them,
give them their environment, but which were able to develop the country.
Spoke a lot about NASA, about intel of a NASA, our Silicon Valley,
and now that helped America to propel and become a prosperous country. So
but our leadership, we don't have the y as the leadership problem spoken about
that we ever ready are spoken about that and we seconded out their leadership provops
it now because the right people are not they are the right people are now
allowed to be there, you know, because the few people who are there
want to keep everything to themselves. So we have to keep and getting the
system because I think that's that's the only way for you know, to someone
like you, us other entepregnouns to be able to make to be successful because
they're I mean, if if you if you for example, if you will
I think helping innocent mottos. For example, they're placing on order to be
their cars. You know you're able to scale. So I just want us
to keep involved. I think it's very important for to lose sight of what
is going on, to keep engaging the system, to keep pushing back to
keeping the idea. Yeah, so that entrepreneurs like yourself, how many others
can be able to thrive because I don't. It doesn't make sense to me.
While the country we have the richest man in Africa, at the same
time we have the porest the reportest capita in the world. Okay, whole
capitals as a contradiction. Yeah, thank thank you very much all you do.
Thank you had Mike keep engaging the system. Thank you appreciate that.
I think basically give your advice, engage and engage and get that agree with
him. Yeah, so let's just go to let's go to Bettel Betel.
You've got the floor real quick. Yes, thank you, great things to
you. So I would be first of all, shoot a shot. I
have to submissions our shooting shot and I'll ask my questions. Please I cleve
your indugence. Okay, so enjoy Grettist to you. So I I work
at or I'm the CEO of Tells Impact Consulting. It's a fact that I
found it to support the research and innovational landscape in Nigeria. We kind of
observed that the innovation drift in Nangeria is just sitting towards the service sector and
there's this gap between No, you're gonna ask a question directly, so just
go ahead and appen. No, no, I have I have guys waiting.
Go ahead and ask a question directly, sir, Go ahead. All
right, So you talked about union lag and what you're doing in unil like
it's quite of interest to me and also because that's my space, so I
don't I would appreciate your opportunity to this cause for that with you what you
did want to learn from your model? So now my question is you work
in this manufacturing space. How has the skill match been for you? Like
people coming out from our universities and you employing them has been the skilled match?
And what do you think is the gap around our university is participating in
this sector? How would the research feeds into production and manufacturing just like what
you do? What do you think because I think research is an important element
in this will space because as small, the more the fact that you niviate,
the more you can win the market space. Thank you, okay.
Than they have been presently surprised by the people that have met, even the
not only young people, even the professors, the older ones. And it's
been very brilliant, a lot of Nigeria and say engineers and sciences that,
like I said, very very brilliant. So what for there's a bit of
gap. What I dontice is that sometimes you don't believe that. So I
have to do a lot of mentory. I have to let people know that
there's no differends between us and you know, the Pions or the Americans doing
this, conspecially if you have to good enough. I have to remind them
that if you leave this Nigeria who are going to work in a factory day,
they're going to be the one producing this thing. So we can actually
do the R and DA ourselves and make these things, you know ourselves.
So in terms of the capacity and the intellectric capacities, we have all the
kate who are doing it, and there there's a gap, there's an infrastructural
gap. So we don't have some more the equipments, which is why we've
set up television center to bring all the equipments needed to get to our PRILLIOND
guys working. So I don't think we just we need to do more of
what we've done, even we need to do more in other pieces, Like
it's not it's not direct. It's gonna take some time. They're gonna maybe
ten years, but I'm sure very soon we're going to start repeating the fruits
of work we've done, our magerias, going to start making a lot of
things our own self. So that's it. I really like to prot security
for them. Yeah, you'll follow you follow me out. Excellent, great
top guys, great topic. You're welcome, sir, welcome. All right.
So so we've just basically been speaking to just hando three hour discussion with
that Agil Lua Tobi, the chairman CEO of NORD. I have lent a
lot, and I know you all listen have lent as well, right because
so many things we've think it for granted, we just had the policy,
we wanted this, we've tried to distill this posit down to the guys that
have got their hands dirty quote unquote on the field of entrepreneurship in Nigeria.
And what we've heard is the earlier encouraging. But what we've also heard is
that it's a solution. We haven't had despair. We've heard this is the
problem and this is how we can fix it. And it's not it's not
talking about give me billions. It's talking about past this policy, do this,
do that, and I will do this and not just him his sub
committee manifested actuals because what he's saying affects also other manufacturers. If we can
do this policy, it would unlock this job, it will unlock this GDP
growth. So I think it's something we should, you know, push as
a government to get things working. Enough of the talk. We've been a
bit slow. Let's get things going. That's the world I want to see
for it it. So thank you so so much for staying with us.
I appreciate you. Thank you so so much. And if we call you
again, please come back, sir, and I applaud you on your team
at NORD. Thank you so much, guys, Thank you very much.
Are doing great great, we are doing so many great things, you know,
so many great things. Thank you, so I appreciate it. Sir.
All right, guys, I'll let you guys go home and enjoy the
rest of your weekend. Thank you so much for joining us. We'll see
you next week Wednesday, Sunday, seven pmost African time. On that note,
bye, thank you guys.