WEBVTT

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Hey, folk, High folks,
are welcome to another spaces or should we

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call it x spaces now with me, My name is klu Aja, and

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here we talk money, finance and
of course the economy. We want to

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make it personal to you. Want
to take the stories of the week or

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what's happening in the economy front.
I want to explain it so they can

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become a better investor and how it
does affect your walls. It's very important

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to us. So this week we
want to talk about the CB and the

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Central Bank of Nigeria's recently published twenty
tween two and a report. We want

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to talk about the whole controversy surrounding
the pegging or the floating of the Nigeria

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naira visi is the reference currency with
the US dollar, and then of course

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talk about other issues. If you
have a question the economy on investing,

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we can talk about it. So
unless an open house, right, don't

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hold back. We just are just
gonna do it quick five minute intro intrough

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topics. Then if you want to
speak or you'll have a DM, just

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send over and of course we'll talk
about it so we can all learn together.

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So let's just jump right, into
the first topic I want to hit

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today with the Central Bank of Nigeria's
twenty twenty two annual report. Now,

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why this is so or why it
costs so much? We say traffic on

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social media was because in the past
the central bank, I would say,

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in the last maybe five years or
so or longer, they have not released

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their annual report. So what about
the central Banknogier has been doing. They

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haven't told Nigerians about it. Writings
have been really been silent over there.

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And they're a very very big institution
because they've been playing a lot in the

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economy. Usually central banks focus only
on the monetary side. I eat the

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money right, the monetary interest rates
and all that kind of stuff. But

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we've had on this central bank.
Government may feel a very interventionist central bank

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that is focused directly playing in the
economy, either true giving out low interest

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loans or creating Should we see programs
where farmers banks are all that are getting

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no financing that below market forces.
Nothing wrong with that. Most central banks

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do the same thing across the world. Most central banks in the US,

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when you hear quantitative easing, there
are basically intervention is programs to help the

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Nothing wrong with that. But we've
done a lot this on the bank in

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this time hot one, a lot
in natural economy with printed moneies and all

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that. But so we've not really
seen, should we say, the real

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official numbers out till this came out. So I looked at it, a

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lot of comments online and I did
insolvency all that kind of stuff. I

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took my time. But the weekend
look through the report, I didn't see

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anything really here that would suggest like
any smoking gone or that anything was really

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happening. I didn't see anything amiss. The main thing that that that struck

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me was the external reserve position.
Right where we are on the external reserve.

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That destrike me, and I spent
to you what I'm talking about.

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So the Central Bank is to publish
the external reserves on their website. I

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think last time I saw it,
I think it was in November last year,

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November tween twenty two. I think
it was about twenty seven or twenty

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eight billion. What's was on the
website. But what we then find out

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from the report, the annual report, is that the Central banks foreign reserves

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as a December it's about thirty two
billion. I mean, it's just thirty

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two billion, just thirty two billion, not a lot, not a lot

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for a country that does a lot
of imports. I mean our PMS import

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bill is anywhere not of two billion. This is just PMS. We're not

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talking about food. There's not a
lot of money at all. But this

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thirty four thirty two billion, if
you look at all the notes around it.

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Number one, we have pledged this
money to JP Morgan and Goldman sax

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I. We borrowed from them.
So these discs reserves are our collateral.

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I think about seven point five of
that total borrowing losing our foreign reserves as

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collateral. It's what we did right. And then also we also have should

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we say, you know, we
have what we call the forward market.

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So if you want to if you
bring dollars into Nigeria, you can buy

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a contract from the central bank,
or to say, if you want to

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take your dollars out and say two
years, the central bank would give you

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the dollars at that price you buy
today. So for instance, you could

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say I'm bringing in a million dollars
today, but in two years I would

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like to buy my dollars back from
such a bank at the next change.

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You to say seven hundred, So
whatever the rate is in two years,

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the central bank must sell to you
dollars at seven hundred. So the center

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Bank is essentially taking a gamble or
taking a risk that the currency will be

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lower than seven hundred, so that
you wouldn't come back and execute your contract,

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so they make a profit of your
deposit that you've made. That's the

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center bank is taking your cash today
and hoping that this exchange rate is better.

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You wouldn't come back to the central
Bank to get that contract executed.

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So there are prophet is the premium
they collect from you in advance of this

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pledged dollar, right, I think
we have close to about a billion,

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about oh six point eight billion,
So six point eight billion is what we

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have as the pledge for this forward
contract. So if particulate the seven point

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five billion that we've done that we
have with gold Band, Sex and Jamming

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my guy took a loan from them, and you add this about six point

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eight billion that we have, you
can then see that that the reserves have

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gone from about two billion to nearly
just over twenty billion. Right. So

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the point I'm making is that the
real number that we say we have in

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terms of external reserves for the largest
economy in Africa is less than twenty billion,

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less than twenty billion guys. And
that was a real shocker to me

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because that immediately tells you that this
is why we have floated the currency,

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right, because we can't afford the
peg. When you peg your currency.

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Now, when the second part of
the discussion, when you peg your currency,

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you are essentially saying and this value
of minor de nira is going to

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be represented by something else, in
this case the US dollar. Right,

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so if the dollar goes up,
Nara goes up, the dollar comes down,

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Narra goes down. So what Nigeria
has done is to say we're going

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to peg it at a level of
the neffectory. This was before the float.

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Nigeria pegged tanira to the n affect, so the neffects about say four

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sixty eight. So what Nigeria and
central bank is telling you is that if

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you take four sixty eight to the
central bank, they'll give you a dollar.

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But you and I know that never
happened. Matter of fact, all

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the airlines, most of the airlines
were are all old emirates has left Nigeria

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because they couldn't get dollars at the
four sixty eight. So that peg that

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the Cibion published it never walked,
it never ever walked for the nine and

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economy. So that was just a
peg on paper to make the nira look

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strong. But what that did was
to say people could go and get central

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bank at that peg rate, you
could do transactions at that peg rate,

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and that sort of distorted the economy. So Nigerians, if you're acting Nigeria

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and last year what was the valley
of Nigel, tell you, oh the

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burder is four sixty eight. Why
because that's what the central bank city is,

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which was wrong, right because the
value era was never four sixty That

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was the peg that the nira was
put at. The peg. So now

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if on with undepegged de nira and
for AWD you to float or you move

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the peg. Denara floats were announcing
the nira go to about nine hundred,

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nine hundred to one dollar, and
I just at saying this value is too

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is too weak. Right, the
nira is to be stronger than this,

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and I'm saying no, the nira
is not depreciating. The narra is going

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to its true value. The true
value of the nira's this nine hundred it's

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not falling. The Nira isn't falling, guys. This is the value of

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your currency right. It's like and
I give this up on Twitter. Imagine

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me me Calu. I peg my
expenses to Dan Gote and I say Dan

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got the bias. Shoe I buy
shoot, then got the buys a badder.

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I buy a badder. That's okay
now, but then got the bias.

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Private Jet, I go and borrow
and buy private jet, but then

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go they can service is privately.
Just are borrowing Eyklu cancers, private jet

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with are boring. That's what Nigeria
has done. So we've been borrowing money

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from JP Morgan, from Goldman,
from the forward market to maintain a peg

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of four sixty eight. I just
give it the figures, guys. So

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we've borrowed six point eight What I
mean borrowed. That's the outstanding lab blitty.

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Nigeria is owning the forward market.
That if the ford market crystallizes,

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which means if everyone that has booked
a contract with the Nigeran Central Bank goes

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and says we would like to exercise
this contract, niger would have to pay

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six point eight billion to the contract
holes. That's how would they pay them,

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it would have to sell them right
the current city the dollar at the

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price that it pledged, which means
that maybe the price has gone up to

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a thousand, they will still buy
that. That's using an example seven hundred

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just an example, that's six point
eight billion dollars and also with gold between

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Goldman and give him more than seven
point five billion. So if they'll come

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due, then the phone reserves are
going to reduce by this amount. And

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the phone reserves is what keeps your
currency value at that four sixty eight that

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we taught it was that. So
now we don't longer have something billion.

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We don't have the thirty two billion
we saw on the cb and website.

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We have less than twenty. And
once we are lessen twenty, the Centar

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Bank can't got on peg. So
the currency can float and to its real

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value. Just like I, if
I don't look I can afford my private

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jet that I bought with dangle Te, What do I do I have to

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sell it? I have to depend
from dangle Toe. If I depend from

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him, then I don't need my
private jet anymore. They say with the

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Centilar Bank of Nigeria, they can
no longer peg to the dollar, because

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if they peg the nira to the
dollar or to any other issue, then

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they have to maintain a foreign reserve
to maintain that peg. Good means if

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you go to center Brand today with
founder sixty eight, they should give you

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a dollar. So what's story from
taking your dollar to the streets and selling

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for nine hundred and making a quick
profit of about founded nina. Nothing.

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That's why they have to take the
plague away. It has not going to

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do it. Whether the structure is
good or it's not good. No,

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we've passed that level. We can't
afford a four hundred and sixty eight nira

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dollar. What this means for your
folk, listen to me that if you

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live in Nigeria today, your standard
of living has got to change because for

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the first time, I would say, in the last maybe eight years,

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you are going to see the real
economy staring in the face because all those

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things you took for granted, the
important DStv, they going to school abroad,

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that are priced in dollars. Can
you really afford it? Can you

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really afford it? Because it's now
at the real dollar rate, not at

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the four sixty eight. You know, most of us when we want to

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go to school abroad, We're going
to apply for a PTA. We apply

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for education funds from the Central Back
and those funds are given to us at

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the subsidized rate, the fall citty
eight. That's why we can afford to

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go to school abroad. Now,
if you want to go to school abroad,

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you've got to buy your dollars at
nine hundred and ten nine hundred,

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So can you really afford TOSTV?
Can you really afford to go to school

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abroad? Can you afford to buy
imported hair? Careful to buy your arsenal

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jersey? That's the question for Nigerians
now, and that's why you see the

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consumption in Nigeria has fallen because the
answer is simple, we can't afford it.

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Why can't we afford it? A
minimum wage it's nothing. It's less

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than thirty talon EA a month,
So if you do the maths, that's

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less than a dollar or something like
that for most people a month. This

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is just staty t K. Well, no, no one ends thirty,

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some endless, some end more.
But that's just the situation. The Nigerian

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population. The middle class has disappeared
and it has been replaced by very,

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very rich and very poor. How
many Nigerias do you know can afford the

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brand new car of any model Chinese
innocent Toyota. How many adjourns do you

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know can afford the brand new can
not from the company, can go to

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their bank and get alone, just
alone, even alone brand new car.

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What's the monthly paid? That was
the monthly paid of your monthly? Take

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them that, folks, is a
situation. We're not talking if the policy

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is good or bad. I'm not
here to explain the policy by the presidentcy

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is good of the policies prependency is
bad. All I'm telling you is that

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right now, if you live in
Nigeria, you're are now seeing the real

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economy, not the software's economy,
announcing the real price of petrol, but

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in the real prize of dollars.
Witness, if you have survived on chip

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important petrol no more. If you've
survived on chip dollars no more. Hence,

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you have to change your consumption,
you have to change how you invest,

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because that is where you are right
now, simple as shop guys,

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nothing depressing about it, just stating
that actual for us. So that's my

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talk, yeah, and I hope
I try to make it as simple as

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possible. I try not to use
real newly economic terms. Mister Satucci wants

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to speak everything satuci. I hope
you'll not maintained that the solution is no.

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I just I just have a quick
question what you were talking about earlier

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and about the contract and I just
want to say, would you agree that

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since you have an in death knowledge
of the contracts wanting to expand for us

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and noobes that are not so inclined, And I go and the answer whether

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or not you would agree that those
contracts with scams because obviously JP Morgan knows

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that all will have better heuristics to
detail, I mean that the purchasing power

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of a totals country like Nigeria will
keep going down. Hence, what would

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you what would you say to the
intent of the contract, And then would

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you say that how would you say
that those dollars were so you say those

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are those euro dollars or dollars directly
from Hanshaw United States sens Yeah, via

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Swift and all of that. That
My main concerns that I won't tell you

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to sort of address. Yeah,
so I'm taking off my notebooks. I

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can write it down right, So
number one, they're asking, I mean

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the intense, the sourcing and all
that kind of stuff like that's a great

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question. And let me explain in
detail what forward contract is. Right when

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you see this derivative contractor usually from
their origins from the agricultural sector in the

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in the past, right, you
have a farmer that maybe farms me's.

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The farmer sells means and takes its
means to the market and sells. But

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some guys were invited and to the
farmer, why don't I pay you today,

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farmer for your means. I'll pay
you today for maize for next harvest

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in season. So you pay the
farmer today for the maze in future.

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The hens is called the future's market. So you are paying the farmer today

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for maize and the farmer has got
to delivered maze to you a year from

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today. So what's the risk to
the farmer? What if the farmer maize

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in the next year is very expensive? Witness, the farmer is going to

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make more profit if he sells his
maize on the open market, what we

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call on the spot. So the
farmer sells is maize next year on the

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spot. He makes more money,
but has alay committed to sell his maize

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to you into the future. Today, what's the advantage to the farmer he

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gets cash today, what's the disadvantage
Tomorrow? The maize may be more expensive,

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so he loses money. But let's
flip it. If the farmer gets

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cash today, what happens in future
if the price goes down, Well,

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the farmer has made out because he
has gotten his cash today. So it's

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a gamble against the future prize of
that commodity. So let's bring to Niger

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to night two currencies. One the
central bank or opens up a futurest market.

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What they are saying, they're trying
to attract investors. If I am

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an investor and I come to Nigeria, let's see I change a hundred thousand

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nira dollars sorry to naira, and
I change that save five hundred to one,

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right, four hundred thousand, So
I get maybe let's just say fifty

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million naira. The problem is not
the naira I've gotten. If I want

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to go out of Nigeria in three
years, I need my dollars back.

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But if I go to the market, they'll tell me, oh, there

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are no dollars in the market.
So what do I do. What I

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would do is that I will go
to the Central Bank of Nigeria and buy

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a futurest contract that will say in
that three years, I will get dollars

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from the Central Bank at the price, and the center Bank will quote me

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a prize. The Center Bank can
say, okay, we're going to give

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you your dollars at say six hundred. So I've really built in my contract.

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I get into Nigeria at five hundred
to one dollar, but I can

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go out at six hundred to one
dollar. It's an open market. They

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quote the quote openly, so you
can see what the buy is. You

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can see what the cell is,
the bid and the offer. So you

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00:18:17.559 --> 00:18:19.759
go in and you buy at five
hundred, and you say, well to

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go out, I'm gonna buy at
six hundred. So what's the advantage to

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you. You know that whatever happens, you're gonna get dollars at six hundred.

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00:18:29.480 --> 00:18:33.440
So you can then build out your
profits forecasts and your pro and your

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00:18:33.279 --> 00:18:37.759
Excel sheets to know if this is
going to be profitable for you or not.

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But what if the price of the
dollar goes to five hundred. Of

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course you won't go and buy dollars
at six hundred because you can get it

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00:18:45.319 --> 00:18:49.079
cheaper outside, so you don't go
back to the central Bank to exercise your

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contract of six hundred. Hence,
the CBN makes a profit because you paid

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a premium to get into this contract, so that prenomly made. The CBN

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keeps it. That's their profit.
But when the state dollar goes to eight

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hundred ah, now you will rush
to the central bank and exercise your contract

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at six hundred because whatever the prizes, the central bank must pay you six

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hundred. Hence, the center Bank
is going to lose money because they have

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to give you these dollars that is
what eight hundred at six hundred, and

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you make a profit because you can
then take your six hundred and sell at

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eight hundred. You can trade your
futures right, So that's the structure of

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00:19:33.799 --> 00:19:40.039
the futures market. It's not a
scam, it's not Jim Morgan and cole

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Anott to Hoodwak Nigerians, we have
to have this market because we have not

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secured and formalized our exports. Our
exports are supposed to be so clockwork.

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We sell oil to folks, pay
us oil. We bank our export dollars

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Mexico dolls and derivative trade where every
year they lock in their export process and

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they say, whatever happens, we
are going to get x amount of dollars

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flowing into the Mexican Central Bank irrespects
of the price of crude oil. So

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they have a different sort of contract
that they do. We don't have that

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sort of contract. So the point
is that because you have oil theft,

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because you have corruption, the revenues
don't flow back into Nigeria. So you

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had the JP Morgan released a report
where they were attend their investors that they

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should leave Nigerian bonds because Nigeria is
not crediting JP Morgan, which are their

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bankers with the export proceeds of crude
oil sales. So Nigeria, the Senator,

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was the only country selling crude oil
that when the price of crudel went

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up, they are revenues did not
go up. So when you had that

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sort of situation, that's the problem
that these future streets they don't matter because

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the central Bank has no dollars to
cover them. So from the two billion,

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we not have a reserve less than
twenty billion. That's the reality and

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that's what the NIRA has got to
go up to a thousand, sorry to

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00:21:15.880 --> 00:21:23.000
nine hundred. That's the reality.
So everything still she doesn't we are now

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it's directly no one given to me
the administration that got this contraction. Where

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would you say, like the party
of the question, that those dollars source

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from the United States or these are
just euro dollars that are from credit expansion.

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This this is from this from investors
that are bringing in capital to Nigeria.

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True what we call the capital importation
Certificate. I don't do a prap

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with the government. So if you
suppose she wants to bring in ten thousand

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dollars to Nigeria, you would go
to your bank in Bank of America and

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00:21:52.519 --> 00:21:56.319
say, transformed to Nigeria. They
transformed United. They give you a CIC

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to show you important money. Legally, is this month that you can go

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and buy a forward That's what we're
talking about. It is not the winderable,

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Harry. It is the central banks
contract with you or your funcial institution

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to say, if you influ funds, we're offering you a forward market that

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you can buy and cover your forward
exposure. This was supposed to be what

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the airlines. You saw what last
week with the last pieces we had,

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we talked about all most of the
multinationals having foreign currency losses, and we're

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asking the question why didn't they hedge
this whole we're talking about So if Guinness

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00:22:32.440 --> 00:22:37.240
Pointance had bought a forward contract in
dollar terms, Guinness could have then gone

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00:22:37.279 --> 00:22:41.640
back to the Central Bank and says, hey won't buy dollars at whatever price

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that is on that contract. But
the bigger question to you is this,

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00:22:45.720 --> 00:22:51.119
the airlines have got matured formal contract
and the central bank has not paid them.

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So you want to ask except a
question that even the guys that have

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no reasonable liabilities that are secretized with
central Bank, that's not paid there.

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00:23:00.880 --> 00:23:03.799
The airlines are similar paid. They
pay them half or something like that.

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So that's the question right now.
Does it really work? I was answer

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00:23:07.359 --> 00:23:10.480
that question on Twitter? Does this
market really work? And the quotes are

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00:23:10.519 --> 00:23:15.079
there, But if I buy that
contract or the central band really pay me

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00:23:15.559 --> 00:23:18.400
like an insurance communify, if I
buy a life policy with a insurance contract,

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00:23:18.440 --> 00:23:22.799
actually pay me when the event occurs, That's what's going on SACI it's

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00:23:22.799 --> 00:23:25.799
a big problem. You know,
we need the influence, but even when

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the influence come in, I really
I don't know. Let's I've answered that

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00:23:30.359 --> 00:23:36.480
question, Sciate, thank you so
much helped me really understand the constructure.

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And if you want to know where
the market is the fx mark I'm talking

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00:23:38.240 --> 00:23:44.319
about, go to at FMDQ there
on Twitter at FMDQ, just follow them

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00:23:44.359 --> 00:23:47.480
on Twitter. They have a Ford
market. They keep a Ford market.

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00:23:47.559 --> 00:23:52.319
You'll see the every day they post
the rate on the dollar Nira and as

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00:23:52.400 --> 00:23:56.039
on the Ford market, I try
to share a screen shot on the Ford

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00:23:56.079 --> 00:24:00.480
market laterst assets that they have our
shots put on Twitter. But that's where

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00:24:00.480 --> 00:24:03.640
you get the forward market. At
f MDQ, I've got ladies that lobby.

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00:24:03.759 --> 00:24:07.920
Lobby go ahead, so you've got
the floor. Yeah. Thanks.

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00:24:07.559 --> 00:24:14.559
So, I mean, just looking
at this situation, I feel Nigeria has

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00:24:14.640 --> 00:24:18.799
a very ideal problem currently. Well, one question I also ask is going

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back to nigeria oil exports, Nigeria
has about one thousands, hundred million bios

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per day and multiplying that with the
current crude oil sales, I think Nigeria

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00:24:34.519 --> 00:24:40.920
has the potential to kind of post
the effects reserve. But what do you

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00:24:41.039 --> 00:24:48.000
think is actually the fundamental structural problem
that is making these looks unachievable. It's

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00:24:48.160 --> 00:24:52.319
it's a simple answer. It's a
simple answer. Theft of crude oil.

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00:24:53.000 --> 00:24:56.839
The figures you are quoting, if
you can go on like to google and

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00:24:57.039 --> 00:25:03.720
google Nigeria's oil ex sport, it's
flat. We've not achieved the numbers that

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00:25:03.839 --> 00:25:07.559
we're achieving, and I believe it's
twenty twelve. Where we are right now

329
00:25:07.079 --> 00:25:10.920
is what we're export in twenty twelve. But let me give you the problem.

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The probably that the oil has been
stolen, so we're not exporting the

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00:25:15.759 --> 00:25:19.039
volumes we should be exporting. When
we drill oil, folks come in,

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00:25:19.160 --> 00:25:23.160
put pipes to it and sell it. So even when oil prices go up,

333
00:25:23.640 --> 00:25:27.559
we don't get don't you think,
Sorry, sorry to cry into ject,

334
00:25:27.599 --> 00:25:32.920
sorry, but don't you think that
are contracting within the oil and gas

335
00:25:33.000 --> 00:25:37.640
assets asset space is also part of
the problem. Yeah, yeah, but

336
00:25:37.759 --> 00:25:44.559
even if the contracting was bad,
that is a good question. We atually

337
00:25:44.559 --> 00:25:48.079
don't own those We don't own those
cut yes, but we only need this

338
00:25:48.279 --> 00:25:53.759
on the different contracts from deep water
PC in contrasts and GV contracts, so

339
00:25:53.920 --> 00:25:59.880
we own a percentage of those crutes. True, and an APEC does not

340
00:26:00.039 --> 00:26:06.279
to operate assets directly. They operated
through thought party private companies, and those

341
00:26:06.319 --> 00:26:11.680
private companies have relationships that are either
sisty forty fifty five forty five or even

342
00:26:12.319 --> 00:26:19.640
for DEEPO is sisty eight at two. Problem. You're right, you're you're

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00:26:19.720 --> 00:26:25.839
right that they we don't even know
all of the quod couple with the fact

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00:26:25.920 --> 00:26:30.480
that most of these guys are so
I think we did sorry to inject the

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00:26:30.559 --> 00:26:33.240
interject, but I just wanted to
make this point. I think the real

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00:26:33.319 --> 00:26:37.400
issues that the lot of engels are
not seen is the report effect of sales

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00:26:37.519 --> 00:26:45.160
of assets after shell doing hold on. That's not an access to indigenous hold

348
00:26:45.200 --> 00:26:48.319
on, who does not have experience, who does not have the liquidity,

349
00:26:48.759 --> 00:26:55.920
who are portfolio companies. These companies
were the gate the money was indicated to

350
00:26:56.279 --> 00:27:00.680
a lot of bands, both foreign
and in and these guys are paying back

351
00:27:00.680 --> 00:27:04.440
their loans. So at the end
of the day, an NPC typically is

352
00:27:04.519 --> 00:27:08.319
like they're the guarante for all of
these loans because they are carrying they are

353
00:27:08.400 --> 00:27:15.079
kind of NPC's contracts, and because
these payments are not remitted to banks.

354
00:27:15.839 --> 00:27:22.319
And they are also cheating the system
by under declaring yeah, but under declaring

355
00:27:22.400 --> 00:27:27.759
production and all sorts of things.
And I'm funding their expensive lifestyles and telling

356
00:27:27.839 --> 00:27:33.559
investors banks that have invested in them
to go to well, going to court

357
00:27:33.640 --> 00:27:37.880
to get injunctions so that the banks
can all come after them contribute. Really,

358
00:27:38.400 --> 00:27:41.519
I mean, Bam, I hear
you, Bam, I hear you.

359
00:27:41.680 --> 00:27:42.720
And if I sort I had to
meet you, just just hold them.

360
00:27:44.079 --> 00:27:47.599
You're going far. You're going far. The point I'm making is this

361
00:27:47.920 --> 00:27:56.559
right today today go to the creeks. There are stories today right of Nigerian

362
00:27:56.720 --> 00:28:00.720
crude oil pipelines being hacked into.
We have videos from channels. We have

363
00:28:00.880 --> 00:28:08.079
the NNPC. We literally attution where
the Nigeran Air Force is bombing illegal crude

364
00:28:08.200 --> 00:28:15.440
oil bunkring ships. We have Nigerian
navy chasing large oil tankers to Equatorial Guinea.

365
00:28:15.920 --> 00:28:21.680
That's what we have right now.
So the oil drilling oil contract is

366
00:28:21.759 --> 00:28:26.440
sphase two Phase one we are talking
about. Is that right now as you

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00:28:26.559 --> 00:28:30.200
and I speak. If you go
to natural Delta, they are ships,

368
00:28:30.519 --> 00:28:37.599
not tiny ships, huge oceangoing ships
illegally entering Nigeria, taking crude oil without

369
00:28:37.720 --> 00:28:42.200
pain and exporting it. Go back
to what Jaffy Morgan is saying. Jaff

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00:28:42.279 --> 00:28:48.200
Morgan is saying that when Nigeria sales
crude oil, there are no revenues flowing

371
00:28:48.319 --> 00:28:52.440
back to JP Morgan Jack morgan Is
the Bank of Nigeria. Go back to

372
00:28:52.519 --> 00:28:57.960
the Central Bank Governor's comment. The
Central Bank Governor Amphillis said that he has

373
00:28:59.039 --> 00:29:03.400
not received revenues. Was before the
flotation of the nira. He did not

374
00:29:03.559 --> 00:29:08.400
receive any revenues from the sale of
crude oil. Isn't a tweet set what

375
00:29:08.599 --> 00:29:12.759
you find it? So Bam,
your comments are correct. But that stage

376
00:29:12.799 --> 00:29:18.720
two, Stage one is that literally
there's a war in that the delta.

377
00:29:18.440 --> 00:29:26.079
We have gun ships. It's been
stolen. I'm not hiding Mark, it's

378
00:29:26.160 --> 00:29:33.839
been stolen. Mister, No you
don't. You don't. Come on,

379
00:29:33.960 --> 00:29:37.720
guys, take it for free.
No, guys. Tony Ilumelo bots an

380
00:29:37.799 --> 00:29:41.759
oil field from Shell and he was
on the newsaper saying that he got five

381
00:29:41.839 --> 00:29:48.960
percent of what was pumped from a
to his terminal five percent, So who

382
00:29:48.039 --> 00:29:53.119
stole the net five percent? We've
seen the navy with the Navy ship,

383
00:29:53.200 --> 00:30:00.240
the helicopter gunship sinking illegal ships in
either delta. This translates to all of

384
00:30:00.319 --> 00:30:03.640
revenues revels are going to Domini account. There's twenty billion in Niger doom accounts

385
00:30:03.680 --> 00:30:07.079
in Niger doom accounts already twenty billion. It is not own but the Central

386
00:30:07.119 --> 00:30:11.680
Bank of Nigeria. It's sitting in
the balls. That's where the money is

387
00:30:11.720 --> 00:30:14.519
going to. I see videos or
I saw a video of Tompolo with it

388
00:30:14.640 --> 00:30:18.400
with a room full of dollars.
That's what the dollars is. Labby.

389
00:30:18.480 --> 00:30:21.279
You are you are talking because you
hear Babby jumped in. Do you want

390
00:30:21.319 --> 00:30:25.920
to just close it out? Yes? I want to. How difficult is

391
00:30:26.000 --> 00:30:30.559
it to I mean actress this this? I mean if you look at the

392
00:30:30.799 --> 00:30:36.960
history since bow is administra stress being
well as being talked about, so how

393
00:30:37.039 --> 00:30:42.240
difficult. It's not difficult at all. It's some things that we are probably

394
00:30:42.319 --> 00:30:47.079
you know, take this contract first. It's not difficult at all. Labby.

395
00:30:47.359 --> 00:30:51.200
The very very first time we talked
about crude oil taft on this space,

396
00:30:51.759 --> 00:30:56.519
we said that ships were selling to
Nigeria under the watch of the Circuity

397
00:30:56.640 --> 00:31:00.599
Services and nothing was being done.
People came on this space and were arguing.

398
00:31:00.799 --> 00:31:04.480
There was a journalists that came from
from Europe saying it was not true

399
00:31:04.599 --> 00:31:08.720
that they're not stainy whatever. Till
now we saw the videos from Nigerian TV.

400
00:31:10.400 --> 00:31:12.839
An existing boy with pipes here.
If you go back to that tweets

401
00:31:12.880 --> 00:31:15.880
here, a guy from Europe.
The journalist came and said it's not true.

402
00:31:17.079 --> 00:31:21.079
Two guys from some companies that oilselves
companists came here and we're arguing Olive,

403
00:31:21.200 --> 00:31:23.440
you remember right, Two guys came
here and we're arguing with figure that

404
00:31:23.480 --> 00:31:27.319
it's not possible. But now we'll
say with our own two eyes, if

405
00:31:27.400 --> 00:31:33.200
the Nigerian president says that they should
stop, this will stop. Because you

406
00:31:33.599 --> 00:31:37.279
have one check point. The oil
must go out through the ships. It

407
00:31:37.440 --> 00:31:41.720
can't go out any other way.
It must go out through a ship.

408
00:31:41.039 --> 00:31:45.559
So I mean, just put a
submarinea and sink everything that is illegal.

409
00:31:47.200 --> 00:31:51.079
They say environment. I am of
the opinion if you're illegal, the airforces

410
00:31:51.079 --> 00:31:53.160
should sing the ship. End of
story. Why should they sing the ship

411
00:31:53.480 --> 00:32:00.480
with arrested ships taking the ship to
a Nigerian Navy jetty. So we arrested

412
00:32:00.480 --> 00:32:02.480
the ship with the crude oil.
We took the ship with the oil to

413
00:32:02.640 --> 00:32:09.160
a Nigerian Navy jetty. The ship
disappeared, not my words, the ship

414
00:32:09.720 --> 00:32:15.759
disappeared from the Nigerian Navy jetty.
Then not one, so doesn't happen once

415
00:32:16.640 --> 00:32:24.000
such on Twitter, on Google night
ships were crude oil will disappear from Nigerian

416
00:32:24.319 --> 00:32:30.279
Navy, Nigeran Police custody Jetty.
This is light news. So when you

417
00:32:30.480 --> 00:32:35.759
sink the ships, you you eliminated
the fact that those ships can coop Nigeria

418
00:32:35.759 --> 00:32:37.640
and you start to have a handle
on your revenues. That's what's going on

419
00:32:37.799 --> 00:32:44.839
lively. There's nothing misterious about it. If you stop this stealing, then

420
00:32:44.960 --> 00:32:49.839
revenues of doors can go into the
coffers. Then you can then see revenue

421
00:32:49.880 --> 00:32:52.559
start to pay up, and then
we get a narrow going back up.

422
00:32:52.680 --> 00:32:57.200
And another thing it's doing is wishful
thinking. If you don't like Scots crude

423
00:32:57.240 --> 00:33:01.839
oil, the doors can right go
ahead. Yeah so sorry, I don't

424
00:33:01.839 --> 00:33:07.680
know if you've handled this. I
just want you to help me paint like

425
00:33:07.799 --> 00:33:13.160
a hypothetical picture. Right then,
what happened if we had like three of

426
00:33:13.240 --> 00:33:17.039
our refineries working and we don't need
to export crude oil, what scenario being

427
00:33:17.559 --> 00:33:23.039
the narra becomes becomes right now now, it becomes ten thousand to one dollar

428
00:33:23.200 --> 00:33:27.880
because you have to export crude oil. That's how you get your your for

429
00:33:28.039 --> 00:33:31.279
your dollar revenues in If you use
all the crude oil, then you have

430
00:33:31.440 --> 00:33:37.559
no dollar exports. The onara becomes
worthless. Remember happens what happens if we

431
00:33:37.680 --> 00:33:43.359
refine oil. It doesn't make any
difference where you. Crude oil is priced

432
00:33:43.480 --> 00:33:47.160
in dollars, not in naira.
The crude oil in the in the homes,

433
00:33:47.759 --> 00:33:52.359
in the land, in natural delta, it's not priced in naira.

434
00:33:52.519 --> 00:33:57.920
It's just found in Nigeria. Whenever
you refine crude oil locally, you are

435
00:33:58.000 --> 00:34:02.640
reducing the revenue should have gotten.
In economics, the price of something is

436
00:34:02.720 --> 00:34:07.480
the foregone opportunity. So if I
have an orange and I have an apple,

437
00:34:07.800 --> 00:34:13.280
and the apple costs ten dollars and
the orange cost five dollars, the

438
00:34:13.559 --> 00:34:19.119
cost when I take the orange is
the cost of the foregone alternative. If

439
00:34:19.360 --> 00:34:24.199
you take crude oil and you'll refine
it and you see it in nira,

440
00:34:24.760 --> 00:34:30.960
what you have lost is the red
venues in dollars that you would have gotten.

441
00:34:30.320 --> 00:34:35.559
That's why you see Saudi Arabia seating. I think maybe you mistook my

442
00:34:35.719 --> 00:34:38.239
question. So I was asking like, if we refine right, and I

443
00:34:38.400 --> 00:34:45.039
assume that we pay fines or we
pay SAMs, charge for refining this oil,

444
00:34:45.119 --> 00:34:49.639
like when we're sport crude oil.
So what happens when we refine like

445
00:34:49.760 --> 00:34:53.079
dangle Ta refinery right now, we
will find and then we sell refined oil

446
00:34:53.280 --> 00:34:57.920
like out. I'm just a noise
in this area, but I'm just curious,

447
00:34:58.039 --> 00:35:01.920
like how it works when the until
refinary, for example, ships out

448
00:35:02.519 --> 00:35:07.519
refined oil instead of crude oil.
When you get more revenues then because you

449
00:35:07.599 --> 00:35:12.719
have a lot more additives, you
get petrochemicals, you real fatilizer, you

450
00:35:12.800 --> 00:35:15.440
get more revenues. But we don't
have those refiners working. That's just what

451
00:35:15.519 --> 00:35:20.519
I'm saying. So when we get
the crude oil, we've always sold raw

452
00:35:20.599 --> 00:35:24.159
crude oil. We had the petro
chemical plants in a Lemma that was sold

453
00:35:24.199 --> 00:35:28.920
to a private entity. So the
Dangotted Petrochemical is going to be our first

454
00:35:28.960 --> 00:35:31.880
petro chemical. The Cadno one was
the petrochemical plant is not working. The

455
00:35:31.960 --> 00:35:37.400
one important got any Pisos petrochal is
not working. So we have no functional

456
00:35:37.920 --> 00:35:42.800
government or Nigerian owned petrochemical plant in
Nigeria. It's just a Dangoted that has

457
00:35:42.840 --> 00:35:46.199
started. If we had them working, sorry, it's should just complete it.

458
00:35:46.280 --> 00:35:51.079
So my question right now is I
wanted you to paint miss scenario whereby

459
00:35:51.639 --> 00:35:57.159
we have four active working refineries in
Nigeria. I wanted to like you to

460
00:35:57.679 --> 00:36:00.320
paint mis scenario what happens to our
for it like it will go up.

461
00:36:00.440 --> 00:36:06.360
It will go up because then you
are exporting more appartment, You're exporting more

462
00:36:06.599 --> 00:36:10.760
more add additives. Right, look
at Dangle tri Dangle trifirm was the fertilizer

463
00:36:10.840 --> 00:36:15.920
alone become the number one non oil
export in Nigeria. That's why we have

464
00:36:16.000 --> 00:36:22.000
a positive balance of trade just exporting
urea alone, just that single factory he

465
00:36:22.119 --> 00:36:27.360
came on air. Suddenly a balance
of trade went positive just on Dangle Tea.

466
00:36:27.599 --> 00:36:30.360
So if we had all these guys
working, revenues goes up, imports

467
00:36:30.440 --> 00:36:36.840
comes down. Simple simple call,
thank you very welcomes. Yeah, someto

468
00:36:36.960 --> 00:36:43.920
go ahead, something you got the
floor? Can you touch on the ship's

469
00:36:43.960 --> 00:36:45.840
thing that you talked about as till
something is going on? He said,

470
00:36:45.840 --> 00:36:50.199
the air force can save the ships
if they really want to do this,

471
00:36:50.320 --> 00:36:53.159
because it really doesn't literally for me. Yeah, it's it's a hard call.

472
00:36:54.199 --> 00:36:58.320
It's a hard call because nobody wants
the pollution. Right, So what

473
00:36:58.519 --> 00:37:04.320
was saying that we have illegal ships
engine Nager waters and the very fragile waters.

474
00:37:04.360 --> 00:37:06.960
These are these are natural delts,
are lots of marine life there.

475
00:37:07.280 --> 00:37:10.719
There's already pollution, so when you
send the ship, pollution goes up.

476
00:37:12.440 --> 00:37:15.519
But the problem is this right,
those ships that are coming to Niger waters

477
00:37:15.760 --> 00:37:19.400
are the enemy. That was the
vocal Haram because when they are there,

478
00:37:19.679 --> 00:37:22.719
they are taking away our revenues and
it's corruption. They can only come in

479
00:37:22.800 --> 00:37:28.440
because Niger Navy, Niger Army are
corrupt. That's what's going on. A

480
00:37:28.599 --> 00:37:32.599
ship cannot float into the delta,
take oil and float out. So the

481
00:37:32.719 --> 00:37:37.079
only way in my mind, if
I was a basing Tinuble, I will

482
00:37:37.119 --> 00:37:40.920
say go and get a specialized team
from the US or from Russia, from

483
00:37:42.000 --> 00:37:46.039
China and then with drones answering only
to you Tinubu, and then tell an

484
00:37:46.159 --> 00:37:52.280
NPC we can only lift only from
this time to this time ships can sail

485
00:37:52.320 --> 00:37:57.119
in and how to lift crude oil. Then tell those drone guys any ship

486
00:37:57.960 --> 00:38:00.639
that is lifting crude oil or you
sending ship in another delta, just sink

487
00:38:00.719 --> 00:38:05.800
it. Then have a show to
put an NTI on ntier so we can

488
00:38:05.880 --> 00:38:08.519
see the ships. We can see
they are manifest We can see what they're

489
00:38:08.599 --> 00:38:13.000
carrying and where they are going to. That's the legal ship put on Anti

490
00:38:13.159 --> 00:38:15.639
life channel does put a camera on
the creeks. And this is the only

491
00:38:15.840 --> 00:38:22.840
approved route that oil carrying ships can
leave ant Nagia and leave any other ship.

492
00:38:22.280 --> 00:38:25.239
Tell these guys that report only to
you, not to your chief of

493
00:38:25.480 --> 00:38:30.320
Army, to your chief of police. Any other ship you see carrying anything,

494
00:38:30.679 --> 00:38:34.360
just sink it way it floats.
Just sink it. Don't ask any

495
00:38:34.440 --> 00:38:38.800
questions. Just sink the damn thing. When you sink five, nothing will

496
00:38:38.800 --> 00:38:43.440
happen again. Nobody, nobody will
pay insurance to bring a ship in Ninigera

497
00:38:43.440 --> 00:38:47.079
and waters. It's a radical,
it's it's it's not elegant. It's gonna

498
00:38:47.119 --> 00:38:53.400
cause environment degradation. But I assure
you the stealing of cruel or Nagia will

499
00:38:53.519 --> 00:38:59.960
disappear. I assure you tound to
the good Flosster. Sorry, sorry,

500
00:39:00.559 --> 00:39:04.960
I'm sorry, Really I didn't.
I'm sorry really that you needn't recognize me,

501
00:39:05.079 --> 00:39:08.039
but I needed to make it because
you spoken. That's why you skipped

502
00:39:08.079 --> 00:39:13.519
by. Maybe you skipt my tone, no spoken earlier ahead, you're spoken

503
00:39:13.559 --> 00:39:15.519
that that's why it just skips you. Oh sorry, sorry, you know,

504
00:39:15.599 --> 00:39:19.039
like okay, so, so,
so, I just want to make

505
00:39:19.079 --> 00:39:22.480
a quick point, right, I
think there's a part that so I work

506
00:39:22.519 --> 00:39:25.280
in this industry and I'm familiar with
all of these things that are talking about,

507
00:39:25.440 --> 00:39:30.079
but there is a part that a
lot of negatences don't know. Right,

508
00:39:30.280 --> 00:39:36.199
our assets ownership and asset management structure, right, this is very difficult

509
00:39:36.280 --> 00:39:39.719
sometimes for the federal government to take
some of those instans. Talking about why

510
00:39:39.880 --> 00:39:46.320
because so asset operators also had the
word through a range ship to to to

511
00:39:46.480 --> 00:39:52.440
sell the air could they only give
government their own share after sales because godment

512
00:39:52.519 --> 00:39:57.760
only gives them allocation every month to
sell, right, So you need to

513
00:39:57.880 --> 00:40:01.239
understand that this structure is differ And
that's why I wanted to ask you if

514
00:40:01.280 --> 00:40:06.039
you know about the Saudi model,
which is like an off taker model to

515
00:40:06.360 --> 00:40:10.480
Saudi model for the oil and Gaster
said, is they have a Medica money

516
00:40:10.519 --> 00:40:17.280
manager who actually literally as off takes
all of their production and give them liquidity

517
00:40:17.880 --> 00:40:23.119
based on a future production. Because
what the system that we are running now

518
00:40:23.840 --> 00:40:31.480
is more in the hands of capitalist
asset owners and because they control a lot

519
00:40:31.639 --> 00:40:37.000
of the value and the supply chain
to up to sales. It is very

520
00:40:37.079 --> 00:40:43.559
difficult for government to be able two
hundred percents implement a lot of art decisions

521
00:40:43.679 --> 00:40:47.480
in that sector because today, I'll
tell you the reason why our productions are

522
00:40:47.559 --> 00:40:52.480
low is because a lot of indigenous
operators we bought a set from a shell,

523
00:40:52.599 --> 00:40:57.199
are produced into badge because they feel
that the field that yes sport lines,

524
00:40:57.599 --> 00:41:01.480
so act the campaign and all of
the other people complain about them producing

525
00:41:01.920 --> 00:41:07.199
providing their LARTs, reading and then
are the export terminal the gets far far

526
00:41:07.320 --> 00:41:10.000
lower than what they are produced.
In a way to drive the conversation,

527
00:41:10.239 --> 00:41:16.639
most of them are now producing into
badge in stories waiting on till the NNPC

528
00:41:16.840 --> 00:41:22.880
are proofs and export terminal type situations
for them like the gos they did for

529
00:41:22.000 --> 00:41:27.199
better my Way. So what you
have this institution where people aren't no longer

530
00:41:27.320 --> 00:41:30.599
trusting their sports line and saying,
okay, we're not going to producing to

531
00:41:30.639 --> 00:41:35.400
their sport line because we're not able
to meet our financial obligations and pay our

532
00:41:35.480 --> 00:41:39.239
credit deltos because we're not getting value
at the terminal. So we're going to

533
00:41:39.320 --> 00:41:45.719
produce into badge and ask getting PC
to give us export light approval so that

534
00:41:45.840 --> 00:41:51.000
we can sell the coude from our
peer source. So that those are the

535
00:41:51.079 --> 00:41:52.960
issues that are going on in the
window street now. So all of these

536
00:41:53.000 --> 00:42:00.559
productions that numbers that you see are
females from international or platos who are dedicated,

537
00:42:00.679 --> 00:42:05.079
who are not putting corners, who
are rulling out these volumes, these

538
00:42:05.239 --> 00:42:08.440
on agreements. But most of the
dealers of regules are producing into badges.

539
00:42:08.519 --> 00:42:13.320
And that's really really really is but
it has but I don't know if the

540
00:42:13.440 --> 00:42:17.159
point two budges. It is back
to the issue that this security in another

541
00:42:17.280 --> 00:42:23.039
delta cannot stop the illegal actions.
That's the that's the reality that they's security

542
00:42:23.039 --> 00:42:27.639
in Niger. ALTA needs to step
up. You can't steal the ship into

543
00:42:27.679 --> 00:42:34.159
Iranian or Saudi or evan Ghanian waters
and take crude oil. It's only in

544
00:42:34.400 --> 00:42:39.360
Nigeria that you can load of ship
soil into Nigeria, take crude oil and

545
00:42:39.559 --> 00:42:45.039
sail out. That's the point.
No but on confirm reports put most of

546
00:42:45.159 --> 00:42:53.119
those illegal illegal movements on them.
Also, that's why sometimes when the government

547
00:42:53.199 --> 00:42:59.760
chess all the record records checks out, but they know that on the indigenous

548
00:42:59.760 --> 00:43:07.000
of no Bam Bam, I think
that you're going to you're going to you're

549
00:43:07.039 --> 00:43:12.239
getting to you're going to do business
generally. Bam, you're getting to the

550
00:43:12.280 --> 00:43:15.480
wheats. You're getting to the wheats. There are stories of Navy chasing ship

551
00:43:15.559 --> 00:43:19.559
to Criterial Guinea. That's not the
inditional producers. There are stories of air

552
00:43:19.639 --> 00:43:22.880
Force sinking ship. This has live
stories that indigenous producers. The point I'm

553
00:43:22.920 --> 00:43:29.119
making is this, the situation in
Nigeria is that we do not get revenues

554
00:43:29.159 --> 00:43:32.400
from the sale of our crude oil. That's the fact right now. Even

555
00:43:32.480 --> 00:43:36.440
if what you're saying is correct,
it doesn't take away the fact that we

556
00:43:36.519 --> 00:43:40.079
are not getting the revenues that I
should flow to Nigeria from the sale of

557
00:43:40.159 --> 00:43:45.280
crude oil. That's the point I'm
making with your your comments may be correct,

558
00:43:45.519 --> 00:43:49.559
but let's also address to comment that
if you are in Nigerian president,

559
00:43:49.920 --> 00:43:54.159
you want to ensure that every drop
of crude oil is accounted for and recording

560
00:43:54.239 --> 00:43:59.320
in NNPC that flows to your budget. That's the point and today is not

561
00:43:59.480 --> 00:44:02.119
happening. That's where I want us
to because if we get into the weeds,

562
00:44:02.159 --> 00:44:07.840
we think, oh it's some other
things happening. No illuminate no matter

563
00:44:07.000 --> 00:44:13.800
what they are barging. They can't
be barging. They whole seven hundred thousand

564
00:44:14.000 --> 00:44:19.840
barrels. And I'm quoting the last
Minister of Stipo Petroleum, Timprea silver seven

565
00:44:20.280 --> 00:44:25.599
hundred thousand barrels a day is lost
and shutting because the issue that's too much.

566
00:44:25.880 --> 00:44:30.280
Some time you back sometime it's not
read. Let's get me start to

567
00:44:30.559 --> 00:44:35.840
do to do bomds to the bands. Yes, hello, can you hear

568
00:44:35.920 --> 00:44:37.280
me? I can hear you?
S go ahead, okay, thank you,

569
00:44:37.440 --> 00:44:42.880
Thanks Califony. I appreciate the opportunity. I just want to chime in

570
00:44:43.000 --> 00:44:49.199
on the peg versus versus float up. I think you led the show with

571
00:44:49.360 --> 00:44:52.840
that, and I want to say
a few things and then I'll say I'll

572
00:44:52.920 --> 00:44:55.599
have your take. I'll ul the
mike and then now I will get what

573
00:44:55.760 --> 00:45:02.280
your take is on on that.
So it is obvious that there are times

574
00:45:02.320 --> 00:45:09.199
that economies will peg their currency for
several reasons, you know, knowing that

575
00:45:09.320 --> 00:45:14.519
there are benefits to pegging. The
most recent example I can give for that

576
00:45:14.719 --> 00:45:16.800
would be China. You know,
I think they ended their last peg in

577
00:45:16.880 --> 00:45:23.360
twenty ten, especially against the US
della and mostly or the basket of current

578
00:45:23.440 --> 00:45:29.719
currencies. So to that effect,
I believe that sometimes when we have these

579
00:45:29.760 --> 00:45:34.039
conversations, we tend to focus more
on consumers. You know, we talk

580
00:45:34.079 --> 00:45:38.679
about the cost of goods, We
talk about you know, purchasing things offshore,

581
00:45:39.079 --> 00:45:45.320
paying for schools and things like that. But how about say exporters,

582
00:45:45.440 --> 00:45:49.440
you know, business people that are
that are there. They're exporting things,

583
00:45:49.599 --> 00:45:53.280
not just the government now from Nigeria, so it does provide an opportunity for

584
00:45:53.400 --> 00:45:58.679
them to competitive. One. And
also when you pet, when you have

585
00:45:58.840 --> 00:46:02.639
the situation that we have having we
had in Nigeria prior to President Bolatin,

586
00:46:02.840 --> 00:46:07.960
but coming on, you have to
for a currency exchange regimes where you have

587
00:46:09.719 --> 00:46:13.639
you know, the central by guaranteeing
one and then you have the Parallett market

588
00:46:13.760 --> 00:46:17.960
on the other hand, Also that
provides some kind of arbitrage opportunities for those

589
00:46:19.000 --> 00:46:22.239
who you know, who trade in
that world, not just for the high

590
00:46:22.360 --> 00:46:25.760
rollers, but just for ordinary people. So those are just two basic examples

591
00:46:25.800 --> 00:46:29.880
I can give and I would like
to take on that. And also lastly,

592
00:46:29.960 --> 00:46:34.119
I want to mention that historically when
countries tend to pack their currencies,

593
00:46:34.559 --> 00:46:37.039
it does help local the local economy
as well. It's there's some sort of

594
00:46:37.079 --> 00:46:43.119
a price control measure. I don't
know if you could call that quantitative tightening

595
00:46:43.360 --> 00:46:46.679
of some sort that helps them,
you know, again control the local economy,

596
00:46:47.320 --> 00:46:52.079
and even if it's on an intern
basis or in turn basis. So

597
00:46:52.199 --> 00:46:55.079
I guess my question before I yield
the mind to you, will be if

598
00:46:55.159 --> 00:46:59.639
that was the way, and this
is a big hypothe apothetically, if that

599
00:46:59.840 --> 00:47:06.199
was a way we could sharp our
currency reserve. You know, can we

600
00:47:06.360 --> 00:47:12.559
have a situation we are it's advantageous
for Nigeria to actually periodically really paying our

601
00:47:12.639 --> 00:47:19.239
currency, as opposed to just make
an argument completely against pecking the currency.

602
00:47:19.559 --> 00:47:21.960
Okay, so just a quick quality. You're just a quick one, right,

603
00:47:22.079 --> 00:47:25.000
So I'm not against or four or
pegging or the value. Let me

604
00:47:25.079 --> 00:47:30.079
just explain what we're saying. Right, When you have a currency, you

605
00:47:30.239 --> 00:47:34.320
have, the dollar is the referenced
currency. So if I want to import

606
00:47:34.480 --> 00:47:37.719
cars from Japan, I don't go, I don't go Nigeria. I don't

607
00:47:37.719 --> 00:47:43.280
go Nira to yen. I go
Nira to dollar to yen. The dollar

608
00:47:43.440 --> 00:47:46.239
is always the reference currency. So
when countries peck, when you hear a

609
00:47:46.320 --> 00:47:53.119
peg, countries simply say to make
things easier to make our economy more predictable.

610
00:47:53.440 --> 00:47:57.719
We will take our local currency and
we peg it to something. You

611
00:47:57.760 --> 00:48:00.440
could peck to gold, you can
pack to crude oil, or you can

612
00:48:00.559 --> 00:48:05.719
peck two dollar if you peck to
dollar. Like most of the oil exporters.

613
00:48:05.800 --> 00:48:07.639
Do you see the oil guys in
the Middle East, they all peg

614
00:48:07.719 --> 00:48:10.199
their currency to the dollar. You're
sac. You're saying, if you want

615
00:48:10.239 --> 00:48:15.239
to buy dollar or buy use realites, it's the same as a dollar,

616
00:48:15.360 --> 00:48:17.920
So no wa halla, just you
can trade and you know the value is

617
00:48:17.960 --> 00:48:22.639
always going to be the US dollar. That's what Nigeria did right. Nigeria

618
00:48:22.719 --> 00:48:25.000
is saying, listen, you can
plan your economy because we're going to peg

619
00:48:25.079 --> 00:48:29.960
our nira to the dollar. So
it makes planning easier. Even if its

620
00:48:30.079 --> 00:48:34.199
turn is twenty or five, it
doesn't matter how the dollar is pegged to

621
00:48:34.280 --> 00:48:37.119
a nira, so it's the planning
easier. But when you say you have

622
00:48:37.280 --> 00:48:40.440
a peg, if you look at
your currency in the past, the currency

623
00:48:40.480 --> 00:48:45.440
would say you can trans you can
take this paper because the paper you have

624
00:48:45.679 --> 00:48:50.360
is not money, it represents Savis
in the central bank. He says,

625
00:48:50.400 --> 00:48:53.199
you can take this paper to the
central bank, and the central bank would

626
00:48:53.199 --> 00:48:57.360
give you gold. That's what the
paper would usually have said. Now that

627
00:48:57.440 --> 00:49:00.320
paper doesn't say that anymore. The
Nia will simply say that it is pegged.

628
00:49:00.719 --> 00:49:06.400
So if you take your Nira to
the phone exchange market, the central

629
00:49:06.480 --> 00:49:08.840
bank is saying, will give you
four hundred and sixty eight, which was

630
00:49:08.920 --> 00:49:15.519
the peg, which meant the central
bank has got dollars in reserve to execute

631
00:49:15.639 --> 00:49:21.039
that exchange. So you bring your
one nira, you bring your phoner sistate

632
00:49:21.119 --> 00:49:24.000
Nira, I give you one dollar. That's what that peg was meant.

633
00:49:24.559 --> 00:49:30.320
The airlines took their fall as sistate
now to the central bank and could not

634
00:49:30.480 --> 00:49:35.920
get dollar. Witness that peg was
not working anymore because the central bank did

635
00:49:36.000 --> 00:49:39.159
not have sufficient dollars. We did
not know this till this report camera that

636
00:49:39.239 --> 00:49:45.800
our reserves are should we say either
thirty billion or twenty billion. China pegs

637
00:49:45.920 --> 00:49:53.920
is currency. But China has three
trillion dollars in reserves, three trillion,

638
00:49:54.199 --> 00:50:00.480
So why you can't harass them because
they have three trillion. Remember back in

639
00:50:00.519 --> 00:50:06.239
the days of George Sorrows and the
British pound and the repe monetary system,

640
00:50:06.360 --> 00:50:13.239
what happened. The UK pegged their
currency and Joge Thorres went and bet against

641
00:50:13.519 --> 00:50:17.920
the use the British pound, and
the British pound eventually calculated and George Roles

642
00:50:19.000 --> 00:50:22.800
was reported to have made a billion
pounds in profit. So it's not the

643
00:50:23.039 --> 00:50:25.800
PEG that is a problem. Is
the father that if you want to do

644
00:50:25.960 --> 00:50:30.519
a peg, it means you have
reserves. I get this example dangle Te.

645
00:50:30.880 --> 00:50:35.159
Let's say I peg my reserves to
dangle Te. Dangle ted buy it's

646
00:50:35.199 --> 00:50:38.199
private jet. Would I have the
reserves to buy private jet? Would I

647
00:50:38.280 --> 00:50:43.079
now go on borrow to buy private
jet? Which is what Nagier did That

648
00:50:43.239 --> 00:50:46.840
j pegged is currency to the dollar. But when the dollar was getting stronger,

649
00:50:47.360 --> 00:50:53.000
the Nira should have been devalued to
maintain the peg rather than we kept

650
00:50:53.039 --> 00:50:57.760
the peg at the four City eight. So what happened. Of course we

651
00:50:57.920 --> 00:51:01.639
had to go borrow in dollars.
That's why you see the CBN borrowing from

652
00:51:01.760 --> 00:51:07.880
JP, Morgan and Chase to maintain
that pig, to pay the airline,

653
00:51:07.280 --> 00:51:13.239
to pay everyone else. The issue
is not the peg. Can afford the

654
00:51:13.360 --> 00:51:17.039
peg is the issue. The answer
for Nigeria we cannot afford it. China

655
00:51:17.760 --> 00:51:22.719
can, so that's why they can
peg. Does that make sense sir,

656
00:51:23.679 --> 00:51:28.000
Yeah, yeah, it most certainly
does. I guess what's what I take

657
00:51:28.119 --> 00:51:32.320
from I actually thought that you were
completely opposed to the ideal peg pegging the

658
00:51:32.440 --> 00:51:37.599
currency, but now I have a
better understanding opposition. But then what I

659
00:51:37.639 --> 00:51:44.519
also take away from what you just
said is that whatever the benefits that floating

660
00:51:44.559 --> 00:51:47.159
the currency presents, like I mentioned
the arbitrary situation, because you can just

661
00:51:47.239 --> 00:51:52.760
have somebody buying low as selling high, operating with hin two regimes, you

662
00:51:52.840 --> 00:51:55.119
know, go to the CBN and
then turn around and go to the power

663
00:51:55.199 --> 00:52:01.039
the market. But either way,
whatever benefits that it itself presents, it

664
00:52:01.159 --> 00:52:07.559
doesn't really asset the problems of the
Chinese we're facing with the pegging situation.

665
00:52:07.719 --> 00:52:10.559
And again, yeah I get you, and again don't forget that people always

666
00:52:10.599 --> 00:52:15.079
DEALI there's an absolute here in economics. The US dollar is not pegged.

667
00:52:15.360 --> 00:52:20.880
The US dollar flutes, but the
Central Bank of the US intervenes in the

668
00:52:21.039 --> 00:52:27.159
US market. Central banks can intervene
in an open market by buying and selling

669
00:52:27.239 --> 00:52:31.599
currencies. So the europe the European
Central Bank can intervene even though the market

670
00:52:31.840 --> 00:52:38.519
is not regulated or not pegged.
That's the problem. If you if you

671
00:52:38.599 --> 00:52:44.280
don't have reserves. You can't talk. But imagine today I want to bet

672
00:52:44.400 --> 00:52:47.760
against the Chinese one. How much
do I have to borrow to bet against

673
00:52:47.760 --> 00:52:52.199
the Chinese one when the Central Bank
of Channel has three trillion? But if

674
00:52:52.280 --> 00:52:55.599
you have right now all the speculators, I assure you, the speculators saw

675
00:52:57.119 --> 00:53:00.519
that Nigeria have twenty billion. They
saw this report before you and I did,

676
00:53:00.840 --> 00:53:06.320
and that was why you saw this
massive sell of nira. That's what's

677
00:53:06.360 --> 00:53:12.039
been going on that this report,
the twenty billion you're seen was people knew

678
00:53:12.119 --> 00:53:15.159
it. I knew it. I
didn't talk because if I took you sway

679
00:53:15.239 --> 00:53:17.960
your proof, you can't produce proof. It was an open secret that Niger

680
00:53:19.119 --> 00:53:22.760
could not be You don't have to
have a straight secret line. Naga couldn't

681
00:53:22.800 --> 00:53:27.480
pay airlines, if Naja can't pay
airlines. You know that the phone reserve

682
00:53:27.519 --> 00:53:30.880
pollution is weak last week or limited? I want to talking about it.

683
00:53:30.960 --> 00:53:34.239
Last week what we said that they're
not trying to stretch the market and said

684
00:53:34.280 --> 00:53:37.159
no, they don't have money.
We said it on the same space last

685
00:53:37.199 --> 00:53:40.599
week. So if you know the
Nigeria has no money to do a PEG,

686
00:53:40.760 --> 00:53:44.920
what do you do you sell the
Nira. You buy dollar and you

687
00:53:45.039 --> 00:53:50.480
wait eight years. The best investor
in Nigeria was buying dollar and waiting.

688
00:53:51.039 --> 00:53:54.519
The best investment better than celling coulde
oil. Buying dollar and wait. Right

689
00:53:54.599 --> 00:54:00.039
now there's a flux. The sit
then can break many people's legs. The

690
00:54:00.119 --> 00:54:04.000
next one we give it just sells
one billion dollars. People's leg will break,

691
00:54:04.320 --> 00:54:07.440
but it doesn't solved the problem.
To make people lose money for the

692
00:54:07.519 --> 00:54:09.400
next maybe two months, they will
be a bit more careful, but it

693
00:54:09.440 --> 00:54:15.159
doesn't solve the problem. Problem is
that there's a lack of supply. Somehow

694
00:54:15.719 --> 00:54:19.840
the owners of the forest in Nigeria
don't want to bring forests into Nigeria the

695
00:54:20.000 --> 00:54:22.199
diaspora. They don't want to bring
for money in. I don't know why,

696
00:54:22.679 --> 00:54:25.280
and I believe it maybe because they're
not seeing the policies or to the

697
00:54:25.360 --> 00:54:30.559
president, or they're not comfortable with
the press administration. But there's something going

698
00:54:30.719 --> 00:54:36.440
on that Nigeria is maybe because they
maybe they're they're fine. Many many guys

699
00:54:36.480 --> 00:54:39.480
are working in the IT space back
here in America, and in America most

700
00:54:39.519 --> 00:54:44.159
of Nigeria will be are working at
IT space or are traders, or because

701
00:54:44.199 --> 00:54:49.079
the traders in Japan and China are
do this to container are not making enough

702
00:54:49.159 --> 00:54:53.119
money to sell containers because consumption has
fallen. But what we know is that

703
00:54:53.239 --> 00:54:57.960
the flows of does the central bank
has fallen, but the P to P

704
00:54:58.239 --> 00:55:01.400
is still active. Or that tell
you the Nigeria don't trust central Bank of

705
00:55:01.519 --> 00:55:06.199
Nigeria. They don't trust the government. They prefer to do P to P

706
00:55:06.719 --> 00:55:08.679
than the Central Bank of Nigeria.
So what would the smart pros say?

707
00:55:08.719 --> 00:55:13.320
Would that? Do you go to
P to P and you do agreement what

708
00:55:13.480 --> 00:55:16.679
a Nigera is doing? I saw
one silly headline somebody who wasn't it you

709
00:55:16.760 --> 00:55:21.400
go and burn Beyonce or P to
P market, So I'm money will flow

710
00:55:21.440 --> 00:55:24.280
to you to central bank? Can
you imagine? So if you burn Binance,

711
00:55:24.320 --> 00:55:27.960
then you think the Nigeria and you
just banned them, will not think

712
00:55:27.960 --> 00:55:30.760
they're going to central band? Are
you? Oh my? This is twitters?

713
00:55:30.800 --> 00:55:32.400
But don't make the photo banals.
But you can't say that, you

714
00:55:32.480 --> 00:55:38.199
can't. Eve won't say that right
and that's a problem. Can I add

715
00:55:38.239 --> 00:55:42.239
to this conversation? Sorry, I
just I just want to use the maric

716
00:55:42.400 --> 00:55:44.760
Well, thanks Calo for your for
your take. I really appreciate it.

717
00:55:44.800 --> 00:55:51.320
Thank what comes to thanks you appreciately
to this conversation in China. What happened

718
00:55:51.320 --> 00:55:54.800
in China? Yeah, the China
Nigeria PEG story. You want to talk,

719
00:55:54.840 --> 00:55:58.960
you want to talk more, and
I don't want to add to it,

720
00:55:59.199 --> 00:56:02.400
go for it. Yeah. So
I don't think that the unique in

721
00:56:02.480 --> 00:56:07.719
between China PEG and Jina PEG is
they they're actually in reverse direction. China

722
00:56:07.840 --> 00:56:13.440
is pegging the currency and actually devaluing
our currency. True, so the issue

723
00:56:13.480 --> 00:56:17.280
has always been that China diverse a
currency to boost experts. So by China

724
00:56:17.360 --> 00:56:22.199
pegging the currency as a lower value, that was always found increasing their forrectu

725
00:56:22.280 --> 00:56:25.880
selves. In the engineer's case,
we are pegging our currency and making it

726
00:56:27.000 --> 00:56:30.679
look stronger. In that case,
we have to take place our forrectu selves

727
00:56:30.719 --> 00:56:35.159
to defend that page. In Chenna's
case, they actually are crue for exercers

728
00:56:35.519 --> 00:56:37.960
because of bad valid a currency.
So for instance, we can just say

729
00:56:38.000 --> 00:56:43.719
now, seem I can say now
that dollar is twenty two dollar, right,

730
00:56:43.760 --> 00:56:45.559
if we wants to pay for a
pay for it our forts, that

731
00:56:45.599 --> 00:56:47.760
would it would increase right A fox
in because you want it will have black

732
00:56:49.079 --> 00:56:52.320
black markets anymore. Because if I
am an investor that wants to bring into

733
00:56:52.360 --> 00:56:55.159
the engineer our roder. Give it
to center back. Then go to the

734
00:56:55.199 --> 00:57:01.280
black marketer seven at nine hundred or
at per seven dollar and the first that

735
00:57:01.320 --> 00:57:06.119
would actually increase. So that wasn't
that a decay difference between China and then

736
00:57:06.239 --> 00:57:10.559
Julia. And understand that difference saying
that what we're doing one wasn't sustainable,

737
00:57:10.960 --> 00:57:15.960
we don't have the money to do
it, and it was actually counterproductive to

738
00:57:15.039 --> 00:57:20.679
export industry. Guy you're dropping,
watch your scen is so important. I

739
00:57:20.719 --> 00:57:23.280
won't put to understand what you're saying. Let's just understand just you watch your

740
00:57:23.280 --> 00:57:28.360
scen is so important to see.
When I tell people this there is no

741
00:57:28.760 --> 00:57:32.280
developed nation on Earth and google me
a fact checked me that wants a strong

742
00:57:32.360 --> 00:57:37.840
currency, I say, these people
will say, Nina should be strong.

743
00:57:37.119 --> 00:57:43.719
We want a strong mirror. No
nation wants a strong currency. They don't

744
00:57:43.760 --> 00:57:46.440
want it to fall. But they
don't want a strong currency. Why because

745
00:57:46.480 --> 00:57:52.840
your country is strong it kills your
exports. China's money comes from exports.

746
00:57:53.119 --> 00:57:58.599
So like, what are this guy
is saying? They are wanting a week

747
00:57:58.760 --> 00:58:04.119
you want so are buying a lot
of US treasuries to weaken the yend.

748
00:58:04.639 --> 00:58:07.159
That's their advantage. I mean,
put this way, if you have a

749
00:58:07.239 --> 00:58:12.519
weak currency, it gives you an
advantage. If you go today and you

750
00:58:12.679 --> 00:58:17.119
devalue your currency just to export,
the US government would ban you, label

751
00:58:17.199 --> 00:58:23.039
you a currency manipulator, and ban
you to show you how bad is strong

752
00:58:23.280 --> 00:58:29.000
currency is. So like he's saying, China is doing the opposite. They

753
00:58:29.000 --> 00:58:32.079
are pegging their currency to keep it
weak, not to make it go strong,

754
00:58:32.159 --> 00:58:37.000
to keep it weak. But Nigeria's
case, look at what's happened Nigeria.

755
00:58:37.679 --> 00:58:42.920
We print naira, that nira goes
to buy more dollars. Then we

756
00:58:43.039 --> 00:58:50.159
then increase the MPR on the printed
naira to kill SMS, causing exposts to

757
00:58:50.280 --> 00:58:54.159
become cheaper than lookout production. It's
all about the place. The same seven

758
00:58:54.239 --> 00:58:59.639
is fighting inflation and creating inflation,
the same CBN, and let's look at

759
00:59:00.079 --> 00:59:05.840
is continually. If I don't make
sure your point was well appreciated, Thank

760
00:59:05.920 --> 00:59:08.559
thanks. I think that's that's what
I have said about that excellent point.

761
00:59:09.360 --> 00:59:13.760
I just answered that quickly because that's
very very powerful way you just I don't

762
00:59:13.760 --> 00:59:16.159
know who, but that's literally what
has happening. But I just wanted to

763
00:59:16.239 --> 00:59:21.360
talk on the US Treasury sting from
China, and because you literally answered my

764
00:59:21.480 --> 00:59:27.039
question which was before the progress Becaspel, which was you said you already knew

765
00:59:27.039 --> 00:59:30.519
about this, most economies already for
all this are known, but they didn't

766
00:59:30.559 --> 00:59:34.800
want to talk. I wanted to
show Carlwell, we can plead that you

767
00:59:35.000 --> 00:59:37.960
keep talking because there's a lot of
people who really do not understand how to

768
00:59:38.079 --> 00:59:40.840
articulate this down to the level that
you would. The media and your rest

769
00:59:40.960 --> 00:59:45.440
too. So please, where you
know that the CBN is insolvent, please

770
00:59:45.519 --> 00:59:49.000
say it. But we said it. I've said it open on Twitter.

771
00:59:49.119 --> 00:59:53.519
I said keep your dollars close.
I can't say directly because I cannot give

772
00:59:53.519 --> 00:59:59.599
your advice on social media, So
I said keep your dollars close, and

773
00:59:59.719 --> 01:00:02.480
many in terms. I've told Nigerian's
many times that if you are not spending

774
01:00:02.559 --> 01:00:07.159
that naira in three to six months, whole dollar. I've said it many

775
01:00:07.239 --> 01:00:12.320
times on Twitter, many times on
Twitter. I just can't give you advice

776
01:00:12.440 --> 01:00:15.559
because of my license, and but
I've said it over and over, keep

777
01:00:15.639 --> 01:00:19.880
your dollars close. If you're not
spending naira for two to six months,

778
01:00:20.119 --> 01:00:22.440
don't hold Nairah said it over and
over. You have to. If you

779
01:00:22.480 --> 01:00:24.880
don't do this space you limited will
come and say, oh, we're not

780
01:00:24.920 --> 01:00:28.760
giving advice, but we say it
here. Well, people will argue,

781
01:00:28.760 --> 01:00:30.599
people will drop some things here,
you will pick up what's going on.

782
01:00:30.840 --> 01:00:36.800
You know, Remember that Niger's will
spend dollar, Nigers will spend Niger's spend

783
01:00:37.159 --> 01:00:44.840
naira. The problem with Nigeria is
that the basic thing that we spend money

784
01:00:45.000 --> 01:00:49.559
on, which is food, the
bulk of it is important. That's the

785
01:00:49.639 --> 01:00:53.440
problem with Nigeria. It's not our
right is paid in naira. Our schoolies

786
01:00:53.480 --> 01:00:59.039
are paid in naira. Fuel is
spaiding naira. But food. When you

787
01:00:59.119 --> 01:01:01.599
see a poor economy, how you
know your poor economymrich economy. It's not

788
01:01:01.599 --> 01:01:05.880
the amount of cars or infrastructure,
it is how much this society spends on

789
01:01:06.039 --> 01:01:10.320
food. The average American spends far
less on food than the ABD Nige ABRAD

790
01:01:10.400 --> 01:01:15.280
Nigera spends sixty eight percent of its
income on food. Why because it's important.

791
01:01:15.840 --> 01:01:19.880
If we made if we praise all
our food locally, we only have

792
01:01:19.960 --> 01:01:22.000
a problem with inflation or even with
the dollar, because you will just be

793
01:01:22.239 --> 01:01:25.719
enough. You know, You'll pay
all your food in Naira, you rent

794
01:01:25.760 --> 01:01:29.800
your house in Naira, you go
to school in Naira, you go to

795
01:01:29.800 --> 01:01:32.400
the hospital in Nira. But right
now, if you are really really ill

796
01:01:32.480 --> 01:01:35.920
and I enjoy, you have to
go abroad. If you really want to

797
01:01:35.960 --> 01:01:37.519
give your kids a good education,
you have to go abroad. If you

798
01:01:37.599 --> 01:01:40.519
want to eat really really good food, you have to go up on and

799
01:01:40.559 --> 01:01:45.599
import food. So the bulk of
what is modern society operates. And if

800
01:01:45.599 --> 01:01:47.440
want to drive your car, you
have to go abroad in Nigeria have to

801
01:01:47.480 --> 01:01:50.880
go au abroad and bring the field
of jager can Nigeria. So that's the

802
01:01:50.880 --> 01:01:53.920
problem in Niger that we we've turned
the economy into an one people think where

803
01:01:54.039 --> 01:01:59.000
import dependent. We're not. We
export more than we import. But we've

804
01:01:59.079 --> 01:02:04.920
depended the breakfast table of the Nigerian. It's important, the blanche table,

805
01:02:05.000 --> 01:02:08.400
dinner table is important. I grew
up eating only important food in nature because

806
01:02:08.400 --> 01:02:13.159
there was levanties. It didn't occur
to me. But the society has changed.

807
01:02:13.559 --> 01:02:15.000
Guy rich like that, right,
So we have to change. But

808
01:02:15.119 --> 01:02:20.559
right now we're battle. We started
from imported rice. Even tomato is imported.

809
01:02:20.679 --> 01:02:24.000
Right now, tomato is imported.
Vegetable oil is imported, Chicken is

810
01:02:24.079 --> 01:02:29.880
important. Even Gary, there's important
Gary. Guys, Gary, there's important

811
01:02:30.239 --> 01:02:35.079
Gary. Water we import sparking the
water? What the f are we important

812
01:02:35.159 --> 01:02:38.079
sparkling water for? Why doing it
sparking the water? I'm not kidding.

813
01:02:38.320 --> 01:02:40.960
I have a picture on my phone. It put it got to shops and

814
01:02:42.000 --> 01:02:45.039
a budja it's important water. Why
are they important water in a budja because

815
01:02:45.039 --> 01:02:49.360
they're budjat pole that have money will
buy it. There's no important water in

816
01:02:49.400 --> 01:02:52.519
my village because then I won't buy
it. And that's upon those consumption levels

817
01:02:52.760 --> 01:02:58.000
from the guys that get quote unquote
token are let they at w't spend all

818
01:02:58.039 --> 01:03:02.599
this money on non sense. So
so so this is that I just put

819
01:03:02.679 --> 01:03:07.360
the question and then you just go
ahead, Okay. I wanted to dose

820
01:03:07.400 --> 01:03:10.360
the elaborates. This is already touched
on. I wanted to really elaborate inasmuch

821
01:03:10.400 --> 01:03:15.760
as you are really, from your
point of view, articulated that the oil

822
01:03:15.840 --> 01:03:22.159
theft is a significant portion of the
issue. And I wanted to really elaborate

823
01:03:22.400 --> 01:03:27.679
on the credit expansion of the niger
Narra and how much of in terms of

824
01:03:27.760 --> 01:03:32.360
comparison of an issue. Would you
put it when you when you talk about

825
01:03:32.400 --> 01:03:36.800
the credit, the oil theft,
right? And the reason I asked this

826
01:03:36.960 --> 01:03:42.119
is because of social laughable comments about
the buyonans beat beating that that came out

827
01:03:42.199 --> 01:03:45.719
from another media, right, because
in my view, if really really are

828
01:03:45.800 --> 01:03:50.440
saying buyers is the determining factor of
the Nigel and Narra, then buyonus is

829
01:03:50.679 --> 01:03:53.960
in my own point of view,
miss pricing the Nira, because they should

830
01:03:54.000 --> 01:03:59.440
really tell us that the naras like
five thousand para right a part All right,

831
01:04:00.280 --> 01:04:01.880
I'm sy. I just wanted you
to speak on that. And whether

832
01:04:02.000 --> 01:04:10.960
or not the market has priced in
the really included Nigeria, that's difficult question.

833
01:04:11.599 --> 01:04:15.880
That's you know, the price of
something takes into effect the current status

834
01:04:15.000 --> 01:04:18.760
and the future status. Those are
inflation. If I think the price of

835
01:04:18.880 --> 01:04:23.320
something's going to go up, the
price goes up. If I think the

836
01:04:23.360 --> 01:04:27.719
president can come down, the price
comes down. If you ask any niger

837
01:04:27.800 --> 01:04:30.960
on the street today if they think
price of gary will go up or down

838
01:04:31.079 --> 01:04:34.079
in the next three months, their
answer is going to go up. And

839
01:04:34.199 --> 01:04:39.119
that's the problem in Nigeria. Because
we think the price of goods are going

840
01:04:39.199 --> 01:04:43.719
to go up, we react that
way, and then we spend because ones

841
01:04:43.760 --> 01:04:47.000
who are avoid being caught up in
a rising market. So if you go

842
01:04:47.079 --> 01:04:50.840
to your question, now we have
the price of dollar, it's gone up

843
01:04:50.880 --> 01:04:55.760
from seven hundred rights or both nine
hundred. Then most of the folks are

844
01:04:55.800 --> 01:04:59.400
today are buying dollar, don't need
dollar. Most of the folks today that

845
01:04:59.400 --> 01:05:01.079
are just buying end dollar don't need
it. Why are they buying it?

846
01:05:01.159 --> 01:05:08.599
Because they want to hedge their nira
from losing value due to inflation. So

847
01:05:09.000 --> 01:05:13.079
you see guys buying a one hundred
dollars just to keep They don't need to

848
01:05:13.079 --> 01:05:15.519
be import anything, because why do
you need dollar? You get dollar because

849
01:05:15.559 --> 01:05:18.280
you want to import. But if
you don't want to import, why are

850
01:05:18.280 --> 01:05:21.480
you're holding is a piece of paper? It doesn't even pay you interest.

851
01:05:21.800 --> 01:05:27.119
So nigers are going to the bank
taking away they are nira from the bank

852
01:05:27.239 --> 01:05:31.320
vote that are ending them interests of
say ten percent, converting to a paper

853
01:05:31.840 --> 01:05:35.280
and holding that paper in their hand. Why are they doing it? Because

854
01:05:35.320 --> 01:05:41.960
they believe that the rate of inflation
is going to be more than the rate

855
01:05:42.079 --> 01:05:45.840
of interest that they are ending from
giming to the bank. And they've improven

856
01:05:45.000 --> 01:05:49.559
right because the rate of inflation today
is twenty two percent and the rate of

857
01:05:49.760 --> 01:05:55.199
interest is ten percent, So the
advantagen has been proven right. They are

858
01:05:55.280 --> 01:05:59.360
proving right to hold that paper that's
keeping in the bank. So if you're

859
01:05:59.400 --> 01:06:01.440
a policy maker, how do you
solve this? There are two weeks.

860
01:06:01.480 --> 01:06:05.239
You can say, well, I'm
going to increase the interest rate right so

861
01:06:05.400 --> 01:06:09.719
that Nigents will be forced to keep
the money in the bank, because if

862
01:06:09.719 --> 01:06:13.400
you can take it to twenty five
percent, the Nigerians would know that if

863
01:06:13.440 --> 01:06:17.480
I keep going the bank for twenty
five percent, I don't need to buy

864
01:06:17.639 --> 01:06:21.400
dollar because my mind, the bank
will pay you more than inflation. But

865
01:06:21.480 --> 01:06:25.880
once you do that, you kill
the economy because the essames will die.

866
01:06:26.000 --> 01:06:29.239
They can't borrow at twenty five The
other way you gonna do it is to

867
01:06:29.320 --> 01:06:31.880
reduce the inflation rate. You say, okay, we're going to drop the

868
01:06:31.960 --> 01:06:35.400
inflation rate to be low ten percent, which means if I keep going the

869
01:06:35.480 --> 01:06:40.599
bank, I know even at my
ten percent, it's higher than inflation.

870
01:06:40.960 --> 01:06:45.480
Hence nigents don't need to take Nira
from the bank to buy dollar. If

871
01:06:45.519 --> 01:06:49.400
you do that, then you're on
something. How do you use inflashment Nigeria?

872
01:06:49.679 --> 01:06:55.360
You ask yourself, what is causing
the inflation Nigeria Food. We're back

873
01:06:55.400 --> 01:07:00.480
to this garating again. Is food. Food is fifty one percent of the

874
01:07:00.559 --> 01:07:03.639
consumer price index in Nigeria, which
means if you reduce the price of food

875
01:07:03.679 --> 01:07:11.039
by ten percent, you've given everyone
Nigeria a ten percent inflation respite. So

876
01:07:11.199 --> 01:07:15.480
we should focus like a laser on
that food inflation to reduce the price of

877
01:07:15.599 --> 01:07:24.480
food, even if it means allowing
for ninety days on bridled importation of food

878
01:07:24.599 --> 01:07:30.039
into the country to drop the price
of food. Yes, farmers and Nigeria

879
01:07:30.079 --> 01:07:33.679
will lose business. Yes you would
import more, but there are no straight

880
01:07:33.719 --> 01:07:40.760
asters with the economies. Will you
will replace high inflation with high importation,

881
01:07:41.199 --> 01:07:45.440
but at least you are brought down
inflation to a level that will allow the

882
01:07:45.559 --> 01:07:50.039
Nigeria and keep money in nira.
As long as people are feeling that the

883
01:07:50.239 --> 01:07:57.440
Nia will go down, it will
keep on going down. So strategict,

884
01:07:57.440 --> 01:08:00.840
that's where we are right now.
It's a site ecology thing. It's more

885
01:08:00.920 --> 01:08:08.800
of excite cooginal than economics. The
real is not more than seven. I

886
01:08:08.880 --> 01:08:13.039
hear that, but sometimes from people
from other economies who to say it,

887
01:08:13.599 --> 01:08:16.119
it seems like They are not factoring
the fact, Yes, psychology is important,

888
01:08:16.159 --> 01:08:20.279
but they're not factoring the fact that
they literally is more nira out there

889
01:08:20.359 --> 01:08:25.520
than that they should be right or
is that they rung for some positions.

890
01:08:25.720 --> 01:08:28.800
There is more nira that has been
printed, that is true, and that

891
01:08:29.039 --> 01:08:33.039
drives inflation. We've printed to the
trade trillion that has driven inflation. But

892
01:08:33.399 --> 01:08:39.199
inflation is not just caused by the
printing of money alone. The US has

893
01:08:39.279 --> 01:08:43.279
been printing money even in the past. Remember on that Trump. They were

894
01:08:43.319 --> 01:08:46.399
printing money before Trump got there.
As infatient in the US two percent,

895
01:08:46.520 --> 01:08:51.600
it didn't rise. Why didn't it
rise productivity? Because the economy is soaking

896
01:08:51.720 --> 01:08:56.479
up the money, it's soaking the
top these productivity gains. Has all that

897
01:08:56.640 --> 01:09:01.079
money is going to new Microsoft,
New Google. There is no productivity in

898
01:09:01.239 --> 01:09:05.560
Nigeria. You see guys in elevators
as elevator operators. That's also a son

899
01:09:05.640 --> 01:09:11.239
of low labor productivity. I tell
you this, if you give everybody in

900
01:09:11.359 --> 01:09:15.239
Nigeria one million narra cash, everyone
Nigeria woman arra cash, what would they

901
01:09:15.319 --> 01:09:19.119
do with it? They will start
to buy things they could never afford.

902
01:09:19.560 --> 01:09:25.239
A new TV, a new fridge, a new air conditioner. So if

903
01:09:25.319 --> 01:09:30.159
there was productivity, if you had
companies that had fridges air conditioners in their

904
01:09:30.239 --> 01:09:33.319
warehouses, they will be no inflation
because the womanner a cash will go from

905
01:09:33.439 --> 01:09:40.600
cash assets to buy assets. The
problemages that there's no air conditioners, there

906
01:09:40.640 --> 01:09:44.359
are no fridges, there are no
TVs that those guys can buy. So

907
01:09:44.600 --> 01:09:49.439
all that cash is just swall down
the system with velocity, and that's what's

908
01:09:49.479 --> 01:09:55.920
causing inflation. It's not the money
per se in your hand that's causing inflation.

909
01:09:56.399 --> 01:09:59.119
Is that our money is just sitting
in your hand, just going to

910
01:09:59.239 --> 01:10:02.760
day you buy land that one hundred
nine. There's no where else but I'm

911
01:10:02.760 --> 01:10:05.920
going to go. You can start
the business with that money having your hand.

912
01:10:06.119 --> 01:10:11.039
If you take your tim non I
started, they'll tax you for signage,

913
01:10:11.279 --> 01:10:15.520
they'll tax you for TV license.
So the money is not invested.

914
01:10:15.039 --> 01:10:23.119
If the money was printed and invested
to increase the productivity, you wouldn't see

915
01:10:23.119 --> 01:10:26.880
the inflation you've seen. So let's
go someone else. Let's get to mister

916
01:10:27.680 --> 01:10:30.239
moral less. I'm gonna write to
mister moral less. How are you going?

917
01:10:30.359 --> 01:10:35.000
How you doing so? Very good? Thank you? Yeah, So

918
01:10:35.239 --> 01:10:40.960
I'm thinking of traveling conversation in different
direction. So I'm taking the dollar.

919
01:10:43.239 --> 01:10:46.359
So from my understanding of finance,
I know, like Nigeria, so do

920
01:10:46.439 --> 01:10:50.119
we we kind of get dollars as
a country. We have and I know

921
01:10:50.560 --> 01:10:58.439
like four four main streams as a
revenue from foreign forignst was basically whyland like

922
01:10:59.039 --> 01:11:01.079
then we have the heavy eyes,
the APIs, and then we actually have

923
01:11:01.159 --> 01:11:04.319
revert chances. So I think most
of our focus has always been on like

924
01:11:04.399 --> 01:11:08.600
the revenue aspect of things. And
when we talk about revenue, we're talking

925
01:11:08.600 --> 01:11:13.039
about who are revenue. I mean, oil makes about eighty percent of insinuations.

926
01:11:13.119 --> 01:11:15.680
Revenues are trained to twenty I guess. So first of all, I

927
01:11:15.760 --> 01:11:18.760
think nagera and is diversification. I
mean, we need to be able to

928
01:11:18.840 --> 01:11:24.760
diversify from majority of our revenues coming
in through hoyer another day, we need

929
01:11:24.800 --> 01:11:27.920
to find abut to increase our heavty
eyes and APIs. Of course, people

930
01:11:27.920 --> 01:11:30.760
are not actually attracted to the country. I mean investors are not really willing

931
01:11:30.840 --> 01:11:34.880
to invest in the country because the
policystem makes the economic conditions are not really

932
01:11:34.960 --> 01:11:39.640
great. So even we as an
external investor, I wouldn't invest in Nigeria

933
01:11:39.960 --> 01:11:43.199
despite the market. I mean there's
alsays an available market in the Ingeria for

934
01:11:43.279 --> 01:11:47.039
investors, but economy is not really
attractive. So in terms of remittances,

935
01:11:47.359 --> 01:11:50.600
so I think another way we get
to a lives remittances. What money has

936
01:11:50.600 --> 01:11:55.439
not been first comment like that's due
to the economic global economic downtown. I

937
01:11:55.520 --> 01:11:59.439
mean if you check the if you
checked the data, the amount that has

938
01:11:59.439 --> 01:12:03.319
been remitted to Nigeria is as being
relatively flat. It was green at one

939
01:12:03.359 --> 01:12:05.880
points. Were then used to the
conduct the global economy down town. People

940
01:12:05.880 --> 01:12:09.960
are norm reminting as much as and
I'm blocking up remotis. I'm talking about

941
01:12:09.960 --> 01:12:14.479
people sending money from abroad to their
relatives and Nangia in the country. So

942
01:12:14.640 --> 01:12:17.159
if we can lecturely like get these
these things flowing, I mean, if

943
01:12:17.159 --> 01:12:23.000
you can increase are revenue damastify from
wid production basically because I mean oil is

944
01:12:23.079 --> 01:12:27.399
like if we durettning Nangia even in
an affects oil affects Nigera's revenue directly.

945
01:12:27.720 --> 01:12:30.880
And that's like one of the challenges
we're facing. Remintansies are not communion,

946
01:12:30.159 --> 01:12:33.319
IFDs are not communion, if peers
are not communi as well, we are

947
01:12:34.359 --> 01:12:39.279
meant to actually focus on it all
have we gets from seal upport, So

948
01:12:39.560 --> 01:12:44.399
as we do this, I think
I think used to improve in production basically

949
01:12:44.479 --> 01:12:46.880
production and productives as you said,
So if we increase our productivity, you're

950
01:12:46.880 --> 01:12:50.439
able to sell more, We're able
to export more. And also you mentioned

951
01:12:50.520 --> 01:12:56.760
talking about inflition, so I'm a
real opinion on that. Ngina's inflation is

952
01:12:56.840 --> 01:13:00.159
cost cost and supply pushing inflition.
So most of our preation has not really

953
01:13:00.199 --> 01:13:03.920
been about the printing on nire and
the likes like that. So it is

954
01:13:03.960 --> 01:13:08.920
like a major insecurity in the country
which has sti food production and productivity.

955
01:13:09.319 --> 01:13:15.199
Our agriculture are sector is stag nance
coutative insecurity in our agricultural areas like the

956
01:13:15.279 --> 01:13:18.640
northern sides, and then you start
a built of Nigeria. So if there's

957
01:13:18.680 --> 01:13:24.960
insecurity in those areas, we can
actually produce agriculturally, and agriculture contributes like

958
01:13:25.039 --> 01:13:28.920
majority of our gityp So if that
area is not really like coming up,

959
01:13:29.000 --> 01:13:32.640
I don't think they can really do
much about that, so we have instead.

960
01:13:32.920 --> 01:13:35.479
I just think we're not really focusing
on the writings they were focusing on.

961
01:13:35.640 --> 01:13:40.479
Why focusing on how to get all
I think we Niger particular is to

962
01:13:40.520 --> 01:13:45.920
work on the economy of first of
all, make attractive economic policies, fixed

963
01:13:45.960 --> 01:13:48.840
security issues. If you fix security
issues, productive physical and countries in the

964
01:13:48.920 --> 01:13:53.399
country and the legs like that.
So that does just what I have to

965
01:13:53.479 --> 01:13:56.680
see where I just I just think
if the main thing is not really whole

966
01:13:56.760 --> 01:14:00.560
thing, and then the dollar is
not a problem. Even as a last

967
01:14:00.600 --> 01:14:04.000
week, I got some information that
Citi and some injection about fifty or twenty

968
01:14:04.079 --> 01:14:08.720
million dollars into the economy, but
it's still did not like working anything because

969
01:14:09.279 --> 01:14:14.159
the backlog of dollard demagine Nagera is
crazy high. Nigera is about five billion

970
01:14:14.199 --> 01:14:18.039
dollars injectual at least even find a
way to crush this current exchange rates.

971
01:14:18.399 --> 01:14:21.560
So I think our focus has been
majorly may be on the wrong end.

972
01:14:23.000 --> 01:14:27.000
We need to find a wad too, increased productivity in the country, sell

973
01:14:27.119 --> 01:14:30.359
more, get more dollars and not
necessarily writing, diversify every entirely from the

974
01:14:30.439 --> 01:14:35.640
curt and and what's the biggest you
know, productivity gain that Nigeria can do

975
01:14:35.840 --> 01:14:40.520
immediately is going to just be power. Our power is thirty percent of the

976
01:14:40.600 --> 01:14:45.239
cost of the sames and most factors
in Nigeria power. So imagine if we

977
01:14:45.399 --> 01:14:48.840
just focus on power and we say
we're going to fix power even in legals.

978
01:14:49.359 --> 01:14:54.560
Legos is the manufacturing hub in Nigeria. If you fix power in legals,

979
01:14:54.920 --> 01:14:59.239
then you sort of staid to fix
this whole idea of productivity because once

980
01:14:59.279 --> 01:15:03.359
productivity is going up, then prices
start to fall. All these things we

981
01:15:03.439 --> 01:15:09.640
can't afford in Nigeria and all these
sagas where things because there is no consumption

982
01:15:09.880 --> 01:15:16.239
happening Nigeria. The Nigerian Bureau of
Statistics said as a twenty twenty two household

983
01:15:16.399 --> 01:15:23.319
consumption was negative. I think it's
negative for negative. So Nigerians are not

984
01:15:23.720 --> 01:15:28.279
spending and consuming. That's the problem. So you want to go in and

985
01:15:28.439 --> 01:15:32.079
make Nigerians spend. After that we
had the attacks on an eleven. What

986
01:15:32.199 --> 01:15:38.119
did the US President say go out
and shop? He didn't say buy a

987
01:15:38.199 --> 01:15:43.720
new missile or he said go out
and shop. Why because consumpting is sixty

988
01:15:43.800 --> 01:15:49.239
percent of the US economy. Consumpting
is sixty percent of the Nigerian economy.

989
01:15:49.600 --> 01:15:56.119
So if Nigerians are no longer consuming
because goods are too expensive and goods are

990
01:15:56.159 --> 01:16:01.159
too expensive because power alone it's thirty
percent of the cost of goods. Then

991
01:16:01.239 --> 01:16:05.359
it makes sense to fix power.
Then goods fall. Then probably your middle

992
01:16:05.399 --> 01:16:09.479
class can start to afford it.
You see niger you see a banker,

993
01:16:09.600 --> 01:16:11.920
let me give it. You see
a bank We had a space here as

994
01:16:11.960 --> 01:16:16.119
well. You see a banker ending
a million narra a month. He's a

995
01:16:16.199 --> 01:16:20.319
single guy, one million naire a
month. That guy can't afford to buy

996
01:16:20.319 --> 01:16:25.680
a house in Nigeria or in legos
Porttacota, Abuja. He can't afford to

997
01:16:25.760 --> 01:16:30.640
buy a house in legals Portatua.
Ending a million in Nigeria. To end

998
01:16:30.680 --> 01:16:33.359
a million a month makes you in
New York you would be maybe at the

999
01:16:33.439 --> 01:16:40.039
one percent if you're converted in proportion. Young man, not married, no

1000
01:16:40.199 --> 01:16:45.119
liabilities, ends a million a month, he can't buy a house in Legos,

1001
01:16:45.279 --> 01:16:47.399
Then what are we talking about?
What are we talking about? So

1002
01:16:48.119 --> 01:16:51.680
as long as goods are twixts,
we can't buy new shoes. Kids are

1003
01:16:51.720 --> 01:16:57.880
one of the schools classes. It's
gone better, Continer. When we're middle

1004
01:16:57.880 --> 01:17:00.520
school, you buying, you go, you go to batter and you buy

1005
01:17:00.560 --> 01:17:03.319
your batter Courtiner, brand new.
No questions asked you buy your brand new

1006
01:17:03.399 --> 01:17:08.880
batter cortina. You buy what brand
new s white sox, you buy brand

1007
01:17:08.920 --> 01:17:13.439
new knapsack, you buy brand new
books, you buy brand new everything that

1008
01:17:13.640 --> 01:17:16.640
is consumption for the household. So
the guys are sell better. I know

1009
01:17:16.800 --> 01:17:21.239
that every beginning of year they're going
to sell out. So the import leather,

1010
01:17:21.520 --> 01:17:25.960
the import gone. They borrow one
from the bank, they hire people.

1011
01:17:26.399 --> 01:17:30.239
That's their economy. Little wheels turning
together to make a bill. We

1012
01:17:30.399 --> 01:17:34.279
will turn. So it's this is
the core of the problem Nigeria, poor

1013
01:17:34.479 --> 01:17:41.880
people, poor wages, high inflation, high insecurities. If you fix power,

1014
01:17:42.319 --> 01:17:45.359
you sort of fix that whole productivity. The remittances, you know,

1015
01:17:45.800 --> 01:17:49.960
is we're still doing social shrewmittances.
Right. So Amica is any one into

1016
01:17:49.960 --> 01:17:55.840
Mamian Mecca. But if you tell
a Mecca in America, America is getting

1017
01:17:55.960 --> 01:17:59.439
one percent if you put one in
the Semis account. If you tell a

1018
01:17:59.520 --> 01:18:03.680
Meca that we can we can give
you five percent APR. If you invest

1019
01:18:03.800 --> 01:18:08.800
in Nigeria and will pay your taxes, will do everything for you know the

1020
01:18:08.920 --> 01:18:12.039
words put it in the bank and
will get the money from you and mac

1021
01:18:12.159 --> 01:18:14.960
I will do it. Then we
take that money and we give it to

1022
01:18:15.079 --> 01:18:19.279
niger Importance to import goods, so
we can have a way to finance imports

1023
01:18:19.560 --> 01:18:26.479
through the diaspora. But we're not
thinking we're going after oil sales. Oil

1024
01:18:26.520 --> 01:18:30.439
oil oil oil is less than fifteen
percent of our GDP, but everything here

1025
01:18:30.439 --> 01:18:32.680
has oil oil oil, So we
have to have guys that can think.

1026
01:18:33.279 --> 01:18:38.720
Can I add the commentailities, let's
go ahead to thank you. I haven't

1027
01:18:38.760 --> 01:18:42.600
thinking about this entera across situations,
and I think that we all agree that

1028
01:18:42.720 --> 01:18:47.439
the key into changing our fortunes is
improving productivity. But there's there a few

1029
01:18:47.479 --> 01:18:54.119
things that we have to do in
the Miditerans to basically turn around this situation.

1030
01:18:54.800 --> 01:19:00.359
First of all, I unless we
do the right things, there's really

1031
01:19:00.399 --> 01:19:03.960
no reason why they never should fall. And beyond none of the pano dollars

1032
01:19:04.039 --> 01:19:06.800
nanadvers right down on the black market. And I'll give you a few reasons.

1033
01:19:08.399 --> 01:19:13.520
One, the black market is an
extremely inefficient and expensive market. I

1034
01:19:13.600 --> 01:19:16.159
always believe that the true value of
nara at any point is what is only

1035
01:19:16.760 --> 01:19:21.279
official rate is pushing deficial rates and
the black market. But like Carnow said,

1036
01:19:21.520 --> 01:19:26.800
expectations and fears keep pushing that things. For those things ahead, I'm

1037
01:19:26.880 --> 01:19:30.159
pushing black market, no awkward or
the twitters that the black market is actually

1038
01:19:30.239 --> 01:19:34.159
very in efficient. It's very expensive. If you want to buy one billion

1039
01:19:34.279 --> 01:19:39.000
dollars on the black market, you
have to talk to multiple agents and each

1040
01:19:39.039 --> 01:19:41.640
agent is going to ask some transa
cost to wais that shows you how you

1041
01:19:41.640 --> 01:19:45.239
an efficient black market is what the
government should be doing. What the Sabian

1042
01:19:45.279 --> 01:19:49.439
should be doing is actually not just
trying to devalue, is actually creating a

1043
01:19:49.479 --> 01:19:54.279
single exchange market. We don't need
the black rt. There's no reason why

1044
01:19:54.920 --> 01:19:58.960
I cannot stand my dollars semiar dollars
on the eye on the eye window.

1045
01:19:59.279 --> 01:20:01.640
There's no reason why why any body
should be prohibited from buying on the eye

1046
01:20:01.760 --> 01:20:05.520
window. If everybody can buy on
the iron Windo in a single exchange,

1047
01:20:06.000 --> 01:20:10.479
then the black market will see to
exist. What the Sybel will be eventually

1048
01:20:10.560 --> 01:20:14.960
doing them is that they're able to
monitor the total volume of forects in transactions

1049
01:20:15.199 --> 01:20:17.960
and that will really help things.
That's the force them. But right now

1050
01:20:18.039 --> 01:20:21.800
they said that for one, items
are banned, so that always creates a

1051
01:20:21.880 --> 01:20:26.720
market for you know, for the
black market. Remove those bands we can

1052
01:20:26.840 --> 01:20:30.600
always have, we can always increase
the reptilities crops reduce up on the scot

1053
01:20:30.760 --> 01:20:33.840
one items right, so that even
if the buyer on the eye will do

1054
01:20:33.960 --> 01:20:36.560
that, we're going to import to
say, right, whatever it's banned,

1055
01:20:38.000 --> 01:20:41.119
then just charge the forty percent the
two percents, but wants to import water,

1056
01:20:41.520 --> 01:20:44.479
charge the one hundred percent. We
don't ban you from important or just

1057
01:20:44.680 --> 01:20:46.479
just play the right chargers for it. That's the first. The second thing

1058
01:20:46.520 --> 01:20:51.479
I also think is that there's really
no need for us to have cash,

1059
01:20:51.600 --> 01:20:57.880
I mean physical bank notes of forects
in Ninjina. If we're able to force

1060
01:20:58.199 --> 01:21:00.319
to get everything into the eye window, we should go to do the transactions

1061
01:21:01.039 --> 01:21:05.640
in subscribe online, in digital transactions. There's really no need for you to

1062
01:21:05.720 --> 01:21:12.000
have cashons of forest Nagia because we
all know that the legal center for Nangia

1063
01:21:12.159 --> 01:21:15.319
is Mirro, So there's really no
need to have cash. That I think

1064
01:21:15.319 --> 01:21:16.119
there's a the first that we need
to do the second time. But I

1065
01:21:16.199 --> 01:21:20.359
think which is probably most important that
probably easier to do is if we look

1066
01:21:20.439 --> 01:21:24.640
at what the sibling has been doing
for consistently for the past eighty years,

1067
01:21:25.319 --> 01:21:28.920
is they've been increasing money supply.
As a matter of fact, between when

1068
01:21:29.000 --> 01:21:32.720
two overcame in, maybe between May
to July, we'll increase many super by

1069
01:21:32.840 --> 01:21:38.359
nine percent, and all of us
study we are surprised that we've have devolution,

1070
01:21:38.920 --> 01:21:41.840
you know, maybe about ten percent
or two or twenty percent more in

1071
01:21:41.960 --> 01:21:45.279
the same in the same window.
We just need to stop increasing money supply.

1072
01:21:45.960 --> 01:21:49.960
Don't increase the amount of nerrow systems. Forget about. If we just

1073
01:21:50.279 --> 01:21:54.279
increase, it does put the numbers
stag that why are those people that in

1074
01:21:54.359 --> 01:21:58.399
that team just shot it down?
If we have one pet and layer today,

1075
01:21:58.399 --> 01:22:00.479
if you're showing arou for the next
six months, okay, let me

1076
01:22:00.560 --> 01:22:03.560
let let me play the worst advocate. When you say this increasing money supply,

1077
01:22:03.680 --> 01:22:06.199
they're just borrowing, that's what you're
saying. They're just borrowing. How

1078
01:22:06.239 --> 01:22:10.479
would they get money, They don't
borrow. There's no money in this you're

1079
01:22:10.560 --> 01:22:13.319
right, you're right. So when
you say that, So the reason why

1080
01:22:13.439 --> 01:22:17.600
the sabling has been increason went supply
is the coran to fund government transactions.

1081
01:22:17.800 --> 01:22:23.439
Yeah, right, So the government
itself they need to call their cost and

1082
01:22:23.720 --> 01:22:26.600
they already have done the right they've
done the right things. For instance,

1083
01:22:26.640 --> 01:22:30.319
they have to pay subsidy anymore.
It's why borrowing forward? We have to

1084
01:22:30.359 --> 01:22:32.560
play for somebody anymore other moneys,
so should coming to the government revenue.

1085
01:22:32.920 --> 01:22:38.399
Whatever cannot work in that system,
then the conversation of the pinions, there's

1086
01:22:38.439 --> 01:22:42.520
really no reason why they should be
funding travels or examples for saving servants or

1087
01:22:42.520 --> 01:22:45.239
whatever it is, like that is
all they need to do. Whatever it

1088
01:22:45.279 --> 01:22:48.079
is what TEPIC cannot fund from saving
money? Who's sing from your socidy?

1089
01:22:48.560 --> 01:22:53.720
We'll move all today, then don't
just do it? Takes essentially second.

1090
01:22:53.880 --> 01:22:58.399
No, we're to move on with
the currency significantly for every dollar that again

1091
01:22:58.479 --> 01:23:00.079
in them making a lot of one
eer. So exactly what are you still

1092
01:23:00.119 --> 01:23:02.960
try to put the money for it? Again? I got you so again

1093
01:23:03.000 --> 01:23:05.399
the point is this, like when
you say we should have a single market,

1094
01:23:05.439 --> 01:23:10.800
totally agree. Lots of folks are
saying on Twitter between the only price,

1095
01:23:10.960 --> 01:23:14.560
the only real price for dozen Nigeria
is the black market. It's not

1096
01:23:14.680 --> 01:23:16.880
the I n E Window, It's
not it's only the black market. To

1097
01:23:16.960 --> 01:23:20.680
they's a real price because that's the
market that has a willing buyer and a

1098
01:23:20.720 --> 01:23:25.840
willing seller. The iron e has
forty four items ban So to your point,

1099
01:23:26.199 --> 01:23:30.199
if everything is on the on one
single market, and let me trances

1100
01:23:30.239 --> 01:23:32.479
go to one single market, and
I go to that market. Fair enough.

1101
01:23:32.880 --> 01:23:36.600
You shouldn't stop anybody. If I
want to import sparkling water and I

1102
01:23:36.680 --> 01:23:41.600
can't pay forty nina, let me
import my sparkling water. And when you

1103
01:23:41.680 --> 01:23:44.239
say push, you have dollar cash. Don't restrict people. These are the

1104
01:23:44.319 --> 01:23:46.159
things that who don't like, you
know, don't restrict for what to do

1105
01:23:46.199 --> 01:23:49.640
with their money. If I want
physical dollar cash, let me have it.

1106
01:23:49.800 --> 01:23:53.479
If I want to take the lark
cash to pay for my subscriptions,

1107
01:23:53.880 --> 01:23:58.199
let me have it. But price
me appropriately right so that way I know

1108
01:23:58.760 --> 01:24:00.760
what the cost is to me.
If I can afford the cost, I

1109
01:24:00.920 --> 01:24:04.600
leave it and go away. So
I totally agree on those two points.

1110
01:24:04.680 --> 01:24:08.840
We have to stop there, you
know. Don't America will stop. If

1111
01:24:08.840 --> 01:24:12.720
you go online today, you can
buy the dollsand yen. American not asking

1112
01:24:12.720 --> 01:24:14.800
you what to do with your dosan
a yen. If you can afford it,

1113
01:24:14.880 --> 01:24:16.000
buy it. If you can't afford
it, leave it alone for people

1114
01:24:16.079 --> 01:24:20.760
that can afford it. It's that
simple. Let's get first first first light,

1115
01:24:20.960 --> 01:24:27.800
go ahead, sir, first light. Hi, how are you?

1116
01:24:27.960 --> 01:24:30.039
I'm very well, so thank you
so much. Hi is everybody, We're

1117
01:24:30.079 --> 01:24:36.840
doing good. We're doing good.
Good listener. I just think that another

1118
01:24:36.920 --> 01:24:41.640
thing we need to walk town in
Nigeria is the drive. I see everybody

1119
01:24:41.840 --> 01:24:47.039
gets emotional when it comes to what
happens to Nia. The first discussion is

1120
01:24:47.079 --> 01:24:53.359
everybody go gaga dan Nia is now
nine hundred to one and blah blah blah.

1121
01:24:54.159 --> 01:24:56.279
Let me give you an example.
That's I'm speaking with you. I'm

1122
01:24:56.319 --> 01:25:00.439
in se and in the hotel where
I love, I was starting to pay

1123
01:25:00.520 --> 01:25:05.319
with dollars. Candl, I'm sure
you know you know the guest. The

1124
01:25:05.399 --> 01:25:10.159
guest is yours. You know what
I'm saying. They didn't take dollar from

1125
01:25:10.199 --> 01:25:15.359
me. Do you know why?
Which you know in Nanger at the moment,

1126
01:25:15.359 --> 01:25:17.920
you can't any hotels. You give
them dollar. Everybody wants to listen

1127
01:25:18.000 --> 01:25:24.359
to you. Am I correct?
I gave them dollar. That lady said

1128
01:25:24.399 --> 01:25:27.239
no, we can't take dollars.
And I asked why. She said,

1129
01:25:27.279 --> 01:25:29.680
at the end of this, she's
gonna be at the losing side because when

1130
01:25:29.720 --> 01:25:32.560
she take that dollar back to the
bank to get run, they're gonna charge

1131
01:25:32.560 --> 01:25:36.520
her about one point five percent of
that amount. Whichever manch's gonna change to

1132
01:25:36.640 --> 01:25:41.159
at the end of the day,
a thousand dollars a thousand round room.

1133
01:25:41.680 --> 01:25:45.319
She's gonna end up getting number eight
hundred and fifty. She said, of

1134
01:25:45.399 --> 01:25:47.600
what reason would she'll do that?
She said, she's not interested. I

1135
01:25:47.640 --> 01:25:51.720
should find a way to change the
money and pay her a rund. So

1136
01:25:53.399 --> 01:25:57.239
it means that they've got in to
a certain point. I don't think you

1137
01:25:57.239 --> 01:26:00.279
will ask and have great side African
what is the exchange rate? He's not

1138
01:26:00.439 --> 01:26:05.319
interested? Do you understand? So
I think we need to change. First,

1139
01:26:05.680 --> 01:26:13.439
we need to do a serial orientation
with Nigeria and secondly government needs to

1140
01:26:13.640 --> 01:26:15.760
start doing something. You know that
thing you said when you said that you're

1141
01:26:15.760 --> 01:26:23.039
an a millionaire and you cannot afford
a house in Nigeria until Nigerian government wakes

1142
01:26:23.119 --> 01:26:28.319
up and liberalize. That house is
set up and as a liberalization. Mister

1143
01:26:28.399 --> 01:26:32.119
Carluke, has been two years.
I applied for federal mcgate loan. Listen

1144
01:26:32.159 --> 01:26:39.720
to this God approved last year February. I have not gotten this goossment.

1145
01:26:39.920 --> 01:26:45.680
L tell as I'm speaking with you, fifteen million naira. Guess what with

1146
01:26:45.920 --> 01:26:51.319
this inflation? With this all these
changes in everything spent has gone up.

1147
01:26:51.800 --> 01:26:56.119
The guy who wants to sell me. The house is already telling me that

1148
01:26:56.199 --> 01:27:01.600
my fifteen million naira is dead on
arrival. Right, But imagine that if

1149
01:27:01.680 --> 01:27:06.840
that settle is liberalized, allow the
commercial bands like it's done in other developed

1150
01:27:06.880 --> 01:27:13.960
world that single digits rate on housing. For instance, I got a job,

1151
01:27:14.159 --> 01:27:18.199
I'm ending five hundred thousand eerror.
A bank approached. I wanted to

1152
01:27:18.319 --> 01:27:24.239
bedroom apartment that is about twenty million
R and I'm gonna pay for ten fifteen

1153
01:27:24.319 --> 01:27:27.479
years. Of course, the moby
I have a house, I'm tied to

1154
01:27:27.600 --> 01:27:30.359
them. The deduction is going on
every month. I won't put myself on

1155
01:27:30.479 --> 01:27:36.319
the necessary pressure to try to even
seek a kind of gratitude to steal because

1156
01:27:36.319 --> 01:27:42.199
I need to buy a house.
Because these are things that first destroy the

1157
01:27:42.279 --> 01:27:46.000
middle class because you can afford it, and then you want to do everything,

1158
01:27:47.039 --> 01:27:50.439
you take advantage of people to all
manner of things just to raise that

1159
01:27:50.560 --> 01:27:56.640
money. And that's why I also
say that government need to topple down on

1160
01:27:57.119 --> 01:28:01.159
housing first and non transported. These
two aspects. I mean, Car will

1161
01:28:01.199 --> 01:28:09.239
speak on this your your your your
platform very really well. Trust imagine that

1162
01:28:09.399 --> 01:28:14.399
this Car's problem when this sortedy thing
was taken off, I wasn't expecting that

1163
01:28:14.600 --> 01:28:17.760
townther government. We say that we
need about ten million busses. Those ten

1164
01:28:17.840 --> 01:28:24.840
million busses, all the companies that
are producing car in Nigeria produce me ten

1165
01:28:24.880 --> 01:28:30.760
million bosses directly to me and we
pay you. But the production had to

1166
01:28:30.840 --> 01:28:32.720
be in Nigeria. Do you know
what ten million? If you want ten

1167
01:28:32.800 --> 01:28:36.479
million busses in Nigeria, do you
know how many people that is going to

1168
01:28:36.560 --> 01:28:41.479
employ it? It means that it
will drag a lot of people out of

1169
01:28:42.359 --> 01:28:46.960
for the CMG thing we're trying to
introduce. So if that happened in transportation,

1170
01:28:47.039 --> 01:28:50.399
it means that less people we drive
the account on the rule. Let's

1171
01:28:50.399 --> 01:28:57.000
say we start with a million a
year. A million a year, it

1172
01:28:57.199 --> 01:29:00.039
means that a lot of people are
gonna get you. Because I was listening

1173
01:29:00.079 --> 01:29:05.199
to alex Otig the other day he
said he ordered for car from Innocent because

1174
01:29:05.239 --> 01:29:10.640
Innocent he's still assembling car with authodox
way. He's still tighting with hand and

1175
01:29:10.800 --> 01:29:15.119
led people to use hand to type
cars. And I'm sure not does the

1176
01:29:15.199 --> 01:29:20.359
same thing when in others factory here
in South Africa, the biggest factory afford

1177
01:29:20.520 --> 01:29:24.439
is here. They can assemble,
they can tell you that they're turning out

1178
01:29:24.520 --> 01:29:29.239
a car about twenty or one thousand
and two thousand vehicles in one month.

1179
01:29:30.600 --> 01:29:34.880
So if we if government need to
topple down on that, buy robotic machines

1180
01:29:35.319 --> 01:29:41.560
for those companies as his kind of
investment into their businesses to open, not

1181
01:29:41.680 --> 01:29:45.560
to allow them to produce in mass. Right, it's only a government that

1182
01:29:45.640 --> 01:29:49.680
can show that this thing. Any
company who is a Nigeria who is a

1183
01:29:49.760 --> 01:29:57.960
local manufacturer, buy those equipment that
he needs for him. Don't give them

1184
01:29:58.000 --> 01:30:00.119
the money because when you give them
the money, like you say, if

1185
01:30:00.159 --> 01:30:04.159
you give me ten one million dollars, one million dollars with a million dollars,

1186
01:30:04.199 --> 01:30:08.279
I just need to go down the
roads from four a million dollars,

1187
01:30:08.399 --> 01:30:12.399
give me a nine hundred million,
nine hundred million nina, you give me

1188
01:30:12.520 --> 01:30:15.920
ten million, I hear you.
Yes, I think the thing about the

1189
01:30:15.960 --> 01:30:20.079
dollar when you say South Africa,
I mean we've said it before here.

1190
01:30:20.279 --> 01:30:25.760
Nigeria don't spend dollar. Nigeria spend
nina. So it's a reason why they

1191
01:30:25.800 --> 01:30:30.600
are going to the dollars for inflation
to hedge there, you know their nira.

1192
01:30:30.760 --> 01:30:34.439
What's the infatials in South Africa?
Do you know the inflationary is five

1193
01:30:34.520 --> 01:30:38.319
point five. Yeah, so if
I have five point five, I'm not

1194
01:30:38.399 --> 01:30:43.000
too worried. I mean, it's
bad, but I'm not too worried about

1195
01:30:43.079 --> 01:30:45.319
it. Right even if I even
if I get from the bank two percent,

1196
01:30:45.479 --> 01:30:48.880
Okay, I lose in three percent, But in Nigeria is twenty two

1197
01:30:48.960 --> 01:30:56.359
percent, double digits. What I'm
saying is what I'm saying is whether inflation

1198
01:30:56.479 --> 01:31:00.960
is twenty two. I'm talking about
the idea, the concept of Nigeria.

1199
01:31:00.479 --> 01:31:03.800
When you talk economic. The first
thing the pro that you are the idea

1200
01:31:03.840 --> 01:31:10.399
stick of the economic is good is
the fact that Nina is this expo and

1201
01:31:10.520 --> 01:31:13.640
you are in South Korea? What
is the South Korean dollar to what is

1202
01:31:13.880 --> 01:31:18.720
the value of South Korean corency two
dollars or even Japan. But the what

1203
01:31:18.800 --> 01:31:26.239
I'm trying to explain is that Nigerians
today are buying dollars because the nira does

1204
01:31:26.319 --> 01:31:31.079
not hold value. The South Korean
currency is twenty one thousand to one dollar,

1205
01:31:31.239 --> 01:31:35.560
but it holds value. That's the
point I'm making. What's the infasion

1206
01:31:35.640 --> 01:31:41.119
in South Korea? Because because they
produce? That's so where I said,

1207
01:31:41.119 --> 01:31:44.800
this is where I'm not debating.
I'm agreeing with you are not explaining why

1208
01:31:44.960 --> 01:31:49.239
Nigerians want to hold dollar. If
I hold one naira, If I hold

1209
01:31:49.479 --> 01:31:55.319
a million naira and infecion is twenty
percent, then I'm not only holding anything,

1210
01:31:55.720 --> 01:31:59.920
right, But if I hold a
million rand and division is five percent,

1211
01:32:00.159 --> 01:32:02.119
I can live with that as a
point I'm making. So you have

1212
01:32:02.239 --> 01:32:06.039
to address why Naderas don't want to
hold naira. If you take away the

1213
01:32:06.119 --> 01:32:10.840
inflation, then probably you get more
folks. That's where I'm going to do

1214
01:32:11.079 --> 01:32:15.520
that, all right, thanks man, I send off again. Like I

1215
01:32:15.600 --> 01:32:19.439
said, those houses build the transportation
and the housing sector. It's something that

1216
01:32:19.560 --> 01:32:24.640
you got very really double down on
those things. I see those things turning

1217
01:32:24.720 --> 01:32:28.640
around and Juanna commandy because by that, you're gonna tie down Nia that we're

1218
01:32:28.720 --> 01:32:31.399
seeing, and we're gonna tie down
people. We don't drive more of their

1219
01:32:31.520 --> 01:32:34.920
vehicle. You use more of those
bosses. If we go into production,

1220
01:32:35.359 --> 01:32:42.600
it's easier to do logistics of our
maga fact over our or agricultural thing from

1221
01:32:42.640 --> 01:32:45.880
the rural area to the city center
without paying through your nose. That's just

1222
01:32:46.039 --> 01:32:48.239
what I think, Thank you very
much. I use for now. Hey,

1223
01:32:48.279 --> 01:32:51.199
welcome the farmer man. How you
do so, I'm calling you farmer

1224
01:32:51.239 --> 01:32:55.720
man? Now. I saw you
got married, so that means you're I'm

1225
01:32:55.840 --> 01:33:00.439
man, it's a farm man.
Correct connotations. Thanks where my thanks to

1226
01:33:00.479 --> 01:33:05.039
cad Uh. It's always a pleasure
of being on a platform most time because

1227
01:33:05.159 --> 01:33:11.760
I have always learned a lot and
as I've always say, I'm not an

1228
01:33:11.800 --> 01:33:17.239
acknowledged ann to have any background when
my sense. But sometimes I wonder if

1229
01:33:17.399 --> 01:33:25.479
basic and let me even use common
sense works in Nigeria, like I've already

1230
01:33:25.520 --> 01:33:31.079
been saying, and why even let
me even say, the least person in

1231
01:33:31.119 --> 01:33:36.880
this society is much more interested is
a muted dollar amant dollar. And I

1232
01:33:38.039 --> 01:33:42.800
kept on saying the problem is this
and you have also, I say,

1233
01:33:42.840 --> 01:33:45.439
a lot of things and white people
are much more interested for me. I

1234
01:33:45.520 --> 01:33:50.800
don't care how modellar is today,
but it's it's it's it's it's eat me

1235
01:33:51.000 --> 01:33:57.720
badly whenever I want to buy some
certain things I need for production, and

1236
01:33:58.039 --> 01:34:03.479
I felt, who have no interest
in dig dollar of a thing? When

1237
01:34:03.680 --> 01:34:11.439
government starts even following money not just
to spend or to go for party,

1238
01:34:11.960 --> 01:34:16.920
but for production, the movement we
start producing a lot of things we need

1239
01:34:17.159 --> 01:34:21.479
ourselves and I normally saying this,
see I don't we like it or not?

1240
01:34:21.800 --> 01:34:29.199
The bedrock the bedroom for any nation. And sustainability for let me say,

1241
01:34:29.279 --> 01:34:32.880
for a poor nation, and like
NINETYA is when we take our agriculture

1242
01:34:33.039 --> 01:34:41.560
serious. And my journey in egg
business just opened my eyes to a lot

1243
01:34:41.640 --> 01:34:45.359
of things that you have also mentioned
that a negidens. Let me say we

1244
01:34:45.640 --> 01:34:51.159
are a poor nation and there is
something working without psychologically because I noticed one

1245
01:34:51.359 --> 01:34:57.720
in the moment with porting from my
stardus recovering from the I or should I

1246
01:34:57.840 --> 01:35:06.039
call it nastation or something, And
the whole business was just getting bad.

1247
01:35:06.800 --> 01:35:15.399
Suddenly we had about subsidy remover and
everything, the purchasing power and everything.

1248
01:35:15.520 --> 01:35:20.600
God, look now that the students
are on break, nobody is even buy

1249
01:35:20.640 --> 01:35:27.359
an egg. So I it's my
distin now come to life. Oh now

1250
01:35:27.920 --> 01:35:32.279
students eat eggs because they're going to
school and they will have their colleagues eating

1251
01:35:32.439 --> 01:35:36.000
eggs. But now that they are
at all, you don't have to eat

1252
01:35:36.119 --> 01:35:41.680
EXLM. But for somebody that has
the money, that has everything, they

1253
01:35:41.720 --> 01:35:46.399
will continue to eat. Because I
think XS just like a basic thing a

1254
01:35:46.560 --> 01:35:51.720
child should to get used to as
a child. So for me, we

1255
01:35:51.880 --> 01:36:00.119
need to push all our nights on
production and redals the amount of money we

1256
01:36:00.279 --> 01:36:05.520
spend on things that are not necessary. And somebody was able talking about policy.

1257
01:36:06.199 --> 01:36:13.159
The issue of could and everything is
not going anywhere because those who are

1258
01:36:13.239 --> 01:36:16.640
benefiting the most are doing little or
no work and it is just for them

1259
01:36:16.720 --> 01:36:24.680
to people just to let me say
the government gets a dollar in return and

1260
01:36:25.000 --> 01:36:29.199
in one way or the older the
conut everything and say, but that's they're

1261
01:36:29.239 --> 01:36:33.159
not working areas don't. It is
whatever you produce. At the moment you

1262
01:36:33.279 --> 01:36:39.520
misfire, you're failing immediately. The
money is coming from I hear you.

1263
01:36:39.680 --> 01:36:42.560
I think the issue again is that
you know I see I on Twitter,

1264
01:36:42.640 --> 01:36:45.520
I follow you. I see where
you were supplying eggs. You know you

1265
01:36:45.640 --> 01:36:49.119
are supplying eggs with the truck you're
putting stuff. It's wanting has struck me

1266
01:36:49.880 --> 01:36:55.359
very manual. I don't know where
you're supplying. You're supplying to I compared

1267
01:36:55.439 --> 01:36:58.760
to how eggs are transported, say, are brought to markets, and it

1268
01:36:58.880 --> 01:37:01.359
just strikes me. The level of
you know everything, I just seems to

1269
01:37:01.399 --> 01:37:05.279
be this productivity gap. We're having
nights. You're a productivity gap. You

1270
01:37:05.359 --> 01:37:10.920
know, that's to me the bigger
problem, not just the production, but

1271
01:37:11.039 --> 01:37:14.640
that the roads are not good.
It costs you a lot to deliver your

1272
01:37:14.640 --> 01:37:18.319
eggs from your farm to the money
to the consumers. This is where to

1273
01:37:18.439 --> 01:37:21.199
me, I think it's the bigger
problem. And even the production. If

1274
01:37:21.239 --> 01:37:26.720
you produce a million eggs, what
do you do the basic social amenities that

1275
01:37:27.680 --> 01:37:31.560
I lose a lot of money just
taking eggs from Gadst into Legalsty. It

1276
01:37:31.760 --> 01:37:36.319
becomes worst when it is going to
not I own the team life say nine

1277
01:37:36.479 --> 01:37:42.359
ERSTI because probably five eggs I have
to write off like fifty greate of eggs.

1278
01:37:42.760 --> 01:37:45.920
Immediately from my mind that no,
this fifty has to be crack.

1279
01:37:46.079 --> 01:37:51.159
Why because of the bad roots.
Yeah, that's what I'm talking about.

1280
01:37:51.239 --> 01:37:55.800
I mean, if imagine if there
was a rail from Quara to Legals that

1281
01:37:55.840 --> 01:37:59.640
will take your eggs by four am
and be there by six am. Just

1282
01:38:00.000 --> 01:38:02.039
imagine if we had that, that
would be wonderful, right, and it's

1283
01:38:02.279 --> 01:38:05.119
I just need to get it.
Just get this. I will just go

1284
01:38:06.039 --> 01:38:11.119
to the train station and just speak
from the start. Dis you're putting up

1285
01:38:11.159 --> 01:38:14.359
and down? Gotcha? Gotcha?
I hear? I mean this is was're

1286
01:38:14.359 --> 01:38:16.279
talking about. Okay, let let
me get a VP wants in here?

1287
01:38:18.560 --> 01:38:24.159
Come in now? Who is this? This is a true I've been standing

1288
01:38:24.239 --> 01:38:30.920
by. I'll take you first of
all, trying to address the contribute to

1289
01:38:31.079 --> 01:38:35.720
a to what the former boy was
saying. No, for me, I

1290
01:38:35.880 --> 01:38:43.840
believe since that for food for food, to bring down the cost of food

1291
01:38:44.199 --> 01:38:50.199
is not by decision cost of hollege. It is not even by improving power.

1292
01:38:51.600 --> 01:39:00.479
What we need is indostrialization. When
an individual right can cultivate up to

1293
01:39:00.279 --> 01:39:10.720
five hectors with machines without any easily
as an individual, then product product,

1294
01:39:10.840 --> 01:39:15.560
the cost of production, the cost
the the famer will to produce more.

1295
01:39:16.199 --> 01:39:19.920
That is the issue we should look
at in those mechanized family. That is

1296
01:39:19.960 --> 01:39:23.560
the only way. If you like, because you're right now, I will

1297
01:39:23.600 --> 01:39:27.039
only tell you something, and that's
the truth I have. I have trucks,

1298
01:39:27.119 --> 01:39:34.520
right, And what happens is if
we if I have goods to take

1299
01:39:34.560 --> 01:39:39.880
to the north, right, it
will cost over our point five million to

1300
01:39:40.000 --> 01:39:45.159
take goods from Legos to the north. But when you are bringing back food

1301
01:39:45.199 --> 01:39:51.680
items, it will come at almost
half the cost of taking it. From

1302
01:39:51.760 --> 01:39:57.600
taking goods from Legos to the north. That is how the business is because

1303
01:39:58.319 --> 01:40:01.279
the food seller would will pay that
more. So what the lord would do

1304
01:40:01.479 --> 01:40:06.960
is the cost when the charge will
charge for for for transportation right to go

1305
01:40:08.119 --> 01:40:10.640
to a long distance. That's where
you're doing to the note, we are

1306
01:40:10.760 --> 01:40:15.680
charging you what did we take us
to our food? So when that comes

1307
01:40:15.760 --> 01:40:19.079
back without coming back with it's just
like a bull us. Do you understand?

1308
01:40:19.119 --> 01:40:28.079
So the truth is this transportation is
not really a bitting relatively to how

1309
01:40:28.359 --> 01:40:33.199
it affects other in terms of food. Right. The only solution is when

1310
01:40:33.279 --> 01:40:39.079
we start to get many years ago
that fifteen is if I was watching a

1311
01:40:39.199 --> 01:40:43.560
program and one guy said, that
is a family South Africa that produces one

1312
01:40:43.840 --> 01:40:47.479
million that kills one million bids.
It is one million bits. This is

1313
01:40:47.560 --> 01:40:53.000
like fifteen years ago. Imagine for
my boy can do five or one hundred

1314
01:40:53.079 --> 01:40:56.640
thousand beds. So are you saying
are you saying it's not production? You're

1315
01:40:56.680 --> 01:40:59.600
saying we should go more mechanize.
Is that what he is saying? Yes,

1316
01:41:00.119 --> 01:41:03.000
yes, yes, what should go? Because where you can do more

1317
01:41:03.560 --> 01:41:08.279
as an as one person, you
can do more. Wh Where would he

1318
01:41:08.359 --> 01:41:12.880
stoy though? Where would he stoy
the beds? If he makes them does

1319
01:41:13.199 --> 01:41:17.880
make no power when you produce?
Well, let me ask the question.

1320
01:41:18.199 --> 01:41:21.279
Right, I'm a more local person
than you. At least you understand how

1321
01:41:21.319 --> 01:41:27.079
it was everybod that Please? Do
you think the cost of production in China

1322
01:41:28.319 --> 01:41:30.800
is higher? Is lower than cost
of production in the Yeah? How want

1323
01:41:30.840 --> 01:41:34.600
do we pay liberals? I don't
think so, of course it is they

1324
01:41:34.640 --> 01:41:39.039
don't you change in Naga? No? No, no, don't pay no

1325
01:41:39.359 --> 01:41:45.600
bro, I can't even see that. Bro. What is the power tariff

1326
01:41:45.720 --> 01:41:51.800
in China? I just checked and
I saw that want to ask? Want

1327
01:41:51.840 --> 01:41:57.119
you to ask? Hour is about
seven seven dollars? It wasn't here,

1328
01:41:57.239 --> 01:42:01.399
nass here No, but you get
it? Do you get it? You

1329
01:42:01.479 --> 01:42:04.880
don't? Well, don't use power, use generator, That's what I'm saying.

1330
01:42:04.920 --> 01:42:10.479
So they pay generator. Come on, man, come on man,

1331
01:42:10.840 --> 01:42:14.960
they use Okay, let's do it
now, let's do it together. So

1332
01:42:15.239 --> 01:42:18.880
in a factory in China, it's
paying seven dollars per one kilo wat hour.

1333
01:42:19.439 --> 01:42:25.520
You are buying diesel at about six
hundred per liter, So what's the

1334
01:42:25.800 --> 01:42:29.880
what was the do it though?
You are buying diesel to run generator?

1335
01:42:30.000 --> 01:42:33.039
He's just paying nipper? So why
he finishes his p switch off his nipper.

1336
01:42:33.279 --> 01:42:38.359
You are paying running Dieseland, you're
buying generator Capex. You're buying diesel

1337
01:42:38.760 --> 01:42:44.720
opex just to produce the same quantity. That's that's why it's expressive. What

1338
01:42:44.920 --> 01:42:48.920
does that want? What do you? And you also endless than one dollar

1339
01:42:49.000 --> 01:42:56.640
down? You you your your minimum
wage? Everything is niger You also endless

1340
01:42:56.680 --> 01:42:59.800
at the dollar when you sell.
He's exporting? What are you doing?

1341
01:43:00.000 --> 01:43:04.159
Supports? Are your ports as a
as the Chinese spots? No? Okay,

1342
01:43:04.319 --> 01:43:10.800
okay? The thing is this right
because everybody says China is the idea,

1343
01:43:10.880 --> 01:43:15.279
this nation right because cost of production
is Look what I'm trying to say

1344
01:43:15.359 --> 01:43:20.600
is cost of production in Negenia is
even much much lower than China. Then

1345
01:43:20.720 --> 01:43:25.560
why are we important food? Why
are we important things from China? In

1346
01:43:25.680 --> 01:43:29.479
their costs are higher? Bro doesn't
make any sense. Now we're important things

1347
01:43:29.520 --> 01:43:32.239
from them because that things are cheaper, because textiles and cheaps. Is why

1348
01:43:32.279 --> 01:43:40.439
I'm talking about indostaniation? Is this
if I mean, let's use something I

1349
01:43:40.560 --> 01:43:45.760
mean to look right, and I
can't produce those two shirts to day from

1350
01:43:45.800 --> 01:43:48.439
that two ships? Are we pay
for my house and all my expenses?

1351
01:43:48.640 --> 01:43:53.680
Yeah? A good life is on
that two shirts. Yeah, I mean

1352
01:43:54.359 --> 01:43:59.760
imposialization, which increase which pop I'm
able to produce one thousand? Do understand

1353
01:44:00.720 --> 01:44:04.359
if you become cheaper, the cost
of production becomes cheaper because of nostalizations.

1354
01:44:04.920 --> 01:44:11.840
Able to produce so much because if
you give, if you give, if

1355
01:44:11.880 --> 01:44:16.840
he has good for our power and
he does not have the ability to acquire

1356
01:44:16.960 --> 01:44:24.199
machinery to produce more, he's still
back to farm my boys, farmer boys

1357
01:44:24.319 --> 01:44:28.760
tractor, his combined harvester god burns. His other time was looking for spare

1358
01:44:28.800 --> 01:44:31.439
path for his combined harvester. He
couldn't get it in China. He can

1359
01:44:31.560 --> 01:44:34.920
go and buy it and do his
production. So the point that to make

1360
01:44:35.079 --> 01:44:41.359
goods in China is way cheaper than
Nigeria. That's why the import goods over

1361
01:44:41.520 --> 01:44:45.479
here, textiles and can do not
have collapsed to go have Chinese imports because

1362
01:44:45.680 --> 01:44:51.520
Chinese exports are way cheaper even with
paying CIF claim the goods, they are

1363
01:44:51.640 --> 01:44:55.800
way cheaper here. That's the point
I'm making. Let me get armed in

1364
01:44:55.880 --> 01:44:59.479
here, amad. You go ahead, sir, I met wire self business

1365
01:44:59.560 --> 01:45:01.319
practice? Should I just can I
just ask a question? I just have

1366
01:45:01.439 --> 01:45:05.479
a question, Kindle oh sorry,
it's that you so so so sorry Yeah

1367
01:45:05.479 --> 01:45:09.359
go ahead, so yeah, people
will go ahead, Yeah, yeah,

1368
01:45:09.479 --> 01:45:12.520
yeah, it's just sorry. It's
something they've not taking people back to.

1369
01:45:13.039 --> 01:45:19.960
You said something about Dangle refinery.
Did I say that? I said that

1370
01:45:20.159 --> 01:45:25.800
right, if if if Dangota refinery
is working right, then you don't have

1371
01:45:25.920 --> 01:45:30.800
to spend Should you get more petro
chemicals being exported? You you export more

1372
01:45:31.119 --> 01:45:35.119
by products of crude oil. That's
what I said, not that definal the

1373
01:45:35.199 --> 01:45:41.760
petroc The question was about petro chemicals. Got about the refinery itself. Okay,

1374
01:45:41.800 --> 01:45:46.840
but what's your position on its helping
challenge? It wouldn't really because he's

1375
01:45:46.880 --> 01:45:50.680
going to cost flow of dollars to
the system. No, it has not.

1376
01:45:50.960 --> 01:45:56.720
Varying Dangota refinery would reduce the import
cost. Are you declaring they do

1377
01:45:56.840 --> 01:45:59.319
more rage? But you are still
going to pay for the crude oil in

1378
01:45:59.399 --> 01:46:02.239
dollars, So it wouldn't have that
dramatic effect. People are thinking, yeah,

1379
01:46:03.439 --> 01:46:06.720
okay, okay, we just to
add to the last end the last

1380
01:46:06.760 --> 01:46:12.760
time and discussion of the last speaker. I don't think we can industryalize all

1381
01:46:12.760 --> 01:46:18.960
the days we can power. Yeah, we can need that power. Yeah,

1382
01:46:19.079 --> 01:46:23.159
power security. At there are the
two main things that we could should

1383
01:46:23.159 --> 01:46:27.319
focus on our power and security.
If you just focus on if farmers can

1384
01:46:27.600 --> 01:46:30.680
go on farm and then they cannot
make a nice farm and the cost of

1385
01:46:30.760 --> 01:46:33.439
food goes down, cost of food
goes down, food inficial falls. Food

1386
01:46:33.439 --> 01:46:38.079
inficial falls, you have the MPR
also falling. The interest rates fall.

1387
01:46:38.399 --> 01:46:42.960
That then attract investment, attractable put
to them cause you are buy with then

1388
01:46:43.079 --> 01:46:48.039
boost output to the factories and then
boost jobs you So employment creates capital formation.

1389
01:46:48.439 --> 01:46:53.000
That's how wealth is created. Right
now, we're still at the very

1390
01:46:53.079 --> 01:46:56.439
very beginning. We can farmers can't
go to the farm, and we have

1391
01:46:56.680 --> 01:47:00.560
no power, and we have no
certainty of policy. We still don't have

1392
01:47:00.640 --> 01:47:06.000
ministers are today. What this is
is thetted no ministers yet. Yeah,

1393
01:47:06.000 --> 01:47:12.479
because there was something you said,
so I think insecurity contributes to that.

1394
01:47:12.640 --> 01:47:15.359
I don't know where you think.
I don't think so. I mean remeters

1395
01:47:15.399 --> 01:47:18.239
have been we had so much for
remidances in the past. No remdances.

1396
01:47:18.520 --> 01:47:23.079
Don't don't confuse remontanzs and and FDI. You have FPI. Those ones are

1397
01:47:23.119 --> 01:47:26.279
the ones that are who are bringing
I agree with you that if it's for

1398
01:47:26.439 --> 01:47:30.079
FDI FPI. They read the news, so they don't invest in night.

1399
01:47:30.800 --> 01:47:36.399
But my money in Mecca will always
get money from from a Meca in Houston.

1400
01:47:36.800 --> 01:47:41.800
Whether there's vocal har arm, where
there's ipub, she will always get

1401
01:47:41.920 --> 01:47:45.239
her money from America in Houston.
Cave it to that. I'm not continue

1402
01:47:45.279 --> 01:47:49.720
short, but I will come into
that straight away. Seem Maker will get

1403
01:47:49.840 --> 01:47:56.159
money from a MACA. If a
Meca comes back, there will be more

1404
01:47:56.239 --> 01:48:00.239
money. Does that makes sense?
No? More money is money. So

1405
01:48:00.439 --> 01:48:03.560
if Amica is gonna come back,
AMCA is gonna send money to Mama and

1406
01:48:03.600 --> 01:48:09.520
Meca America is gonna send LEXI plus
mineos two point five percent of his income.

1407
01:48:10.079 --> 01:48:13.720
If Amca is gonna come back,
and Meca will think about what he's

1408
01:48:13.760 --> 01:48:15.119
gonna do when it comes back.
Yeah, boy, it doesn't want to

1409
01:48:15.159 --> 01:48:18.439
come back, but doesn't come back. We're talking remy chances, right,

1410
01:48:18.520 --> 01:48:23.640
So that's a it's gonna come has
FDI or FPI. If it's gonna come

1411
01:48:23.720 --> 01:48:28.159
back to Nigeria, he's gonna bring
long term equity CAPTA. That's an FDI

1412
01:48:28.319 --> 01:48:34.520
or FPI. What amutances he sent
from his bank account? True crypto true

1413
01:48:34.600 --> 01:48:38.920
P to P or true, give
it to America by hand. That's what

1414
01:48:38.960 --> 01:48:43.359
I'm talking about right now, that
a Mecca will always send money home BC

1415
01:48:43.479 --> 01:48:49.039
will also always send money to de
Alla the remittances. Okay, okay,

1416
01:48:49.119 --> 01:48:53.079
cool, I agree with you.
Yeah, thank you. You're very welcome,

1417
01:48:53.119 --> 01:48:56.600
sir. Let's get liberty, liberty. All eyes on the judiciary.

1418
01:48:56.880 --> 01:49:02.880
What's up? Thank you, mister
Callow. Thank you. I was just

1419
01:49:04.319 --> 01:49:09.079
very drawn into the last discussion.
I think you're the one exchange in which

1420
01:49:09.319 --> 01:49:16.000
is the check. If I'm correct, you're talking about my maker sending makers

1421
01:49:16.039 --> 01:49:18.600
sending money to my men maker.
Okay, me and me. I'm a

1422
01:49:18.760 --> 01:49:24.840
maker's sister right now. Okay,
I am sending money, I think.

1423
01:49:25.760 --> 01:49:30.000
So questions have you gone have just
gone up or come to gone down?

1424
01:49:30.119 --> 01:49:32.640
Since what's going on? Tell us
your story? Can you hear me?

1425
01:49:32.920 --> 01:49:36.720
Yes? So it's like it's like, if you want to put it in

1426
01:49:36.840 --> 01:49:45.920
that very simple simplistic description, the
money I send now that the maker and

1427
01:49:45.000 --> 01:49:48.720
I are sending, it's not doing
much in terms of inflation in the country.

1428
01:49:49.359 --> 01:49:55.239
So if you are saying that is
in terms of remittances, that will

1429
01:49:55.359 --> 01:50:02.479
kind of bring some semblance of some
economic activity that will translate to across the

1430
01:50:02.560 --> 01:50:12.680
board to things improving somehow. I'm
not an economics maybe microeconomically across different small,

1431
01:50:12.760 --> 01:50:16.560
small term, you know, a
titraading kind of action. I don't

1432
01:50:16.600 --> 01:50:21.119
see how that's going to alleviate anything. Because someone who's talking about farmers going

1433
01:50:21.199 --> 01:50:27.199
to the farm, currently there's insecurity
in the country. So we are already

1434
01:50:27.279 --> 01:50:31.560
in what this is August ending we're
going to hit September very soon, and

1435
01:50:31.720 --> 01:50:38.239
currently now Nigeria through a course you
know, allegedly is trying to procure a

1436
01:50:38.319 --> 01:50:44.359
war in Nigia. So currently now
we know, we know fundamentally that security

1437
01:50:44.960 --> 01:50:46.760
is not priority. There's not going
to be enough piece in that land now

1438
01:50:46.880 --> 01:50:53.079
for ordinary farmers to go to farm
to bring about a reduction in the cost

1439
01:50:53.159 --> 01:50:57.600
of food. So I am a
maker will not have to work doubly hard

1440
01:50:58.319 --> 01:51:02.880
to be sending the list too.
Dollar pound we're sending that has no value

1441
01:51:03.600 --> 01:51:09.079
in terms of what my mimiker can
do with it, even in the petty

1442
01:51:09.159 --> 01:51:14.399
training she's doing back home. So
basically, which is the way forward,

1443
01:51:14.720 --> 01:51:18.560
way in the future, it's so
bleak right now. I think think what

1444
01:51:18.800 --> 01:51:24.960
is the optimism because I see I
actually want to share in that optimism so

1445
01:51:25.079 --> 01:51:28.680
that when I talk to my memiker
tomorrow, I can give us some hope.

1446
01:51:29.039 --> 01:51:32.000
True, true, I think you
where is the hope that you guys

1447
01:51:32.039 --> 01:51:36.119
are talking about it now? Because
if it's liberty terms of remittance, how

1448
01:51:36.159 --> 01:51:40.279
fight they are going to go?
Okay, liberty, let's let's let's let's

1449
01:51:40.319 --> 01:51:45.319
talk about the overall effect. Without
you, and I mean without the remittances

1450
01:51:45.439 --> 01:51:51.520
coming from Nigerian's abroad, the niger
economy will stop working. Let's just put

1451
01:51:51.600 --> 01:51:58.720
that on the table that it is
the remittances valued about twenty five billion,

1452
01:51:59.479 --> 01:52:03.279
and it's just what we can count
twenty five billion annually. That it's even

1453
01:52:03.399 --> 01:52:09.520
keeping in nira at nine hundred.
If you take away remutances, then we're

1454
01:52:09.640 --> 01:52:14.159
done for in Nigeria. That's number
one. So it's a very very important

1455
01:52:14.239 --> 01:52:18.640
part of our economy that we're getting
remutances. The problem with the remittances that

1456
01:52:18.720 --> 01:52:23.720
it's social. So a mecca is
anyone to my mecca. He's not anyone

1457
01:52:23.840 --> 01:52:29.119
too from Meca to invest in a
business or to invest in bonds. He's

1458
01:52:29.159 --> 01:52:33.039
just sending one to keep her going
because her Nira revenues from her pension are

1459
01:52:33.119 --> 01:52:39.079
going nowhere. So first of all, it's a very important plank. Two

1460
01:52:39.119 --> 01:52:42.479
weeks ago, we had a spaces
about the DIASPRA and I was asking a

1461
01:52:42.560 --> 01:52:48.079
dispro what is stopping you folks from
invest in Nigeria and serious topic. Right.

1462
01:52:48.159 --> 01:52:55.159
People are saying policies, they don't
feel confident the elections, the economy

1463
01:52:55.199 --> 01:52:58.399
and all that. And the point
I tried to bring out was that when

1464
01:52:58.520 --> 01:53:01.239
you invest is when things are bad. That's what you can buy. If

1465
01:53:01.279 --> 01:53:05.880
you bring one hundred thousand dollars today, you can buy more assets in Nigeria

1466
01:53:05.960 --> 01:53:11.279
than if you wait when the economy
is booming. The nating economy today is

1467
01:53:11.399 --> 01:53:16.800
has stopped working because we have introduced
some policies without introducing at limits post that

1468
01:53:16.880 --> 01:53:20.960
they we have removed the subsidy without
giving in placed you know, the supper

1469
01:53:21.079 --> 01:53:26.039
structure, so it has stopped working. So any investor coming today is a

1470
01:53:26.159 --> 01:53:29.640
buias market. If you come in
here, you can pick up assets on

1471
01:53:29.720 --> 01:53:33.399
the chip. That's really what it
is today, right because if you believe

1472
01:53:33.600 --> 01:53:40.079
that the economy Nigeria is going to
do better in five or ten or fifteen

1473
01:53:40.159 --> 01:53:43.439
years, then buy today. If
you think they think the economy is not

1474
01:53:43.479 --> 01:53:45.159
going to do well in five ten
years time, then of course sell today.

1475
01:53:45.439 --> 01:53:49.119
So it's your call. You've got
to make that call. Sorry,

1476
01:53:49.199 --> 01:53:54.880
which assets now? Are you talking
about? Any assets? If you go

1477
01:53:54.960 --> 01:53:59.680
to this Nigerion stock market, the
price to earnings and a just stock market

1478
01:53:59.760 --> 01:54:02.600
today is less than six with means
that if you are if you're buying the

1479
01:54:02.800 --> 01:54:08.600
stock market, you are only paying
six times the value. It can go

1480
01:54:08.760 --> 01:54:12.439
to twenty. It can go more
than the America's about, say twelve,

1481
01:54:13.039 --> 01:54:16.279
but this is a cheap stock market. Same with land nobody has money.

1482
01:54:16.720 --> 01:54:20.399
If you go in with cash to
buy landed assets, you're also going to

1483
01:54:20.479 --> 01:54:27.279
buy at a depressed price. So
in Nigeria there's there's no quote unquote money,

1484
01:54:27.920 --> 01:54:31.640
So people are selling assets to survive. So if you are a capital

1485
01:54:31.880 --> 01:54:38.960
rich I'm just state yeah, it's
can help, but I just state explain

1486
01:54:39.520 --> 01:54:44.920
that maybe try answering your questions when
when it comes to why have you paying?

1487
01:54:45.319 --> 01:54:49.560
Or are not interested? No?
But hold on better? Are you

1488
01:54:49.640 --> 01:54:55.720
okay? Did I answer that question? Are you suspect? I think you've

1489
01:54:55.800 --> 01:54:58.760
kind of it? It will help
if you can point at some point because

1490
01:54:58.760 --> 01:55:00.039
I'm sure there a lot of one
are list then we're like, okay,

1491
01:55:00.239 --> 01:55:02.600
stock market, where do we go? How do we start? Because I

1492
01:55:02.640 --> 01:55:08.159
remember some years ago I tried going
on It wasn't funny. I have to

1493
01:55:08.199 --> 01:55:11.239
say, okay, you are in
your idea, lost my money. I

1494
01:55:11.920 --> 01:55:15.560
have no idea what you know?
It was hard. It's difficult to give

1495
01:55:15.600 --> 01:55:18.399
advice on Twitter. But let me
get you in the UK. UK right

1496
01:55:18.439 --> 01:55:21.319
now it's paying five percent, which
is very very good. So if you

1497
01:55:21.399 --> 01:55:26.319
give the UK banks a dollar a
pound, you might If you buy the

1498
01:55:26.960 --> 01:55:30.159
UK bond may get five percent.
It's very very good. But Nigerian bonds

1499
01:55:30.159 --> 01:55:35.560
to offer about four five percent dollar
terms on money market four five percent.

1500
01:55:35.880 --> 01:55:40.239
So if you had some money in
the savings accounts in the UK and you're

1501
01:55:40.279 --> 01:55:44.479
getting anything less than say three percent, Nigeria might be a good place for

1502
01:55:44.560 --> 01:55:47.640
you to invest in dollar because you're
going to invest in dollar and get a

1503
01:55:47.720 --> 01:55:53.760
return out in dollar. There are
million Nigerian banks that offer a dollar money

1504
01:55:53.880 --> 01:55:59.880
market. FCMB is one of them. I think vests another one I bet

1505
01:56:00.119 --> 01:56:03.840
is on the one they offered dollar
investment. So you're removing that exchange risk

1506
01:56:04.000 --> 01:56:10.479
in Nigeria right If you also have
the time and you have funds that you

1507
01:56:10.720 --> 01:56:14.239
want to tie up in Nigeria,
So tie it up and interesting in maybe

1508
01:56:14.319 --> 01:56:18.560
making a return or liquidity. You
might also consider just buying a property either

1509
01:56:18.760 --> 01:56:21.279
land, and just face in it. It's not going to give you any

1510
01:56:21.399 --> 01:56:26.279
liquidity, but it just ties your
money in. It's sort of like if

1511
01:56:26.319 --> 01:56:30.840
you're just dumping it there. That's
all I would suggest for a foreigner in

1512
01:56:31.079 --> 01:56:33.960
quote that has come to Nigeria.
Because you are doing your dollars, so

1513
01:56:34.079 --> 01:56:38.800
no exchange risk, or you're doing
property, You're just trying to lock in

1514
01:56:38.880 --> 01:56:43.319
money that you have in excess like
a retirement point, because the value would

1515
01:56:43.359 --> 01:56:46.039
appreciate. You would get individends,
but the value would appreciate and if you

1516
01:56:46.119 --> 01:56:49.680
sell it US at ten years,
it would have kept pace with nigerent inflation.

1517
01:56:50.239 --> 01:56:55.000
If you are doing stocks, that's
a different matter entirely. You are

1518
01:56:55.119 --> 01:56:59.600
trying to buy into an asset class
that is conver very risky, that is

1519
01:56:59.720 --> 01:57:06.079
basically at hostage to the dollar situation. Guinness Union level Nigerian breweries, most

1520
01:57:06.159 --> 01:57:12.119
of the big most national niger are
all reporting negative figures based on the dollar

1521
01:57:12.319 --> 01:57:15.319
evaluation. So it might not be
a good place to buy now. But

1522
01:57:15.560 --> 01:57:19.039
if you have a long term outlooking
Nigeria, it's the best time to buy

1523
01:57:19.239 --> 01:57:23.680
because you're buying them when they are
selling at a loss, and if you

1524
01:57:23.760 --> 01:57:28.560
simply hold them they might turn out
good. Remember it's what is your objective.

1525
01:57:28.560 --> 01:57:30.880
If you have a long term plan, there's the best time to buy.

1526
01:57:31.039 --> 01:57:33.439
If you want to trade, there's
not a good time to come to

1527
01:57:33.560 --> 01:57:36.680
Nigeria. That's how I will put
it right. Don't do what you don't

1528
01:57:36.720 --> 01:57:41.000
know. But if you have a
long term plan, if you want to

1529
01:57:41.119 --> 01:57:45.720
come to Nigeria and do commodities,
ginger, soybeans, all those things are

1530
01:57:45.760 --> 01:57:50.760
being sold abroad at a big profits. Julos Berger has opened up a big

1531
01:57:51.359 --> 01:57:56.640
what's it called. What's this legum
called? They're exporting out of Legos now,

1532
01:57:56.760 --> 01:57:59.560
Julius Berger. That's what I getting
their money is when they do business

1533
01:57:59.560 --> 01:58:04.159
in nigerl It converted in Nira to
dollars by exporting commodities from Nigeria. So

1534
01:58:04.319 --> 01:58:09.119
there are opportunities out there. But
this situation Nagua, you're have an economy

1535
01:58:09.159 --> 01:58:13.079
where there's no consumption, so you're
only looking at assets that are not tied

1536
01:58:13.159 --> 01:58:15.680
to consumption. You want to buy
an asset that just pays you a dividend

1537
01:58:15.760 --> 01:58:19.279
i e. Dollar or it's just
going to hold your value anything that it's

1538
01:58:19.319 --> 01:58:25.520
tied to consumption. I wouldn't recommend
that you do it right now in Nigeria.

1539
01:58:29.079 --> 01:58:32.159
Libert Does that help? Yes,
I kind of. I've sent you

1540
01:58:32.279 --> 01:58:35.800
some DM can so reply me back. I'll probably take it off off here

1541
01:58:36.199 --> 01:58:39.960
and explore more. We thank you, I got you, okay, so

1542
01:58:40.039 --> 01:58:42.640
let's get amade imade. How are
you doing, sir? I made you

1543
01:58:42.760 --> 01:58:46.720
suf carlu I'm still here. Oh
my, I do if we're go sorry,

1544
01:58:46.920 --> 01:58:49.039
so your next go ahead. I
just fumed with the queue. If

1545
01:58:49.479 --> 01:58:51.640
you don't, I'm sorry, pretty
good. Sorry I jumped to you.

1546
01:58:51.760 --> 01:58:58.640
Sorry Twitter, Twitter rearrangings. I
do apologize. No, the Twitter and

1547
01:58:59.159 --> 01:59:01.159
they are arranger, so make us
the full I asidy show for here,

1548
01:59:01.439 --> 01:59:04.159
and I started to about you when
I think when I add you as a

1549
01:59:04.199 --> 01:59:09.039
speaker, Twitter takes you right up
to the top. So sometimes I see

1550
01:59:09.079 --> 01:59:12.279
you and it goes back. I
apologize my fault. I will do it

1551
01:59:12.399 --> 01:59:15.800
better now. But please if I
drop you, yeah, if I drop

1552
01:59:15.920 --> 01:59:18.479
it, just because I want to
make orders to speak right. If I

1553
01:59:18.560 --> 01:59:23.159
drop so, I apologize to everyone. I do apologize if work please go

1554
01:59:23.159 --> 01:59:25.359
ahead, I'll get head like bother
and I'll get Michael best if I could

1555
01:59:25.359 --> 01:59:29.119
go ahead, please it's okay,
good day. Can thank you for holding

1556
01:59:29.520 --> 01:59:33.000
the space. I'm not too sure
if you're checking the comments that are being

1557
01:59:33.079 --> 01:59:38.840
dropped, but there was a question
the obviously of my eye based on something

1558
01:59:38.920 --> 01:59:42.600
you initially said, and that was
obviously to do with Emirates. So I'll

1559
01:59:42.640 --> 01:59:46.199
just read out the question, should
we expect to see more airlines like Emirates

1560
01:59:46.279 --> 01:59:51.800
leaving Nigeria soon? And if you
can just expanciate on that, thank you.

1561
01:59:53.079 --> 01:59:56.279
Passional Airlines, thank you what situation
is with them? Thanks? Yeah,

1562
01:59:56.319 --> 02:00:00.800
I think I said my canary in
the mind for Nigeria is Emirates,

1563
02:00:00.199 --> 02:00:04.560
and I said, if you see
Emirates come back to Nigeria, that helps

1564
02:00:04.600 --> 02:00:09.319
with that. Whatever policy the CBN
and Tinobu are doing, it's working.

1565
02:00:09.520 --> 02:00:15.239
That's I said. I think threes
basic ago Emirates airlines left because they are

1566
02:00:15.600 --> 02:00:20.600
selling in Nigeria in Nira Then they
go to the CBN to get dollars and

1567
02:00:20.680 --> 02:00:24.560
they cannot get dollars from the Central
Bank of Nigeria, so they pull just

1568
02:00:24.720 --> 02:00:28.600
pulled out all the airlines are here
because they now increased. The Nira prize

1569
02:00:28.640 --> 02:00:32.359
was still no dollars, right,
So if you look at Nigeria to London

1570
02:00:32.800 --> 02:00:39.960
and Ghana to London, the Ghanaian
prize is the way cheaper than flying from

1571
02:00:40.119 --> 02:00:44.640
Nigeria. This is because in Ghana
they have no issues with getting dollars from

1572
02:00:44.640 --> 02:00:47.560
their central bank, even though the
Ghana is broke, but in Nigeria they

1573
02:00:47.640 --> 02:00:53.279
have an issue. So they're adding
that cost of waiting for dollars to your

1574
02:00:53.319 --> 02:00:57.479
ticket price in Nigeria. That's what's
going on, right, So if Emirates

1575
02:00:57.560 --> 02:01:00.520
comes back, that means that the
dollars supply in Niger has eased and that

1576
02:01:00.640 --> 02:01:03.920
EMI rates. It was your school
to the iron E window. I get

1577
02:01:03.960 --> 02:01:08.640
that dolls black. So whatever they
say, if there's no EMY rates,

1578
02:01:09.000 --> 02:01:14.600
the policy is not working. That's
a simple way of putting it. Did

1579
02:01:14.600 --> 02:01:16.199
you ever follow up, Yeah,
no, no, no no no.

1580
02:01:16.399 --> 02:01:21.520
I guess we'll just stay watching and
keep on paying these expensive tickets forking or

1581
02:01:21.640 --> 02:01:28.359
fly to Ghana and then fly to
Ghana to London. It's not really,

1582
02:01:28.520 --> 02:01:31.800
it's not it's not really. I
have done the comparison. Color of reasons.

1583
02:01:31.880 --> 02:01:35.199
It's really not that different to be
honest, when you now tack on

1584
02:01:35.399 --> 02:01:42.760
the ticket from Ghana to Nigeria as
well. You know, it's when when

1585
02:01:42.800 --> 02:01:46.359
we kind of work out the entire
total figure, it's really really not that

1586
02:01:46.640 --> 02:01:51.119
different, to be honest, And
you're better just spending the ticket just flying

1587
02:01:51.720 --> 02:01:58.520
as an indirect or direct to legous
itself. So I don't know. I

1588
02:01:59.680 --> 02:02:03.520
know friend told me if you use
a foreign credit card and you book the

1589
02:02:03.600 --> 02:02:08.760
air the tickets abroad, you do
get a better price because now the airline

1590
02:02:08.800 --> 02:02:13.560
knows they're gonna get paid not from
the central bank but from the credit card

1591
02:02:13.600 --> 02:02:15.199
company. So you might want to
look at that as well. So if

1592
02:02:15.239 --> 02:02:17.880
you have a friend that leaves abroad, just say hey, could you book

1593
02:02:17.960 --> 02:02:21.279
this ticket. The problem is this, when you do that, the airlines

1594
02:02:21.359 --> 02:02:26.560
sometimes want to see that card that
you used to buy the ticket. So

1595
02:02:26.840 --> 02:02:29.479
keep in mind that's going to be
a big problem that if you book a

1596
02:02:29.520 --> 02:02:31.319
line unless you can get the guy
to send you the picture of the credit

1597
02:02:31.399 --> 02:02:34.279
card and say this is my daughter
or whatever and I book the airline for

1598
02:02:34.359 --> 02:02:39.359
her. But that's the problem.
So I'm trying to see. I go

1599
02:02:39.520 --> 02:02:43.800
to the shop and I saw this
Visa card, this prepaid visa card.

1600
02:02:43.800 --> 02:02:46.159
Does anyone know if those cards work
in Nigeria? Like you can just buy

1601
02:02:46.239 --> 02:02:50.000
them in the shops in America.
They are Visa but they are prepaid and

1602
02:02:50.119 --> 02:02:55.079
you load them. I don't know
if those cards would work in Nigeria.

1603
02:02:55.560 --> 02:02:59.760
If you don't, I don't think
so because of the I know some of

1604
02:02:59.840 --> 02:03:02.479
them used to work for something in
Nigeria because they were using some of those

1605
02:03:02.560 --> 02:03:06.119
cards to kind of pay like subscriptions
and stuff. But I think there's I

1606
02:03:06.199 --> 02:03:10.880
don't know, some rule or some
lawder because of now they all need like

1607
02:03:11.079 --> 02:03:15.119
addresses, right, But how would
they if I buy it? So if

1608
02:03:15.319 --> 02:03:17.600
if I buy it and I use
my friends address, how would they know

1609
02:03:17.680 --> 02:03:23.199
it's I'm paying from Nigeria? Like
if I yeah, if I buy that

1610
02:03:23.359 --> 02:03:26.279
card and I have a friend in
American and I use this address and I

1611
02:03:26.520 --> 02:03:29.319
pay for stuff in Nigeria, they
wouldn't know, would they. I'm gonna

1612
02:03:29.399 --> 02:03:30.720
test it. Let me, I'm
gonna get a test by buy a card.

1613
02:03:30.720 --> 02:03:33.920
Who wants us to do? Guinea
Pig will buy a card. If

1614
02:03:33.960 --> 02:03:38.800
you're gonna pay maybe something, send
me maybe something like twenty dollars. Don't

1615
02:03:38.800 --> 02:03:41.560
send me expensive, So send me
something. I'll test it out. I'll

1616
02:03:41.640 --> 02:03:45.760
buy the card here and I'll try
to pay something for you. I'll use

1617
02:03:45.800 --> 02:03:47.439
an address something like that. Then
we'll see if it will go through.

1618
02:03:47.479 --> 02:03:51.920
If it's gonna go through, woo
interesting, all right, so I've got

1619
02:03:56.319 --> 02:04:02.359
i'd go too, test la.
See the questions lads are asking you see

1620
02:04:02.439 --> 02:04:05.680
her Liza are asking their questions to
see very you know, very calm,

1621
02:04:06.000 --> 02:04:10.439
very very correct questions. You those
ladies are just the best, go ahead

1622
02:04:10.479 --> 02:04:17.760
please. Is on behind the scenes. So he's the people who will work

1623
02:04:17.840 --> 02:04:21.319
for a maker to send the money. So he he does a lot of

1624
02:04:21.439 --> 02:04:26.239
technology from the world. We need
the every change the pie to piece,

1625
02:04:26.399 --> 02:04:30.479
right. Yeah, and the volume
has never been this high. Wow,

1626
02:04:30.279 --> 02:04:34.439
it's one of it's one of the
highest they've seen in a long time.

1627
02:04:35.800 --> 02:04:40.840
Right, So if you notice,
if you're if you look, if you've

1628
02:04:40.920 --> 02:04:45.840
seen all this world remits advert on
Facebook right now on Instagram. They're pushed

1629
02:04:45.960 --> 02:04:50.119
it because they are competing heavily.
So we've never seen this kind of volume.

1630
02:04:50.319 --> 02:04:55.800
And now a bunch of other guys
that are working with the Kulda Bank

1631
02:04:56.520 --> 02:05:00.840
and another bank, ake another,
another building another are to compete even the

1632
02:05:00.119 --> 02:05:04.960
Canadian governmentism it's going to fund that. So they've never seen this kind of

1633
02:05:05.159 --> 02:05:08.880
volume in the longest time. So
I don't know what the Central bank,

1634
02:05:08.920 --> 02:05:12.000
he's saying. I don't know what
they're doing. I don't know how they're

1635
02:05:12.079 --> 02:05:16.119
losing out of this market. But
the volume has not been so this.

1636
02:05:16.359 --> 02:05:19.279
This this floating has caused a lot
of volume, a lot of traffic.

1637
02:05:19.680 --> 02:05:25.399
So so you're seeing that the floats
are being positive because people are sending more

1638
02:05:25.479 --> 02:05:28.800
money back to Nigeria because the floats. I was just saying, yes,

1639
02:05:29.000 --> 02:05:31.560
they haven't seen it this high.
Like it's people are sending money. It's

1640
02:05:31.560 --> 02:05:36.359
just that it's not hitting the CBN
bags accounts, so that balance heat or

1641
02:05:36.399 --> 02:05:40.720
their FPNA. I don't know how
they're missing that. Maybe they need to

1642
02:05:40.800 --> 02:05:45.479
start contacting this it boys, this
P to P guys are start doing a

1643
02:05:45.560 --> 02:05:48.359
bagain with them and buying their own
dollar from them. Because so what they're

1644
02:05:48.479 --> 02:05:51.760
doing now is I don't even know
our fuel change. So what our feel

1645
02:05:51.840 --> 02:05:57.279
change is offering right now is paced
school fees for people. I find I

1646
02:05:57.439 --> 02:06:01.439
find the rate very is very abusive, but it's what it is. People

1647
02:06:01.479 --> 02:06:05.520
as to get in the rate.
So for example, the buy dollar for

1648
02:06:05.760 --> 02:06:11.720
me sending money to my mind maker
for seven hundred, right, and I

1649
02:06:11.720 --> 02:06:15.439
will sell it to for me who
wants to pay school fees a university of

1650
02:06:15.520 --> 02:06:23.199
a better for seven seventy nine.
Like it's so abusive, But then the

1651
02:06:23.279 --> 02:06:29.000
money hits the school accounts really fast. Everything is done neatly. There's receipts

1652
02:06:29.119 --> 02:06:34.880
and boots my mind maker and for
me that booth happy. And I haven't

1653
02:06:34.960 --> 02:06:39.319
seen this much. Yeah, because
I use I use an app, I

1654
02:06:39.520 --> 02:06:43.039
use Koshi, I se money through
them. I have many problems with it.

1655
02:06:43.239 --> 02:06:46.880
It goes to my Nigerian bank and
an American one is an American.

1656
02:06:47.119 --> 02:06:51.239
Yeah. Everywhere you can select if
you want America or Canada, or you

1657
02:06:51.319 --> 02:06:56.720
can select then you put an email
for saying America or an email for Canada.

1658
02:06:57.479 --> 02:07:01.520
Then you can there is a big
Another is more very restricting this films

1659
02:07:01.520 --> 02:07:08.960
than America than America. America than
America. It's more. It's more among

1660
02:07:09.000 --> 02:07:13.920
the phones were so it's more restrictive
here, right, so that the audited

1661
02:07:13.960 --> 02:07:15.840
to well, the audited a lot. So you can so for example,

1662
02:07:16.000 --> 02:07:20.560
I can't do I can't do you
s D. I can't see it to

1663
02:07:20.680 --> 02:07:27.279
nia, Oh, I can't you
know this transfer? Is it wise or

1664
02:07:27.359 --> 02:07:30.479
something like that? Yeah? But
yeah, And the other thing I wanted

1665
02:07:30.520 --> 02:07:34.600
to say, so this CBN financial
statement, who auditated it? Who are

1666
02:07:34.640 --> 02:07:40.399
the auditor? You won't have she's
I have it right here, let me

1667
02:07:40.479 --> 02:07:43.239
look. But it was audited by
I think she's. I don't call the

1668
02:07:43.279 --> 02:07:45.640
wrong thing. I'm looking at it
right now. But it was ay was

1669
02:07:45.720 --> 02:07:49.800
your question? Are you you don't
like the No, it wasn't. I

1670
02:07:51.920 --> 02:07:57.279
I read it. I don't know
why. If it was a KPMG PwC

1671
02:07:57.399 --> 02:08:01.680
the audited it, I will have
more confidence. So I'm looking confidence.

1672
02:08:01.800 --> 02:08:05.560
I'm looking like now. Yeah,
So if you can tell me the auditor's

1673
02:08:05.640 --> 02:08:07.039
name, because I was trying to
find it in the notes, I find

1674
02:08:07.079 --> 02:08:13.319
it right Report of the Directors deming
of audits. This is a governor's signed

1675
02:08:13.920 --> 02:08:22.199
is Ernest young y and KPMG.
Okay, I couldn't find that. And

1676
02:08:22.479 --> 02:08:24.560
the other the other last point I
wanted to put out there is this,

1677
02:08:26.079 --> 02:08:30.159
I'm from the ninetel the Altar,
right, it's my region. Who we

1678
02:08:30.239 --> 02:08:33.920
are seeing a lot of better effects, We're seeing a lot of miscarriages,

1679
02:08:33.920 --> 02:08:37.079
We're seeing a lot of cancer.
So when you say this thing is like

1680
02:08:37.239 --> 02:08:39.760
blow up the sheep and let it
all sink, like when about a year

1681
02:08:39.880 --> 02:08:43.720
that my heart sinks. Right,
it's my village that this isn't happening.

1682
02:08:45.159 --> 02:08:48.640
We don't fish anymore. So let
me tell you who he's doing this bumping

1683
02:08:48.760 --> 02:08:52.880
it is that what is his name
from Polo is the one and the rest

1684
02:08:52.960 --> 02:08:58.800
that that one's control in that area. So I hear it's my hometown.

1685
02:08:58.840 --> 02:09:03.720
It's just what's seen the effect of
this blowing up. They keep doing and

1686
02:09:03.439 --> 02:09:07.840
just and gas flaring and don't doing
the things. It's halting us badly.

1687
02:09:09.920 --> 02:09:15.520
This amount of cancer DeLine delta and
it's going to increase because when I hear

1688
02:09:15.600 --> 02:09:18.199
this, I feel I feel like
I said, no, one's really listening

1689
02:09:18.239 --> 02:09:22.319
to us. They don't see us
as a money bag as as a as

1690
02:09:22.359 --> 02:09:26.279
a region that they will feel the
nation. And I don't care if you

1691
02:09:26.399 --> 02:09:31.479
will die right and you're not,
I mean, your your sentiments don't have

1692
02:09:31.720 --> 02:09:37.359
merit. There are videos in Portacle
today where people will cracked the table and

1693
02:09:37.399 --> 02:09:41.720
they suit on the on the table, they suit in the air that it

1694
02:09:41.920 --> 02:09:46.520
was happening before the army stare to
blow up ships and planes. So the

1695
02:09:46.600 --> 02:09:48.960
problem that another delta. Are sorry
to say, this is a wild,

1696
02:09:50.079 --> 02:09:54.840
wild delta. Right. Things are
happening that I can happen in any part

1697
02:09:54.920 --> 02:09:58.079
of the world. They are refining, you know, the way they refined

1698
02:09:58.279 --> 02:10:01.479
or the order they just seem to
burn. It's like a look at refine,

1699
02:10:01.520 --> 02:10:03.760
just burn it into the air.
So when it rains, it's running

1700
02:10:03.800 --> 02:10:07.319
down the hydrocarbon. All that stock
is just running down on people. In

1701
02:10:07.520 --> 02:10:11.239
twenty years time, the amount of
issues are going to come from that that

1702
02:10:11.319 --> 02:10:16.640
I would be unbelievable. I can
tell you now. My parents don't go

1703
02:10:16.760 --> 02:10:22.439
to the village anymore. Okay,
I have to go my son into Okay,

1704
02:10:22.840 --> 02:10:26.399
thank you for giving me the opportunity
to speak. And it's always goodly

1705
02:10:26.479 --> 02:10:28.800
get from me. No want to
say to your son for us. I

1706
02:10:28.840 --> 02:10:31.159
appreciate you talking here. Thank you
so much. Or I guess some too.

1707
02:10:31.159 --> 02:10:33.199
I mean again, just to clarify, guys, I know it's a

1708
02:10:33.239 --> 02:10:37.319
bit it's harsh, like she said, She's completely correct. She's harsh to

1709
02:10:37.399 --> 02:10:41.319
say, blow up the ships kind
of oil. It pollutes the environment.

1710
02:10:41.520 --> 02:10:43.439
I get it. It's harsh.
But my story is this. You know,

1711
02:10:45.359 --> 02:10:48.520
normally what would you do to bunkering
ships, you would arrest them.

1712
02:10:48.920 --> 02:10:54.000
Then you will prosecute the crew members, prosecute the owner. We've done that

1713
02:10:54.159 --> 02:10:58.159
before. We arrested them well to
them, not to know, to legos

1714
02:10:58.199 --> 02:11:01.159
even and the ship disappeared and it
gets If you go on Twitter, you'll

1715
02:11:01.199 --> 02:11:05.880
see a thin channels was had a
ship. That ship was arrested before.

1716
02:11:05.319 --> 02:11:09.560
It's back in our delta, new
name, new crew, still slim crew

1717
02:11:09.720 --> 02:11:13.640
oil. So I'm just being radical
here. You know, if there's any

1718
02:11:13.680 --> 02:11:18.399
other way you can get these ships
out on the Delta without sinking, then

1719
02:11:18.399 --> 02:11:20.279
maybe you want to pump the oil
out, but are pumping oil out takes

1720
02:11:20.359 --> 02:11:24.000
time. They will just bribe and
it's all gone. You know, there's

1721
02:11:24.039 --> 02:11:26.960
one of those sayings, sink them
there, you know, Costy, you

1722
02:11:28.039 --> 02:11:31.720
know it's it's it's tough to say
this, but what was the solution Because

1723
02:11:31.720 --> 02:11:37.159
we've tried the arrest and seizure.
It hasn't worked, right, So I'm

1724
02:11:37.279 --> 02:11:41.239
sorry, but I don't see another
way to stop this thing down to just

1725
02:11:41.399 --> 02:11:45.960
say, you know, and go
gangster on it and then hope that it

1726
02:11:46.000 --> 02:11:50.199
would be a deterrent, deterrent on
illegal activities. Some too what's your go

1727
02:11:50.279 --> 02:11:56.119
ahead? So okay, Brittains and
calor, Yeah right, what's up man?

1728
02:11:58.840 --> 02:12:05.000
Okay? So I have two questions
for you. Basically, my first

1729
02:12:05.119 --> 02:12:13.119
question this, I don't know.
Maybe you thought the news release from Nigerian

1730
02:12:13.199 --> 02:12:18.800
bubises last week and you're asking the
CBN to ban binance and order and cryptwo

1731
02:12:18.880 --> 02:12:30.520
P. Two p Who I don't
know. Would you say, what is

1732
02:12:30.560 --> 02:12:35.840
your own view on the impact of
crypto p. Two p on on the

1733
02:12:37.079 --> 02:12:41.239
denial to change rates? That's my
first question. And then my second question

1734
02:12:41.319 --> 02:12:50.479
would be, I don't know what
would if the federal result in the United

1735
02:12:50.520 --> 02:12:58.000
States, if they were to begin
to look who interests treats. In your

1736
02:12:58.000 --> 02:13:03.359
own view, do you think it's
going to have an impact on den strengthen

1737
02:13:03.439 --> 02:13:07.760
against the dollar if that's were to
happen. Yeah, good questions. Number

1738
02:13:07.800 --> 02:13:13.000
one, the pit tree market are
just buying at a willing buyer willing sell

1739
02:13:13.079 --> 02:13:16.560
us seller price. That's all they're
doing. It's just a different way for

1740
02:13:18.359 --> 02:13:22.239
the folks that want naira or want
dollars to exchange. They're not interfering with

1741
02:13:22.319 --> 02:13:26.439
whatever the government is doing. They're
just I want to sell dollar, you

1742
02:13:26.520 --> 02:13:28.960
want to buy naira. We exchange
at the price. How do we get

1743
02:13:30.000 --> 02:13:33.159
that price? We bid, but
the first bid and then we get to

1744
02:13:33.279 --> 02:13:39.479
the to the So to say you
should ban them so people who come to

1745
02:13:39.600 --> 02:13:43.920
you is incredibly si l l y. It's just a stupid way of actually

1746
02:13:45.479 --> 02:13:48.159
signed to solve a problem, doesn't
It doesn't solve anything. It solves nothing.

1747
02:13:48.359 --> 02:13:54.319
It's a very silly reason to say
P to P is affecting Naira.

1748
02:13:54.479 --> 02:13:58.159
So if you bann them, it's
the same way the CBN try to ban

1749
02:13:58.319 --> 02:14:05.760
abookie effects for publishing, just publishing
the exchange rates the same seiling. I

1750
02:14:05.840 --> 02:14:09.600
tried to cut trees to fight Naira. You know, it doesn't make a

1751
02:14:09.640 --> 02:14:11.039
disapple that. I just I don't
know how. I don't want to go

1752
02:14:11.199 --> 02:14:13.880
on Twitter, so that's not use
bad words, you know, but it

1753
02:14:13.960 --> 02:14:18.760
doesn't make any sense to do that. It's a silly excuse or silly reason.

1754
02:14:18.079 --> 02:14:22.479
Leave them alone. If you want
to compete against them, then compete

1755
02:14:22.479 --> 02:14:26.640
against them by reducing your costs or
by making your market more transparent or more

1756
02:14:26.760 --> 02:14:31.600
open. You can't ban forty four
items from your market, then acts are

1757
02:14:31.600 --> 02:14:35.319
going to go and burn their own
market. You can't even burn their market.

1758
02:14:35.399 --> 02:14:39.159
Their market is online when you shut
down the internet to ban them,

1759
02:14:39.840 --> 02:14:45.600
So that's it's a non starter there. If the Federal Reserve reduces interest rates,

1760
02:14:45.680 --> 02:14:48.640
it would have a positive effect on
the naira because right now, if

1761
02:14:48.680 --> 02:14:52.960
you hold naira in the United States, you can get as much as four

1762
02:14:52.079 --> 02:14:58.319
percent ap y as interest rate on
your dollar investment. That means that less

1763
02:14:58.560 --> 02:15:03.119
folks are coming to Nigeria. There's
no incentive to take the risk in Nigeria

1764
02:15:03.159 --> 02:15:07.279
because I can get four percent on
an Apple phone. If I'm on an

1765
02:15:07.279 --> 02:15:11.359
Apple phone, I can get four
percent on my phone, So why should

1766
02:15:11.359 --> 02:15:13.880
I take more risk and come to
Nira to Nigeria? And the past dollar

1767
02:15:15.079 --> 02:15:20.159
was about one percent zero point five
percent and Nina was eight percent, so

1768
02:15:20.239 --> 02:15:24.399
you can still a huge gap.
So I'm incentive vice to come to Nigeria

1769
02:15:24.479 --> 02:15:30.039
to enjoy that huge premium. But
right then the film has shrunk. So

1770
02:15:30.159 --> 02:15:33.119
why should I take the risk?
On my phone? On Apple I get

1771
02:15:33.199 --> 02:15:37.720
four percent? Why should I then
go to Nigeria. I do exchange,

1772
02:15:37.800 --> 02:15:39.880
do all this wils to get me
the six four eight percent. So the

1773
02:15:39.960 --> 02:15:43.680
OtherSide is yes, it rates if
you fed resis the rates not just a

1774
02:15:43.840 --> 02:15:48.399
Nia, but emergine markets across the
world to benefit. When the FED resus

1775
02:15:48.479 --> 02:15:52.800
the rating, the rate is still
high. It does make the emergine markets,

1776
02:15:52.079 --> 02:15:56.319
you know, they suffer because they
are competing with the US dollar,

1777
02:15:56.439 --> 02:16:00.479
which they can't do. Oh god, prof incredible, Well go ahead,

1778
02:16:00.479 --> 02:16:05.840
So hey, prof, you've got
the floor. Prof. Prof. Going

1779
02:16:05.880 --> 02:16:11.720
once, prov going twice. I've
got property, property within property with on

1780
02:16:11.920 --> 02:16:16.840
the score property you got the flosser. Go ahead. Yeah, we're living

1781
02:16:16.840 --> 02:16:22.319
in the house leaving our value.
I'm audible enough. Yeah, I got

1782
02:16:22.399 --> 02:16:31.720
you. Yeah. I came to
your submission about locking your money back home

1783
02:16:31.800 --> 02:16:39.280
in injurial and property because I think
that's my field and the industry has weakness,

1784
02:16:39.399 --> 02:16:45.479
a lot of challenges. Ever since
this administration, Kimmy, there are

1785
02:16:45.479 --> 02:16:52.239
a lot of lots of confidence in
injuriance. Being the emulti dimensional ethnic groups,

1786
02:16:54.280 --> 02:16:58.760
the kind of our reports we got
from the after might of the election,

1787
02:16:58.559 --> 02:17:03.639
middle of people lost interest, a
lot of people lost interest in the

1788
02:17:03.760 --> 02:17:09.479
pantom Lgeria. We all believe that
are in terms of these property things.

1789
02:17:09.159 --> 02:17:13.639
It is being done on the island. It is safe and it is wise

1790
02:17:13.000 --> 02:17:20.239
not to invest your money on the
island. But ever since this administration came

1791
02:17:20.360 --> 02:17:26.479
in, your policies are bad.
We don't see anyone to be working for

1792
02:17:26.639 --> 02:17:31.399
now. For now, let me
ask you a question. Your sell property

1793
02:17:31.479 --> 02:17:37.000
in what state? I major in
legals. We are practicing our bulger and

1794
02:17:37.120 --> 02:17:41.920
we are in legals. Okay,
so you are saying that, don't look

1795
02:17:41.280 --> 02:17:48.959
ever since ever since this administration,
can me in legos for January and our

1796
02:17:50.079 --> 02:17:54.120
April? Hello, it's in legals
or legals and a budger or just in

1797
02:17:54.239 --> 02:18:03.559
legals were legals and a buga?
Basically what about Joss or a bell cutter?

1798
02:18:03.959 --> 02:18:09.440
No, no, no, I
actually have not been. I have

1799
02:18:09.559 --> 02:18:15.319
not been to Joss. I do
properties with estates and we got our tight

1800
02:18:15.399 --> 02:18:20.600
to before we sell. So getting
properties tight to in legos and in a

1801
02:18:20.719 --> 02:18:26.879
budger goes two states. The demands
is I the value go doples. So

1802
02:18:26.159 --> 02:18:31.719
that is why I had to like
concentrate on those two states. So the

1803
02:18:31.840 --> 02:18:37.959
property has no more about Okay,
I'm just asking questions, but I don't

1804
02:18:37.000 --> 02:18:41.600
understand. So the Nigel, So
the sales of property in legals and a

1805
02:18:41.680 --> 02:18:46.920
budger has gone down. This is
like ten twenty fifty. What would you

1806
02:18:46.959 --> 02:18:52.120
say just rough, mister Carlow.
Now from your name, you you're from

1807
02:18:52.159 --> 02:18:54.959
the east. Are you from Abia? To be precise, So if you're

1808
02:18:56.000 --> 02:19:00.680
in legals during the election, if
you know the traits, I'm from Coogi

1809
02:19:00.719 --> 02:19:05.879
States. If you know you tread
other people, other tribes from the so

1810
02:19:05.079 --> 02:19:11.120
called them sell lot more from the
APC dogs from some of these. A

1811
02:19:11.200 --> 02:19:15.520
lot of it happens in twenty twenty
nineteen as well, when the Job of

1812
02:19:15.600 --> 02:19:18.799
Legals was threatening to push on Able
into the intervenution in they don't vote APCY.

1813
02:19:20.879 --> 02:19:24.920
You know, it was more this
time around, very very more to

1814
02:19:26.479 --> 02:19:31.280
a lot of ebos are losing interests
in developing legals. As far as I'm

1815
02:19:31.360 --> 02:19:35.799
concerned, I'm not an evil guy, but I believe people from south south

1816
02:19:35.840 --> 02:19:41.959
Southeast they have a lot of percentage
in terms of property development in legals.

1817
02:19:41.040 --> 02:19:48.920
They hold some some value percentage.
So the interest is declining. You understand

1818
02:19:48.959 --> 02:19:54.120
what I mean by that? I
got you so I remember now, I

1819
02:19:54.239 --> 02:20:01.520
remember last year I got to property
from for two guys t exaust I go

1820
02:20:01.719 --> 02:20:07.559
one at a boat, at a
Janway, one at Chevron, one at

1821
02:20:07.639 --> 02:20:16.000
a jazz. One is planning to
sell them property. Bro god the property

1822
02:20:16.040 --> 02:20:20.159
at fifty six the selling place that
he's one twenty and it's confused. He

1823
02:20:20.200 --> 02:20:24.680
doesn't want to sell anymore. But
which one is reading abroad ways yeging about

1824
02:20:24.719 --> 02:20:31.200
Egeria, you can see these property
is less than my modes because everybody abroad

1825
02:20:31.520 --> 02:20:37.319
just dream of coming to coming home, coming to Legos. They are place

1826
02:20:37.440 --> 02:20:41.200
of visit or their place of whatever
should be lacking should be the corridor.

1827
02:20:41.239 --> 02:20:46.079
And with the kind of investments on
dark corridor, that's it peg corridor to

1828
02:20:46.200 --> 02:20:50.920
it will three or it will boost
the sails and it will boost a lot

1829
02:20:52.000 --> 02:20:58.559
of into a value in dark corridor. So this my friend is confused both

1830
02:20:58.799 --> 02:21:01.520
currently in arms of the rates as
a friend that works from the bank,

1831
02:21:03.639 --> 02:21:07.959
this guy does mean in value most
especially remittances from the United States in law

1832
02:21:09.959 --> 02:21:15.239
he's holding this country. That was
why this never for the policy, but

1833
02:21:16.120 --> 02:21:22.239
that just got ended when in AVOCAM. Why would governments, why would CBN

1834
02:21:22.280 --> 02:21:26.399
de bands giving you never for collecting
dollar to its encourages a lot of people

1835
02:21:26.440 --> 02:21:31.760
to send money back home for ten
for two thousand dollars additional ten thousand ear

1836
02:21:33.200 --> 02:21:37.719
now most of their policy now they're
trying to review it at a point.

1837
02:21:39.120 --> 02:21:43.040
They wanted to stop a lot of
people from having in the missillary accounts because

1838
02:21:43.040 --> 02:21:46.040
I believe a lot of people have
been to missilary account they have it is

1839
02:21:46.159 --> 02:21:50.319
better. The best business now is
to save your the line in Injuria.

1840
02:21:52.399 --> 02:21:56.399
If you save your the line Injuria
over time, go appreciate it. Let

1841
02:21:56.479 --> 02:22:01.399
me ask you a question, like
every converting the let me ask you a

1842
02:22:01.520 --> 02:22:07.159
question. There was a lady that
was here talking about invest in Nigeria.

1843
02:22:07.799 --> 02:22:11.840
So if you were speaking to that
lady and she wanted to buy property,

1844
02:22:11.079 --> 02:22:15.840
like where would you advice? Would
you advice as and let me give you

1845
02:22:15.920 --> 02:22:18.760
I mean, let's speak clear.
She's from the southeast and all that.

1846
02:22:18.280 --> 02:22:22.600
Would you advisor to buy in Legos
or a pu Jab? Where would you

1847
02:22:22.639 --> 02:22:24.159
advisor to buy? Is it a
good time for her to buy? What's

1848
02:22:24.200 --> 02:22:30.760
your take? Sell? I listened
to what you said. The time everybody's

1849
02:22:30.760 --> 02:22:33.920
selling that you at the depressed price
because a lot of people are a lot

1850
02:22:35.000 --> 02:22:37.879
in fact, most of the company
myself for there's always gon price for it.

1851
02:22:39.639 --> 02:22:43.920
They do the price of this after
three three months because they developed your

1852
02:22:43.079 --> 02:22:48.399
estates, they developed the property for
you to buy. I got three months

1853
02:22:48.440 --> 02:22:52.440
ago you are buying now we now
if you're going to pay for the same

1854
02:22:52.520 --> 02:22:58.639
price, but now most developing company
are hosting their price increase for now.

1855
02:22:58.760 --> 02:23:03.840
If I'm to advert are interest,
you should go to even you That corridor

1856
02:23:05.000 --> 02:23:09.040
needs a lot of a lot of
our diff facts. You know, legals

1857
02:23:09.159 --> 02:23:15.639
in cootes and engineer in general.
Government is not interested in solving our symficits.

1858
02:23:16.760 --> 02:23:20.399
I believe you believe that God have
just said. That is why this

1859
02:23:20.639 --> 02:23:28.799
private company, our partners, individuals
are coming together. That is why you

1860
02:23:28.920 --> 02:23:35.399
see somebody by a land trying to
erect if you a room, all because

1861
02:23:35.520 --> 02:23:39.120
of what wants to be a language. So government is not interested in solving

1862
02:23:39.200 --> 02:23:46.040
it for us. And as as
a speaks, that corridor, that corridor,

1863
02:23:46.040 --> 02:23:50.000
the FIE trade zone, the proposed
airports by them, don't go to

1864
02:23:50.040 --> 02:23:58.559
the refinery, the spports, the
corridor in quotes is having less less apartment

1865
02:23:58.639 --> 02:24:03.600
for people to see. So and
to advice Nagera's not going to see sit

1866
02:24:03.760 --> 02:24:07.159
now. I don't see it for
me, but we are all open for

1867
02:24:07.280 --> 02:24:15.239
you get policy and okay, yeah, I think it's good information. You

1868
02:24:15.319 --> 02:24:20.360
give it look like something it's you
know, let me debut a bit.

1869
02:24:20.639 --> 02:24:24.479
I wasn't a group. I was
in a WhatsApp group chat, and that

1870
02:24:24.639 --> 02:24:28.879
Whatsap group chat has got you know, lawyers, bankers, all that kind

1871
02:24:28.920 --> 02:24:31.959
of stuff. And I was,
these guys are hopeful are leave abroad,

1872
02:24:33.920 --> 02:24:35.680
and they were saying. The guys
were saying there that they're not going to

1873
02:24:35.760 --> 02:24:41.440
invest in a part of Nigeri again, that they are done, they're not

1874
02:24:41.479 --> 02:24:43.920
going to invest again. And I
was, I was, I was shocked,

1875
02:24:45.159 --> 02:24:48.840
you know, like I this is
what people say, but these guys

1876
02:24:48.879 --> 02:24:50.920
were saying it, and they were
seeing it with conviction that we're done,

1877
02:24:52.239 --> 02:24:54.559
We're done, we're not gonna we
won't invest there and all that. So

1878
02:24:56.520 --> 02:25:00.440
you are saying it again and I
know a lot that evidence. So I

1879
02:25:00.520 --> 02:25:05.840
don't know it's it's it's definitely something
that will be your contemplation. So but

1880
02:25:05.559 --> 02:25:11.280
it's clearly a factor if people are
not buying property and developing property. I

1881
02:25:11.360 --> 02:25:13.920
don't know what to say, man, I don't not say, uh,

1882
02:25:15.159 --> 02:25:16.719
thank you so much. Used to
ab too, lie here, you've got

1883
02:25:16.799 --> 02:25:24.360
the floor. They used to got
to flogging once you used to go ahead,

1884
02:25:24.680 --> 02:25:28.879
thank you kind as you I can
hear you. Okay, I'm gonna

1885
02:25:28.879 --> 02:25:39.000
playing everyonelings the kind so just like
I'm talking about like this cpend and the

1886
02:25:39.200 --> 02:25:46.680
kind of the never to issue.
I think the main problem we have with

1887
02:25:46.879 --> 02:25:50.479
that, it's just the supply and
demand. From my own opinion, it's

1888
02:25:50.559 --> 02:25:56.879
just the supply. They they demand
this mother and the supply and anywhere any

1889
02:25:56.959 --> 02:26:03.520
business or any kind of tend that
demand is greater than the supply. Of

1890
02:26:03.600 --> 02:26:09.559
course there will be a black market, and uh there will be like other

1891
02:26:09.680 --> 02:26:15.200
markets and which we dictate the price
of wherever it is with our currency.

1892
02:26:16.159 --> 02:26:20.159
For example, we can take cocaine
for example. The reasoning cocaine is as

1893
02:26:20.479 --> 02:26:24.959
expensive is because, uh, the
supply is very little. For example,

1894
02:26:26.079 --> 02:26:31.280
if a formasctical company starts producing cocaine
in mass quantity, the price is going

1895
02:26:31.319 --> 02:26:35.680
to drop cost to supply. It's
going to like start getting a greater than

1896
02:26:35.760 --> 02:26:41.120
the demands. So I think wherever
the sibin wants to do enough I mean

1897
02:26:41.680 --> 02:26:46.600
cost they can defend in the era
forever we don't have they like we don't

1898
02:26:46.600 --> 02:26:50.440
print the last week, I don't
think we can defend the dollar. So

1899
02:26:50.879 --> 02:26:56.760
either way, the the this demand
or this is be greater than supply.

1900
02:26:56.360 --> 02:27:01.440
So my my point is just like
production, We just like I have to

1901
02:27:01.559 --> 02:27:07.559
like produce and the only way to
do that, and i'ved people talking about

1902
02:27:07.719 --> 02:27:13.920
like production in gersalization and stop.
I think one one thing we need,

1903
02:27:13.520 --> 02:27:20.840
I mean threatings from my own point
is electricity has power, then security and

1904
02:27:20.399 --> 02:27:26.399
efficiency. We just have to like
make sure like all the processing, all

1905
02:27:26.440 --> 02:27:33.520
the processes are very very efficient and
power. For example, I write kind

1906
02:27:33.559 --> 02:27:41.399
of I think an article that we
are trillions of dead assetting in in the

1907
02:27:41.479 --> 02:27:46.040
real estate in a real like thrillions. I just like dead data set.

1908
02:27:46.760 --> 02:27:52.559
So my point to die is why
don't we channel like those kind of those

1909
02:27:52.719 --> 02:28:00.440
investments into power and renewable for example, is very cheap for ample, so

1910
02:28:00.639 --> 02:28:05.719
like cheap and it is easiest to
kind of service not like this stupid.

1911
02:28:05.280 --> 02:28:09.399
It's easy to set up and it's
very very fast. And I think the

1912
02:28:09.559 --> 02:28:15.440
for our government has kind of done
good with the kind of Lord the first

1913
02:28:15.680 --> 02:28:20.000
regarding state. And I think private
complaints can generate power. Yeah, I

1914
02:28:20.040 --> 02:28:24.040
mean yeah, use, I mean
it's just that, you know, is

1915
02:28:24.079 --> 02:28:28.520
it lack of I don't know the
world right, we've taken an eye of

1916
02:28:28.600 --> 02:28:33.399
the ball before a Bassenger came Niger
had not built any power plants, and

1917
02:28:33.479 --> 02:28:39.559
I think twenty years or Passenger came
built ten brand new power plants, ten

1918
02:28:39.719 --> 02:28:43.319
brand new power plants in Nigeria,
Gas Powered, Garry, Google, all

1919
02:28:43.319 --> 02:28:48.000
those, all those guys. Then
we had there Ado he literally stayed for

1920
02:28:48.120 --> 02:28:50.719
long. We had good Lord Journal
and he stayed for five years, and

1921
02:28:50.760 --> 02:28:54.120
we had Bohar raisted for eight years. But why did the Semens deal.

1922
02:28:54.879 --> 02:28:58.920
I read in the paper the other
the Semens guys are saying it's going to

1923
02:28:58.120 --> 02:29:03.040
that are going to compete the project
in twenty thirty. You know, I

1924
02:29:03.079 --> 02:29:07.760
remember after the Lebanese look Civil War, howd they God is the abb and

1925
02:29:07.959 --> 02:29:11.719
someone else will do power in Lebanon
and it was in record pace and they

1926
02:29:11.760 --> 02:29:16.200
God is power done. You know. I think of Aba and Prano and

1927
02:29:16.319 --> 02:29:20.239
from that part of the country.
Aba has got Geometric, private sector power

1928
02:29:20.319 --> 02:29:24.840
company. They're still not operating issues
with a new goods a distribution Geometric.

1929
02:29:26.319 --> 02:29:31.479
You know, Nigela, there's this
lack of urgency to develop because the guys

1930
02:29:31.520 --> 02:29:37.360
that mixitations have generators. So it's
this lack of urgency to get development done.

1931
02:29:37.360 --> 02:29:39.440
It's not just power telecommunications all of
the times. It's not for the

1932
02:29:39.520 --> 02:29:43.600
poor roads. They can fly private
jet. So once they settle themselves.

1933
02:29:43.760 --> 02:29:46.879
You know, schools are bad,
they go abroad. Hotels are bad,

1934
02:29:46.920 --> 02:29:50.959
they go abroad. Once they settle
themselves, they don't care anymore. So

1935
02:29:52.360 --> 02:29:56.639
maybe if you burn generators in Nigeria, just burn it. You know people

1936
02:29:56.680 --> 02:30:01.280
won't take it anymore. People can
stay weak in nigerla generators. When they

1937
02:30:01.360 --> 02:30:07.559
put pressure on the governors, on
the president, power be fixed to be

1938
02:30:07.680 --> 02:30:11.040
fixed in no time. But this
generator issue, no, I have generator,

1939
02:30:11.280 --> 02:30:16.840
so I don't care about power.
If the governor, the president we

1940
02:30:16.920 --> 02:30:22.559
are connected to PhTM PSC will be
working without question. If their kids went

1941
02:30:22.639 --> 02:30:28.200
to schools in Nigeria, schools Nigeria
of the world class without question. It's

1942
02:30:28.319 --> 02:30:33.760
just do have come to the gangster
level in Nigeria now that sometimes you really

1943
02:30:33.840 --> 02:30:35.920
have got to put people's skin the
game. If you don't have skinned the

1944
02:30:35.959 --> 02:30:39.559
game, not even get not even
work in the country. If people don't

1945
02:30:39.600 --> 02:30:43.639
have skin in this game, not
it will work. What is hard in

1946
02:30:43.799 --> 02:30:48.440
power? You know this powerty what
is hard in an engineer? But what

1947
02:30:48.719 --> 02:30:54.959
is hard in power in getting homes
electrified? India has electrified everybody, you

1948
02:30:54.000 --> 02:30:56.760
know, everyone is electrified. U
create with what U crain on TV.

1949
02:30:56.879 --> 02:31:01.360
They're fighting the war. They've got
power in keep or whatever they call it.

1950
02:31:01.600 --> 02:31:05.239
Right, So what is hard in
this power? You know that,

1951
02:31:05.559 --> 02:31:09.879
you know, so you know you're
right it. Renewables are there. We

1952
02:31:09.079 --> 02:31:13.639
have masses of empty land in the
north. You can put solar panels out

1953
02:31:13.680 --> 02:31:16.799
there and have solar, but we
don't do it. Everybody looking at gas

1954
02:31:16.920 --> 02:31:22.200
power from the south. You take
gas powered power plant and then you run

1955
02:31:22.399 --> 02:31:26.319
the traditional lines all the way to
the north. I don't know, man,

1956
02:31:26.479 --> 02:31:30.879
so used to good car out But
till we have folks will skin the

1957
02:31:30.920 --> 02:31:33.879
game. Not gonna change. Maybe
if you if you see it, if

1958
02:31:33.920 --> 02:31:37.920
you just see generator, cut it
off. Let everybody be in darkness.

1959
02:31:37.040 --> 02:31:41.120
They will fix power in one year. They will fix it one year.

1960
02:31:41.159 --> 02:31:43.200
But it's not as people are getting
generators. So people can go abroad for

1961
02:31:43.319 --> 02:31:48.879
schooling or get fly abroad to get
medical check up. Then your schools,

1962
02:31:48.920 --> 02:31:52.319
your help, your power will never
work. So elects leaders that got a

1963
02:31:52.399 --> 02:31:56.159
skin in the game. That's what
I will say. Hey, will Fred,

1964
02:31:56.280 --> 02:31:58.680
what's up? Man? Hey?
What what why did guys? Yeah?

1965
02:32:00.239 --> 02:32:05.360
Yeah, yeah, yeah, yeah, you're good. Okay, cool,

1966
02:32:07.360 --> 02:32:13.120
I just wanted to add some questions
and man economists or neither my nice

1967
02:32:13.520 --> 02:32:18.280
possible. I just want to have
some couple as some couple of questions.

1968
02:32:18.479 --> 02:32:24.399
One, I understand that you know, ffect market is more of a supply

1969
02:32:24.479 --> 02:32:30.559
and demand and you know, prio
prior to twenty fifteen elections, this is

1970
02:32:30.600 --> 02:32:37.280
when we started experiencing this, you
know, high difference between the official price

1971
02:32:37.399 --> 02:32:43.319
and you know black market price.
You know, there were sort of people

1972
02:32:43.399 --> 02:32:46.319
were like buying the lass to keep
it back accounts for people to sell it

1973
02:32:46.719 --> 02:32:50.159
maybe after two weeks or three weeks
and one month or two months, you

1974
02:32:50.239 --> 02:32:54.399
know, to make profit of it. So it becomes transactional. It becomes

1975
02:32:54.600 --> 02:33:01.639
like buying and selling you know stuff. So I want to ask, is

1976
02:33:01.799 --> 02:33:09.799
there any can government make it policy
okay to discourage data attitude and why is

1977
02:33:09.879 --> 02:33:15.040
it necessary? Because I think in
Nigeria and is Nigeria is one of the

1978
02:33:15.639 --> 02:33:22.559
countries that has the highest number of
individual missillary accounts. Virtually everybody have the

1979
02:33:22.639 --> 02:33:28.079
mistellar accounts in Nangeria. You go
to the forest market hoping that more which

1980
02:33:28.319 --> 02:33:31.440
always you know, catches in that
they are going the by dollars saveth in

1981
02:33:31.520 --> 02:33:35.280
the mistellary account. Tomorrow they will
pick it top, go seed it and

1982
02:33:35.440 --> 02:33:41.120
make you know, Homongol's profit.
Is there anything that can be done to,

1983
02:33:41.479 --> 02:33:46.120
you know, dissuade the citizens from
doing that, either by policy or

1984
02:33:46.319 --> 02:33:50.159
any other means. Yeah, The
question is what's wrong with having Tell me

1985
02:33:50.239 --> 02:33:56.440
what's no Wilfred? Tell me what's
wrong with a dollar account? What's wrong?

1986
02:33:56.399 --> 02:34:01.440
Yeah? What I feel? There's
nothing wrong in having the missillar account,

1987
02:34:01.559 --> 02:34:05.719
especially for business owners if you have
like an important for example, who

1988
02:34:07.120 --> 02:34:11.239
does you know, businesses and foreign
currencies. I don't see anything wrong in

1989
02:34:11.360 --> 02:34:15.959
that. But individuals who do not
somebody who does not have a group of

1990
02:34:16.319 --> 02:34:20.840
maybe traveling outside the country for the
nearest future, you know, buying dollars

1991
02:34:20.920 --> 02:34:26.040
to talking and is punished by Yeah, what's wrong with that? What's wrong

1992
02:34:26.079 --> 02:34:30.840
with that? Yeah? I see
that as encouraging when there is any you

1993
02:34:30.920 --> 02:34:33.239
know, if there is rush increases
the demands. Yeah, but what's wrong

1994
02:34:33.280 --> 02:34:37.360
with that? That's what I'm saying, an artificial scarcity. Yeah, but

1995
02:34:37.360 --> 02:34:41.280
what's wrong with that? What's wrong
with that? What's wrong with it?

1996
02:34:41.479 --> 02:34:46.319
What's wrong with that? Let's let's
let's change let's change dollar to rice.

1997
02:34:46.200 --> 02:34:52.719
During Christmas. During Christmas, people
hot rice, buy rice, increase the

1998
02:34:52.760 --> 02:34:54.280
matter. They don't eat all the
rise they buy the buy bag of rice.

1999
02:34:54.760 --> 02:34:58.360
There's anything wrong with that? Yeah, there's nothing wrong in it.

2000
02:34:58.520 --> 02:35:03.079
But let's compare a general to other
countries. I was in South Africa,

2001
02:35:03.159 --> 02:35:09.079
so maybe years ago, and I
went to change my I had some dollars

2002
02:35:09.159 --> 02:35:13.399
with a couple of dollars with me
and I went around and see check to

2003
02:35:13.440 --> 02:35:18.360
see if I can actually change to
get you a rounds. But no one

2004
02:35:18.520 --> 02:35:22.600
was willing to buy because there was
no This is not like everybody knows that.

2005
02:35:22.719 --> 02:35:26.079
Okay, you go to DIC,
I can always buy at the normal

2006
02:35:26.239 --> 02:35:31.159
rate. You understand that it is
a prevailing at that I mean at the

2007
02:35:31.319 --> 02:35:35.440
point in time. But because of
that attitude, because of the attitude,

2008
02:35:35.479 --> 02:35:37.440
you know, you go, you
know, you buy, you go and

2009
02:35:37.520 --> 02:35:43.440
say it in you is it transactional. So when something becomes transactional profit and

2010
02:35:43.719 --> 02:35:46.159
you know, I think it creates
panic in this side. In this side.

2011
02:35:46.239 --> 02:35:52.200
Yeah, but I mean I hear
you and when asking you are describing

2012
02:35:52.239 --> 02:35:54.879
what is happening? Boy, I
only say what is a problem. You

2013
02:35:54.920 --> 02:35:58.319
know Nigel has burned not doing the
fellast time you know fella that is laid.

2014
02:35:58.360 --> 02:36:05.280
The dollar was banned since his time
he was arrested beating up jails because

2015
02:36:05.280 --> 02:36:09.360
he had dollars with him until today
where this is twenty twenty three words,

2016
02:36:09.399 --> 02:36:13.479
he's talking about dollar holding Burnett.
No, well, I'm not I'm not

2017
02:36:13.639 --> 02:36:20.840
encouraging. I'm not saying van band
dollars better should be the policy of the

2018
02:36:20.600 --> 02:36:26.760
et Cetera Bank of Jespia. Policy
that discourages people who do not need that

2019
02:36:26.959 --> 02:36:31.000
need. Why and I'm asking you
why why gold, the gold float,

2020
02:36:31.159 --> 02:36:37.399
the effects market or the black market. You know he's encourages Yeah, but

2021
02:36:37.520 --> 02:36:41.719
why what? What? Why?
Why are you? People want dollars because

2022
02:36:41.760 --> 02:36:46.559
the alternative is not working for them. So if you want to not to

2023
02:36:46.639 --> 02:36:50.079
get dollars, make the alternative work
for them. You said, Now you

2024
02:36:50.120 --> 02:36:52.479
went to South Africa, no one
wants to take your dollars because the rand

2025
02:36:52.600 --> 02:37:01.319
works for them. Yeah. So
okay, So that's the first person.

2026
02:37:01.440 --> 02:37:11.479
The second question is do you do
you see relationship between printing of this twent

2027
02:37:11.600 --> 02:37:18.319
one trillion narrata was preated by CBN
and corrosion, the illgal printing of currencies,

2028
02:37:18.920 --> 02:37:24.040
the corrosion, indeed, the perversive
corroction in this society or in the

2029
02:37:24.159 --> 02:37:26.479
government. You know, because at
the end of the day, this government

2030
02:37:26.559 --> 02:37:31.040
officials the print the same money,
there's still the same money. They also

2031
02:37:31.120 --> 02:37:35.360
take the same money to go back
into the effects market to scramble to get

2032
02:37:35.399 --> 02:37:41.440
the dollars. Is the relationship,
you know, that that contributes. That

2033
02:37:41.680 --> 02:37:46.639
also contributes to the issue we are
having with effects in Angia. And I

2034
02:37:46.719 --> 02:37:50.399
mean it's a simple answer. Now, the answer is yes, because you

2035
02:37:50.479 --> 02:37:56.159
know, when they wrote the CBN
Act, before the CPI and Goddess Independence,

2036
02:37:56.559 --> 02:38:01.120
the CBN was an atm of the
Ary government. So we had under

2037
02:38:01.159 --> 02:38:05.600
the former presence a bachelor the hell
of sea bachel you can just go to

2038
02:38:05.639 --> 02:38:09.799
the CBN and take our dollars and
they'll says for security, you know.

2039
02:38:09.159 --> 02:38:13.280
So when we came out of that, When we came out of that,

2040
02:38:13.479 --> 02:38:16.719
what we try to do was to
have a central bank that was independent,

2041
02:38:16.879 --> 02:38:24.040
to have monetary policy independent from even
their executive So the laws to the CYBN

2042
02:38:24.120 --> 02:38:28.639
today makes them independent. They can
spend the foreign reserves as they will,

2043
02:38:30.280 --> 02:38:35.159
to defend the nira as they will. They don't need to go to the

2044
02:38:35.319 --> 02:38:37.920
house, they don't need to go
to the Senate, they answer to nobody.

2045
02:38:39.040 --> 02:38:43.760
It's on purpose to give them the
independence. Then we didn't put checks

2046
02:38:43.840 --> 02:38:46.639
on them. And we say the
Cyban governor cannot even have a vocation,

2047
02:38:48.079 --> 02:38:52.799
so you can't even join Nigerian Chess
society because we want to totally separate the

2048
02:38:52.879 --> 02:38:56.760
governor from their economy so that when
he's taking the decision, he's taking it

2049
02:38:58.120 --> 02:39:03.079
without fear or favor. So the
executive and it's not just Nigeria, envery

2050
02:39:03.200 --> 02:39:07.600
way in the world. Look at
how Trump fought with the Federal Reserved chairman.

2051
02:39:07.159 --> 02:39:11.440
Look at how even this current president
Joe Bideness, he invited the Fat

2052
02:39:11.559 --> 02:39:16.280
Chairman and he was announcing that they
want to do policies because he's saying indirectly,

2053
02:39:16.639 --> 02:39:20.760
I want to spend. This guy
doesn't want to spend. It's not

2054
02:39:20.399 --> 02:39:26.360
Leaden Johnson pointed his thought, it
is fat Chairman. The executive wants to

2055
02:39:26.520 --> 02:39:31.600
spend. That's their job. Their
job is to spend on project. That's

2056
02:39:31.680 --> 02:39:35.559
their job. We don't blame them
for it. But the Fair Reserves job

2057
02:39:35.680 --> 02:39:41.000
is to stop monetary expansion by increasing
interest rates. So you have a situation

2058
02:39:41.079 --> 02:39:46.280
where you put a guy protected him
by laws and you said we would trust

2059
02:39:46.319 --> 02:39:50.520
this guy to take the ratation.
Then the Center Bank governor then goes hand

2060
02:39:50.639 --> 02:39:58.680
in hand with a political party and
they expand spending. They spend what a

2061
02:39:58.799 --> 02:40:07.120
mayfairly printed, three two trillion is
more than the total foreign reserves of Nigeria.

2062
02:40:07.920 --> 02:40:11.879
So what he printed, look at
think about this. The guy printed

2063
02:40:13.440 --> 02:40:22.719
in eight years an amount in excess
of the foreign reserves in Nigeria is still

2064
02:40:22.200 --> 02:40:28.680
the government was borrowing. Still,
the government was borrowing both locally and internationally.

2065
02:40:30.360 --> 02:40:33.159
So what exactly was the money being
used for? But your question,

2066
02:40:33.319 --> 02:40:39.840
all that money contributed to inflation,
a contrary to the buying of dollars.

2067
02:40:39.360 --> 02:40:45.879
And then the same CYBN then raised
monte policy rate to soak up the same

2068
02:40:45.959 --> 02:40:50.799
money that it printed. So he
then killed Essamis. So CBN printed,

2069
02:40:50.440 --> 02:40:56.680
CBIA raised the rates. Cybian made
Essamis die. We then made local local

2070
02:40:56.799 --> 02:41:03.079
production very expensive, then made look
at important goods very cheap. So if

2071
02:41:03.120 --> 02:41:07.719
you connect the dots, you just
wonder what else can I do? The

2072
02:41:07.840 --> 02:41:11.559
laws are there, they weren't followed, and Melfi lest today's he's been arrested

2073
02:41:11.639 --> 02:41:16.319
for holding a day in gone,
not for printing money in except of this

2074
02:41:16.479 --> 02:41:20.159
of the Cibian Act, not for
breaching the act of printing more than five

2075
02:41:20.239 --> 02:41:24.079
percent of the moneys for the federal
government. He had the power, he

2076
02:41:24.239 --> 02:41:26.600
had the laws protecting him. Why
did he print for bou Harry? Why

2077
02:41:26.680 --> 02:41:31.079
did he print? I don't blame
bou Harry. I don't. Bou Harry

2078
02:41:31.280 --> 02:41:35.639
is the executive. He wants to
spend. If the Central Bank goner prints

2079
02:41:35.719 --> 02:41:37.639
for me, I would take it
and spend. If I become president today

2080
02:41:37.920 --> 02:41:41.760
and I have a Central Bank gond
that will print me money, oh my

2081
02:41:41.920 --> 02:41:45.200
god, I would love him too. So you know, all people are

2082
02:41:46.159 --> 02:41:50.719
Decipien and the Board of Recipient,
they have to answer questions. It's not

2083
02:41:50.920 --> 02:41:56.079
just don't take a methyl out the
bord of Central Bank, the death Monument

2084
02:41:56.280 --> 02:42:03.079
office, the National Assembly that sat
down and allowed for eight years twenty three

2085
02:42:03.639 --> 02:42:11.239
trillion to be printed without objection.
That now we have to pass a lord

2086
02:42:11.600 --> 02:42:15.559
or whatever to put that money back
into the debt. Come on, man,

2087
02:42:16.360 --> 02:42:20.559
So we have to I think more
questions need to be asked with friend

2088
02:42:20.760 --> 02:42:24.399
are correctly I said when directly yes, if you print money, he was

2089
02:42:24.520 --> 02:42:30.879
illegal printing and it does contribute to
inflation under the fall. Now that's to

2090
02:42:31.000 --> 02:42:33.760
answer your question directly. Yeah.
And the final one no, no,

2091
02:42:33.920 --> 02:42:35.879
no, you said to so we
have a lot to go. We have

2092
02:42:35.959 --> 02:42:41.360
a lot to go. Yeah,
thank you so much. Great questions architect,

2093
02:42:41.440 --> 02:42:46.719
whoche rochus. How are you doing, sir? Good even in car

2094
02:42:48.200 --> 02:42:54.760
and good in over one? How
are you sir to big? Interesting?

2095
02:42:54.879 --> 02:43:00.440
Though I am not an economist,
but I want to contribute a little and

2096
02:43:00.680 --> 02:43:07.600
ask a little question as we proceed, like I want to bring our attention

2097
02:43:07.760 --> 02:43:13.799
to the corruption in our system,
which is the bone of contention of why

2098
02:43:15.520 --> 02:43:24.719
we are having these issues and our
effects. Truly, we are a nation

2099
02:43:24.920 --> 02:43:33.200
that rely more on imports, and
this ten give us more like a gift

2100
02:43:33.360 --> 02:43:39.760
dollar, neither a pressure against the
dollar, because we import virtually everything we

2101
02:43:41.000 --> 02:43:46.000
use. I've happened to be in
some markets where I see where these dollars

2102
02:43:46.120 --> 02:43:52.440
have been translate that I have friends
who was in BDC when it was exchange.

2103
02:43:54.559 --> 02:44:01.639
Then let's look at this corruption aspect
of like the time of fam when

2104
02:44:01.719 --> 02:44:07.120
he was young governor, when they
were distant the color from Q. I

2105
02:44:07.280 --> 02:44:11.719
noticed that a lot of people,
you see people, they will open like

2106
02:44:11.879 --> 02:44:20.719
more than a ten or twenty different
companies or the ventures. What are they

2107
02:44:20.799 --> 02:44:26.920
using it for? They are using
it for from que they are not important

2108
02:44:26.120 --> 02:44:31.639
anything, but they were they were
using it as a kind of transaction the

2109
02:44:31.719 --> 02:44:41.399
needs of life ligood where they would
get this dollar from the cban rates and

2110
02:44:41.559 --> 02:44:48.079
sell to the black markets people.
Okay, today you go to the bank

2111
02:44:48.360 --> 02:44:52.440
you want to source dollar, you
will see that the bank would rather sell

2112
02:44:52.520 --> 02:44:56.799
to people in the markets than you
who come to use this dollar official.

2113
02:44:58.479 --> 02:45:03.879
So you see this corruption in the
system are also eating us deep. And

2114
02:45:05.319 --> 02:45:11.079
today who don't see it as a
corruption means again it's a it's a business.

2115
02:45:11.840 --> 02:45:16.079
So I think this is what the
government should look into to cop this

2116
02:45:18.360 --> 02:45:24.959
racketed and dollars because many people who
goes to the bank to get this dollar

2117
02:45:26.120 --> 02:45:28.959
from the bank, who want to
use it legitimately will not get it.

2118
02:45:30.639 --> 02:45:33.520
Rather, bank will take this same
money and give to people in the street

2119
02:45:33.879 --> 02:45:39.920
to sell to you at their own
rate. Meanwhile, maybe I don't know

2120
02:45:39.040 --> 02:45:46.120
what the gods eat and whatever window
bank will get this money from the sping

2121
02:45:46.360 --> 02:45:50.680
at a good friend. Instead of
giving to people like us that will need

2122
02:45:50.799 --> 02:45:56.360
it for something, they will sell
to people who intern say back to us.

2123
02:45:56.840 --> 02:46:01.520
So what is government doing or what
is it being do it to cop

2124
02:46:01.639 --> 02:46:05.399
this crime that is going on.
That's my number one whist after the answer,

2125
02:46:05.479 --> 02:46:11.079
baby, if I have more time, it's going to be one question

2126
02:46:11.120 --> 02:46:13.920
for you. I think that's why
they did the float, and all the

2127
02:46:13.000 --> 02:46:16.879
float is done to say everybody has
the same level. If you want to

2128
02:46:16.959 --> 02:46:20.120
import pure water with dollars, go
and import pure water with dollars. If

2129
02:46:20.120 --> 02:46:24.280
you want to import machinery, that
makes sense, go and important. The

2130
02:46:24.440 --> 02:46:28.000
mistake that they've done is they've allowed
the Irony window to retain the forty four

2131
02:46:28.079 --> 02:46:33.399
items blocklist. Once they do that, it's not only in market. You

2132
02:46:33.479 --> 02:46:35.120
can't have a market and say you
can. This market is for everybody.

2133
02:46:35.280 --> 02:46:39.520
You can't sell to Marto vegetables and
meet in this market. If it's a

2134
02:46:39.639 --> 02:46:43.280
market, then everyone should come in
to buy and sell. If they do

2135
02:46:43.479 --> 02:46:46.799
that, that would then compete directly
with the P to P market. Then

2136
02:46:46.879 --> 02:46:50.559
I just can then say, Okay, I like the customer selves in this

2137
02:46:50.719 --> 02:46:54.799
market and I'm gonna go here,
So take away that forty four market band

2138
02:46:54.879 --> 02:46:58.639
list. Allow the market they want
to trade based on your level. If

2139
02:46:58.719 --> 02:47:01.159
I just want to drink and potter
water, fine, pay for it.

2140
02:47:01.639 --> 02:47:07.040
If you want to drink you were
important as not jersey wear it. If

2141
02:47:07.079 --> 02:47:09.680
you can't, don't buy foreign good. So there'll be two markets, foreign

2142
02:47:11.319 --> 02:47:16.000
and local. If you want important
conflicts buy, If you want natural conflicts,

2143
02:47:16.159 --> 02:47:18.879
you buy. End of story.
That's really where where we should go

2144
02:47:18.959 --> 02:47:24.799
to cold answers the question, sir, yeah, thank you very much.

2145
02:47:24.879 --> 02:47:31.200
Then the final question. For instance, now I want to open LC for

2146
02:47:31.520 --> 02:47:39.760
the importation of a missionary or something
of that nature. Does it permit me

2147
02:47:39.920 --> 02:47:43.159
to buy my dollar and find my
dollar account? Or am I getting this

2148
02:47:43.319 --> 02:47:48.479
dollar from the bank with my NA
Because this is getting me confused. The

2149
02:47:48.600 --> 02:47:54.079
way it's supposed to work is that
you simply feel the same process. There's

2150
02:47:54.159 --> 02:47:56.920
no change in what you feel.
You feel your same from M and all

2151
02:47:58.000 --> 02:48:01.760
that. The difference is that the
bank is not going to the central bank

2152
02:48:01.879 --> 02:48:05.319
to get your dollars. The bank
will then go to the irony window,

2153
02:48:05.840 --> 02:48:09.920
make a bid compareing to and then
we'll say I want to buy dollars at

2154
02:48:09.959 --> 02:48:13.920
maybe nine hundred. If it gets
a seller, it matches, and you

2155
02:48:13.040 --> 02:48:18.360
get your dollars. That's the only
difference who they are funding that dollar from.

2156
02:48:18.719 --> 02:48:22.040
So if I'm an next sporter,
I sell to the Anney window.

2157
02:48:22.319 --> 02:48:26.079
If I'm an importer or an investor, I buy from the Aurney window.

2158
02:48:26.120 --> 02:48:30.760
That's the only difference. Everything remains
the same, just who buys and who

2159
02:48:30.879 --> 02:48:33.520
sells. So yeah, that's that's
should have been doing difference. Yep,

2160
02:48:35.079 --> 02:48:39.000
makes sense. All right? Super, let me get who who your sir?

2161
02:48:39.200 --> 02:48:41.000
Who YOURSA? Don't get a writer? Who yoursa? And guys,

2162
02:48:41.040 --> 02:48:45.600
well, go to window. I'm
gonna stop this at the end of the

2163
02:48:45.680 --> 02:48:48.799
hour. Got about ten minutes more, so let's just get quick comments in

2164
02:48:48.520 --> 02:48:52.000
the will wound up. Got about
ten minutes to go, guys. Let

2165
02:48:52.079 --> 02:48:54.000
you guys go and enjoy your Sunday. You guys are got work tomorrow.

2166
02:48:54.079 --> 02:48:58.799
I get that, Hyso go ahead. I think you can get me right.

2167
02:49:00.079 --> 02:49:03.360
Yeah, awesome, Thank you so
much. I've been learning a lot

2168
02:49:03.440 --> 02:49:07.239
from your space. I just have
like is it I have the question so

2169
02:49:07.399 --> 02:49:11.600
like a friend question. So I'm
based in the US. Yeah, and

2170
02:49:11.920 --> 02:49:16.680
I'm also in the in the group
with that dormally send money back home to

2171
02:49:16.799 --> 02:49:22.799
Ninjera. And also I knew that
Najera offers like higher interest rates in terms

2172
02:49:22.840 --> 02:49:26.520
of like one market phones. I'm
not going to stuff compared to the US

2173
02:49:26.760 --> 02:49:31.799
that has just about four percent.
I would like to ask what would you,

2174
02:49:31.159 --> 02:49:35.079
you know, a general advice in
terms of how what would all the

2175
02:49:35.200 --> 02:49:41.959
best way to invest in Ninjera because
I mean, you know, there are

2176
02:49:41.959 --> 02:49:45.959
a lot of things to do,
but this money that we're sending, you

2177
02:49:46.040 --> 02:49:48.159
know, to Ninjura as like you
know, helping from the members and all

2178
02:49:48.239 --> 02:49:52.479
that. If it's invested, we
could use the proceeds to help them.

2179
02:49:52.559 --> 02:49:58.000
Wedding investments are running, So what
would be the best way? I don't

2180
02:49:58.000 --> 02:50:01.719
want market phones are good? You
the advisor? Are you saying what you

2181
02:50:01.719 --> 02:50:05.399
should invest in if you're coming from
abroad? Is that what you're asking?

2182
02:50:05.040 --> 02:50:09.239
Yes? I get told the lady
right so there for me, if you

2183
02:50:09.479 --> 02:50:16.600
invest in in Nigerian sector, now
that is dependent on demand because consiment demanding

2184
02:50:16.680 --> 02:50:20.840
Niger has fallen. What I told
her was that money markets are really the

2185
02:50:20.959 --> 02:50:24.719
best to it because it's easy in
and out. You are also invested in

2186
02:50:24.959 --> 02:50:28.920
dollar, so I like dollar money
market. I like that because you remove

2187
02:50:30.000 --> 02:50:35.680
the exchange risk from Nigerian and visual
mentioned the banks FCNB doesn't. I've been

2188
02:50:35.719 --> 02:50:39.440
teasy even if you invest have money
market fun so target this one. I

2189
02:50:39.520 --> 02:50:43.440
said, if you want to do
a longer term, if you look at

2190
02:50:43.479 --> 02:50:46.840
the longer term investment, that would
not pay you an individends. In my

2191
02:50:46.920 --> 02:50:50.360
consider that buying real estate because you
are buying at a depressed market. What

2192
02:50:50.440 --> 02:50:54.840
the guy realists told us to do. That lots of Nigers are no longer

2193
02:50:54.959 --> 02:50:58.959
buying in a certain parts of the
country because of fears. If you follow

2194
02:50:58.000 --> 02:51:01.280
on on boff and it says buy
when everyone is afraid, so when everyone's

2195
02:51:01.360 --> 02:51:05.079
happy. If you buy today,
might be buying as a depressed rate might

2196
02:51:05.120 --> 02:51:09.239
be good for you. So that's
where where I will stop, because any

2197
02:51:09.319 --> 02:51:13.920
other thing would involve you being in
Nigeria. If you want to buy equities,

2198
02:51:13.079 --> 02:51:16.879
same thing. It's a long term
play. You're hoping that in five

2199
02:51:18.000 --> 02:51:20.799
ten years the country going to be
turning around. So we are buying at

2200
02:51:20.840 --> 02:51:22.959
a lower valuation today. That's how
I will put it. Apart from that,

2201
02:51:24.719 --> 02:51:28.360
I would be, I would be
there, I would be I would

2202
02:51:28.360 --> 02:51:33.319
be cautious. Yeah, just one, just one people off place, like

2203
02:51:33.639 --> 02:51:37.040
I say, as a door residents, not like a citizen, like a

2204
02:51:37.120 --> 02:51:39.520
door then as they're living in the
US, and also as an India tide

2205
02:51:41.319 --> 02:51:45.799
well, what do you think like
investing in the US, I mean living

2206
02:51:45.959 --> 02:51:54.639
aside the interestingly, sorry not interting
currency comparison stuff like which country do you

2207
02:51:54.719 --> 02:51:58.760
think has the highest level of like
dividend return on the investment the US on

2208
02:51:58.840 --> 02:52:03.840
AA That's an interesting question. I
always assumed its Nigeria. I always assumed

2209
02:52:03.879 --> 02:52:07.040
to was Nigeria because I said Nagia
was developing. So if you invest in

2210
02:52:07.120 --> 02:52:11.040
nine in Nigeria, it gives you
a higher return than America. But what

2211
02:52:11.159 --> 02:52:16.280
has happened is that if you compare
America, if you compare all over the

2212
02:52:16.360 --> 02:52:20.040
world, take all the assets as
is everywhere in the world by eighty year,

2213
02:52:20.120 --> 02:52:22.760
by exteen trader funds, So you
take Japanese property, you take maybe

2214
02:52:22.920 --> 02:52:26.920
UK stalks, all the ass a
classes of the world over ten years,

2215
02:52:28.360 --> 02:52:33.040
which one has given you the highest
return, not dividends, just return in

2216
02:52:33.159 --> 02:52:37.239
the entire world? Is US equities? Then who was the second one?

2217
02:52:37.680 --> 02:52:41.719
Is US properties? So US reads
number two, US properties number one.

2218
02:52:41.760 --> 02:52:46.719
That's the whole world. That was
Nigeria. Imagine markets as you would do

2219
02:52:46.840 --> 02:52:50.040
better, not that much because of
the risk. Right, So in Nigeria,

2220
02:52:50.079 --> 02:52:54.920
what's you point that you have specific
companies that do very very well.

2221
02:52:54.040 --> 02:52:58.120
But the market in general has got
a lot of Nigeria and factor risk.

2222
02:52:58.520 --> 02:53:03.479
For instance, Nigeria in twenty twenty
was the best performing stock markets in the

2223
02:53:03.719 --> 02:53:07.399
entire world. Entire world, but
that was because of dangle to cement.

2224
02:53:07.760 --> 02:53:13.479
Dangle to cement, right. But
America, they marketed, it's on its

2225
02:53:13.840 --> 02:53:18.319
itself gives you lots of opportunities for
growth. America's a growing market, right,

2226
02:53:18.440 --> 02:53:24.680
and it's also a mature market.
Large liquidity saved the Godier rules.

2227
02:53:24.120 --> 02:53:28.159
So I would say diversify always.
But if you live in America and you

2228
02:53:28.280 --> 02:53:31.600
have the advantage to then invest in
America. I would always base on your

2229
02:53:31.639 --> 02:53:35.280
age. I would always put a
lot of things there. Then do your

2230
02:53:35.360 --> 02:53:37.959
Nigeria. I mean, take advantage
of the part that you live. There's

2231
02:53:39.000 --> 02:53:43.559
a large market. If you buy
equities there, there are more opportunities there

2232
02:53:43.200 --> 02:53:48.440
than Nigeria. That's how I'll put
it. When Nigeria breaks free, the

2233
02:53:48.799 --> 02:53:56.360
appreciation will be faster than America.
But this spread breath and liquidity of America

2234
02:53:56.559 --> 02:54:01.479
gives you a big advantage of Americans
alone can not captured. Does that makes

2235
02:54:01.520 --> 02:54:03.879
sense? Yeah? Thanks? Hello, great, Because when the last two

2236
02:54:03.920 --> 02:54:07.840
guys and we're just shut down.
Let's get get most of her and eken

2237
02:54:07.840 --> 02:54:09.000
and what it's called today for today. I'm so so sorry, guys,

2238
02:54:09.239 --> 02:54:13.520
Liberty, did you have a comment
again, I have a question, but

2239
02:54:13.680 --> 02:54:16.719
let the other guys who live in
their hands have been got you most of

2240
02:54:16.799 --> 02:54:20.479
her something different? You got you, most of the got the floor,

2241
02:54:22.600 --> 02:54:26.040
most of our got the floor going
once, most of our going once,

2242
02:54:26.120 --> 02:54:31.280
Eka going Eka, Go ahead,
sir Hi, I'm grieving everyone. I

2243
02:54:31.360 --> 02:54:37.120
think you guys are there feeling well
with the economic implication of the CBN and

2244
02:54:37.239 --> 02:54:48.559
wal cambots are coming toward the accounting
analysis of it. Really, I think

2245
02:54:48.840 --> 02:54:52.920
the CIBIL has slept and you ranted
down for some years. And it's really

2246
02:54:52.040 --> 02:54:58.120
unfair because I have a kind of
east a knowledge on how this account have

2247
02:54:58.239 --> 02:55:01.959
been body dead. In fact,
I don't have a copy now because I

2248
02:55:03.000 --> 02:55:07.760
have the KPMG, but I know
altered account in twenty sixty, seventeen and

2249
02:55:07.879 --> 02:55:13.840
eighteen, and I probably have a
copy befinn it. What really plays me

2250
02:55:13.959 --> 02:55:22.440
the most is the fact that this
ordered accounts we are provided to stand out

2251
02:55:22.639 --> 02:55:30.079
investors or stand up partners with CPN
before they is shouldn't the loans so this

2252
02:55:30.600 --> 02:55:35.040
foreign guys know in deetain our financial
dealing as a country in modern people in

2253
02:55:35.120 --> 02:55:39.600
Nigeria, and because of that,
they were able to really exact pressure in

2254
02:55:39.639 --> 02:55:43.040
a very different way that we will
need to not understand at the end of

2255
02:55:43.040 --> 02:55:46.360
the day. Was clan kept doing
was to keep chasing inchiagoes, burning our

2256
02:55:46.440 --> 02:55:50.360
client from buying investing by market.
And they're still doing need to today.

2257
02:55:50.479 --> 02:55:54.079
That's the going after our workI affairs
as still going after buynactional or that.

2258
02:55:54.600 --> 02:55:58.680
Meanwhile, they're plenty money all around. And it's really really interesting because I've

2259
02:55:58.719 --> 02:56:03.440
seen a lot of our journal is
trying to do a very good accounting analysis

2260
02:56:03.559 --> 02:56:09.040
of how they accounted and close the
transaction, but they're still long way to

2261
02:56:09.120 --> 02:56:13.239
go and limp those people. And
for instance, now way see obtained loom

2262
02:56:13.319 --> 02:56:16.479
from those two for it, but
it's really fraud less. And the way

2263
02:56:16.520 --> 02:56:20.200
they disclose it in the account but
also give you more reay close. There's

2264
02:56:20.239 --> 02:56:24.559
no way you take a loan and
then you go and sclose it in other

2265
02:56:24.680 --> 02:56:30.639
liabilities. You know, I don't
see, I don't see what it is

2266
02:56:30.760 --> 02:56:35.760
wrong. The secresies lending they have
for reserves, they took the margin loan.

2267
02:56:35.879 --> 02:56:39.040
What's wrong with that is the way
you account for it. How do

2268
02:56:39.079 --> 02:56:41.079
they account for it? Wrong to
account for it? And how to disclose

2269
02:56:41.120 --> 02:56:45.280
for the information? Well, how
do they account for it? How how

2270
02:56:45.319 --> 02:56:46.840
to support that? But the way
they made it, the way the account

2271
02:56:48.040 --> 02:56:50.959
for it, and the way they
exclose the account, it's such that you

2272
02:56:50.040 --> 02:56:54.120
need technical people to be able to
understand what I got you. But I

2273
02:56:54.719 --> 02:57:00.600
hear you, But we're going to
the wait. Right is disclosed right instecrist

2274
02:57:00.680 --> 02:57:03.479
lending is right in the balance sheet, So I get what you're going to

2275
02:57:03.600 --> 02:57:07.040
boat. I really don't see any
smoke there. Let me get the last,

2276
02:57:09.600 --> 02:57:11.200
okay, very clear, they're going
to be the last, very quickly,

2277
02:57:11.760 --> 02:57:16.360
very quickly, if you yeah,
okay, So I'm so sorry,

2278
02:57:16.479 --> 02:57:18.239
very I was going. So let's
get profit and profit going to be the

2279
02:57:18.319 --> 02:57:28.079
last. Let's hear you, go
prof incredible, prof profit going once,

2280
02:57:28.360 --> 02:57:33.280
profit going twice. Liberty. Let's
close it out with you. Then we'll

2281
02:57:33.319 --> 02:57:37.040
just call it the liberty go ahead. Yeah. My question is it's probably

2282
02:57:37.040 --> 02:57:39.959
a liman's question that I'm sure a
lot of us have this problem now in

2283
02:57:41.079 --> 02:57:45.399
terms of remittance to the jail.
I have a situation where we remit you

2284
02:57:45.479 --> 02:57:48.680
know, we give reasonable money,
you know nothing, it's not it's not

2285
02:57:48.879 --> 02:57:52.680
like billions, but something reasonable too. Friends who'll drink business and wach of

2286
02:57:52.719 --> 02:57:58.360
you. Now, what I've found
is number two things. Is there a

2287
02:57:58.479 --> 02:58:01.840
way to because I'm thinking I'm giving
out, you know, me and probably

2288
02:58:01.920 --> 02:58:05.760
others like me give up money to
disport. They give business and over time

2289
02:58:07.600 --> 02:58:09.680
they don't give payback in the time
they want to pay back. And we've

2290
02:58:09.719 --> 02:58:15.520
had this money tight somewhere where if
we put it in something it will give

2291
02:58:15.639 --> 02:58:20.879
us some yield or return. How
do we in a limits time, you

2292
02:58:20.959 --> 02:58:24.719
know, give people money to in
a way that if they don't pay back

2293
02:58:24.760 --> 02:58:28.159
in the period they say they're going
to pay back, can't we get something

2294
02:58:28.239 --> 02:58:31.760
back? And how do factor that
in? Because I wouldn't giving somebody like

2295
02:58:31.840 --> 02:58:37.000
a million nies, I'll give you
back in six plus and you still haven't

2296
02:58:37.040 --> 02:58:39.799
got your money back around it's coming
back in trickles. I hear you.

2297
02:58:39.000 --> 02:58:43.520
I wouldn't do and that sort of
business because there's nothing you can do about

2298
02:58:43.600 --> 02:58:48.239
it. It's gonna cost you more
to get redemption. So I wouldn't learn

2299
02:58:48.319 --> 02:58:50.200
any one money. If you want
to support or support them. If you

2300
02:58:50.280 --> 02:58:52.959
want to invest through a fund,
do that. But I wouldn't go into

2301
02:58:54.000 --> 02:58:58.360
the best of dealing with Nigeria in
anything that needs my persent intervention to get

2302
02:58:58.440 --> 02:59:01.520
my dividends. If I'm not doing
with the company, don't do it.

2303
02:59:01.639 --> 02:59:05.159
If in America, don't lend money
or support anymore. If you want to

2304
02:59:05.239 --> 02:59:09.479
support with a grant, do it, but don't do it investment because there's

2305
02:59:09.520 --> 02:59:11.680
nothing you can do. If I
don't pay you back, will you fly

2306
02:59:11.799 --> 02:59:13.680
to Nigeria and follow me? So
let's leave it alone. It's not something

2307
02:59:13.760 --> 02:59:18.319
you can you can't do. Don't
worry. We're coming for the Canadians.

2308
02:59:18.040 --> 02:59:20.840
I'm working with the guests. We're
gonna come for the Canadians to talk about

2309
02:59:22.719 --> 02:59:26.959
immigration business. We're gonna come talk
to the Daskpra folks who are working on

2310
02:59:26.040 --> 02:59:30.799
We're cooking something right. So guys, thank you so much for spending three

2311
02:59:30.920 --> 02:59:35.680
hours with me this Sunday. We're
here every weekend talking money of course,

2312
02:59:35.719 --> 02:59:39.959
the economy and finance. My name
is carlu Aja. Do try to join

2313
02:59:39.040 --> 02:59:41.680
us all the time where we talk
and learn together. I've got a book.

2314
02:59:43.200 --> 02:59:46.799
Book is on my profile. Let's
talk about your money twenty two years

2315
02:59:48.079 --> 02:59:52.399
of experience distilled in one book.
Get it. It's on Amazon and all

2316
02:59:52.440 --> 02:59:54.760
that. Note, guys, I'll
see you guys next week, talk to

2317
02:59:54.799 --> 02:59:56.159
you guys later. And buy