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Hey guys, welcome to another spaces
with me Kaluaja Money Spaces. Welcome wherever

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you are. This week, we
have you know, rather simple subject,

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rather simple issue of course. You
know every week we're here talking about money,

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the economy and of course finance,
and we are always trying to make

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it personal to you. You know, how can this economic topic that you

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hear about, how do they affect
your personal wallet. That's what we do

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here every weekend. Today's a Sunday
and we're talking to the value or defend

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question. Let me lay out the
facts or shouls in the background for you

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how this plays out. Every economy, rights or every country has got a

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currency and your currency, it's your
means of exchange. The way it's set

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up in the world right now,
you have the US dollar, which we

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call the reserve currency or the currency
of settlement. So you have the US

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currency. That's how you trade safe
from Nigeria to say the UK or to

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Germany. You don't exchange nira for
deutschmarks or for the euro. Rather,

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you will take your nira, your
local currency, you exchange for United States

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dollars, which is the reserve currency
and the currency for settlements. Then you

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didn't buy German goods. The same
thing, if German wants to buy crude

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oil from Saudi Arabia, they don't
use German marks or euros. They would

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get the US dollar and then use
the US dolot to exchange with Saudi Arabia

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for crude oil. So, as
you see, the dollar is what we

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call the exchange or the reserve currency
for international settlements in the world, the

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US dollars. So the question now
is when you have the naira, if

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you want to import or export,
you're going to settle those trades in naira,

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which means sorry, in United States
dollars, which means you will sell

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crude oil in dollars and you will
also get your payments in dollars. Right,

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you are not going to spend dollars
in Nigeria. Rather, you spend

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the naira in Nigeria. The more
you export, the more you build up

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the volume of dollars that you have
in your reserves. The more you import,

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the more you reduce the amount of
dollars in your reserves. When you

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export, of course, you know
you don't get the dollars, so you

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get wealthy. When you import,
you use the dollars, so you lose

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your wealth. Now, the exchange
rates of the nira to the dollar,

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if you don't know the match,
what we're talking about means that if you

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have what we call a week nira
week nighter would mean that say one dollar

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would exchange for say seven hundred United
seven hundred naira would buy you one dollar.

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That's a weak nihra. Right.
What it means is if I export

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cocoa and I end ten dollars,
I end seven thousand nia. But if

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I have a strong nihra, what
it means is that the dollar one dollar

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would be saying maybe say four hundred
or say three hundred. So if I

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export the same value of cocoa,
instead of ending seven thousand naira, I

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in say three thousand nira. So
what you can see is that the weak

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naira helps the nation that exports because
their exports are cheaper. What do I

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mean If I'm a US or I'm
an an importer and I want to buy

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coco. There's cocoa in Nigeria,
in Ghana, in Ibri coast the same

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coco. Right, I would spend
less dollars to buy the same quantity of

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coco in Nigeria that I always used
to spend the same quantity of dollars by

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the same quantity of cocoa in say
Ibri Coast or Ghana. Because the local

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currency in Nigeria, I can buy
more of the local currency in Nigeria with

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my same US dollars. So if
I have one hundred dollars and I swap

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it out to naira, I get
more Nira. VI if I sorted out

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to say Cedis or the Sepher which
is used in Ibricast. So you see

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what's going on internationally. When you
buy and sell, you are buying and

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selling in relation to the dollar.
So the Nira can get more for the

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U dandal come to Nigeria and buy
more cocoa, so exports go up in

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Ninegeria. But if you make the
naira strong, which means for a dollar

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I get just the three hundred,
then the US imports will be like hum,

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I can only get three thousand era
per ten dollars. I might as

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well go and buy cocoa from Ivory
Coast, which I can get more seffer

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those I can get more cocoa.
So you see how currency value drives trade.

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If your currency is weaker. They're
the products made in your country that

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you're going to sell in your country
are cheaper, not because they are cheaper,

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but because when you exchange injured in
the dollars a dollar, they are

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cheaper. So that's the point of
how trade is driven by the exchange value

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of currencies. That's why if you
try to devalue your currency artificially, do

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you wish to call you a trade
manipulator because you're trying to make your goods,

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not the currency, not the goods
cheaper to get an unfair advantaged world

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of trade. So back to the
question, does Nigeria need the strong nira

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which miss Niger wants to defend the
nira all those Nigeria wants a weak nira,

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which means Nigeria wants to devalue the
nira. What's the advantage of a

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week that I told you the weakness. That means if you are exporting,

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you get more buyers for your goods. So what a Nigeria export. Nigeria

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exports crude oil and Nigerians which is
remittances. So remittances are exports and we're

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export Nigeria to get us emittances.
So we want a weak narra, meaning

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that we get more nira from exports
of oil and exports of nigils. Or

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do we want a strong nira which
means we can import cheaper, so we

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can import fetalizer, we can import
machinery cheaper, but our exports suffer.

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Economics does not give your answers.
Economics give you choice. You have the

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ability to import more more like leaguers. In a case where we have a

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weak currency and we don't export anything
but export were export were exports, we're

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taking advantage of the weak narrator that
we have, right because we have no

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production. So that's still something that
you still want the government to fix.

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And then the nira would naturally appreciate
because right now it's t it's weaker than

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what it should be, right,
so it still needs a sense of appreciation,

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but not to become like when we
first found for it. We can

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we became two overvalue because of our
products, right not there yea, so

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what we need to steal and the
bit of pots de booker a booker,

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can you hear me, Booker?
Just holding I'll get you speakless, okay,

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Booker. But I made the point
that Nigeria actually does a lot of

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exports. Nigeria exports a lot of
Nigerians, you know, for the jack

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bark, we have a lot of
Nigers abroad. We also export crude oil.

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So jack Bar alone is bringing to
Nigeria twenty five billion dollars. This

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is just officially, and officially it
could be maybe fifty billion. So the

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argument is this, if you make
the naira strong, what you were saying

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is that that's fifty billion dollars becomes
saying maybe a hundred billion nira. You

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know, put it in context,
that's less than what the nurse spends in

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the month. But if you make
it weak, that's fifty billion becomes like

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five hundred trillion. So it does
that change your take? I mean,

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if it's weak, it's just increasing
inflation, right, isn't not what government

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does with all this pumping in of
money time, right, It just increases

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the inflation and economy because you're ultimately
still not doing anything with the money or

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not producing. So whether it's strong
or whether it's weak, if you're not

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exporting, for me, people might
have all the opinions. I don't see

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anything changing, okay, because you're
you're weak, because you're not put you're

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not doing anything. You're just spending
and wasting money. That's that's my own.

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But in fact we can devalue our
way too. Well, that's what

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mister Abla is saying. We cannot
exactly, we can't just keep pumping money.

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Everybody like you just spending at seven
you should be making a spending,

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not selling. And you will see
it slightly appreciate that you might not go

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to the one hundred dollars for one
narrow or songs and ball like we are

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too low, Like seven hundred is
not the value of the narrow because you

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know the market definitely, what do
you think the value should be? What

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do you think just your ball park? What do you think to take a

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ball? And it's all speculation.
Yeah, I'll still say the four hundred

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or the four hundred. Yeah,
gotcha, I hear you, I hear

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you. Book Let me get yeah, just your opinion wealth of course,

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let's get a limited in here,
allimited. What's your take? The booker

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says, we can depot your way
to success. He wants stronger narrow because

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hey, we're not producing process.
Even if we're Jack Bye or that tween

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to five billion, we're not producing
what's your take. Ye interesting conversation.

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You like it key parameter, so
I won't to peter around the push.

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I think we need a far weaker
currency, far weaker. If you look

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at the official value, it's heavily
subsidize, and that's why we see in

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love agrituary differentials. And also if
you look at the fact that foreign reserves

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can barely meet SI small payments and
we have substantial amounts in dollar depth exposure,

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it means the country is suffering from
the quiditive country. And you know

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our major effects standing come from Could
those are just like could mention right you

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mentioned, but during the real president
emproary could already draw from two point two

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to below one million parentspy and that
someone made the apex banking. Can people

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couple with the fact that patrol substituents
who created the black pools. Definitely we

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need to value for many reasons.
First, we need to remove that arbridguary,

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foreign subsidient education, foreign stuff with
your medical autorism has to fly out.

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We also need to the market efficient. If you look at the capital

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market. For example, Data twenty
twenty two said that out of the tron

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three that came T three on that
that came to the country. One three

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don't went to the capital market,
and that's because investors did must see any

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incentives to invest, because a lot
of people that have their phones in the

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market cannot even move their phones,
so they have to be revested, so

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there's no incentive. So we have
to make our capital market efficient. I

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understand that a lot of people say
that means it makes the country poorer because

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the value podulities that though that against
many currencies, even the potusi pant hero

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as strengthened if you look at it
in the past two years. And that's

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why we said that we have to
look at market driven. I'm not really

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concerned about weaker or stronger. All
I'm concerned about is minimizing the the cage

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and the pros ubrosity around our public
finances. Not just like right you say,

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if you look at exports and things
like that. We need to divertify

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our economy the remittance that is coming
in. If we look at how want

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Naga spaying uk us on education.
Now doing these statistics are about them us

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US gains not in less than ten
pillion. Do that for quarter. I'm

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going to read the report sort on
Boope Tata on foreign education, United Kingdom

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mixed millions from pounds from nine jeras
and you can see they're trying to do

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the use and don't strategy, but
the kind of block for independence of students

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sorry partners from reaching the UK because
the thing is that every country right now

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is making things on theirselving re so
NAGA also has to block with the kiches.

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We are thinking money by the same
time we're bringing you so much out

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and I think we are subsidistich.
We also need to please our productivity and

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until we have an efficient effects market, I think it will be so we

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definitely need the biker currency. And
if you ask me the level, I

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think it's going to be between you
know, based on what Abism backs and

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I said, I think it's going
to be between sixty five and market.

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Let me be made a lot of
good points there, like a lot that

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you touched on the UK, and
I don't think you see what you're saying.

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UK has said that you cannot bring
your family to the UK, but

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you can come at work and pay
taxes. So the one who basically get

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that productivity from you, the individual, but they're not extent that social payment

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to your family. Good point you
made there. I didn't think of their

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way. Also again, you also
made the point that you know, in

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Nigeria, because our currency or the
economy, it doesn't have the productivity.

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Money is coming in, but it's
just go into the stock market, right,

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it's not really being invested in the
real sector of the economy. I

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have the family wanted to speak.
I'm want to make him talk later to

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talk about where this function go to. You also made that point very very

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good and clear. And you're looking
like you want a weaker currency because you

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feel that that would enable the Nigeria
to you know, to cushion the blues

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as it's ware of the economy that
is not performing. I mean, I

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hear you again. It's not a
right or wrong. That's like I said,

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the economics gives you options, doesn't
give you an answer. Thanks for

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that. Peace hanging for us,
but we'll need your insight as we go

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along. The farmer, the farmer
boy, I mean you are. You

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are a guy on the field.
You are a farmer. Your hands are

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quote unquote in the soil. You
are the in the sector that has the

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largest contributors to economy by an employment
and also by share of GDP. What's

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your take on this? I see
you have lots of fun of farm equipment

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from the US. You have johned
the attractors. Do you want a stronger

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era or do you want to be
canna affect? Howould you affect on business?

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Yeah? Thanks Carl. First and
from damage said, you know,

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I'm not an economious not in financials, but I may not be able to

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speaking um most of the daytimes.
Butts just in the bay Man way of

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what I felt about them. For
me, I'm not really bothered about we

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got a stronger era and to say
oh bo, this is just me um.

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I think our population the loan should
be something of pride, something we

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can easily walk around with. In
terms of production productivity, you know,

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there are some things you don't need
to manage. I usually listening a normal

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business person cannot come to anterior function
property because everything about our economy seems to

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be parted. Nothing is moving straights. You understand, in a situation whereby

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the the people who don't have access
to the government are getting the dollars one

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week, the other who has the
money are getting at rig there was a

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time we are having an argument and
somebody was talking about and partyize and he

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was mentioning. Dangley was mentioning where
those guys. I said, see,

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guys, some of the total actors
this guy out together. They don't want

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who have two hundred thousand actors of
land. So it's what they what they're

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doing is very very minute too.
Men need to focus on this small scale

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farmer. And when I'm talking about
this small scale farmer, you see will

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when people plain statistics so up,
they say, well, then there is

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the largest producer on this. I
said, at what reads, we are

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just largest. When it comes to
the numbers of vectors, we are cultivated,

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but when it comes to value,
we are nothing. You understand the

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d D D D abrege you of, let's say, and amazing and the

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exig on one point five one on
one Tom per Hector. We as people

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are meeting clothes to like ten tons, twelve tones, fifteen tons in another

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country. What I'm saying in the
sense that by the time we focus,

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as I said, I'm not any
from less, say from install as a

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farmer um or arm of the opinion
on the sea. Small scale farmer need

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to be later than one location.
Probably you have one LETTI you have to

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actors and you summ up up to
up to hundred the actors. Government provides

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00:18:07.839 --> 00:18:11.680
long time non facility to a mechanization
outfit that can go to these people help

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them do their program. You are
you are providing through service. You are

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00:18:15.480 --> 00:18:21.000
making their work very easy for them. You are increasing your productivity, then

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the yield will also increase. But
you have a local testing a bound that

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you you have a lot to talk
about the export. But we are just

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like you know, when government wants
to put their interventions and to people,

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for me, I always send.
Then their government creates intervention by saying they

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want to solve one problem and create
about three problems. Understand So for me,

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either weakness from nobody should even be
defending the letist and let your economy

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defend whatever it's going to defend your
production. That will determine how your na

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or do you That's someone I'm saying
we look like but but we consume everything.

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Yeah. Take for instance, casserver
Nangila is one of the largest carserver

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producers over but we even make any
impact when it comes to the global market

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00:19:12.279 --> 00:19:18.079
of canserbartistic because we we It is
that that we consume everything and waste the

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rest. Some probably true your Andrew, I saw somebody was packaging a bat

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in a carton. I were like, wow, looking beautiful idea. These

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are the kind of things that kind
of person producing a bat packaging its two

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things. Government need to look at
that kind of person, investments that kind

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of play. You provide what you
need to provide for that kind of person,

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because one need to help us all
the ways to having caserver. Somebody

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00:19:44.200 --> 00:19:48.880
is there to mop it up rather
than jump throwing up money. If you

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look at even decibing what is called
statistic a bad money then gets to farmer.

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It's sometimes I laugh, Yeah,
it's gonna it's it's it's been lothing.

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Yeah, judge trust it. For
instance, you said you give somebody

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and under a social amount of money
to one cultivate ten thousand actors of Rise.

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Then the question I asked is which
works in the whole of the country.

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I can't say it anyway, Nigeria. We do not have a single

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mechanization company that can handle mechanization successfully. Just two thousand actors. Then outcome

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we are giving one and it means
you just give this money, justed this

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00:20:26.680 --> 00:20:33.920
money still whatever you can still and
waste the rest understand they need to restarted

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00:20:33.000 --> 00:20:37.920
that look at where they're putting all
this intervention, so that if I don't

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00:20:37.920 --> 00:20:42.240
want to have stronger for me,
I don't even care anybody. Just make

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00:20:42.319 --> 00:20:48.759
the economy walk and did this system
work so that it defends itself. From

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00:20:48.759 --> 00:20:52.960
my lemit, I believe that whatever
we are in sporting out, we determine

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00:20:53.160 --> 00:20:59.359
the kind of currents, how strong
then is for me? That is what

250
00:20:59.480 --> 00:21:03.119
I like them from You've spoken like
an economist if I answered the question when

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we export that determines the economic Value've
done that, so I think that is

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00:21:07.440 --> 00:21:11.640
really a good answer to the question. Right, You've made the point by

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productivity, and I agree with you. When you export the water will find

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this level. That's what I so, I think you made an economic post

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00:21:18.240 --> 00:21:22.279
there. Thank you hanging with us. Let me get the digital and Kenny

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00:21:22.319 --> 00:21:29.960
on the score birthday, the regular
right, the jelly McGan, you've got

257
00:21:29.960 --> 00:21:40.160
the plaster. Hey your audious kind
of no go ahead okay first let me,

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00:21:41.079 --> 00:21:42.240
yeah, go ahead, I can
hear, yeah, go ahead,

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00:21:42.039 --> 00:21:48.359
go okay, thank you. So
me, I'm students and lately I've been

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00:21:48.519 --> 00:21:55.920
making profit over for experising. You
see, so I've I've been following the

261
00:21:55.960 --> 00:22:02.319
market of the of the foreign currency
like you and dollars. So what I

262
00:22:02.359 --> 00:22:07.039
can see is that listening to listen
to what you see, like if the

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lower the currency or get it higher, what you can you can change me.

264
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I just I can just advise that
you keep your currency lower actually to

265
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get to to get linked, to
get strong linked with partners, because the

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00:22:26.599 --> 00:22:33.640
USC are stop using all your as
energy U see, so to be fixed

267
00:22:33.680 --> 00:22:41.119
to do Nigeria economy based on over
over exchange over kids too, you got

268
00:22:41.160 --> 00:22:45.200
to keep lower your appurrencs to that
in fact, and get plenty of part

269
00:22:45.519 --> 00:22:52.799
partners a part of all your So
when you will stop using all your UGA

270
00:22:52.960 --> 00:22:56.839
partners and then you get high your
currency and then you make you see some

271
00:22:57.039 --> 00:23:04.480
profit about or the So I want
you to get strong links with partners for

272
00:23:04.680 --> 00:23:11.039
now, but for me, it's
like keeping your currency and then after when

273
00:23:11.079 --> 00:23:15.680
the staff when all your production does
not make the lot of profit you get,

274
00:23:17.000 --> 00:23:22.880
you get your your currency higher.
To the things I'm not sure to

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00:23:22.960 --> 00:23:27.279
understand when you say keep currency lower, I suspect you are saying keep the

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00:23:27.359 --> 00:23:32.799
currency strong. Is that lower or
is that currency is weak. I just

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00:23:32.839 --> 00:23:44.799
want to I'm sorry, okay,
okay, the problems which week, Okay,

278
00:23:44.880 --> 00:23:48.640
so you want to and then you
keep it strong, okay, So

279
00:23:48.720 --> 00:23:51.839
keep it, keep it weak for
now, and then once when we can

280
00:23:51.880 --> 00:23:56.200
then use a commodity like oil to
make the currency become stronger. When the

281
00:23:56.319 --> 00:24:00.039
market, when the US or the
EU guys leave the floor and there's more

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00:24:00.079 --> 00:24:07.200
demand for oil, we export more
oil and then we'll right like so now

283
00:24:07.480 --> 00:24:14.000
they're they're still using oil, but
they talk about easy station for the car

284
00:24:14.200 --> 00:24:18.599
like they're gonna they're gonna use electric
car to the station. Gonna be easy.

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00:24:18.880 --> 00:24:23.640
Stuff like that too. It won't
have no oil markets. No more

286
00:24:23.880 --> 00:24:30.640
has a c It's about twenty twenty
five or twenty thirty. So for now,

287
00:24:30.680 --> 00:24:36.200
you sell the oil and you you
get you keep your crency which selling

288
00:24:36.359 --> 00:24:41.680
oil. And when you when there's
no oil markets, but you got partners

289
00:24:41.680 --> 00:24:48.519
abuts buying cassaver, buying protein,
buy other stuff as as every cost as

290
00:24:48.680 --> 00:24:57.799
ghana as but you see your partnership
bring you still like they still got your

291
00:24:57.880 --> 00:25:02.680
money. Like the I hear you, I hear you well said, even

292
00:25:02.799 --> 00:25:06.640
you're you're communicating, trust me,
you're communicating. I hear you. Thanks

293
00:25:06.680 --> 00:25:08.279
for that. I do get your
point and linking it to crude oil and

294
00:25:08.319 --> 00:25:12.519
commodities. Good point for Extrador.
What you're brave man, You're a very

295
00:25:12.519 --> 00:25:18.119
brief guy. Right, Okay,
we'll go bright it beto you bright jump

296
00:25:18.160 --> 00:25:22.240
in there. Then E wants us
to trade with currencies that I would I

297
00:25:22.240 --> 00:25:26.880
would affect the value Denira the more
we export crude oil and then market that

298
00:25:26.960 --> 00:25:30.519
is shrinking. He feel that would
make the currency denier stronger. What's your

299
00:25:30.559 --> 00:25:33.480
take? Do we need the strong
Narror? Do we need a weak niror

300
00:25:33.519 --> 00:25:42.680
should value of defend? What's your
ti value? The more Korea chore economy

301
00:25:44.799 --> 00:25:51.440
number tending in the world. So
gretful one thousand, three hundred for something

302
00:25:51.559 --> 00:25:56.960
you are one dollars a thousand three
on them something for gress what they are

303
00:25:57.000 --> 00:26:02.599
number saying in the world. So
that tell me from my little experience,

304
00:26:02.720 --> 00:26:07.119
that's look forget about this, Nara
must do one to one dollars at the

305
00:26:07.240 --> 00:26:11.640
end of the day when you make
your countries um because everybody was the Nagia

306
00:26:11.759 --> 00:26:15.720
is the last country. Nagia is
the large market. I've heard you in

307
00:26:15.880 --> 00:26:19.920
self, right, Economy, He
wanted to come to the Ageria or you

308
00:26:21.000 --> 00:26:25.079
see like we see the way trying
to do things kind of make able cheaper,

309
00:26:25.680 --> 00:26:30.400
you make those labor India have talk
that tired, not as I want

310
00:26:30.400 --> 00:26:36.319
to names. I want to talk
that the tip Thani. So what uplands

311
00:26:36.319 --> 00:26:42.799
you are from making our own countries
becoming the hope because if you put a

312
00:26:42.880 --> 00:26:47.799
dollar to a thousand narah, it
donar to a thousand And what it means

313
00:26:47.920 --> 00:26:51.920
is that those things that are very
important to the interior. Both says that

314
00:26:51.960 --> 00:26:56.319
are saying market too Pania, they
will have no choice for Componentia. And

315
00:26:56.400 --> 00:27:00.519
let me tell you this new build
that was signed that allows the state to

316
00:27:00.640 --> 00:27:06.519
generate a LEEP on their own.
It's another it's think it's a big bread

317
00:27:06.599 --> 00:27:11.319
through because what it means is that
investors we want to come and invest one

318
00:27:11.440 --> 00:27:17.519
product that one meaning you're left asset. And secondly, we need to work

319
00:27:17.559 --> 00:27:21.519
on our process you. Secondly,
you know what I'm saying. If you're

320
00:27:21.559 --> 00:27:26.400
going to get a license for you
to mind in anterior and you're going to

321
00:27:26.440 --> 00:27:32.119
get the same license to mind a
Ghana or Sar Africa or Potuana, you

322
00:27:32.200 --> 00:27:37.759
know that those people will have giving
you license in not less than two three

323
00:27:37.799 --> 00:27:44.160
months or get one year Nigeria to
take more than a year or two for

324
00:27:44.359 --> 00:27:48.440
you to get this license. Right, so if you if you do if

325
00:27:48.440 --> 00:27:52.160
you see the thing, if you
receive those threads or you could get license

326
00:27:52.640 --> 00:27:56.680
or you to get registered. For
instance, even if you want to do

327
00:27:56.720 --> 00:28:00.960
online my cooking mans for need to
have the line is from ev it's not

328
00:28:02.079 --> 00:28:03.680
something you can done in the one
that can't be done in one point.

329
00:28:04.519 --> 00:28:10.319
These the processes we need to let
three and they put the money more in

330
00:28:10.440 --> 00:28:15.480
the small micro businesses. See people
are saying that you guys don't produce its

331
00:28:15.519 --> 00:28:23.319
producing the times were using in anterior. The pain the problem in materials that

332
00:28:23.359 --> 00:28:29.720
were using their home being made in
anteria because nobody want importing the consigner.

333
00:28:30.440 --> 00:28:34.039
I have seen Chinese company who have
moved their time company from their country from

334
00:28:34.079 --> 00:28:38.160
an interior. I have seen company
who don't think you know the country the

335
00:28:38.319 --> 00:28:42.720
Modi fact people Angulia. So what
we need to do is to ride on

336
00:28:42.880 --> 00:28:47.960
those things. If our currency is
the value. The more they have no

337
00:28:48.200 --> 00:28:52.759
toys, youve got their market yet
and they put more money. For instance,

338
00:28:52.960 --> 00:28:59.279
the things that all they completely from
manufacture perhaps crep them zero to for

339
00:28:59.359 --> 00:29:03.240
them to bring them in, which
means that for them to buy those matter

340
00:29:03.240 --> 00:29:06.759
you are to want. We don't
have a na to producing that you get

341
00:29:06.799 --> 00:29:14.079
those in at zero import right if
they get a zero important on the production.

342
00:29:15.200 --> 00:29:21.400
And honestly, our packaging industries in
the sport we need to start to

343
00:29:22.599 --> 00:29:29.680
want to say our our patibute in
the firstance, our our being, our

344
00:29:29.799 --> 00:29:36.440
our corn to be important. We
need to start in producing europe Can standard.

345
00:29:36.599 --> 00:29:40.160
So when you keep this thing from
that, you have to do the

346
00:29:40.240 --> 00:29:45.880
womb be con bat that can manage
this one. People do do the things.

347
00:29:47.039 --> 00:29:51.200
You will not love your money,
your first first light, first light,

348
00:29:51.279 --> 00:29:55.960
and you can't say you have a
lot of great ideas there. I

349
00:29:56.000 --> 00:29:59.000
think the main point that you said
that which you highlight again is that you

350
00:29:59.119 --> 00:30:03.759
mentioned this South Korean exchange rate,
and you put that South kore and exchange

351
00:30:03.839 --> 00:30:07.519
rate together with the value with the
with the export and the south of the

352
00:30:07.599 --> 00:30:14.079
economy, making the point that it's
not the exchange number itself that is important

353
00:30:14.559 --> 00:30:18.160
is the earnings, the productivity,
the GDP per capital. Even with the

354
00:30:18.200 --> 00:30:25.359
South Korean currency being very weak,
the average South Korean is way richer in

355
00:30:25.519 --> 00:30:33.359
Nigeria. So currency exchange is a
strategy too for the economy. You simplicie

356
00:30:33.400 --> 00:30:36.960
you wants a week on a strong
era, it has got to be part

357
00:30:37.039 --> 00:30:41.880
of a strategy. That's the key
point you made around to highlights yes,

358
00:30:41.200 --> 00:30:53.599
yes, and then you think I
hear you, I hear you, yeah

359
00:30:55.720 --> 00:31:10.880
yeah, and this first pot you
An example it might be when you electrical

360
00:31:14.559 --> 00:31:23.480
manufactured or did nothing. Uhhh you
nothing and that was not not and the

361
00:31:23.680 --> 00:31:36.160
football guy give this guy but dollar
back up, put your potm and lead

362
00:31:36.240 --> 00:31:42.720
your That means that you're gonna compon
position so well that those guys, those

363
00:31:42.720 --> 00:31:48.720
guys were able to use that money. Okay, I got you first.

364
00:31:48.720 --> 00:31:52.640
First, I got you. Let
let me get let me get woo me

365
00:31:52.759 --> 00:31:59.640
in here to hear what wore me
or more loua b stake its own water?

366
00:31:59.680 --> 00:32:05.640
How you I cannot thank you.
I just wanted to ask mister first

367
00:32:05.720 --> 00:32:09.279
lights and questions, eagin know what
it yourself right now? So in my

368
00:32:09.440 --> 00:32:15.519
own understanding, if you want to
compare the Enginia and South Korea in terms

369
00:32:15.559 --> 00:32:17.640
of you can currency, I think
first, which is first of all,

370
00:32:17.720 --> 00:32:22.920
understand the people you know. At
the same time, I just want talking

371
00:32:22.920 --> 00:32:24.000
on something I listen to. Want
to ask the question if you first of

372
00:32:24.000 --> 00:32:29.279
all understand what the people are in
South Korea. I think most of them

373
00:32:29.279 --> 00:32:31.519
are you know, most of them
into business. But we the injurers.

374
00:32:31.799 --> 00:32:37.599
The main reason why most people are
japan or giving the country is not necessary

375
00:32:37.720 --> 00:32:43.319
because they are better opportunity. Is
because of the currency. Its because people

376
00:32:43.440 --> 00:32:46.519
like Okay, wander like is some
fifty and outfred the injury and japer And

377
00:32:46.599 --> 00:32:51.480
because okay wander by some fifty,
whatever I'm making me more, you know,

378
00:32:52.359 --> 00:32:54.720
is whatever a banker ife to go
to a or us to work as

379
00:32:54.720 --> 00:32:58.839
a cleaner. Because at the end
of the day, I'm gonna ENLiGHT two

380
00:32:58.839 --> 00:33:00.880
thousand dollars from thing like you know, that is my one year surviving an

381
00:33:00.920 --> 00:33:06.839
engineer. So how can we balance
that thought of being the engineer as richolse

382
00:33:06.880 --> 00:33:10.880
to develop our currency, but that
thought as being an engineer the rather japer

383
00:33:12.240 --> 00:33:15.880
to us be a cleaner because of
dollars every month, and two thousand dollars

384
00:33:15.880 --> 00:33:20.759
every month in engineer is a lot
of money because you have a bigger currency,

385
00:33:21.000 --> 00:33:24.359
and that is the reason why we
have mass um jackper relocation. So

386
00:33:24.400 --> 00:33:32.039
how can devalue never bigger currency helppots. In that aspect, currency r the

387
00:33:32.119 --> 00:33:37.039
kind of people, like I said, it's about the mindset of the people.

388
00:33:37.160 --> 00:33:38.880
If one era is, of course
one dollar, people would rather go

389
00:33:39.039 --> 00:33:44.079
to us and work as a cleaner, a banker in the engineer. I

390
00:33:44.160 --> 00:33:45.480
hear you look at this with with
me let me well, let me see

391
00:33:45.519 --> 00:33:50.680
that a stepd right. If you
make your currency strong, you want to

392
00:33:50.720 --> 00:33:53.160
make it say one nera to one
dollar. Right, You are right that

393
00:33:53.279 --> 00:33:59.720
naguriors become artificially rich. That's what
happened in nineteen six, nineteen seventies.

394
00:34:00.039 --> 00:34:04.400
You had Niger, say, good
old days where one geisha was ten cobbo,

395
00:34:04.640 --> 00:34:08.760
where one pick ten milk was ten
coobbo. Those were the good old

396
00:34:08.840 --> 00:34:14.239
days. But we were only getting
those prices because we were taking all our

397
00:34:14.400 --> 00:34:19.480
innings from crude oil to import all
those things. If you make one error

398
00:34:19.880 --> 00:34:23.639
one dollar, then you are killing
local essames. Why would I buy ras

399
00:34:23.679 --> 00:34:28.960
my back laky when is the same
price as Uncle Ben's rise. Why would

400
00:34:28.960 --> 00:34:32.239
I buy innocinca one I can buy
rolls Royce Inno Synca is ten thousand dollars,

401
00:34:32.280 --> 00:34:37.760
where I can buy a continent Cardillac
for ten thous dollars, why would

402
00:34:37.800 --> 00:34:43.719
I buy innocent? So the currency
if you make Niger currency strong, I

403
00:34:43.760 --> 00:34:49.079
would import. Why South Korea can
make that they are one that's a currency

404
00:34:49.119 --> 00:34:53.320
at thousands. It's because some song
howing Die are also South Korea, but

405
00:34:53.440 --> 00:34:59.679
at the same quality as Ford.
You can buy Hanging Die in South Korea

406
00:35:00.239 --> 00:35:05.280
is the same quality or better than
the Ford our GM, so they don't

407
00:35:05.280 --> 00:35:08.119
have to import from the US.
When you make your currencies strong, you

408
00:35:08.199 --> 00:35:13.159
are subsidizing imports. So when I
just say, good old days in the

409
00:35:13.199 --> 00:35:19.199
seventies were importing everything. We had, rice and murder, cement and murder

410
00:35:19.199 --> 00:35:22.280
in legals. They're grown of flood, so many ships. But when nintially

411
00:35:22.360 --> 00:35:28.920
to SAP structu Adjustment program was to
take us from this import and consume,

412
00:35:29.400 --> 00:35:32.400
to produce locally and consume. That's
what's supposed to have done till today.

413
00:35:32.599 --> 00:35:37.599
If we had done that, if
we had an innocent all these guys see

414
00:35:37.639 --> 00:35:39.960
hanging that you see, they were
all innocence. Ten year, twenty years

415
00:35:40.000 --> 00:35:45.599
ago, Sonny was making rice cooker. Sonny rice cooker, that's what they

416
00:35:45.599 --> 00:35:50.840
were making. And they've gone from
brass cooker to what they are today Taiwan,

417
00:35:50.960 --> 00:35:54.639
those chip comes amount to world beaters. They were government owned companies.

418
00:35:54.639 --> 00:36:00.639
As we say, government funded companies
set up to just assemble chips. You

419
00:36:00.679 --> 00:36:05.559
can't do that. If it is
cheaper to import, nobody will by local

420
00:36:05.639 --> 00:36:08.199
products. Does that make sense for
me? Oh, yes, that makes

421
00:36:08.199 --> 00:36:12.239
sense. But at the same time, I'm trying to balance that this is

422
00:36:12.320 --> 00:36:17.000
the reality of our bread engineer and
they are a reality of average black you

423
00:36:17.039 --> 00:36:22.679
know Korea, I return nobility,
but also because it's worth for those in

424
00:36:22.760 --> 00:36:25.880
Korea or Koreans, does mean it's
going to work for the black or engineer,

425
00:36:27.400 --> 00:36:30.519
you know. Like I mentioned,
the reality is overal engineer rather even

426
00:36:30.880 --> 00:36:36.599
as cheap, as cheaper. I've
seen a blogger of the state of great

427
00:36:36.679 --> 00:36:40.480
value products from googlema I mean great
value product is so inferior time who go

428
00:36:40.559 --> 00:36:45.599
to woman and get a great d
because you know, it's very very inferial

429
00:36:45.719 --> 00:36:50.840
and someone decided to have you know, over fifty products of great value like

430
00:36:51.000 --> 00:36:53.920
chili pepper changer. Farther like,
these are things that come from wound in

431
00:36:54.039 --> 00:37:02.119
engine I will engineering. I'm not
compared with being black our mentality of I'm

432
00:37:02.119 --> 00:37:07.239
not trying to insult our skin.
But you understand that our mentality of being

433
00:37:07.280 --> 00:37:10.199
black compared to those people elect more
for those in Korea, but my normal

434
00:37:10.280 --> 00:37:15.400
for those in Nigeria and that dimension. If we decide to make our currency

435
00:37:15.440 --> 00:37:19.840
with which are Ninjurians that I know
they are not more thinking about. Okay,

436
00:37:19.840 --> 00:37:22.559
I can make opportunity, but they're
not been thinking about our other being.

437
00:37:22.639 --> 00:37:24.880
You West working as a cleaner,
because at the end of the day,

438
00:37:24.920 --> 00:37:29.360
I'm gonna get two thousand dollars.
If one dollar in support to one

439
00:37:30.000 --> 00:37:35.000
one dollars support to one thousand thania, I think that is the average mindset

440
00:37:35.159 --> 00:37:37.559
of being of blacks. Okay,
women, women, Let's go back in

441
00:37:37.679 --> 00:37:45.400
history. Nineteen sixty to nineteen sixty
five, Nigerians were richard than the South

442
00:37:45.519 --> 00:37:52.519
Koreans, the Chinese, the Taiwanese, the singapore the Indians, Nigerians,

443
00:37:52.599 --> 00:37:59.320
the black Nigerians original all these people. So when you say so, hold

444
00:37:59.360 --> 00:38:04.880
on, hold on, we mean
so when you say the black business.

445
00:38:04.920 --> 00:38:08.119
But the fact is that when Nigeria
was working, we're reaching on all of

446
00:38:08.159 --> 00:38:13.079
them, all of them South Korea, We're reaching them and we have no

447
00:38:13.159 --> 00:38:16.079
excuse that they were They have nutural
rule. We have nurtury rule. They

448
00:38:16.159 --> 00:38:21.639
had culs, we had cus.
The same thing they had there we had

449
00:38:21.719 --> 00:38:25.440
here. But we were reaching on
them. Nigerians were reaching in the Chinese

450
00:38:25.599 --> 00:38:32.360
as at nineteen seventy two, three
four. The Chinese came here to look

451
00:38:32.400 --> 00:38:37.440
at overhead bridges to build in China. Fact, but look at today.

452
00:38:37.599 --> 00:38:43.199
So it's not the up to only
eighties. It's not. It's not.

453
00:38:43.239 --> 00:38:46.360
It's no use of black. It's
leadership, no structure. We lost our

454
00:38:46.440 --> 00:38:51.599
way. They continue spend on education, were building first tack. You know.

455
00:38:51.800 --> 00:38:53.960
So it's a lot that they've done
well. We haven't done well.

456
00:38:54.000 --> 00:38:58.199
I get the point you are making. You had to do be black.

457
00:38:58.280 --> 00:39:01.079
It's the people. Yes, it's
the leadership, the part will have chosen.

458
00:39:01.440 --> 00:39:05.119
No, they spent Look at how
you that. I give you a

459
00:39:05.159 --> 00:39:10.880
story about Hyinda when the Korean their
military president Park he called the guys from

460
00:39:10.960 --> 00:39:15.639
Hyindai. There was a family.
This was their version of said Dan Grote.

461
00:39:15.719 --> 00:39:19.000
He called them and said, listen, all of you. As long

462
00:39:19.039 --> 00:39:22.440
as you guys bring your money back
to Korea, I won't prosecute you.

463
00:39:22.079 --> 00:39:24.679
So if you've stolen money in the
past, I don't care. But if

464
00:39:24.719 --> 00:39:29.920
you bring money back to Korea instead
of a companying Korea, I won't prosecute

465
00:39:29.960 --> 00:39:34.920
you. That's how these Channelbels all
started the group together and he allowed them.

466
00:39:35.480 --> 00:39:38.079
He called the founder of Hyindai and
told the guy. He said,

467
00:39:38.079 --> 00:39:43.280
go I started making ships. Hyinda
had never made ships in their life.

468
00:39:44.239 --> 00:39:46.400
The advanced this long story, but
they went and they made ships. They

469
00:39:46.440 --> 00:39:52.159
went to Scotland, brought the expertise
and started to make one or two ships.

470
00:39:52.480 --> 00:39:55.320
Today, South Korea is one of
the No. One or two the

471
00:39:55.400 --> 00:40:00.079
largest ship builders in the entire world. The same Niger could have done.

472
00:40:00.440 --> 00:40:05.760
This is this same country where we
find crude oil. We built at swift

473
00:40:05.840 --> 00:40:09.760
artibility vehicles during the quote unquote Civil
War? Why didn't we continue with that

474
00:40:09.920 --> 00:40:15.199
industry? If we had continued to
make arms from nineteensey seven till today,

475
00:40:15.280 --> 00:40:20.000
would have been like Russia exporting arms, or even Korea, or even um

476
00:40:20.519 --> 00:40:24.719
Canada or even Turkey exporting arms.
As a business point in Niger has when

477
00:40:24.840 --> 00:40:30.199
we stop ships and planes flying at
ninety Nigeria because of the civil war.

478
00:40:30.440 --> 00:40:34.679
So I hear you with me,
You're you're beautiful and another. But I

479
00:40:34.719 --> 00:40:38.199
think the point is that the structure
of the country is the big promote these

480
00:40:38.280 --> 00:40:47.480
individuals. But the structure linking Lincoln
sensors to two positions of power to fuck

481
00:40:49.079 --> 00:40:52.840
to land use at the structure is
the problem in Nigenerally the people. The

482
00:40:52.840 --> 00:40:59.199
people are wonderfully visit that nagers alone
they will make Niger the largest and best

483
00:40:59.280 --> 00:41:02.119
any community whole world. It's the
structure, the leadership that has been put

484
00:41:02.159 --> 00:41:07.159
there that's put back. Daniel's got
to flow. What's up with Daniel Wills?

485
00:41:07.440 --> 00:41:12.199
What's your mind? Yeah, a
good day, mister Carlog. How

486
00:41:12.199 --> 00:41:14.320
are you doing. I'm very well, so very well. You've got to

487
00:41:14.320 --> 00:41:17.559
flow, go for it. Yeah, okay, I think I'll start with

488
00:41:17.840 --> 00:41:23.639
I don't know how we got to
a place where we think the strength of

489
00:41:23.840 --> 00:41:29.840
our nira reflects the strength of our
economy. It's a myth, right it,

490
00:41:30.039 --> 00:41:32.000
Yes, I think that's where it
started from. So because of that,

491
00:41:32.719 --> 00:41:37.599
our niro now started having a political
value. So the government wants to

492
00:41:37.679 --> 00:41:43.960
defend. The government wants to make
it strong because that with send a message

493
00:41:44.000 --> 00:41:49.400
to the citizens that they are doing
well. So they want to do everything

494
00:41:50.679 --> 00:41:55.440
to keep it strong, artificially strong
right now, But the true is this

495
00:41:57.559 --> 00:42:02.719
um ecurrence will always find this level
right, depends on your balance of trade

496
00:42:02.840 --> 00:42:08.320
right, and when you keep it
at tificially strong, it becomes over valued.

497
00:42:09.280 --> 00:42:13.480
When it is over value, do
not have a deeper and a wider

498
00:42:13.480 --> 00:42:17.480
black market? True? Now,
the black market not determines we are put

499
00:42:17.639 --> 00:42:22.079
in your economy. So your black
market shakes, I go to the market,

500
00:42:22.400 --> 00:42:29.119
there's inflation. What are now does
again is that you are not created

501
00:42:29.199 --> 00:42:35.840
rent. Your created poot for some
people for around tripping because the gap between

502
00:42:35.880 --> 00:42:39.639
your official and the black market rate
is so wide that if I can get

503
00:42:40.239 --> 00:42:45.400
at tiber rate, I know you
will use it to imput adlst around trip

504
00:42:45.519 --> 00:42:51.719
and I make eighty two seven five
percent spread. So you have created food

505
00:42:51.719 --> 00:42:58.599
for some people. Now, those
that know that your money, your currency

506
00:42:59.000 --> 00:43:04.679
is over valued, you are poltic
college dr because it cannot bring money in.

507
00:43:05.840 --> 00:43:10.920
Those that are also making even exporting
right, they rather divert your export

508
00:43:12.119 --> 00:43:16.440
proceeds because why should I exchang that
for and something I do that gets it

509
00:43:16.639 --> 00:43:22.360
at seven months around something from the
black market, So you are also limited

510
00:43:22.400 --> 00:43:28.400
supply. And another thing because of
what is arming the black market, we

511
00:43:28.920 --> 00:43:34.079
applso created speculators out of an average
Nigeria. Everybody has too scary accounts.

512
00:43:34.679 --> 00:43:37.280
You know, everybody wants to keep
your money in dollars because it's a better

513
00:43:37.360 --> 00:43:44.880
store value. Right, so you
for the drive of the demand for dollars

514
00:43:45.079 --> 00:43:51.320
thereby deeply the black markets. So
when you look at those, you are

515
00:43:51.320 --> 00:43:55.239
just creating a quack where you're just
creating elaborate for yourself. So what you

516
00:43:55.400 --> 00:44:00.920
we do, Let let us leave
it. Let's the man can't determine they

517
00:44:00.039 --> 00:44:05.440
value maybe to just go up,
you know a bit. But you are

518
00:44:05.519 --> 00:44:09.039
going to increase supply because when people
know the true value, people can bring

519
00:44:09.239 --> 00:44:16.960
in their money and set up factors. People that are exporting, we're bringing

520
00:44:17.159 --> 00:44:24.519
their export proceeds. You increase supply. Then with that make your pots,

521
00:44:24.599 --> 00:44:31.320
don't make your pots, you know
primarily a revenue generating of make it and

522
00:44:31.639 --> 00:44:37.440
export facilitating. So when you're looking
at your pots, you're not you're not

523
00:44:37.599 --> 00:44:42.639
measuring the performance of your pot by
oh we've made to those one so know

524
00:44:42.920 --> 00:44:49.119
what have moved out, visit to
move things as you know about that me

525
00:44:49.280 --> 00:44:52.039
and you will not even know what
is happening with our extemp real life is

526
00:44:52.079 --> 00:44:55.079
because wrong you know, because most
of what I need to buy, most

527
00:44:55.119 --> 00:44:59.440
of what I need to run my
life on't what I need to maintain a

528
00:45:00.440 --> 00:45:02.760
b standard of you I can't get
within the country. So you know,

529
00:45:04.199 --> 00:45:09.639
you know an economy where everybody is
fixated on the extinct with there's something wrong

530
00:45:09.840 --> 00:45:14.480
and that is because most of us
now annown speculators. What are like Donald,

531
00:45:14.559 --> 00:45:19.519
everybody in a done accounts and the
account is not because you are using

532
00:45:19.519 --> 00:45:22.400
it to trade. I'm using it
as a start of value because I have

533
00:45:22.639 --> 00:45:28.119
lost confidence in IRA. I don't
think we think we need to depend.

534
00:45:28.440 --> 00:45:32.639
Let's you know, letting fruits.
This political value must end, our extend,

535
00:45:32.719 --> 00:45:37.679
real must not to be for political
signals. Thank you, Daniel Burn.

536
00:45:37.800 --> 00:45:40.840
You have broken this thing down like
a like a lecturer. You took

537
00:45:40.920 --> 00:45:45.280
us the step by step. You
know how it takes us to be,

538
00:45:45.559 --> 00:45:51.960
how details to see. I completely
like the puntment about the parts not just

539
00:45:52.280 --> 00:45:57.199
being referenced as revenue endings, but
also as what it's going out right,

540
00:45:57.639 --> 00:46:00.800
because I see part of Los Angeles
they will tell and your true puts,

541
00:46:00.840 --> 00:46:04.559
they will tell you counted us came
in. Also they took counted us went

542
00:46:04.840 --> 00:46:08.320
out. These names that customs always
saying their record or we made two billion

543
00:46:08.440 --> 00:46:12.880
last year, we've made for blood
this year. If you take out inflation,

544
00:46:13.199 --> 00:46:16.079
they've made zero. They've made less
if you factor that two inclasial.

545
00:46:16.079 --> 00:46:20.559
But as a defend batter entirely,
it's a good pointry making. We're all

546
00:46:20.679 --> 00:46:24.000
speculators. We all have doble double
account. Every day is doll like going

547
00:46:24.119 --> 00:46:29.400
up. The question I got to
buy or buying df dovorces what I do

548
00:46:29.480 --> 00:46:30.400
by dollars? You're going to go
up, it's going to come down?

549
00:46:30.440 --> 00:46:34.559
We don't know because we don't know
what the new government will do and what

550
00:46:34.719 --> 00:46:38.280
the government will do determined I will
go up or down. Nobody can tell

551
00:46:38.360 --> 00:46:42.039
you if don't that's going to go
up or that. We can say with

552
00:46:42.199 --> 00:46:46.000
antesidents, we can look at some
data and say huh. Bloomberg already has

553
00:46:46.079 --> 00:46:52.159
said that. The that the President
in comment, Yeah, by the value,

554
00:46:52.480 --> 00:46:57.920
it's a no brainer. There's no
body now the four reserves we have

555
00:46:58.400 --> 00:47:04.639
cannot maintain the exchange rate of less
than five hundred dira. It's a no

556
00:47:04.840 --> 00:47:09.599
brainer. There is no way Nigeria
with less than forty billion can maintain an

557
00:47:09.639 --> 00:47:15.079
exchange rate of five hundred nar.
Sibian has tried it and it has led

558
00:47:15.159 --> 00:47:21.800
to nearly eight hundred million in or
limited refunds to the airlines. So the

559
00:47:21.920 --> 00:47:24.440
question for you is just what is
your faul reserves? Number one? Number

560
00:47:24.480 --> 00:47:29.480
two? How is the oil seals
going? Right now, we're back to

561
00:47:29.559 --> 00:47:31.679
the issue where we have no oil
seals. We had it been in the

562
00:47:31.760 --> 00:47:36.679
past a year ago. They seem
to have stopped it. Now it's gone

563
00:47:36.719 --> 00:47:38.840
back. It's the last mute looting. Everybody's looting now before the new guys

564
00:47:38.920 --> 00:47:42.880
come in maybe and they're a bit
more serials. That's what's going on.

565
00:47:43.440 --> 00:47:47.719
So if there's no oil seals and
they are the full reserves do not go

566
00:47:47.960 --> 00:47:51.960
up. For rexerves have not been
going up, even with oil seals or

567
00:47:52.360 --> 00:47:57.239
diplomatter. But if there are no
oil seals and fire reserves are not going

568
00:47:57.360 --> 00:48:01.639
up, then there is no way
in hell the Nira will not be devalued.

569
00:48:01.719 --> 00:48:04.760
You don't need to need to rule
school to know that I want,

570
00:48:04.960 --> 00:48:07.239
so I will tell you for free
if I commit to office day want and

571
00:48:07.320 --> 00:48:12.039
I'm list of Finance or CBA governor. I look at my full reserves.

572
00:48:12.360 --> 00:48:15.320
It is flat or falling. I
look at my oil state from n NPC

573
00:48:15.760 --> 00:48:21.199
it is flat or falling. I
give value. If I don't give value,

574
00:48:21.320 --> 00:48:27.320
I commit the saying that Buharia committed. Try to do capital controls to

575
00:48:27.719 --> 00:48:32.280
maintain the artificial value of the currency
for eight years, and what we had

576
00:48:34.039 --> 00:48:37.400
Nara now on the streets is seven
hundred. That's what we've had. You

577
00:48:37.559 --> 00:48:43.639
cannot artificially the laws of man cannot
solve the laws of economics. It don't

578
00:48:43.679 --> 00:48:46.440
happen. So that's so. I
mean, I wish you just I don't

579
00:48:46.440 --> 00:48:49.840
know who you are, but you've
I like the way you detail to point

580
00:48:49.880 --> 00:48:52.280
out for us. We have to
get away from this or becoming speculators.

581
00:48:52.320 --> 00:48:58.079
Nobody in America. And when America
say I wonder what the in euro is,

582
00:48:58.320 --> 00:49:01.360
they never bother unless you're traveling to
Europe. So samething with me.

583
00:49:01.519 --> 00:49:07.360
If I'm not exporting to Europe,
what's my deep problem with the dollar exchange?

584
00:49:07.400 --> 00:49:10.239
It haising my problem if I'm not
treating But good course, I like,

585
00:49:10.360 --> 00:49:13.519
I like like, I like that. I lost a good call,

586
00:49:13.760 --> 00:49:17.280
mister juve let's have mister Juviere.
You're speaking, yeah, go ahead,

587
00:49:17.519 --> 00:49:22.679
go ahead, okay, So thank
you, mister came for me. I

588
00:49:23.159 --> 00:49:27.480
will want to look at it from
a different perspective. Right, Um,

589
00:49:28.039 --> 00:49:31.960
all the speakers I've spoken well,
but um from my reading in the book

590
00:49:32.840 --> 00:49:44.679
perspective. But I want to retract
from that. You talked about South Korea.

591
00:49:45.480 --> 00:49:47.719
We also looked at Japan. I
will go remember there was the time

592
00:49:47.760 --> 00:49:52.440
that Japanese products were the worst.
But today I want to look at it

593
00:49:52.559 --> 00:49:55.960
from the point of view of the
mentality of an engerence. We see that

594
00:49:57.719 --> 00:50:04.280
a good percentage of people have I
think women or someone said something about employment

595
00:50:04.400 --> 00:50:07.920
and stuff. We have a lot
of people who have the mentality the government

596
00:50:08.159 --> 00:50:12.719
mentality. I don't know if I'm
right or wrong, but we have more

597
00:50:12.840 --> 00:50:17.840
government employing more people than the private
sector, which is wrong in itself,

598
00:50:19.119 --> 00:50:24.519
is an It's a situation that I
will class fires a new brainer. Most

599
00:50:24.599 --> 00:50:31.360
of these countries that are making waves
so economically stable actually do have their private

600
00:50:31.480 --> 00:50:37.920
sector employ more people than the government. Now, most graduates we see are

601
00:50:37.000 --> 00:50:43.679
looking for jobs. That's the mentality
we have, and it's a problem with

602
00:50:43.760 --> 00:50:47.760
our educational sector and a problem,
a soucietal problem. We in the nineteen

603
00:50:47.840 --> 00:50:52.519
sixties that you mentioned that we are
richer than most of these other countries were

604
00:50:52.679 --> 00:50:59.119
production conscious and consumption and conscious.
Presently we are more consumption conscious. True,

605
00:50:59.360 --> 00:51:02.519
definitely we affect a lot of things
and being important expert. True,

606
00:51:02.800 --> 00:51:07.400
But once we can what I want
us to look at is, okay,

607
00:51:07.480 --> 00:51:13.480
how can we affect I'm diverting kind
of, but I think if you have,

608
00:51:14.000 --> 00:51:16.960
if you still come back to this, if we have an economy or

609
00:51:17.039 --> 00:51:23.880
a people who are more entrepreneurs,
right, I don't believe, I even

610
00:51:24.079 --> 00:51:30.119
I don't believe that the entrepreneurs stuff
only belongs to lables because we remember the

611
00:51:30.199 --> 00:51:35.199
Grand Opera, med in the Knot
and the cocoa farmers in the Southwest,

612
00:51:35.639 --> 00:51:38.599
right, So everybody has the capacity
to be an entrepreneur. Look at what

613
00:51:38.800 --> 00:51:44.400
Candle does on yearly business. How
much production comes from there. Now,

614
00:51:44.559 --> 00:51:49.679
if we can have that mentality of
entrepreneurs, then seeking for jobs even the

615
00:51:49.880 --> 00:51:54.639
jack parting we draw because I could
remember I think I joined one of your

616
00:51:55.599 --> 00:52:07.440
talk shows in the past, but
he talked what about the fact that unemployment

617
00:52:07.800 --> 00:52:10.679
right or world world will are used. I'm trying to I'm trying to get

618
00:52:10.719 --> 00:52:15.199
the precise world you used, but
I can't get it. But just for

619
00:52:15.360 --> 00:52:22.519
a phrase of what you said in
that talk. If we can have the

620
00:52:22.679 --> 00:52:28.159
average not an can do business.
Every other person can do business, not

621
00:52:28.239 --> 00:52:30.480
just the intern as. Everybody can
do business. There's nobody that I cannot

622
00:52:30.480 --> 00:52:35.239
do business. But the problem now
is the question is is what mentality are

623
00:52:35.320 --> 00:52:39.239
we carrying. Everyone wants to leave
school and get a job. If I

624
00:52:39.440 --> 00:52:44.880
leave school and we're looking at the
job focused, then those people who chat

625
00:52:45.119 --> 00:52:47.440
I not live in the country,
we not need to do because why there

626
00:52:47.599 --> 00:52:52.280
is a lot of problem all let
me get back to Sorry, my thoughts

627
00:52:52.880 --> 00:52:57.280
came back. Now. You talked
about nagerare having issues and this being the

628
00:52:57.440 --> 00:53:01.440
best place to run a business when
they are problems. Where there are more

629
00:53:01.480 --> 00:53:06.599
problems is where you're running business.
We are heart of the talk of the

630
00:53:06.679 --> 00:53:09.920
guy who talked about the standers of
the sleepers. How they look at it

631
00:53:10.719 --> 00:53:15.199
different directions. One person is saying, Okay, I came to a place

632
00:53:15.280 --> 00:53:17.880
where people do not wear shoes.
I want to start the business of shoes.

633
00:53:17.960 --> 00:53:22.320
Another person comes down says that people
don't wear shoes. There's no market

634
00:53:22.400 --> 00:53:25.199
for shoes here. So Nigeria has
a lot of problems. And if we

635
00:53:25.280 --> 00:53:31.840
can have the mentality of entpreneurs and
not consumers or job seekers. I think

636
00:53:31.880 --> 00:53:37.280
if you go along with you affect
bolder import and I resport and balance of

637
00:53:37.320 --> 00:53:42.519
truth will be affected positively. That's
what I I think. I hear you,

638
00:53:43.039 --> 00:53:45.679
I hear you. I think you
made some good points right again on

639
00:53:45.760 --> 00:53:50.360
the fact that everybody in Nigeria is
a true I think naturally. I don't

640
00:53:50.400 --> 00:53:54.039
know if it's because Nigeria was colonized
by entrepreneurs, you know, just a

641
00:53:54.199 --> 00:54:01.159
unique country in West Africa. Najera
was not colonized by the quote unquote cornolial

642
00:54:01.320 --> 00:54:07.760
government from Britain, but by a
bunch of in the entrepreneurials. You know,

643
00:54:07.119 --> 00:54:12.119
niger was an SPV. So I
don't know that's why we have this

644
00:54:12.840 --> 00:54:16.840
sort of mindset towards business. Everybody
in Nigeria, businessman, everybody. That's

645
00:54:16.880 --> 00:54:24.480
why in the nineteen sixties Nigeria was
a rich nation per capita, not per

646
00:54:24.719 --> 00:54:30.960
GDP per capita, big difference,
which means that the people of Nigeria were

647
00:54:31.039 --> 00:54:36.960
as rich as the country was.
As rich, there was there was freedom

648
00:54:37.079 --> 00:54:39.400
to get well. The government was
not on the way. What we have

649
00:54:39.599 --> 00:54:44.599
right now that you have the country
of Nigeria is rich. The people of

650
00:54:44.719 --> 00:54:49.159
Nigeria are very poor. That's what
we have because the government has come in

651
00:54:49.320 --> 00:54:53.039
between the people and they are blitzed
to create world. You've talked about the

652
00:54:53.320 --> 00:54:59.760
pyramids and Cannel. Good point.
Why can't the people of Carnal produce pyramids

653
00:54:59.800 --> 00:55:02.719
to day? Why could the police
pyramids in those days? Everyone says because

654
00:55:02.760 --> 00:55:07.559
of oil. It's not because of
oil. It's because the government took away

655
00:55:07.639 --> 00:55:14.719
the incentive for the pyramids of Grammus
to be created. When Canal Pyramids were

656
00:55:14.760 --> 00:55:22.639
existing, the state of that Kannel, the Northern Nigeria retained the earnings from

657
00:55:22.079 --> 00:55:30.000
ground knot exports legal states. The
Western region took the revenues almost seven percent

658
00:55:30.159 --> 00:55:34.239
of the exports of the grand nuts, but the export earnings went back to

659
00:55:34.320 --> 00:55:37.280
the Northern region. So you could
see that the Northern region was very interested

660
00:55:37.800 --> 00:55:44.360
in making sure they had marketing boards, fertilizers, even a train from the

661
00:55:44.519 --> 00:55:50.000
north to legals to export the peanuts
out because the money came to them.

662
00:55:50.679 --> 00:55:55.000
The multary boys came and put the
federal government between the ground knots and the

663
00:55:55.159 --> 00:56:00.360
farmers. So now when the ground
nuts are made, the money, there's

664
00:56:00.400 --> 00:56:04.679
no good to in Northern region rather
it goes to a Punjab which was then

665
00:56:04.880 --> 00:56:10.119
legals right. So because the state
governors have no more incentive to grow the

666
00:56:10.400 --> 00:56:15.079
yield of ground us, they stopped
wasting their time on it. Why spend

667
00:56:15.159 --> 00:56:19.440
my time growing yield of ground so
I can wait for put Or to give

668
00:56:19.519 --> 00:56:22.920
me money. That's why Grandmuts feel
morally oil. But because there is no

669
00:56:23.119 --> 00:56:30.079
incentive for the governors for the local
government chairman to get a share of that,

670
00:56:30.280 --> 00:56:34.000
grandn Nott let me say this way, pass the bill and say,

671
00:56:34.320 --> 00:56:40.519
local government chairman, any agricultural produce
that is exported from your local government,

672
00:56:40.880 --> 00:56:45.039
the State of Niger will give you
ten percent cut to your personal bank account

673
00:56:45.480 --> 00:56:49.920
anywhere in the world. So if
I'm local government chairman of a half year

674
00:56:50.199 --> 00:56:53.679
or arrow local government area, an
arrow to Wu export crude oil, the

675
00:56:53.880 --> 00:57:00.960
government of Nigeria will pay me the
individual me ten percent to any account I

676
00:57:01.159 --> 00:57:05.960
open in any part of the world. What do you think I will spend

677
00:57:06.039 --> 00:57:10.519
my time bringing an arotrico. I
will spend my time using five percent of

678
00:57:10.639 --> 00:57:15.440
the money going will pay me to
every farmer. What is your problem?

679
00:57:15.559 --> 00:57:17.239
You don't have Fitliza, I'll get
another for you. What you don't have

680
00:57:17.360 --> 00:57:22.079
who I'll get for you. We'll
have irrigation. I will spend twenty seven

681
00:57:22.280 --> 00:57:29.840
hours out of twenty four working for
every farmer into because the more the export

682
00:57:29.960 --> 00:57:32.880
parmoil and canserver, the more my
ten percent flew to my account in the

683
00:57:34.000 --> 00:57:39.199
US. That's why Niger was making
rubber ground mood teen cocoo. That's why

684
00:57:39.719 --> 00:57:43.880
the instant you tend. Look at
government chairman. We're not gonna pay you

685
00:57:44.000 --> 00:57:46.360
ten percent anymore. Rather, I
will pay you salary. That's what fuck

686
00:57:46.519 --> 00:57:51.440
is. Fuck is salary. Will
pay you salary for my buja. Why

687
00:57:51.480 --> 00:57:53.840
should I go to buy a pharmacy
and nabbia analrotical. I'll sink you wait

688
00:57:53.960 --> 00:57:58.920
and leary the farmacy and go to
court. They don't like it because there's

689
00:57:58.920 --> 00:58:04.000
no incentive for me anymore. That's
the structure we talk about in my day

690
00:58:04.079 --> 00:58:08.039
that you have to remove. If
you don't remove the government standing between the

691
00:58:08.360 --> 00:58:15.239
farmers and income, go anywhere,
you won't go anywhere. Mister ik you've

692
00:58:15.280 --> 00:58:22.320
got the flaws that what's happening,
Malcolm X. Yeah, I'm good,

693
00:58:22.480 --> 00:58:29.440
good um, Thanks for giving me
the mic Um. Well, I've been

694
00:58:29.480 --> 00:58:34.559
listening and it's been quite educative.
Um, the ID the wader put jobs,

695
00:58:34.559 --> 00:58:37.519
so the same most of things I
would have loved to see. My

696
00:58:37.000 --> 00:58:44.360
real point is I'm not becalming about
the policy person. So the happy side

697
00:58:44.400 --> 00:58:50.159
the policies so char work. Of
course he has to crow and grow his

698
00:58:50.320 --> 00:58:55.440
boss and most before he could eventually
walk. So I think the most important

699
00:58:55.480 --> 00:59:02.719
in for us now is that recartive
ink or lass in Nigeria. So we

700
00:59:02.840 --> 00:59:07.960
have to solve that the repeaty problem. People should be able to break in

701
00:59:07.039 --> 00:59:15.159
their capital and take you out.
And then going further from that, we

702
00:59:15.320 --> 00:59:23.159
have to then organize the NIGERIAUS society
and then begin to have policy around effectiveness.

703
00:59:23.760 --> 00:59:31.079
Court saving an organization of Nagal society
and they want to have policy around

704
00:59:31.320 --> 00:59:37.679
education, adult education and being some
research and that. So because you have

705
00:59:37.760 --> 00:59:44.280
a population worthy percent can already arrived. And then having an economy that is

706
00:59:44.320 --> 00:59:49.840
not going more towards e commerce if
you can more post items safely, if

707
00:59:49.840 --> 00:59:55.199
you can more deliver it the safety
until you solve these most more problems and

708
00:59:55.360 --> 01:00:00.000
then want you to economy liberalize the
invest market. So the small problem that

709
01:00:00.079 --> 01:00:05.559
we have in our government call at
least organizing nan general post office, organizing

710
01:00:05.559 --> 01:00:09.760
our schools make people can read and
write. Um do all these most small

711
01:00:09.800 --> 01:00:15.559
politicians that organize the economy general.
Then you can start talking about whether you

712
01:00:15.639 --> 01:00:20.599
want to defend the denial or not
defending that. I think that statements making

713
01:00:20.800 --> 01:00:24.119
correct or those langerent lent met only
two things. We export poen and we

714
01:00:24.239 --> 01:00:32.159
export talents. Those are our two
biggest source of effects school hard those devaluing

715
01:00:32.320 --> 01:00:37.760
or multi value affect those teachings doesn't
really affect it. It doesn't. So

716
01:00:37.159 --> 01:00:40.440
he's not where man countries are who
use anything I don't know for problising entity.

717
01:00:40.920 --> 01:00:44.320
But okay, people say this is
one we don't produce anything. We

718
01:00:44.400 --> 01:00:47.679
produce nigients. The Philippines praise a
lot of Philippines all over the world.

719
01:00:49.119 --> 01:00:58.559
Yeah, and they two things that
does a major exports talents talent. Yes,

720
01:01:02.239 --> 01:01:07.239
okay, if if I don't see
hi, that's going to impact that

721
01:01:07.440 --> 01:01:12.840
much nobody. It's the biggest impact. If let me use an example,

722
01:01:12.960 --> 01:01:15.840
a Mecca is not it's America.
He wants to send money to his mother,

723
01:01:16.000 --> 01:01:20.840
Mamma and Mecca in our in a
half year. If dollar, if

724
01:01:20.960 --> 01:01:24.320
dollar is one to one, America
has to get a hundred dollars to send

725
01:01:24.400 --> 01:01:29.039
to my Meca. He has to
get a one hundred dollars. But if

726
01:01:29.159 --> 01:01:34.360
dollars one dollar to fifty, then
he just needs less than one hundred dollars.

727
01:01:34.400 --> 01:01:37.599
He can send her ten dollars,
which he has. When you make

728
01:01:37.639 --> 01:01:42.719
the Narra weaker, Amica sends more
dollars home. That's why when the Nara

729
01:01:42.800 --> 01:01:46.239
the values, more remittances flow.
If the Nira is stronger, there's less

730
01:01:46.280 --> 01:01:55.519
remittances direct do we rely know ever
a dollar or all is over valued?

731
01:01:57.880 --> 01:02:01.840
But we know we know because when
you want to buy your g sam phone,

732
01:02:02.280 --> 01:02:06.360
you want to pay for for Google, you want to pay for all

733
01:02:06.400 --> 01:02:09.119
this is that are priced in dollars, you pay more than if you paid

734
01:02:09.320 --> 01:02:13.599
last year. If you want to
buy its some song phone today, do

735
01:02:13.639 --> 01:02:16.199
you pay less or more the price
of the phone. The price of an

736
01:02:16.199 --> 01:02:22.400
Apple phone does not go. Apple
is almost the same in dollars, not

737
01:02:22.559 --> 01:02:25.599
in dollars. Because of the wizard
means. Now, if you get pretty

738
01:02:28.599 --> 01:02:31.000
no, don't don't. Don't I
get ways, but don't confuse everything wisdom

739
01:02:31.039 --> 01:02:36.679
means is the government borrowing. That's
the pay matter from the exchange with what

740
01:02:36.800 --> 01:02:39.920
we're saying, is this right right
if the central bank sets exchange, not

741
01:02:40.000 --> 01:02:45.079
the governor the federal government in the
Central Bank of Nigeria says we want to

742
01:02:45.199 --> 01:02:50.480
make one era today seven hundred to
day is officially not affects official lessons.

743
01:02:50.519 --> 01:02:55.320
Five on the officially, if it's
a five hundred and Mecca in Houston might

744
01:02:55.480 --> 01:03:00.840
want to build a house in his
village, so he needs five dollars to

745
01:03:00.039 --> 01:03:07.719
get five five. If you make
it one thousand America, this will send

746
01:03:07.960 --> 01:03:15.639
more dollars because it gets more Nigher
in Nigeria to be this house no healthier.

747
01:03:15.360 --> 01:03:22.000
That's the whole idea. I get
that. I get that a lot

748
01:03:22.039 --> 01:03:27.039
of sense. What I'm saying again
is this at this point in time Nigeria,

749
01:03:27.159 --> 01:03:30.719
we don't even have this. The
efface market is not the prized No,

750
01:03:30.760 --> 01:03:34.760
we have some more issue getting the
effects. So you need to solve

751
01:03:34.800 --> 01:03:39.440
the problem and then look at how
the market be to them defending and more

752
01:03:39.480 --> 01:03:43.880
defending. That makes sense for for
the columny going forward. So we need

753
01:03:43.960 --> 01:03:49.039
to solve that major problem of saying
this important neck of getting out of Nigeria.

754
01:03:49.280 --> 01:03:52.800
If we're able to solve that problem, don't then look at then till

755
01:03:52.880 --> 01:04:00.400
me which way forward we need to. I'm gonna li inbarrassment vessel. But

756
01:04:00.480 --> 01:04:03.119
understand the point we're making right.
The problem in Nigeria is that you have

757
01:04:03.199 --> 01:04:10.760
an official at official rate. I'm
official at a ficial rate. Did the

758
01:04:11.000 --> 01:04:15.840
exchange of five it's it's at a
ficial That's why there's no dollar. There's

759
01:04:15.960 --> 01:04:21.360
dollar in Nigeria. The domar account
nager is nearly twenty billion dollars dom account,

760
01:04:21.840 --> 01:04:27.280
but it's not in the CYBN.
There's dollar in Nigeria, but the

761
01:04:27.400 --> 01:04:30.719
dollar is not in the cyban.
And the Cibian will not get dollar because

762
01:04:30.800 --> 01:04:35.280
it is trying to buy dollar at
five hundred in the CBIM today says I

763
01:04:35.280 --> 01:04:40.679
will buy dollar at seven hundred.
Dollar will be plenty everywhere. The irony

764
01:04:40.760 --> 01:04:45.280
is this, if you make the
Nina weaker, the Nina will get stronger.

765
01:04:45.119 --> 01:04:48.760
But if you make Nina stronger,
the Nara will get weaker. That's

766
01:04:48.880 --> 01:04:53.360
what I'm saying. This is no
he can want, he can let me.

767
01:04:54.119 --> 01:04:56.800
I think you see what I'm saying. What I'm saying is that the

768
01:04:56.960 --> 01:05:03.639
fourth step actually is for the scipient
to remove their chicia rate, liberalize market.

769
01:05:03.719 --> 01:05:09.639
That we who can actually assess dollar
easily. Hence you're saying the value

770
01:05:09.719 --> 01:05:12.159
right, So you're saying the value. That's what you're saying. The value.

771
01:05:12.280 --> 01:05:16.679
I'm saying, go you forward.
Now you don't have to design policies

772
01:05:17.360 --> 01:05:23.360
that would tackle our fundamental problem,
so that we'll not begin to study if

773
01:05:23.400 --> 01:05:27.480
it favors us to defend Nara in
the future or to devalue Nara in the

774
01:05:27.559 --> 01:05:30.920
future, or at the moment forcing
that the government is that are coming to

775
01:05:30.000 --> 01:05:35.880
place away split the government before the
end of the four focal end of June's

776
01:05:36.039 --> 01:05:41.440
actuardly to to take out that chiciall
rate. Let's say, for instance,

777
01:05:41.440 --> 01:05:46.920
there's a company I work for,
you know, and they are depictures importers

778
01:05:46.960 --> 01:05:54.519
of making agila, parab making angila, and at some point all their resources

779
01:05:54.559 --> 01:06:00.800
were tracting an agilia. They couldn't
get dollar to import make started going through

780
01:06:00.840 --> 01:06:03.840
their sister it is South Africa,
through going through Camma, of course,

781
01:06:03.920 --> 01:06:08.719
if you remember before really very good. At some point they had to start

782
01:06:08.719 --> 01:06:15.400
selling gold. So it's crazy with
the thing change at the moment is doing

783
01:06:15.400 --> 01:06:19.599
a lot of that. To be
happy to look at it in the future,

784
01:06:19.960 --> 01:06:27.679
to know who tually favors you.
You're not happening, You're yeah.

785
01:06:27.840 --> 01:06:32.239
I wanted to add or not get
interesting conversation again, but I also wanted

786
01:06:32.280 --> 01:06:38.039
to look at the fact that we
also need to look at implication of leaving

787
01:06:38.119 --> 01:06:41.320
the start to school as an ASTI
is like if you look at Q one

788
01:06:41.480 --> 01:06:45.599
results for example UM and Toth Africa, they are fiscal. Yeah that I

789
01:06:45.679 --> 01:06:49.880
ended match it lost it to another
US in the exposure and entire just because

790
01:06:49.880 --> 01:06:54.360
of our currency. The love come
from Naja Brewis and things like that.

791
01:06:54.760 --> 01:06:57.960
So it tells you that our market
is in efficience it works for business.

792
01:06:58.000 --> 01:07:01.760
A second be also need to look
at what happens to Pan too. That's

793
01:07:01.800 --> 01:07:06.000
why the fact that allowed their currency
to be a peer market with more market

794
01:07:06.119 --> 01:07:12.159
driven but we saw that this kind
sipping and developed a leverage that You're right,

795
01:07:12.639 --> 01:07:15.519
it seems to be a pity human
because we are a paper and we

796
01:07:15.679 --> 01:07:19.599
have the aspora that to really campaign
money. But we also need to look

797
01:07:19.639 --> 01:07:23.800
at time is running out, the
cost of growing is going up. Treasury

798
01:07:23.880 --> 01:07:30.239
PEWS is giving us a US strategy
for the average for an investor to invest

799
01:07:30.320 --> 01:07:35.679
in our market. And also with
all these programmers in our mine. I

800
01:07:35.719 --> 01:07:39.840
want to ask you a question because
you know based on things that I mean,

801
01:07:40.079 --> 01:07:43.320
and that's where my peer is coming
from. You know it's very likely

802
01:07:43.400 --> 01:07:49.440
to CPN governor doesn't remain an office, but the appointment very likely he's gone

803
01:07:51.880 --> 01:07:58.840
put the department. Margin is that
the market needs something of the deputy.

804
01:07:59.079 --> 01:08:02.440
He needs to some stand. But
when you have the postical appointee plubly nomittance

805
01:08:02.480 --> 01:08:09.159
for recipient, it makes it use
fires around your group because you know positical

806
01:08:09.199 --> 01:08:14.079
appointments an the institutional themmunity will compromise
and pay. So I want to ask

807
01:08:14.159 --> 01:08:18.479
that how do you see the world
advice you can present seen taking the phos

808
01:08:18.520 --> 01:08:23.199
six months knowing through the whether yes
we have to the value, but other

809
01:08:23.319 --> 01:08:29.359
issues like marketing efficiency removing from me
and showing the banks, like using a

810
01:08:29.520 --> 01:08:32.399
narrow card in taking the time be
happy. You could use the Anara cards

811
01:08:32.560 --> 01:08:36.319
abroad, but because of the currency
every subcestimes there's a quote that just some

812
01:08:36.479 --> 01:08:41.039
big city and standard check that allows
you to use to eddos and again star

813
01:08:41.119 --> 01:08:44.680
Chackle has removed it. So I
want to ask what do you think replications

814
01:08:44.720 --> 01:08:47.840
are you see the honest you limited? Is this right? The nation is

815
01:08:47.920 --> 01:08:56.359
broke. The only thing that's keeping
Nigeria afloat today are the remittances coming from

816
01:08:56.399 --> 01:09:00.760
the Nigents abroad, not even trade. The trade is warbly. We've seen

817
01:09:00.840 --> 01:09:08.720
the oil revenues almost go back now
to zero because the insecurity, the exports,

818
01:09:08.720 --> 01:09:11.800
the VAT and all that. It
looking good, but the inflation is

819
01:09:11.840 --> 01:09:15.520
twenty two percent. So whatever we
are getting this year is twenty two percent

820
01:09:16.039 --> 01:09:20.159
less. I inflated away right,
so at the cost of government. I've

821
01:09:20.159 --> 01:09:25.319
been growing up. So in terms
of the FOEX side, the country is

822
01:09:25.399 --> 01:09:30.199
broke. If you take away the
remittances, then we are nil. If

823
01:09:30.319 --> 01:09:33.560
you are a president that comes in, the way you get remittances up is

824
01:09:33.600 --> 01:09:40.439
to attract them, so you devalue. You even allow crypto. Are saying

825
01:09:40.439 --> 01:09:43.439
in an aby, you know,
should we say regulated manner? You can

826
01:09:43.520 --> 01:09:46.239
say, okay, you can do
remittances via crypto to the federal government or

827
01:09:46.279 --> 01:09:50.000
something like that. So that way, even if it's just by messaging,

828
01:09:50.600 --> 01:09:55.600
you are singing that there's a new
sheriff in town that is more open to

829
01:09:55.800 --> 01:09:59.560
market reforms that would bring more confidence. What I'm looking for is that word

830
01:10:00.079 --> 01:10:05.359
confidence. You have to very quickly
introduce confidence to the market that the guys

831
01:10:05.439 --> 01:10:12.840
that bringing portfolio investments can see that
Nigeria is a place where you can put

832
01:10:12.920 --> 01:10:15.279
money minutes for three months, make
some money and take it out. You

833
01:10:15.359 --> 01:10:21.760
are right to point the fact that
in America today, these safe investments are

834
01:10:21.840 --> 01:10:30.000
paying you five percent per annum on
a certificate of deposit that is FDIC insured.

835
01:10:30.920 --> 01:10:36.159
When Nigeria issued the eight point five
percent bill for thirty years, that

836
01:10:36.439 --> 01:10:42.840
was a very very high paying instrument
in America. Then rate were from zero

837
01:10:43.399 --> 01:10:47.239
to two percent. Now America is
paying five percent, so the premium is

838
01:10:47.319 --> 01:10:54.239
three percent. Why would I a
risk three percent and invest in Nigeria when

839
01:10:54.319 --> 01:10:58.880
I can do five percent in safe
America. So because that risk window is

840
01:10:59.000 --> 01:11:02.239
closing, is becoming more difficult for
Nigeria to get money. So if you're

841
01:11:02.279 --> 01:11:05.640
the next president, you have got
to appoint someone. You have to I

842
01:11:05.800 --> 01:11:10.840
said the tweet, you have to
look for someone that is both or Condre

843
01:11:11.039 --> 01:11:16.079
Weller and Shaddya do combine together in
name that people will see shady and or

844
01:11:16.159 --> 01:11:19.600
Condre a weller. It doesn't have
to be an economist. You don't have

845
01:11:19.680 --> 01:11:24.199
to have an economist. As a
Serbian governor or a Minister of Finance.

846
01:11:24.640 --> 01:11:30.640
You need an internationally respected person.
I can come and say Nigeria has done

847
01:11:30.079 --> 01:11:34.479
rubbish in the past, but going
forward, I'm going to be independent and

848
01:11:34.600 --> 01:11:39.479
are going to work to fix this
mess. Ganner collapsed in less than six

849
01:11:39.560 --> 01:11:45.079
months. Less than six months.
As at April twenty twenty one, Ganner

850
01:11:45.199 --> 01:11:51.199
issued a bond. That bond was
over subscribed by one hundred percent. They

851
01:11:51.319 --> 01:12:00.760
offered three billion, they got six
billion April twenty twenty one. By February

852
01:12:00.520 --> 01:12:06.680
twenty twenty two, their bonds were
down graded to junk. So the economy

853
01:12:06.720 --> 01:12:12.920
of a nation can collapse in twenty
four hours because we now have this international

854
01:12:13.039 --> 01:12:16.079
flow of funds. It can happen
in Niger. That would Niger wake up

855
01:12:16.359 --> 01:12:19.760
and people just say we've had enough. Were Dona got bern and Duran bonds

856
01:12:19.960 --> 01:12:26.920
were going into Niger, Nina will
collapse or the reverse can happen. People

857
01:12:26.960 --> 01:12:31.520
will say, we like the policies
of this new president. Hence we're going

858
01:12:31.600 --> 01:12:35.840
to take a bet that Nigeria is
going to be the next giant in the

859
01:12:36.039 --> 01:12:40.600
next ten years and the wind flow
on into Nigeria. You only get that

860
01:12:40.720 --> 01:12:45.319
done when you appoint a cabinet and
a finance and the Sbian governor. So

861
01:12:45.439 --> 01:12:49.439
you see what policy is over.
You know we're done with politics. Right.

862
01:12:49.920 --> 01:12:53.960
My advice to the whoever is going
to be incoming, my advice to

863
01:12:54.079 --> 01:13:01.159
use this Remove all those people in
your government that would attract any political noise.

864
01:13:01.680 --> 01:13:05.880
All those clowns in your government now
that are doing fighting with people on

865
01:13:06.000 --> 01:13:13.159
Twitter posting to politics. Leave all
of them in the desert of Namibia.

866
01:13:13.399 --> 01:13:23.399
Leave them there and appoint a national
government of unity with technocrats and respected economies.

867
01:13:23.439 --> 01:13:26.079
There are people that when they see
if you are appoint some people as

868
01:13:26.119 --> 01:13:30.439
your Cbian governor, even people I
don't like you, be like this man

869
01:13:30.560 --> 01:13:34.960
wants to work. Let me tell
you you're let's go political. The region

870
01:13:35.000 --> 01:13:40.239
of the country where you're going to
have the biggest problem today, and I'm

871
01:13:40.279 --> 01:13:44.960
talking to the incoming guy, right, it's a southeast of Nteria. The

872
01:13:45.239 --> 01:13:53.039
Southeast of Najua do not hate anybody. They want to do business. The

873
01:13:53.439 --> 01:14:00.600
present president to Harry, appointed the
Southeast person twice as VP and did not

874
01:14:00.760 --> 01:14:05.600
vote for him. The South is
voted for a Northerner, a Westerner.

875
01:14:05.960 --> 01:14:13.000
Those guys are not entrusted in who
is the president. They're interested in competence

876
01:14:13.640 --> 01:14:18.560
and they do trade, they do
remittances. When you bring out a government

877
01:14:18.720 --> 01:14:26.359
that signals that I am here for
business, I am here for productivity,

878
01:14:26.800 --> 01:14:32.479
I am here to create wealth for
Nigerians, they will reciprocate. You don't

879
01:14:32.520 --> 01:14:36.520
need to go and do I will
build you bridge. I will be known.

880
01:14:36.960 --> 01:14:41.520
They will reciprocate and they will follow
you. I'm saying, these old

881
01:14:41.520 --> 01:14:47.000
people are going to attack me,
So focus on getting the confidence of Nigerians

882
01:14:47.239 --> 01:14:54.800
immediately. Then the international community will
follow. Don't do they leave all those

883
01:14:55.239 --> 01:14:59.319
and I'm condemned clowns behind the ones
that are going to cause all the same

884
01:14:59.399 --> 01:15:04.399
make or is comment about tribe,
ethnicity and religion. Leave them alone.

885
01:15:05.159 --> 01:15:11.720
You have a big war coming for
you. They've devalued your currency. They've

886
01:15:11.880 --> 01:15:15.880
loaded you up with thirty one trillion
in debt. This is just ways and

887
01:15:16.039 --> 01:15:19.760
means. They have loaded you up
in such a matter that you cannot even

888
01:15:20.439 --> 01:15:26.399
You have no revenues. All your
revenues have been eaten up by interest payments,

889
01:15:26.479 --> 01:15:30.720
not even salary interest payments. You
have no color revenues. They stay

890
01:15:30.760 --> 01:15:35.239
in the oil natural delta. So
when you enter office today, you are

891
01:15:35.279 --> 01:15:40.359
going to be and taking an office
that is broke, so you don't have

892
01:15:40.520 --> 01:15:45.359
time for nonsense. You want to
get in and you want to start working.

893
01:15:45.720 --> 01:15:48.880
You need a government of national unity
reach out to everyone, not by

894
01:15:48.920 --> 01:15:57.520
appointing people into office, but by
creating policies that signal to every Nigerian that

895
01:15:57.640 --> 01:16:01.520
I am here to do business,
I am here to create wealth and the

896
01:16:01.760 --> 01:16:06.840
nission will reciprocate. That's my takele. If you like, go and puts

897
01:16:08.000 --> 01:16:12.680
that one that says I don't know, Um okay, okay, you've got

898
01:16:12.720 --> 01:16:19.399
the flaw, sir, go ahead, okay, um good even yeah,

899
01:16:19.680 --> 01:16:27.800
my just my my little question,
um, is this because when when okay,

900
01:16:27.840 --> 01:16:32.399
if we value neira because I'm a
kind of businessman, you know can

901
01:16:34.399 --> 01:16:41.439
okay, So if you cannot the
value the neira, you know, something

902
01:16:41.479 --> 01:16:44.840
that we used to purchase or something
that we used to purchase one more five

903
01:16:45.000 --> 01:16:49.439
hundred na we now become one thousand, for instance, I think, okay,

904
01:16:49.680 --> 01:16:54.840
something like that. Correct, then
okay, But what I'm asking you

905
01:16:54.920 --> 01:16:59.159
know that if he starts, people
will not be happy. People will not

906
01:16:59.359 --> 01:17:03.359
feel feel that's happy, true,
because I do know for now things that

907
01:17:03.439 --> 01:17:06.399
we used to say fifteen n and
now we used to say this like like

908
01:17:06.520 --> 01:17:12.039
now one fifty two hundred and so
now if people start buying things as far

909
01:17:12.319 --> 01:17:15.680
that thing that we used to say
that fifteen and how we people react as

910
01:17:15.760 --> 01:17:18.840
of the moment. You know that
so many people, so many people are

911
01:17:18.880 --> 01:17:24.520
able to know that that the value
that the word that are buying now what

912
01:17:24.680 --> 01:17:29.279
are buying them? This multipa what
are buying now? So I don't I

913
01:17:29.439 --> 01:17:32.279
don't. I don't think that maybe
easy that we if we devalue it now,

914
01:17:32.760 --> 01:17:38.119
then that they don't grow then and
then the second thing, yea before

915
01:17:38.199 --> 01:17:42.079
you look at before you look at
production or a look at products enters the

916
01:17:42.159 --> 01:17:45.159
market like this is very very hard
than all this for them products. So

917
01:17:45.279 --> 01:17:47.560
some other people, I don't know
if we are going to change your intation

918
01:17:48.600 --> 01:17:54.000
of our people then they talked to
him. If they devalue doubt, I

919
01:17:54.039 --> 01:17:58.560
hope that they will increase the government. We also increase the salary of the

920
01:17:58.600 --> 01:18:05.039
work has Because if you're Okayan,
I want you to stay back and I

921
01:18:05.159 --> 01:18:09.000
want to write this question. I
want to answer three of them that are

922
01:18:09.359 --> 01:18:14.239
very very good questions, are real, real day to day questions. So

923
01:18:14.920 --> 01:18:17.760
so remember the order to your first
questions. You're asking that when we devalid

924
01:18:17.880 --> 01:18:20.960
Nira, right, you are asking
that the prices are going to go up.

925
01:18:21.960 --> 01:18:26.079
Okay, so prices are gonna go
up. So what's gonna happen?

926
01:18:26.399 --> 01:18:30.680
So okay, can remember that economics
is like a cycle. Let's take a

927
01:18:30.800 --> 01:18:34.239
bad shoes. Let's take shoes made
a number before in the nineteen seventies,

928
01:18:34.239 --> 01:18:38.119
there was no a bad shoes.
Were import all our shoes from Italy,

929
01:18:38.239 --> 01:18:42.399
you know now because it's a part
the utlip. Shoes are cheap. When

930
01:18:42.520 --> 01:18:45.720
the Nira got divalid in nineteen seventy, what happened to Italian shoes? Their

931
01:18:45.800 --> 01:18:51.359
price went up because we devalid Nira, So we need more Nira to buy

932
01:18:51.399 --> 01:18:58.159
Italian shoes. So now nobody in
our BA can buy Italian shoes anymore.

933
01:18:58.159 --> 01:19:02.279
They're expensive. So what happened?
What happened? Aba shoes then came so

934
01:19:02.479 --> 01:19:06.199
what to happen? We are forced
to start buying the so what they what

935
01:19:06.359 --> 01:19:11.640
happened? Now they have to go
to Carnal and get canal leather. Then

936
01:19:11.680 --> 01:19:15.359
they went to a do and got
a do gum, you know. Then

937
01:19:15.399 --> 01:19:17.960
they went to Abba and they start
to stake those lookal shoes that were very

938
01:19:18.039 --> 01:19:23.199
very bad quality then. But over
the years Aba shoes and are looking like

939
01:19:23.439 --> 01:19:28.239
Italian shoes now because they were able, they were forced to buy the local

940
01:19:28.359 --> 01:19:31.640
ones and make it, you know, good to start to wear. Right,

941
01:19:32.119 --> 01:19:38.239
that's the cycle of economics. When
the import become expensive, it creates

942
01:19:38.399 --> 01:19:45.159
an opportunity for a substitute to come
to the market to replace that expensive import.

943
01:19:45.880 --> 01:19:50.359
Because if you don't do it this
way, Abas shoes can never ever

944
01:19:50.520 --> 01:19:57.720
compute to Italian shoes. Never.
So over time now Abba shoes are now

945
01:19:57.840 --> 01:20:01.880
cheaper than Italian shoes and your quality
has also gone up in price. So

946
01:20:02.039 --> 01:20:04.680
that's what will happen when you devalue. You have to remember your You have

947
01:20:04.760 --> 01:20:11.880
to tie the value to trade.
If you simply devalue for the valuing sake,

948
01:20:11.960 --> 01:20:15.319
you are making people to suffer.
But if you say you want to

949
01:20:15.479 --> 01:20:20.840
devalue so that Abbas shoes will become
cheaper and people will start to buy a

950
01:20:20.920 --> 01:20:24.640
Ba shoes, you don't have to
burn it all your shoes. Nobody will

951
01:20:24.640 --> 01:20:29.239
buy it. It's expensive, so
the market will flow to Aba. What

952
01:20:29.399 --> 01:20:32.399
else will happen? Trade of leather
from Canal to Aba will go up.

953
01:20:32.479 --> 01:20:36.239
You are creating jobs. Trade of
gum from a door to aba will go

954
01:20:36.359 --> 01:20:40.800
up. You are creating jobs.
Tax revenues will go up because as you're

955
01:20:40.880 --> 01:20:44.960
doing leather, you are paying tax
in Nigeria. That's why the valuation is

956
01:20:45.000 --> 01:20:48.800
an advantage. But people look at
only the So do you get the point

957
01:20:48.840 --> 01:20:53.800
of making Yeah, yes, I
got to open clearing. Now, then

958
01:20:53.920 --> 01:20:58.399
why government taking time to do all
these things? Because the government is because

959
01:20:58.399 --> 01:21:03.600
the government does not do devolution Nigeria
as a strategy. They are devaluing because

960
01:21:03.640 --> 01:21:10.279
they don't have money to pay the
airlines, so they devalue in quote not

961
01:21:10.359 --> 01:21:14.159
just and they don't have money.
So when they devalue, they're able to

962
01:21:14.279 --> 01:21:18.479
get more nigher per dollars. That's
all they're interested in. They're not devoluing

963
01:21:18.520 --> 01:21:25.199
because they want to link industries together
to make the economy grow. They are

964
01:21:25.279 --> 01:21:30.319
not devoling as a strategy but as
a response. So look at it this

965
01:21:30.399 --> 01:21:32.960
word. Okay, okay kay.
When you sell one million barrels of crude

966
01:21:33.000 --> 01:21:38.520
oil, you get say, let's
say you get one million dollars that womenon

967
01:21:38.560 --> 01:21:45.960
dollars is seven is five hundred million
Nier to Nigeria officially. What if what

968
01:21:45.119 --> 01:21:50.039
if your oil sales have are now
being bunkered, you cannot sell oil again?

969
01:21:50.199 --> 01:21:54.600
What do you do if you're no
longer selling womnn barrels? You're listening

970
01:21:54.640 --> 01:21:58.560
five hundreon barrels you devalue, so
they are five hundreds dolon barrels. If

971
01:21:58.600 --> 01:22:02.479
you're devoue nira, you get this
same five one million nira because you're devalued

972
01:22:02.560 --> 01:22:08.840
on your nira. That is devalued
as a response, not as a strategy.

973
01:22:09.880 --> 01:22:15.479
The Chinese are devaluing as a strategy
to export, same as the Vietnamese,

974
01:22:16.079 --> 01:22:18.439
but we are not. That's why
you see the war alie that once

975
01:22:18.520 --> 01:22:21.960
one pole said the valid, they
hit it because to them means prices going

976
01:22:23.079 --> 01:22:28.239
up. But if prices of cars
go up so that innocent can make cars

977
01:22:28.279 --> 01:22:32.119
in Nigeria are cheaper, nobody will
complain. If price of textiles go up

978
01:22:32.439 --> 01:22:38.399
so that they cannot textiles can make
textiles cheap, and nobody who complain creat

979
01:22:38.479 --> 01:22:43.319
Does that make sense? Yes,
it makes perfect. Second, as the

980
01:22:43.359 --> 01:22:45.600
second question said, there are good
questions, and so the second question what

981
01:22:45.680 --> 01:22:51.239
you're asking about If you don't remember
that you asked me, I lost,

982
01:22:51.680 --> 01:22:57.199
I lost my line of thoughts.
But this place on please I want you

983
01:22:57.199 --> 01:23:00.119
to answer you also, then you
know I seeing them Some of my friends

984
01:23:00.199 --> 01:23:08.560
travel our travels to to to to
west down where because of this money issue,

985
01:23:08.600 --> 01:23:11.880
because they want a situation whereby when
they make money, they when they

986
01:23:11.960 --> 01:23:14.760
arrive dis place they have a lot
of money to do things they want to

987
01:23:14.880 --> 01:23:17.119
do. Yeah, so I don't
know. I don't know where. Maybe

988
01:23:17.159 --> 01:23:20.560
our mentality I have not changed,
and maybe or is in a system of

989
01:23:20.720 --> 01:23:26.800
education I have not changed to make
use to see reasons towards production more than

990
01:23:27.000 --> 01:23:31.119
we are we can find job so
well, good question again again remember right,

991
01:23:31.239 --> 01:23:33.960
if you look at the there's a
chatter they published in the US where

992
01:23:33.960 --> 01:23:41.520
they talk about the richest Americans by
what they do the richest people in any

993
01:23:41.680 --> 01:23:47.479
economy at the business owners, then
the middle class, then they employed.

994
01:23:48.600 --> 01:23:53.760
The primary Nigeria is that it is
very difficult to have a job trying to

995
01:23:53.840 --> 01:23:59.479
build a business in Nigeria. Let's
take a can we all grew up writing

996
01:23:59.520 --> 01:24:02.239
they can do in the east,
right? Can you imagine what it will

997
01:24:02.279 --> 01:24:08.880
take to create an account of Juggal
today with the bad road, expensive diesel,

998
01:24:09.359 --> 01:24:14.760
police on the road and all that
insecurity, So it's a lot of

999
01:24:15.119 --> 01:24:18.159
problem to have a business in Nigeria. It is cheaper, I know.

1000
01:24:18.319 --> 01:24:21.560
I argue this point. It's a
bad point to just take your money and

1001
01:24:21.720 --> 01:24:27.079
buy federal government bonds and make ten
percent than creating the buliness in Nigeria.

1002
01:24:27.720 --> 01:24:31.720
Whenever the risk perit of any country
is very, very high, it's not

1003
01:24:31.880 --> 01:24:39.039
good because that means that entrepreneurs don't
have an incentive to invest in the real

1004
01:24:39.079 --> 01:24:43.199
economy. So you're first going to
America. They are actually they're actually reacting

1005
01:24:43.199 --> 01:24:47.439
in a smart way. Why working
Nigeria when you can do the same working

1006
01:24:47.439 --> 01:24:53.079
on America. Get the same dollar, bring to Nigeria and build a house.

1007
01:24:53.479 --> 01:24:55.800
It's not just the money, the
opportunity in America. I give you

1008
01:24:55.880 --> 01:25:00.720
example. In America, I take
five percent of money and buy a house.

1009
01:25:00.960 --> 01:25:04.199
If the house is working hundred Nina, I can buy the house with

1010
01:25:04.399 --> 01:25:09.479
five dollars. Then I go to
the low bank and take a loan with

1011
01:25:09.600 --> 01:25:14.680
that same house and take the money
from that loan to Nigeria, buy land,

1012
01:25:15.079 --> 01:25:17.760
build house, sell the house,
go back to America and pay for

1013
01:25:17.880 --> 01:25:21.920
the loan. Why because they have
the structure in America to do that not

1014
01:25:23.079 --> 01:25:28.720
in Nigeria. So people go to
America because they are more opportunities. When

1015
01:25:28.720 --> 01:25:30.199
I'm in America, I mean that, Jack Baying. That's the problem.

1016
01:25:30.720 --> 01:25:35.159
If if the country wants to keep
its young people who create opportunities and people

1017
01:25:35.199 --> 01:25:41.039
will stay. Nobody wants to come
here to America. It's called they don't

1018
01:25:41.079 --> 01:25:43.199
have pepper. They don't have it. They don't have it. What's it

1019
01:25:43.279 --> 01:25:46.720
called the abacher in America. So
everybody wants stay in Nigeria, but you

1020
01:25:46.760 --> 01:25:50.520
can't stay in Nigeria. If they're
no jobs. They're no jobs to Nigeria.

1021
01:25:50.640 --> 01:25:55.279
If the government, for me,
if the government is wise, If

1022
01:25:55.319 --> 01:25:59.159
a government wants to be wise,
they should. I don't know what they

1023
01:25:59.199 --> 01:26:03.960
should listen to. This Eastern people
I don't want, don't don't put us

1024
01:26:04.000 --> 01:26:08.920
in trouble. Okay, I don't
think it's sad. Okay, let me

1025
01:26:09.159 --> 01:26:12.680
let me just I don't want to
enter trouble. Let me tell you,

1026
01:26:12.720 --> 01:26:16.279
Okay, every nine Jeri and every
niger An economist, every nagent, said

1027
01:26:16.279 --> 01:26:20.800
trader, every Nigerian knows what to
do. We just have a government that

1028
01:26:20.840 --> 01:26:24.000
does not listen. Like you said, it's not Southeast. If you go

1029
01:26:24.119 --> 01:26:30.600
to Carno legesture. You will see
traders for centuries making money. But somehow

1030
01:26:30.680 --> 01:26:35.680
with Najaza has allowed the government to
come between the people and business. That

1031
01:26:35.760 --> 01:26:40.079
we've not changed when we when we
get there, when we start to link

1032
01:26:40.159 --> 01:26:45.600
the government to our personal pockets,
maybe will change. I've got a busy

1033
01:26:45.479 --> 01:26:50.520
Sharbo. How are you say?
I don't know if you found out CEO

1034
01:26:50.720 --> 01:26:57.760
a busy shari BUTU investments how are
you say? Did you do? You've

1035
01:26:57.800 --> 01:27:05.199
got the floor going once a busy
es, a busy sets abuses. I've

1036
01:27:05.199 --> 01:27:10.359
got damilad Lola, the carls.
How are you so that's a nice picture

1037
01:27:10.399 --> 01:27:20.520
over there? So once maybe discussed
from this topical valuation, it's a it's

1038
01:27:20.560 --> 01:27:27.279
a broad stroke approach as opposed small. I think the previous picatus now spoke

1039
01:27:27.319 --> 01:27:35.079
about plan um using devolution and strategy, but devolution as a as a strategy

1040
01:27:35.199 --> 01:27:41.359
more it's more the broad stroke approach
because so instead of us targeting more like

1041
01:27:41.800 --> 01:27:46.279
we're trying to encourage the example of
the leather production or shoe production and nager

1042
01:27:47.039 --> 01:27:54.479
instead of basically certain trade in port
or basically increasing import levels for shoes,

1043
01:27:55.239 --> 01:28:00.359
and then we choose to devalue the
entire era as opposed to targeting specific intries

1044
01:28:00.439 --> 01:28:03.600
and trying to encourage those industries to
grow within the within the country. That's

1045
01:28:03.640 --> 01:28:08.720
the most specific approach, rather than
putting the entire economy or at least the

1046
01:28:08.920 --> 01:28:13.960
entire economy on the general stress,
as opposed to just gets an individual industry

1047
01:28:13.960 --> 01:28:15.760
that wants to grow. For example, let's say would like to increase the

1048
01:28:16.119 --> 01:28:23.000
production of innocence. Why don't you
just simply target this important levels that comments

1049
01:28:23.199 --> 01:28:29.920
of important cards into into the country. Thereby we specifically targets increasing the price

1050
01:28:30.000 --> 01:28:33.119
of important cards. That's something I
think most of our economies use. Trump

1051
01:28:33.279 --> 01:28:39.840
used it during the during the trade
war with China, targeting specific industry rather

1052
01:28:39.840 --> 01:28:45.199
than just targets in the entire broad
broad stroke right approastro approa. It makes

1053
01:28:45.279 --> 01:28:49.039
more sense to use more precise approaches
rather than just using the evaluation of the

1054
01:28:49.279 --> 01:28:54.600
entire n because then I would cost
a lot more stress, which would then

1055
01:28:54.760 --> 01:29:00.840
consequently to political unrest in the entire
economy, and that I don't think a

1056
01:29:00.920 --> 01:29:05.920
new government who wants to handle that. Yeah, yeah, I get you,

1057
01:29:06.000 --> 01:29:10.159
I get your point. Yeah,
and it's two you're talking about two

1058
01:29:10.239 --> 01:29:13.079
topics like if you look at it
this way, right, So Trump did

1059
01:29:13.159 --> 01:29:18.119
trade tariffs to target tram still um, what's it called? Order comes from

1060
01:29:18.199 --> 01:29:25.520
just from China? Still an aluminium
from China specific targeted to trade tarifs.

1061
01:29:26.000 --> 01:29:29.399
But Trump didn't touch the exchange with
it. He can because the dollar is

1062
01:29:29.399 --> 01:29:31.039
floating. He is free floating.
He can if he wants to, he

1063
01:29:31.159 --> 01:29:34.960
can ask that, he can act
the Fed to borrow. He can do

1064
01:29:35.119 --> 01:29:39.640
certain policy that will target the dollar. But they didn't touch a dollar.

1065
01:29:40.079 --> 01:29:43.640
He targeted tarifs, which is trade, and of course trade is tied back

1066
01:29:43.680 --> 01:29:47.399
to the currency. And his point, his point towards this, the US

1067
01:29:47.760 --> 01:29:53.680
has has the trade deficit with China
because we're buying lots of stuff from you

1068
01:29:53.760 --> 01:29:57.920
guys. You guys are not buying
from most His entire plan was to force

1069
01:29:58.000 --> 01:30:01.279
the Chinese to buy more, like
a call tramp products from America because that

1070
01:30:01.319 --> 01:30:05.039
would help him politically and also help
the economy. And in the way it

1071
01:30:05.119 --> 01:30:09.479
worked, if you can see him
until today, the Biden actrition is still

1072
01:30:09.520 --> 01:30:14.960
fighting with China on the same Trump
policies that they were against when Trump was

1073
01:30:15.039 --> 01:30:18.000
doing it. So, but tariffs
are you know, they're illegal, right.

1074
01:30:18.079 --> 01:30:23.079
You know, the world trade againonal
wasn't like tariffs. Trump was able

1075
01:30:23.119 --> 01:30:26.279
to do it because it says that
he made an argument that the Chinese were

1076
01:30:26.479 --> 01:30:31.800
illegally, illegally propping up the local
industries in China, hence they were dumping

1077
01:30:31.920 --> 01:30:36.840
cheap products in America. But guess
what Trump did again that which goes to

1078
01:30:36.920 --> 01:30:44.319
your point. Trump went back to
America and created the conditions for manufacturing America

1079
01:30:44.640 --> 01:30:51.159
to thrive. Before Trump became president, the corporate tax rate in communist China

1080
01:30:53.039 --> 01:30:58.520
was was lower than capitalist America.
Just let mess that again to saw you

1081
01:30:58.640 --> 01:31:05.359
follow. Before Trump became president,
the corporate tax rate in communist China was

1082
01:31:05.560 --> 01:31:12.840
higher. Also, was lower than
the corporate tax rate in capitalist China.

1083
01:31:13.279 --> 01:31:16.199
So what did Trump do? He
reduced taxes in America. You know,

1084
01:31:16.319 --> 01:31:21.319
he passed the Opportunity Trade Act.
He tried to start to work on after

1085
01:31:21.479 --> 01:31:26.640
he really knewed to whatever right that
created the conditions. He passed in that

1086
01:31:27.199 --> 01:31:31.720
tax cut the provision that you could
repatriate front from anywhere in the world back

1087
01:31:31.760 --> 01:31:36.239
to America one time, no taxes. So the point that makes that even

1088
01:31:36.279 --> 01:31:40.560
if you do trade tariffs, right, you still have got to come back

1089
01:31:40.560 --> 01:31:45.520
to Nigeria and create the policies locally
that when industrialist wants to come back to

1090
01:31:45.680 --> 01:31:49.119
Nigeria, they have an advantage.
They want, they have an incentive to

1091
01:31:49.199 --> 01:31:57.199
come back. You have your hand
up also them other go ahead unswer the

1092
01:31:57.279 --> 01:32:05.000
question them to me amage maybe as
your point you said them it m it

1093
01:32:05.119 --> 01:32:15.479
targeted this did industry however? Oh
okay, yeah. So the point again

1094
01:32:15.520 --> 01:32:19.159
I make is that Trump did the
internal then the external. So he did

1095
01:32:19.319 --> 01:32:23.520
he fixed the internal side of the
economy, then he went out to China.

1096
01:32:23.840 --> 01:32:28.640
If we simply close our borders like
we did in Nigeria with doubt fixing

1097
01:32:28.760 --> 01:32:32.079
the need why we don't have we
can grow demand. In Nigeria's point of

1098
01:32:32.159 --> 01:32:34.760
making, we have to do internal
and extern. You just can't close the

1099
01:32:34.880 --> 01:32:40.760
border and expect rise production will go
up. That's appointment to make. Hey

1100
01:32:41.720 --> 01:32:46.880
got maybe maybe yeah. For example, you you mentioned the fact that um

1101
01:32:47.239 --> 01:32:53.800
with that with global trades that using
maybe trade the trade tarifts or maybe considered

1102
01:32:53.840 --> 01:32:58.279
illegal. However, I think almost
every every contentment, almost every contry does

1103
01:32:58.359 --> 01:33:00.319
that. For example, and say
the European need I live in European Union,

1104
01:33:00.680 --> 01:33:06.520
and then for example we have this. This agricultural policy is common CP

1105
01:33:06.880 --> 01:33:12.800
common a cultural and policy of the
European Union. Certain certain products are much

1106
01:33:12.880 --> 01:33:15.399
cheaper. For example, beef is
much cheaper to produced in South America,

1107
01:33:15.720 --> 01:33:20.119
much cheaper to produced in America,
and it's much chiapers didn't produce there and

1108
01:33:20.199 --> 01:33:25.960
transport down to Europe. However,
they also set of these certain policies that

1109
01:33:26.119 --> 01:33:30.159
prevent importation of these products into their
country. Technically they might not call it

1110
01:33:30.640 --> 01:33:36.359
um um trade levels or maybe important
levels, but they also setting policies that

1111
01:33:36.560 --> 01:33:42.880
reduces lest that reduces the incentives to
import this products industrhere economy. They are

1112
01:33:42.880 --> 01:33:45.560
by encouraging local production. So if
I think that instead of taking a completely

1113
01:33:45.640 --> 01:33:49.800
broad approach, as you said,
amen with them devaluation, it makes more

1114
01:33:49.800 --> 01:33:56.359
sense to just go precisely caless specific
industries, target challenges that are facing these

1115
01:33:56.399 --> 01:34:01.039
industries, and then fund solutions to
antist industries. I think that's a much

1116
01:34:01.199 --> 01:34:08.800
more mutable approach to No. I
agree with you, I agree with you

1117
01:34:08.920 --> 01:34:11.960
completely, and that's what we should
do. I'm agreeing with you. I'm

1118
01:34:12.000 --> 01:34:15.119
saying yes, and I'm saying we
can copy what you How the US does

1119
01:34:15.159 --> 01:34:18.119
it? You know, target the
industry fixed internal today that I totally agree

1120
01:34:18.159 --> 01:34:21.199
with you, and I'm just making
the further point again, do you go

1121
01:34:21.279 --> 01:34:26.560
to your point on tariffs? The
fature is a myth. There is no

1122
01:34:26.760 --> 01:34:31.279
free trade anywhere on Earth. You
cannot pull up any country that allows one

1123
01:34:31.359 --> 01:34:36.640
hundred percent imports into his country.
None, the US, China, Vietnam,

1124
01:34:36.920 --> 01:34:41.560
Israel, EU none. Literally a
matter of fact, the EU is

1125
01:34:41.760 --> 01:34:47.159
hypocritical. They want to ban imports
of palm oil because it harms the economy.

1126
01:34:47.520 --> 01:34:53.000
What are they going to replace palm
oil with sunflower oil? Weigh sunflower

1127
01:34:53.079 --> 01:34:58.319
oil grown France. They also want
to now put a cab on pay attention

1128
01:34:58.359 --> 01:35:01.399
and they want to put a cab
on harriff on all imports. So if

1129
01:35:01.520 --> 01:35:06.960
any protecture important to the EU has
carbon, what is carbon? Fertalizer,

1130
01:35:08.439 --> 01:35:13.880
steel, cements and internet has what
I mean carbon is made from carbon or

1131
01:35:14.000 --> 01:35:16.359
it has carbon. So if you
make a cheer, let maybe make it.

1132
01:35:16.520 --> 01:35:21.680
If you make a Nollywood movie with
generator to make that Nollywood movie,

1133
01:35:21.720 --> 01:35:28.279
yeahs in carbon. The EU will
tax that film, that Nollywood film a

1134
01:35:28.479 --> 01:35:31.880
carbon tax because they want you in
Nigeria to go green. But it's all

1135
01:35:32.000 --> 01:35:39.239
hypocrisy. They are simply protecting their
market from cheaper imports from Nigeria and Vietnam.

1136
01:35:39.560 --> 01:35:45.079
So they say it's carbon tax when
they know you cannot easily change over

1137
01:35:45.279 --> 01:35:50.039
from generator to solar. So no
country does free trade. And we have

1138
01:35:50.239 --> 01:35:53.920
to be smart. But you just
can't come and say I ban you.

1139
01:35:54.439 --> 01:35:56.880
You do how Trump did it?
You know you do your own study.

1140
01:35:56.960 --> 01:35:59.199
Then you say, oh, because
you've done this, I will ban you.

1141
01:35:59.560 --> 01:36:00.640
You have to be smart about it. The wife you do it,

1142
01:36:01.359 --> 01:36:04.439
WT you will find you. So
that's where I'm going to this. We

1143
01:36:04.560 --> 01:36:10.079
have to be smarter in how we
use trade, how we understand exchange rate.

1144
01:36:10.319 --> 01:36:14.680
The exchange rate is a strategy.
It's not a response. You don't

1145
01:36:14.760 --> 01:36:19.359
respond by weakning or devaluing. You
should have a strategy and say I want

1146
01:36:19.439 --> 01:36:24.800
to grow coco export. Okay,
so I'm going to devalue my naira,

1147
01:36:25.239 --> 01:36:30.680
but I'll give cocoa guys free fertilizer
so they bring more coco to the market.

1148
01:36:30.039 --> 01:36:33.960
Then the feinners in Belgium that buy
coco will come to night you and

1149
01:36:34.079 --> 01:36:40.640
buy more coco here than ibricostan Ghana. You have to link it. It

1150
01:36:40.760 --> 01:36:44.399
just can be I we need money, devalue so and sibion give you money

1151
01:36:44.479 --> 01:36:46.359
because you can print doesn't make sense, aig, You've got the flow.

1152
01:36:46.399 --> 01:36:54.199
So what's happening with you? Thanks
that I'm going to preci I think,

1153
01:36:55.680 --> 01:37:06.720
yes, okay, I suppose we
are discussing monetary policy and whatever. But

1154
01:37:08.000 --> 01:37:12.039
when I just joined the rule,
I feel you kind of the based conversation

1155
01:37:13.039 --> 01:37:20.359
by sectionalizing it and bringing that narrative
will head down districts for while. Now

1156
01:37:24.119 --> 01:37:31.439
the South tasting quotes promotes competence and
just wants to do business. But if

1157
01:37:31.479 --> 01:37:40.840
you take start, if it take
statistics of the leadership of the Southeast since

1158
01:37:40.920 --> 01:37:45.359
the return of return to democracy in
nine to nine, there is nothing that

1159
01:37:45.439 --> 01:37:54.079
speaks to competence in that part of
the country. So it's kind of strange

1160
01:37:54.119 --> 01:37:59.520
that you're bringing up that competense style
because I've heard that from other people than

1161
01:37:59.640 --> 01:38:04.279
Oh, but we believe in competence
while other people just bring any random person

1162
01:38:04.880 --> 01:38:13.479
to the position of leadership. So
I would you want us to speak to

1163
01:38:14.239 --> 01:38:19.760
the topic instead of nates in sectional
conversation. That's just an observation. You're

1164
01:38:19.880 --> 01:38:25.079
right, and you're right, and
if you follow my spaces, we stick

1165
01:38:25.159 --> 01:38:29.600
only here money, personal finance and
the economy. We only do that and

1166
01:38:29.880 --> 01:38:32.159
to maybe if if you had if
you just joined a bit earlier. The

1167
01:38:32.319 --> 01:38:36.840
question was asked about what should the
next incoming pretient do in terms of the

1168
01:38:36.920 --> 01:38:42.159
evaluation. I made the point I
didn't use competence. I made the point

1169
01:38:42.239 --> 01:38:46.640
that the Southeast is interested in doing
business. I said, and I have

1170
01:38:46.840 --> 01:38:49.439
yet that. I said, I
want to talk politics now. I have

1171
01:38:49.800 --> 01:38:56.560
yeted that the incoming president is going
to have his biggest political challenge will be

1172
01:38:56.720 --> 01:39:01.159
from the people of the Southeast.
And I said that what they want in

1173
01:39:01.239 --> 01:39:06.359
the Southeast is equity. They want
to do business. Hence, if you

1174
01:39:06.479 --> 01:39:13.760
come to power and you pass policies
that that communicate that I am here for

1175
01:39:14.000 --> 01:39:18.039
business. I am here to move
the country forward economically, they will hear

1176
01:39:18.159 --> 01:39:23.439
you and they will get behind you. They don't need appointments, they don't

1177
01:39:23.520 --> 01:39:28.439
need roads or bridges. They need
you to say I hear you and I

1178
01:39:28.479 --> 01:39:33.479
am here to drive the nation of
Nigeria forward. I made the point that

1179
01:39:33.880 --> 01:39:40.359
in the Southeast, the present president
appointed if an able Man as a VP

1180
01:39:40.680 --> 01:39:44.600
twice and they did not vote for
him. The point being made is that

1181
01:39:45.119 --> 01:39:49.159
they don't react that way. That's
not how they are incentivized. They are

1182
01:39:49.199 --> 01:39:55.920
incentivized by saying the portraities have fallen, trade policies are doing very well.

1183
01:39:56.119 --> 01:40:00.479
The NIRO policy or the ancient policy
is going to be managed by a pretense

1184
01:40:00.560 --> 01:40:04.600
person. Hence I made the point
that a pointedly non economists as a Serbian

1185
01:40:04.680 --> 01:40:10.119
governor or mist of finance, that's
what they want to see. I linked

1186
01:40:10.159 --> 01:40:13.960
it to economics. We're not doing
politics here. I'm not back by anyone

1187
01:40:14.079 --> 01:40:17.319
here, so I may give you
more. Um, so we say context

1188
01:40:17.399 --> 01:40:24.079
to the conversation. Yes, I
would like to just stand for remain Uh.

1189
01:40:24.880 --> 01:40:32.520
You said the Southeast more like they
are the way UH be attracted to

1190
01:40:32.560 --> 01:40:36.720
the president and wants to do business. Okay, but I don't think I

1191
01:40:38.000 --> 01:40:43.520
disagree with you that from uh when
I hear people from the Southeast or the

1192
01:40:43.640 --> 01:40:49.359
first thing they say, oh,
all the head of the ances from one

1193
01:40:49.399 --> 01:40:57.039
session of the country, all the
queens is something I don't buy an h.

1194
01:40:59.039 --> 01:41:01.720
Fully, people should be the serfs
can go back to the compent if

1195
01:41:01.880 --> 01:41:05.239
only want to take our life.
That is the narrative. So what concerns

1196
01:41:05.279 --> 01:41:12.239
that with what the current government is
doing or not doing right as regards not

1197
01:41:12.520 --> 01:41:15.159
wanting to do business. You got
know the CBN government which from their part

1198
01:41:15.199 --> 01:41:21.119
of the country come correct. So
yeah, what's the policy today? We

1199
01:41:21.319 --> 01:41:26.520
have forty four items banned. I
think it's about for the six items banned

1200
01:41:26.560 --> 01:41:31.359
from accessing effects to import for six
items banned. We have the border closures,

1201
01:41:31.840 --> 01:41:36.640
We have the depreciation in nira we
have the runaway inflation. Right,

1202
01:41:38.119 --> 01:41:44.279
these policies together have killed the sames, have killed trade and commerce. Trade

1203
01:41:44.439 --> 01:41:48.600
is the largest contributor to the GDP
of Nigeria, the largest as even between

1204
01:41:48.600 --> 01:41:54.920
agriculture now and we can no longer
trade in Nigeria because there's insecurity, there's

1205
01:41:55.039 --> 01:42:00.800
high inflation, there's high unemployment,
there's low productivity, there's low consumption,

1206
01:42:00.399 --> 01:42:09.439
low manufacturing sector conductor GDP, low
manufacturing share of the economy. That's what's

1207
01:42:09.479 --> 01:42:14.119
going on right now. So what
with what Nigeria Not the soutists. What

1208
01:42:14.439 --> 01:42:19.439
Nigerians want to see. It's a
president that says, I hear you that

1209
01:42:19.600 --> 01:42:27.159
your number one issue today is their
economy and I will do policies to grow

1210
01:42:27.279 --> 01:42:33.159
their economy and to grow wealth.
Every Nigerian will hear that and will get

1211
01:42:33.439 --> 01:42:40.600
behind the president I made the point
about the soutists to say that even the

1212
01:42:40.760 --> 01:42:47.079
most extreme of Nigerians that are on
the other side of the political debate will

1213
01:42:47.319 --> 01:42:55.920
come in line if the president focuses
on the economics. Not to say only

1214
01:42:56.039 --> 01:43:01.119
the Southeast reacts to economies, but
that even the most extreme on the other

1215
01:43:01.199 --> 01:43:09.600
side of the political spectrum will react
positively to anyone that wants to fix the

1216
01:43:09.720 --> 01:43:13.439
economy. Again, it's all context. Like you said, you joined maybe

1217
01:43:13.479 --> 01:43:17.479
a bit as I was talking,
but we are only doing economics and personal

1218
01:43:17.600 --> 01:43:21.319
finance here. If I want to
do politics, I will do it.

1219
01:43:21.800 --> 01:43:26.039
So I'm taking my time just to
explain to the context of what we're talking

1220
01:43:26.079 --> 01:43:30.520
about. I'm not against anybody.
I've randy. I want to explain things

1221
01:43:30.560 --> 01:43:38.760
to people and that's what I'm doing. So even thank you for redirecting the

1222
01:43:39.279 --> 01:43:44.239
conversation. Like you know, Southeast
is just a section of the country.

1223
01:43:44.520 --> 01:43:46.600
You can listen to the measure that
can three years ago you can see a

1224
01:43:46.720 --> 01:43:51.880
very prominent leader from the section of
the country also telling us that's the incoming

1225
01:43:51.960 --> 01:43:58.079
governmentary established the Ministry of Religious I
tell you what, sir, that is

1226
01:43:58.199 --> 01:44:01.600
what is part of the country.
I tell you what you should know that

1227
01:44:02.800 --> 01:44:10.239
Nigeria is a multi ethnic, multi
religious, multi whatever cultural you know,

1228
01:44:10.880 --> 01:44:15.600
composition of different types of technicity and
whatever. SOB shouldn't use one second of

1229
01:44:15.680 --> 01:44:25.439
the country to be like the generality
of opinion across both every Nigerian, every

1230
01:44:25.760 --> 01:44:35.640
Nigerian, Every Nigerian will react to
anybody telling them that the economy of Nigeria

1231
01:44:36.079 --> 01:44:43.640
will do well. Even in non
Nigerian telling any Nigerian that the economy will

1232
01:44:43.720 --> 01:44:49.600
do well will receive positive vibes.
In Nigeria. It has nothing to the

1233
01:44:49.720 --> 01:44:56.319
Southeast. I've explained the game.
I use the Southeast to show that even

1234
01:44:56.439 --> 01:45:04.119
the most extreme side of the political
divide will react to any president that passes

1235
01:45:04.319 --> 01:45:12.399
policies that will grow wealth for Nigerians. That's the point I'm making. The

1236
01:45:12.640 --> 01:45:15.880
question was what will the next president
do? And I said, the word

1237
01:45:16.159 --> 01:45:24.960
is confidence, economic confidence. It's
measured. If economic confidence goes up,

1238
01:45:25.960 --> 01:45:33.039
the Nira will strengthen, inflation will
fall. Economic confidence. That's where I

1239
01:45:33.119 --> 01:45:38.920
answer. I'm not doing politics.
I'm simply stating that fact. Again.

1240
01:45:39.960 --> 01:45:45.399
The country today is suffering from a
bad economy. That's what we're talking to

1241
01:45:45.560 --> 01:45:53.119
about. The valuing or defending and
we must all get behind whoever is going

1242
01:45:53.199 --> 01:45:58.680
to be in charge to make this
country more forward with that. So I'm

1243
01:45:58.720 --> 01:46:02.600
going to turn over to sholar sholar
pressures. How you're doing, go for

1244
01:46:02.720 --> 01:46:08.399
it? Yeah? Hi, good
evening, could they everyone? Um?

1245
01:46:09.119 --> 01:46:14.279
So? Yeah, I wanted to
just link the evolution of NIRA. So

1246
01:46:14.399 --> 01:46:20.279
you mentioned about the link between the
devolution of the narrator to include present demand

1247
01:46:20.399 --> 01:46:28.039
of our homegrown product or home produced
products. So, but my concern is

1248
01:46:28.119 --> 01:46:33.720
the infrastructural deficits that we currently have
in certain industries. So for instance,

1249
01:46:33.800 --> 01:46:39.880
now in the agricultural space, our
farmers, they will experience about nine billion

1250
01:46:39.920 --> 01:46:45.880
dollars post service loss, right,
I mean so and loosely means that we

1251
01:46:46.039 --> 01:46:50.000
spend about ten billion dollars to import
food. So I mean this is just

1252
01:46:50.359 --> 01:46:55.840
one sector, right, the agricultural
sector. So I feel like there's so

1253
01:46:56.159 --> 01:47:00.720
much. I think our infrastructure is
about I think one trillion. I mean,

1254
01:47:00.720 --> 01:47:02.880
I do have the right figure Viny's
very huge and very large ample.

1255
01:47:03.199 --> 01:47:11.079
So my concern is that even if
there's demand, there's increase in demand for

1256
01:47:12.840 --> 01:47:16.920
our own products, how, I
mean, do we have the infrastructure to

1257
01:47:16.960 --> 01:47:23.119
actually power this? Right? Apple
insurance as the yea not so good and

1258
01:47:23.279 --> 01:47:30.199
all of this. So how do
we basically out do we? Sure?

1259
01:47:30.239 --> 01:47:33.319
The answer is that we cannot write
and we can talk about infrastructure for the

1260
01:47:33.680 --> 01:47:38.960
entire to the entire year, right, we can't. You can't grow the

1261
01:47:39.119 --> 01:47:44.000
economy if you devalue defend without infrastructure. It's a no brainer, right,

1262
01:47:44.119 --> 01:47:45.920
we know that, and I think
that's why we're just sting those too,

1263
01:47:46.000 --> 01:47:50.359
you know, to pigeonhole the comments
now to just the exchange rate, because

1264
01:47:50.399 --> 01:47:56.520
even if you devalue, right and
you want to export coco, the parts

1265
01:47:56.560 --> 01:48:00.359
of legos are clogged up, the
parts of caliban and the rest have drolls

1266
01:48:00.399 --> 01:48:02.439
to go to them. So you
most like we said, you must do

1267
01:48:02.560 --> 01:48:08.199
everything. Like with Demola, we
said internal and external. If you want

1268
01:48:08.239 --> 01:48:12.279
to drive exports, right, you
also have got to fix the roads that

1269
01:48:12.439 --> 01:48:16.840
take the cocoa from the farms to
the ports. You simply can devalue your

1270
01:48:16.880 --> 01:48:20.119
way to export. There has to
be the you know, the fixing of

1271
01:48:20.239 --> 01:48:25.720
all those means of production to get
all these exports out of the country.

1272
01:48:26.159 --> 01:48:30.960
The number one export, sadly in
Nigeria is Nigerians. We're exporting human capital

1273
01:48:31.119 --> 01:48:35.199
out of the country. Those that
human capital is going out of Nigeria to

1274
01:48:35.319 --> 01:48:40.439
go pay taxes in Canada and the
US. But long term, that could

1275
01:48:40.479 --> 01:48:44.920
be an opportunity for niger to say, listen, how can we tap into

1276
01:48:44.960 --> 01:48:48.560
those folks now to invest back in
nigera in infrastructure bonds? You know one

1277
01:48:48.720 --> 01:48:55.479
dollar one dollar is seven hundred nia. What means if I want to raise

1278
01:48:56.119 --> 01:49:00.199
seven million nira, right, I
just need maybe seven hundred thousand one.

1279
01:49:00.840 --> 01:49:03.439
There are enough nigerents are broad that
can do that for me. So we

1280
01:49:03.560 --> 01:49:08.000
have to look at it both ways. That we are losing income today,

1281
01:49:08.079 --> 01:49:12.880
but we can go back and tap
those Nigerians for DA's problems and use those

1282
01:49:12.960 --> 01:49:15.520
DA's problems to fix infrastructure. That
to me, I think it's the linkage

1283
01:49:15.920 --> 01:49:19.600
that we have to look at.
And if that exchange rate becomes narrower and

1284
01:49:19.760 --> 01:49:24.079
narrower, jack by itself will stop. You know, if if one dar

1285
01:49:24.359 --> 01:49:27.960
is one dollar, nobody will jack
as much because okay, you're gonna walk,

1286
01:49:27.960 --> 01:49:30.600
they're gonna work there the same thing. But it's here, is warmer,

1287
01:49:30.880 --> 01:49:32.800
and you have the prepared gigs out
here. You don't have to petkis

1288
01:49:32.800 --> 01:49:36.239
out over there. So I think
that's where you might see a change.

1289
01:49:36.479 --> 01:49:39.640
But that I think is well,
how we have to look at it?

1290
01:49:40.039 --> 01:49:44.600
You ever come back on that?
Yeah, so I think that would work

1291
01:49:46.079 --> 01:49:49.720
great. Super all right, let's
get busy busy. I apologize your hand

1292
01:49:49.720 --> 01:49:59.119
has been up. I just basically
how good we want on this topic that

1293
01:50:00.239 --> 01:50:06.439
we should defend or the value For
me? I think the next administration of

1294
01:50:06.720 --> 01:50:12.159
actual people are next to people avoidy
to those way it's going. He said,

1295
01:50:12.159 --> 01:50:16.159
it's going to run a single market
and what was that moaning? That

1296
01:50:16.319 --> 01:50:21.399
means it's going to allow the demand
and supply to determine the value of denier.

1297
01:50:23.319 --> 01:50:27.039
So the question now is that easy
going to be the valued? If

1298
01:50:27.079 --> 01:50:32.479
it's that, we need to look
at the circumstances that surround his statesments.

1299
01:50:33.520 --> 01:50:39.960
He also said that subsidy moves home, that whether we like it or not,

1300
01:50:40.920 --> 01:50:45.000
we can pay for thirty days it
will move subsidy And I will tell

1301
01:50:45.039 --> 01:50:50.399
you the link they as are today
we are spending almost a billion dollars on

1302
01:50:50.560 --> 01:50:57.000
subsidy, just subsidy, not talk
of the cost of the products as are

1303
01:50:57.039 --> 01:51:02.439
to day. An nextises the similar
import of piedness and wanted it. What

1304
01:51:02.640 --> 01:51:08.199
it simply do is that when they
make money from crudeoil, they don't remit

1305
01:51:08.279 --> 01:51:14.319
to CPN. They go to the
international markets and by payness using the effects.

1306
01:51:14.800 --> 01:51:16.880
And that's why all these world I
said, we don't have a ready

1307
01:51:16.920 --> 01:51:23.479
to give the federal account and that
is manure reason why we don't have effects

1308
01:51:24.279 --> 01:51:31.239
in CIPN. So with the dam
finally coming up tomorrow, it will reduce

1309
01:51:31.479 --> 01:51:39.079
the stress on an embassy. That
means any crudoise will make we can get

1310
01:51:39.159 --> 01:51:44.800
back for in exchange for it.
And if you notice the carverting the Dangut

1311
01:51:44.960 --> 01:51:49.119
team, is that because I join
in listiar, is that we are going

1312
01:51:49.199 --> 01:51:53.960
to be buying in Niha. That
was the deal they have with Dangle team.

1313
01:51:55.119 --> 01:51:59.800
Yeah, they were what will what
will dangle by? What will dangleted

1314
01:51:59.840 --> 01:52:06.039
by? That would is they will
give you cruit in what currency in what

1315
01:52:06.239 --> 01:52:16.279
currency, produce in what currency?
By no, it's in what in what

1316
01:52:16.479 --> 01:52:23.359
currency? Will he get the six
parrels it will get definitely because who no,

1317
01:52:24.039 --> 01:52:29.199
whoill not be selling? I think
I don't know the agreement, but

1318
01:52:29.359 --> 01:52:33.399
the list is coming from Nigeria.
I don't think that means that means my

1319
01:52:33.560 --> 01:52:38.800
likely to neither likely, but it's
possible that can also be dollars because he's

1320
01:52:38.800 --> 01:52:43.359
also selling to foreign marketer. I
know, but we're focusing only. We're

1321
01:52:43.439 --> 01:52:47.279
focused on the six fifty to Nigeria. Yes, so that one he will

1322
01:52:47.319 --> 01:52:54.880
he pay in narrow dollars most likely
will likely be Nigher because since we are

1323
01:52:54.920 --> 01:52:59.760
saying that we're going to be selling
to finding higher and that's the entire value

1324
01:52:59.800 --> 01:53:03.600
thy, we're going to buying Nia, unlike now what we are doing that

1325
01:53:03.680 --> 01:53:08.399
we are buying the entire valuating in
dollars. So that means that we're gonna

1326
01:53:08.479 --> 01:53:14.239
lose these six hundred in dollars.
That's what it means. We might lose,

1327
01:53:14.520 --> 01:53:17.159
we might not lose everything. It
depends on the arrangement. But what

1328
01:53:17.239 --> 01:53:23.600
I'm trying to tell you is that
this stress on our effects, we drastically

1329
01:53:23.720 --> 01:53:28.319
go down. I agree, and
that is the short tem fix and that

1330
01:53:28.560 --> 01:53:31.760
is why she is also telling those
was also telling those that I will make

1331
01:53:31.800 --> 01:53:35.399
sure that I improve production. Look
at which is like a long templant because

1332
01:53:35.439 --> 01:53:41.159
whether we like it or not,
we Nigerians our tastes for them. And

1333
01:53:41.359 --> 01:53:46.199
that's one of the major reasons why
we're importation is when is affecting the effect

1334
01:53:46.279 --> 01:53:51.479
level is depanding for dollars or by
the NAPO markets where by the demand and

1335
01:53:51.720 --> 01:53:58.880
supplies, and with the stress on
our effects window. I think the economies

1336
01:53:59.000 --> 01:54:02.760
that because you make your problem a
lot of companies are today is that when

1337
01:54:02.840 --> 01:54:06.840
they do your business in either they
can't go to sibling. Whenever they go

1338
01:54:06.920 --> 01:54:13.720
to give me the effects and convenient
want to report train to my current company,

1339
01:54:13.760 --> 01:54:16.119
they are not able to get to
effects. And that is why I

1340
01:54:16.199 --> 01:54:18.880
go, he said, I don't
want to revisions, want to do business

1341
01:54:19.039 --> 01:54:26.960
by in dollars. I think is
a game changer. They don't go terrifinery,

1342
01:54:27.119 --> 01:54:30.079
and I want us to also be
fair to the previous props, the

1343
01:54:30.199 --> 01:54:33.239
previous good, bad, and our
previous predeo blow. It's not that they

1344
01:54:33.279 --> 01:54:38.279
don't know what they are supposed to
do, but the problem is that we

1345
01:54:38.439 --> 01:54:43.640
don't have the facility on ground to
be able to say that we don't want

1346
01:54:43.680 --> 01:54:49.239
to defend their And for your information, every economy defend their courrege, whether

1347
01:54:49.359 --> 01:54:56.239
we like it or not. It
depends on this situation around that Contat plug

1348
01:54:56.479 --> 01:55:00.319
points in time, I was told
that Japan really COVID there are through this

1349
01:55:00.479 --> 01:55:04.560
period they also defended at the end. There's nothing wrong the defending your currency.

1350
01:55:05.000 --> 01:55:10.319
Yes you understand. So for me, I think that's one of them.

1351
01:55:12.479 --> 01:55:19.560
I'm selling some of my effects.
Am I listened to me is determined

1352
01:55:19.960 --> 01:55:28.159
and we lose what And I pray
we all keep my gans that they should

1353
01:55:28.199 --> 01:55:30.439
please because whether we like it,
all know we can't set that our They

1354
01:55:30.479 --> 01:55:35.279
can have it go through some period
of stress and pay. Because the movement

1355
01:55:35.479 --> 01:55:39.880
he rose a single market. Everything
we go, inflation will go. Whether

1356
01:55:39.880 --> 01:55:44.199
I would like it, yeah,
if your first goal then later to start

1357
01:55:44.760 --> 01:55:48.319
coming down right time with the same
effect. But for why the previous going

1358
01:55:48.359 --> 01:55:53.840
through it? It because of this
damna they defined. Because the idea is

1359
01:55:53.920 --> 01:55:58.000
that yes, if because of in
initially went to downs, we have command

1360
01:55:58.039 --> 01:56:06.199
street the impact we look as much
as as busy. Basically, I agree

1361
01:56:06.239 --> 01:56:10.079
with the structure of your argument.
I think you're right to say that the

1362
01:56:10.840 --> 01:56:15.319
dangot To refinery is a game changer. It is because we now have one

1363
01:56:15.479 --> 01:56:20.039
facility locally. Even if we subsidize
locally, it is good for me.

1364
01:56:20.479 --> 01:56:24.920
Even if we are subsidizing locally,
it's fine. So when I was asking

1365
01:56:25.000 --> 01:56:29.680
you six, I don't mind if
it's in Nira and we lose the dollar.

1366
01:56:29.880 --> 01:56:32.319
I don't mind because we are subsiding
locally. But let me just say

1367
01:56:32.399 --> 01:56:36.520
something to you. I agree,
I agree, So let me not say

1368
01:56:36.560 --> 01:56:45.439
something to you. Right. The
refinery itself does not have any bearing to

1369
01:56:45.600 --> 01:56:56.000
the retail prize of PMS in Nigeria. The prize of PMS in Nigeria has

1370
01:56:56.039 --> 01:57:00.960
to do with the price of crude
oil into nationally, end of story.

1371
01:57:01.880 --> 01:57:06.560
Why we blame bue Harry for not
the value was that in twenty fifteen,

1372
01:57:08.399 --> 01:57:13.239
the price of crude early in the
world deep to as low as forty.

1373
01:57:15.159 --> 01:57:19.439
They did not remove the subsidy when
it was forty. They called it remo

1374
01:57:19.760 --> 01:57:28.720
remodulation modulation. If they had removed
the subsidy and past PIB, then when

1375
01:57:28.760 --> 01:57:32.920
the prices went back up, the
market mechanisms would have started to work at

1376
01:57:33.000 --> 01:57:38.399
least at that time. That's why
we're blaming Buehrry. So if you come

1377
01:57:38.560 --> 01:57:43.399
now in Nigeria now and you put
a refinery in Nigeria, Let's say you

1378
01:57:43.439 --> 01:57:48.399
put one hundred refiners in Nigeria,
it will only change the retail price of

1379
01:57:48.600 --> 01:57:57.119
PMS in Nigeria if the supply coming
out of the refineries is more than the

1380
01:57:57.239 --> 01:58:03.600
demand then prices four. Otherwise before
they said Danglete is pain for six hundred

1381
01:58:03.640 --> 01:58:11.520
and fifty thousand barrels in nira,
which means Nigeria would lose six few thou

1382
01:58:11.760 --> 01:58:15.720
thousand barrels in dollar terms. No, no, no, don't look at

1383
01:58:15.760 --> 01:58:27.319
you like that. Why not because
oh yes, taking em we're hoping inside

1384
01:58:27.439 --> 01:58:31.720
Nigeria. Yes, but the cost
of something, they say, the cost

1385
01:58:31.800 --> 01:58:38.439
of something is the cost of something
else. In economics, the cost of

1386
01:58:38.560 --> 01:58:43.680
an orange is the cost of apple
I did not take. So the cost

1387
01:58:43.800 --> 01:58:48.039
of the Danglet refineries of the six
hundred thousand barrels, it's not. The

1388
01:58:48.159 --> 01:58:53.079
cost of the crude oil to dangle
Te is the cost of not selling it

1389
01:58:53.319 --> 01:59:01.880
to an international market. Waits understanding. This is a fifty thousand barrels will

1390
01:59:01.920 --> 01:59:13.119
still be at the rate of dollars. But he's buying niners. Don't if

1391
01:59:13.159 --> 01:59:17.119
the market forces down be harming the
post of ennis and what no, no,

1392
01:59:17.520 --> 01:59:25.239
no hold on basy what price will
then go to buy? What currency

1393
01:59:25.359 --> 01:59:29.880
will then go to buy the six
hundred and fifty thousand barrels that he's going

1394
01:59:29.920 --> 01:59:34.239
to use in the final currency or
it will buy it at the international price.

1395
01:59:34.520 --> 01:59:40.279
No, what currency? What currency? If if we will if dollars,

1396
01:59:40.640 --> 01:59:45.880
If if Crudel is like hundred dollars
and nine rise, maybe five hundred

1397
01:59:46.000 --> 01:59:50.039
nine that mass it will be like
five thousand nine every bar. So his

1398
01:59:50.159 --> 01:59:55.800
body is at the dollar rate.
Then yes, he's buy. So what

1399
01:59:56.199 --> 02:00:01.319
currency? What currency will he pay? He demands for the effects because he's

1400
02:00:01.359 --> 02:00:21.000
dying, dying in neither lesson market
price. Yes, okay, so yes,

1401
02:00:21.079 --> 02:00:26.600
but I want to I want you
to let's take let's take a step.

1402
02:00:26.720 --> 02:00:30.199
Let's take a step by step.
If he pays in nira, what

1403
02:00:30.359 --> 02:00:35.920
you are saying, it's fine,
if he pays in dollar. Look look

1404
02:00:35.920 --> 02:00:42.079
at this, Let me talk,
let me let me see. I'm not

1405
02:00:42.199 --> 02:00:44.479
arguing with you, sir. I'm
not. I'm not trying to get you.

1406
02:00:45.159 --> 02:00:46.560
I'm not trying to get you.
I'm trying to say, poo,

1407
02:00:46.760 --> 02:00:50.199
poo, are listening to us.
Let him on the stonewall saying he can

1408
02:00:50.279 --> 02:00:57.760
only pay in nira or dollar.
If he pays in dollar, that means

1409
02:00:57.840 --> 02:01:03.239
the retail price in Nigeria will still
have a subsidy because if the international prize

1410
02:01:03.279 --> 02:01:11.039
goes off, he can only pay
he can only pay in nira, and

1411
02:01:11.439 --> 02:01:18.399
dollars. If he pays in dollars, that means that the local prize of

1412
02:01:18.680 --> 02:01:30.119
PMS is going to swing in respect
to the international prize of dollar of crude

1413
02:01:30.159 --> 02:01:36.600
oil. If he pays in dollar, If he pays in nira if he

1414
02:01:36.720 --> 02:01:44.760
pays in naira, that means that
what Nigeria will subsidize to him is the

1415
02:01:45.039 --> 02:01:54.119
difference between what would have sold these
six hundred and fifty thousand dollars barrels to

1416
02:01:54.479 --> 02:02:00.399
the international community. What I'm saying
that the subsidy will remain. It will

1417
02:02:00.560 --> 02:02:08.640
simply be either it's a local subsidy
or an international subsidy. The subside is

1418
02:02:08.640 --> 02:02:13.680
not going anywhere. Not a subsidy. We don't. Don't forget that in

1419
02:02:13.840 --> 02:02:18.079
this Maybe for the first few months
you can say that maybe the dollar difference

1420
02:02:18.199 --> 02:02:23.279
my effect the subsidy. But the
little plan is that they wan't run is

1421
02:02:23.359 --> 02:02:30.359
singular markets, whereby the cost of
nidra and two dollars six we know it's

1422
02:02:30.399 --> 02:02:35.239
the market is termining. So if
it decides to sell to us in neither

1423
02:02:35.760 --> 02:02:41.399
we pay the equivalence in dollars,
only that we are giving him Nia.

1424
02:02:42.000 --> 02:02:45.720
If he decides to sell in dollars. We can't give him dollars. Are

1425
02:02:45.239 --> 02:02:50.119
you excised by dollars? But if
you sell, if you sell, but

1426
02:02:51.279 --> 02:02:55.319
it's going to be separated. Please
let me explain to you. Please,

1427
02:02:55.840 --> 02:02:59.079
it's going to be separated. The
trading is going to be the separated from

1428
02:02:59.119 --> 02:03:03.760
the retailing. The trailing most likely
will be in dollars because poll is last

1429
02:03:03.880 --> 02:03:10.520
price in dollars. By retaining will
now be sold in nia, which he

1430
02:03:11.039 --> 02:03:15.359
sees the full subsidy. It will
still make his money and convert his money

1431
02:03:15.399 --> 02:03:18.119
back. There's no substiti remove.
That's the point I'm telling you, Busy,

1432
02:03:18.800 --> 02:03:26.239
This subsidy is not going anywhere.
No where is he going to go

1433
02:03:26.399 --> 02:03:30.159
to. Okay, okay, last
time. Let's do it again, Busy,

1434
02:03:30.560 --> 02:03:33.920
calm down. Let's do it again. We'll take it slowly. So

1435
02:03:34.399 --> 02:03:38.439
this is the last one or last
one, and we'll move on. Last

1436
02:03:38.520 --> 02:03:42.720
one, last one. Let's take
it again. He can he can only

1437
02:03:42.840 --> 02:03:48.880
buy crude oil from the nnpc of
from ninety in dollars or naira. You

1438
02:03:49.039 --> 02:03:57.880
agree, let's let's talk about naira. No, let don't want okay,

1439
02:03:58.000 --> 02:04:05.039
let's neither. He's going to be
late in dollars, basically I want you

1440
02:04:05.119 --> 02:04:06.960
to come. No no, no, no, no no, it's not

1441
02:04:08.119 --> 02:04:10.560
gonna be. It's not gonna be. No, no, no no.

1442
02:04:10.800 --> 02:04:15.520
Don't make that the reason you're giving
him in Nira. For reasons, if

1443
02:04:15.600 --> 02:04:18.560
basically going for a hundred dollars,
I mean, how much is the packet?

1444
02:04:18.600 --> 02:04:23.720
Try man, of who is about
Let's say und dollars. Let's say

1445
02:04:25.600 --> 02:04:31.319
so so if it is one hundred
dollars, meaning that let do let me

1446
02:04:31.640 --> 02:04:39.760
be be prison down. The market
is already is singular main markets and the

1447
02:04:40.560 --> 02:04:45.279
hundred dollars, and let's say,
don't like announcer hundred nine. Yes,

1448
02:04:45.399 --> 02:04:48.520
but see, I would try to
explain to you. You're interrupted. Look

1449
02:04:48.520 --> 02:04:51.439
at Look at what's what I'm trying
to say, sir. Right, If

1450
02:04:51.520 --> 02:04:59.359
he's buying in Nira, then the
cost is not what he's paying, but

1451
02:04:59.600 --> 02:05:03.920
what we we are not taken in
economics, the cost of something is the

1452
02:05:04.079 --> 02:05:10.199
cost foregone. The cost of an
orange is the cost of the apple.

1453
02:05:10.319 --> 02:05:15.760
Do not buy. So when he
buys in Nira, the cost is the

1454
02:05:15.000 --> 02:05:21.079
dollars, not end. Yes,
we are not I agree with. Okay,

1455
02:05:24.800 --> 02:05:29.119
so you agree, but it's not
as the subject does not go anywhere.

1456
02:05:29.880 --> 02:05:41.560
Why does it. It's not a
sub city sub that by busy.

1457
02:05:42.039 --> 02:05:51.640
Busy. Listen, listens, basic
count you are going around and around,

1458
02:05:51.960 --> 02:05:56.640
you're you're you're doing. There's a
central thing. You are going around around

1459
02:05:57.039 --> 02:06:00.439
the central thing. Is this what
is a sub the subsidie that there's an

1460
02:06:00.479 --> 02:06:06.640
international prize and there's a local prize. As long as you are selling locally

1461
02:06:08.479 --> 02:06:14.920
different from internationally, there's a subsidy. Yes. So we told them pause,

1462
02:06:15.279 --> 02:06:23.800
pause, if I sell locally different
from internationally, I subsidize No.

1463
02:06:24.159 --> 02:06:28.399
If no, bots okay. So
if you get that point, put that

1464
02:06:28.520 --> 02:06:30.239
point on the right hand side.
Let's come to the left hand side.

1465
02:06:30.880 --> 02:06:36.319
If the price if dangle Te pays
a nira, that means the cost of

1466
02:06:36.439 --> 02:06:43.640
dangle Te is the dollars that manager
did not take from him. Right,

1467
02:06:50.600 --> 02:06:57.880
you're making your you're complicated the simple
thing. Basically, basically, you are

1468
02:06:58.039 --> 02:07:01.840
complicating the simple thing. Busy.
You are competing very very simple than it's

1469
02:07:01.840 --> 02:07:08.479
a very very simportant I hear you
an yeah, I you you're making this

1470
02:07:08.560 --> 02:07:12.720
thing very converse. It's a very
simple thing. Listen, Let's forget.

1471
02:07:13.079 --> 02:07:16.760
Let's take gala, forget cruel.
Let's take Gala ga Gala is sold in

1472
02:07:16.840 --> 02:07:21.399
America, Gala is sold in Nigeria. The price of Gala in America is

1473
02:07:21.560 --> 02:07:26.840
one dollar. The price of gala
in Nigera is how much? Right now?

1474
02:07:26.920 --> 02:07:31.880
There are two? Don't worry busy, I'm not I'm not just saying

1475
02:07:31.960 --> 02:07:40.039
facts. Dollar Gala in Nigeria is
either five hundred niera or seven hundred two

1476
02:07:40.159 --> 02:07:45.000
exchange rks. Okay, what we
are saying now is this, as long

1477
02:07:45.199 --> 02:07:49.319
as the real price of gala in
Nigera should be seven hundred and fifty,

1478
02:07:49.680 --> 02:07:55.760
not four five hundred, because that's
what one dollar in America is. So

1479
02:07:55.920 --> 02:08:00.359
the price of galen and America is
one dollar. Wins the niger issue seven

1480
02:08:00.560 --> 02:08:05.359
fifty. No arguments, wait,
okay, hold on them. So if

1481
02:08:05.439 --> 02:08:09.640
we come to Nigeria here my stamina
a met you again. The subsidi,

1482
02:08:11.760 --> 02:08:18.359
the subsidy exists because there's a difference
between the American in quote prize and the

1483
02:08:18.600 --> 02:08:24.640
Nigerian prize. As long as you
do not buy gala in Nigeria for seven

1484
02:08:24.920 --> 02:08:30.760
fifty, you are subsidizing. That's
what I'm telling you. So the subsidy

1485
02:08:30.800 --> 02:08:43.760
goes. You know, we are
it doesn't matter, it doesn't It doesn't

1486
02:08:45.000 --> 02:08:54.239
matter. You are complicatingly simple thing. You are complicating. It's a simple

1487
02:08:54.359 --> 02:08:58.199
thing, but you are. You've
you've anchored on this. You've you've anchored

1488
02:08:58.239 --> 02:09:07.800
and you want to don't your alcohol? Go ahead if it doesn't matter,

1489
02:09:07.439 --> 02:09:15.199
So busy, busy, I mean
it's I mean finance. This is what

1490
02:09:15.359 --> 02:09:18.319
looking money is, what taking money? Whatever? You say? What talking

1491
02:09:18.439 --> 02:09:30.479
money? What are the can I
can? I? Yeah, go ahead?

1492
02:09:31.159 --> 02:09:35.800
Says that to separate basically, haven't
the local economy, of course,

1493
02:09:35.840 --> 02:09:41.560
an international economy, Um, the
price that sales most likely still be anchor

1494
02:09:41.680 --> 02:09:48.039
based on the international price of oil, That's exactly. And then however,

1495
02:09:48.840 --> 02:09:52.359
create a separate economy that of course, this this currency that is what the

1496
02:09:54.000 --> 02:09:56.800
average man pays on the street,
That's what I mean. And what we

1497
02:09:56.960 --> 02:10:03.560
buy from all the money that goes
to is in a circular flu because within

1498
02:10:03.680 --> 02:10:07.520
that I'm just within an economic before
it is not it doesn't go outside,

1499
02:10:07.600 --> 02:10:11.319
sort of like a separate entity from
the international market. Yeah, I got

1500
02:10:11.399 --> 02:10:16.640
your book. Technically we are so
technically we are. I mean that market

1501
02:10:16.720 --> 02:10:20.279
is isolated from the international market.
We're not really isolated. Yeah, but

1502
02:10:20.479 --> 02:10:22.479
that's the point. That's the point
I'm making this this, this, this

1503
02:10:22.680 --> 02:10:26.800
way, He's getting it wrong.
And this is what I wanted to emphasize.

1504
02:10:28.800 --> 02:10:35.079
Economics works this way. If I
buy Gary, the cost of Gary

1505
02:10:35.439 --> 02:10:37.640
is not what I pay for the
Gary. But this is some of better

1506
02:10:37.720 --> 02:10:45.680
I did not buy opportunity cost.
That's how economics cost things. So if

1507
02:10:45.800 --> 02:10:50.840
I that is technically the same thing, because then we're not talking of value,

1508
02:10:50.880 --> 02:10:56.960
a tone of costs and that value
you lost you see hold on,

1509
02:10:56.920 --> 02:11:01.319
hold on, hold on, hold
on. We're not of value. We

1510
02:11:01.439 --> 02:11:07.079
are talking of the cost. I
ask what currency with Dante paying, what

1511
02:11:07.479 --> 02:11:15.039
is the cost of that to Nigeria. The subsidy is the cost prize less

1512
02:11:15.239 --> 02:11:20.439
the market price that subsidy. If
the market price is one hundred, but

1513
02:11:20.600 --> 02:11:24.199
the cost is two hundred, you
subsidize one hundred. We're not talking of

1514
02:11:24.600 --> 02:11:31.960
value. We are talking of cost. The cost in economics is the cost

1515
02:11:33.079 --> 02:11:41.560
of what is foregone. If dan
Gote pays in Nira, then the cost

1516
02:11:41.880 --> 02:11:46.159
is the dollars foregone. That cost, I am saying, does not go

1517
02:11:46.319 --> 02:11:52.960
anywhere. It's a cost. The
only way the subsidy goes is if the

1518
02:11:54.239 --> 02:12:00.760
international prize falls at the same price
or the same level as a can cost,

1519
02:12:01.199 --> 02:12:07.119
then there's no subsidy. Go sir, go ahead. But in reality,

1520
02:12:07.159 --> 02:12:09.479
there I mean, there really is
no subsidy because, for example,

1521
02:12:09.800 --> 02:12:13.680
if if the dollar trade, I
mean, if all the trades, let's

1522
02:12:13.680 --> 02:12:16.239
give let me an example. I
use one hundred dollars a barrel, and

1523
02:12:16.359 --> 02:12:20.439
basically the exchange rag is about five
hundred. That's hundred times one times and

1524
02:12:20.600 --> 02:12:26.039
one hundred that's five thousand. But
however, let's say Russia and Ukraine stop

1525
02:12:26.159 --> 02:12:31.520
their war and then oil prices drop
significantly, Technically the price will also drop.

1526
02:12:31.880 --> 02:12:35.159
Or let's say the war also goes
longer, or let the US cannot

1527
02:12:35.199 --> 02:12:39.680
produce or Iran cannot produce exactly,
um, sorry, maybe one of those

1528
02:12:39.760 --> 02:12:43.800
video is companies cannot produce. Then
the price goes higher. Technically we also

1529
02:12:43.880 --> 02:12:48.239
be higher in the local currency.
But but but it is we do not

1530
02:12:48.439 --> 02:12:54.319
make this exchange between our local currency. Four. But it doesn't matter.

1531
02:12:54.079 --> 02:13:00.720
There's the point. It doesn't matter
if fourth sense of the isolution. But

1532
02:13:00.880 --> 02:13:07.199
it doesn't point it does. You
know, I'm trying, I'm busy,

1533
02:13:07.399 --> 02:13:11.159
I'm I'm I'm not I'm not asking
not to speak, or you know,

1534
02:13:11.159 --> 02:13:13.439
I'm meeting, but I'm not I'm
not trying to stop you from talking.

1535
02:13:13.000 --> 02:13:16.119
No, no busy. I'm saying
to it. You don't get me wrong.

1536
02:13:16.239 --> 02:13:18.079
I'm not asking not to speak,
asking just as books can't speak.

1537
02:13:18.159 --> 02:13:20.199
I'm not meeting you because I don't
want it. I'm not saying what this

1538
02:13:20.279 --> 02:13:24.920
is wrong? You are making a
good point. The point I'm making is

1539
02:13:26.000 --> 02:13:30.159
this. See the point I'm making. Whatever you, guys, whatever is

1540
02:13:30.199 --> 02:13:35.560
the argument, there is a cost
of something. Everything must be costed.

1541
02:13:35.239 --> 02:13:39.760
Whatever you what is never there's a
cost to it? What is that cost?

1542
02:13:41.399 --> 02:13:46.079
What is that cost? That cost
is the cost for gone. If

1543
02:13:46.479 --> 02:13:50.479
either is a road and there's a
train, and there's an aeroplane, what

1544
02:13:50.720 --> 02:13:56.239
is the cost of going by aeroplane. What's the cost of going back on

1545
02:13:56.319 --> 02:13:58.960
on the plane? That's what we're
asking here is the cost of the plane,

1546
02:14:00.000 --> 02:14:03.600
the plane tickets I pay, or
the cost of not taking the car,

1547
02:14:03.159 --> 02:14:07.760
That's what we're asking. What's the
cost of the dagotet that thing he

1548
02:14:07.840 --> 02:14:11.039
pays, that's the cost of it
to Nigeria. The cost is the loss

1549
02:14:11.039 --> 02:14:16.039
of forex revenues. We can argue
like this is saying that because it's not

1550
02:14:16.199 --> 02:14:20.880
paying forex, there is no pressure
on the CBN. But then again,

1551
02:14:20.920 --> 02:14:24.960
the forest is not coming into Nigeria
because we're not selling that crude oil exporting

1552
02:14:26.039 --> 02:14:30.039
out of the country. It doesn't
mean it's bad. It's just the fact

1553
02:14:30.479 --> 02:14:35.520
that there's a subsidy. As long
as the international prize is not the loocal

1554
02:14:35.680 --> 02:14:41.800
prize. There is a subsidy.
You can't take it away. It's there.

1555
02:14:41.119 --> 02:14:52.199
But go ahead, I'm gonna stop
talking. I think it is important

1556
02:14:52.239 --> 02:14:58.239
for us to note that this arrangement
doesn't affect the price of the of the

1557
02:14:58.399 --> 02:15:03.520
coulda. It is going to be
buying if the deprisal they could his own

1558
02:15:03.600 --> 02:15:07.920
dollaper barrier in the international market is
going to be pay equivalent to that one

1559
02:15:09.039 --> 02:15:13.840
dollar, but in NYA a different
I don't think we are going to be

1560
02:15:13.960 --> 02:15:22.880
losing anything with we lose the four
res in as much excuseence in as much

1561
02:15:22.960 --> 02:15:28.760
as we have flots our Naya and
there's no dispariteing between the Sabian exchange with

1562
02:15:28.840 --> 02:15:33.239
it and the black market. Okay, as much as we have done that,

1563
02:15:33.600 --> 02:15:35.960
we are not going to be having
some. But if that is not

1564
02:15:35.159 --> 02:15:39.399
dull, that is when government is
going to be. The stidy is going

1565
02:15:39.439 --> 02:15:43.520
to be with me. What what
is cular priced him? Sing Michael,

1566
02:15:43.560 --> 02:15:48.680
what is colar? What is coular
priced him? You could a prising is

1567
02:15:48.760 --> 02:15:52.720
determined international market. What currens is
a price. So what you're saying is

1568
02:15:52.760 --> 02:15:56.039
that when we when we sell to
Digot in Nirah, right, if we

1569
02:15:56.119 --> 02:16:01.479
want to import fertilizer, what do
we pay the fellers are company Nara or

1570
02:16:01.560 --> 02:16:07.359
dollar? If we sell the crude
oil to dangle To in Nira and we

1571
02:16:07.479 --> 02:16:13.319
want to import fertilizer, do we
pay the fellers are company Nira or dollar?

1572
02:16:15.239 --> 02:16:16.840
Okay? A zombie are important?
For Leiza? Were paying dollar?

1573
02:16:16.960 --> 02:16:22.760
Bo okay? Hold on, hold
on, hold on you hold on?

1574
02:16:24.520 --> 02:16:28.600
Dan paid you in Nira? Would
you import fetializer in Narra or dollar?

1575
02:16:33.959 --> 02:16:39.280
Fertilizer in Narra or dollars? So
then then what's that? What's is the

1576
02:16:39.360 --> 02:16:43.040
point? Are you not getting the
point I'm making that you are sent to

1577
02:16:43.159 --> 02:16:48.040
dangle To in dollar in naira,
but you turn around and use dollar to

1578
02:16:48.200 --> 02:16:52.879
import other items, So there is
no change. Forget forget that. What

1579
02:16:52.200 --> 02:16:58.920
is what at present the most single
um products that we spend most of our

1580
02:17:00.079 --> 02:17:03.639
dollar and his own for it anyone
is this petrol product. But you will

1581
02:17:03.680 --> 02:17:07.639
still paid the portugum products. You
will still paid petroleum. The difference with

1582
02:17:07.799 --> 02:17:13.200
danswer you know you're not paid demorage, storage and importation. You will still

1583
02:17:13.280 --> 02:17:16.040
pay for the creek player. Now
they could only still pres in dollars.

1584
02:17:18.879 --> 02:17:22.040
Why won't they be thrend dollars?
Why not? You asking? Are you

1585
02:17:22.159 --> 02:17:26.639
not importing the fertilizer quote unquote in
dollar? So where is the pressure going

1586
02:17:26.719 --> 02:17:33.639
to? I didn't get that.
Where is the pressure going to? Where

1587
02:17:33.719 --> 02:17:39.479
is this pressure? Where is it
good? Are you saying dollar will disappeared?

1588
02:17:39.879 --> 02:17:46.280
Because I want for arguing that the
man will disappear because it's a refining.

1589
02:17:46.440 --> 02:17:48.879
But it's not going to disappear,
but it's going to do it.

1590
02:17:50.520 --> 02:17:54.719
And don't forget that he is moving
to Endal's dollar by selling to other African

1591
02:17:56.120 --> 02:18:03.680
I don't agree. I don't agree. I don't sorry preaking because the conversion

1592
02:18:03.959 --> 02:18:07.959
account for that. There's that respectum
the peven speakers and comment, we'll see.

1593
02:18:09.360 --> 02:18:13.200
Let's look at it in three Damix
festival. Let's start with the cement.

1594
02:18:13.479 --> 02:18:16.840
Let's start with cement. We know
who are from the cement as they're

1595
02:18:16.879 --> 02:18:22.600
being a difference. You see the
thing we're missing works just trying to see

1596
02:18:22.799 --> 02:18:31.319
and I think let's finish so you
can get my point. What HAP point

1597
02:18:31.440 --> 02:18:37.440
is that you see, communities are
not localized. The present is not localized.

1598
02:18:37.239 --> 02:18:41.280
If you look at Southdiarmic for example, if you look at all these

1599
02:18:41.319 --> 02:18:46.280
companies where they get their margins are
refining and the fact that they have markets

1600
02:18:46.280 --> 02:18:50.799
in different places. Dan quickly Festival
has bus also. Thus in depth,

1601
02:18:52.360 --> 02:18:56.040
I CPC the Bank of China given
I think the last time I check on

1602
02:18:56.120 --> 02:18:58.840
plum bag and if you look at
the fact that I will see being out

1603
02:18:58.840 --> 02:19:05.600
to subsidies because he got effects also
from the CBN to a subsized with all

1604
02:19:05.639 --> 02:19:09.120
those things we are playing well,
it comes to Pey like okay, when

1605
02:19:09.280 --> 02:19:13.000
it comes to processing and things like
that, how are you seeing that we're

1606
02:19:13.040 --> 02:19:18.680
going to gain modulus? Because what
is what I can argue to use that

1607
02:19:20.000 --> 02:19:24.879
it's going to bring were called energy
security. The fact that the country are

1608
02:19:24.920 --> 02:19:28.920
being put on that siege because for
example, when the repair market had problems

1609
02:19:28.920 --> 02:19:35.680
with refinement tainers and U sorry,
our posse cannot really taking certain ships and

1610
02:19:35.840 --> 02:19:39.520
cannot bring some out to taking small
smaller ships as to be brought in truth,

1611
02:19:39.520 --> 02:19:43.959
smaller ships. All those things who
come to it. But I disagree

1612
02:19:43.479 --> 02:19:48.479
that you do make the market more
if bringing more, but in the net

1613
02:19:48.520 --> 02:19:52.680
time based on pricing of all that, I don't think. I don't I

1614
02:19:52.760 --> 02:19:56.079
don't see. I don't see that
happening because you're not telling me that he's

1615
02:19:56.079 --> 02:20:01.040
going to export we find petro to
despite the fact that Bienda is going to

1616
02:20:01.559 --> 02:20:05.000
look at the jobs capacity that's the
cuty right now, we knew that as

1617
02:20:05.120 --> 02:20:09.159
the start the refiner, I would
like to take us into sixty so we

1618
02:20:09.280 --> 02:20:15.840
don't know the local consumption and capacity. Likewise, when the countries, So

1619
02:20:16.319 --> 02:20:20.520
I think it's faith for us to
look at the objectives like the tacut cement

1620
02:20:20.719 --> 02:20:33.639
when the business mode it does need
to really help them with the Refinally,

1621
02:20:33.120 --> 02:20:37.760
remember NPC also our share in that
company. So all the spot the back

1622
02:20:37.840 --> 02:20:43.959
of your mind, Yeah we want
to be yeah, okay, yeah,

1623
02:20:43.799 --> 02:20:50.200
yeah, yeah, the NFPC has
been it's not really Yeah. I understand

1624
02:20:50.280 --> 02:20:52.959
are saying guarantees. I think twenty
percent right that we're supplying. Yes,

1625
02:20:52.959 --> 02:20:58.319
I understand you're saying, but you're
focussing that the price of all is very

1626
02:20:58.399 --> 02:21:01.159
fluid. Do you know what started
is good to the bond market are you

1627
02:21:01.239 --> 02:21:05.959
aware because their economy is going to
depth. That's difference could make one asks

1628
02:21:07.040 --> 02:21:11.239
one billion dollars last year. So
the fact that some arepa is going to

1629
02:21:11.319 --> 02:21:16.799
the depth market tells you how where
your food energy prices are. So if

1630
02:21:16.840 --> 02:21:22.000
you past your price just on expecuation, because a price rallying as something five

1631
02:21:22.040 --> 02:21:24.440
girl as the power, you don't
know what's gonna happen too, must time

1632
02:21:24.840 --> 02:21:28.920
and see you want in Russia and
Ukrean, it's gonna keeping price the high

1633
02:21:30.440 --> 02:21:33.440
because the way the world is moving
towards new pools and because like that tells

1634
02:21:33.479 --> 02:21:39.680
you the progression. So it's a
very risky proposition team that the price of

1635
02:21:41.239 --> 02:21:46.959
that is finding definitely bringing. I
don't really by that. I feel that

1636
02:21:46.239 --> 02:21:56.040
a power from energisticurity we go down. It's bringing for it definitely because the

1637
02:21:56.120 --> 02:22:00.360
rest of the rest of African countries
are going to apart from guess what,

1638
02:22:01.200 --> 02:22:05.399
Yes, the cuts might be given
to him in Nia, and I'm sure

1639
02:22:05.479 --> 02:22:09.879
that's gonna be for Eperio's not gonna
be for whatever, just to stabilize the

1640
02:22:09.040 --> 02:22:16.600
surfing for people to enjoy him before
he started into turning me with that price.

1641
02:22:16.719 --> 02:22:20.040
Also, remember the two refineries,
you worry and for facult one two

1642
02:22:20.079 --> 02:22:24.840
of them to might kicks in,
maybe towards the middle of place year and

1643
02:22:26.040 --> 02:22:28.680
maybe towards the end of this year. So I think, I think what

1644
02:22:28.719 --> 02:22:33.239
we should understand, I understand what
can do is say, exact sociality is

1645
02:22:33.280 --> 02:22:39.120
still there because you when you are
don't introduction money is still there. To

1646
02:22:39.399 --> 02:22:43.920
let us a rude out that the
only difference is that not're gonna pay those

1647
02:22:43.000 --> 02:22:48.360
demo rate, those exploits, those
import duty and all that. But the

1648
02:22:48.479 --> 02:22:52.000
other things are still there. But
then coveniment was that not buying it in

1649
02:22:52.159 --> 02:22:56.799
dollars, that's what just gonna it. Just took out that. But then

1650
02:22:58.040 --> 02:23:01.559
I hope that government can just make
somebody away, let him sell it for

1651
02:23:01.760 --> 02:23:07.719
us at once for one year.
After one year, then will have straighten

1652
02:23:07.799 --> 02:23:13.200
out thing about itself and then we
can move on for them. Yeah,

1653
02:23:13.479 --> 02:23:20.399
sorry, just keeping but sorry you
forgotten that when he was building that he

1654
02:23:20.559 --> 02:23:24.079
used debt. Forgotten that you're forgotten
that those depths, those depths were in

1655
02:23:24.120 --> 02:23:28.840
dollars. Forgotten that, hold on, hold on, you're forgotten. Hold

1656
02:23:28.959 --> 02:23:33.840
on, I don't want to learn. You forgotten. That is the commodity.

1657
02:23:35.159 --> 02:23:39.680
The primary product is then denomated in
dollars. All those things play,

1658
02:23:41.120 --> 02:23:45.600
and you forgotten that the cost of
brewing has gone on. That's why many

1659
02:23:45.680 --> 02:23:52.280
companies right now are reducing the dollar
depth exposure, so to be a pretty

1660
02:23:52.319 --> 02:23:56.680
smart thing for him as much as
possible to reduce depth because in the cost

1661
02:23:56.719 --> 02:24:00.879
of interest, then will you will
go to You're trying to tell me that

1662
02:24:01.920 --> 02:24:05.920
we have to easily runs those things
when you William Cant told you that they

1663
02:24:07.000 --> 02:24:11.200
of the world. The colony shows
that the county country. So I don't

1664
02:24:11.520 --> 02:24:15.000
buy the fact that it's going to
punk in the What you could just see

1665
02:24:15.040 --> 02:24:16.639
is that yes, the native affects
that, yes, he's going to drinking

1666
02:24:16.879 --> 02:24:24.799
at the security have much more great
jobs. Let's on the table. Let

1667
02:24:24.959 --> 02:24:26.760
let me run the table. Let
me get no El Jaffe. Hold on,

1668
02:24:26.799 --> 02:24:30.520
hold hold up, hold up,
Jaffe, go ahead. What's her

1669
02:24:30.600 --> 02:24:35.959
mind? I think, I think
a lot of things. Because an opportunity

1670
02:24:35.959 --> 02:24:41.319
into factor in all this discussion.
There is a part already between the Jura

1671
02:24:41.440 --> 02:24:46.920
and then to refinerary to sell him
constantly three hundred three under thousand barrel.

1672
02:24:48.120 --> 02:24:52.360
That is the part. Not this
is fifty You remained three fifty than source

1673
02:24:52.399 --> 02:24:58.120
for it himself, either buy from
the immediate company in Injuria or directly from

1674
02:24:58.200 --> 02:25:03.520
Majoria and government. These three the
thousand partake, okay, which is exactly.

1675
02:25:03.840 --> 02:25:05.440
Yeah. So whether they're going to
say that to him in Nera,

1676
02:25:05.639 --> 02:25:09.520
but they're going to say to him
in dollar, I don't know. But

1677
02:25:09.680 --> 02:25:13.680
that he's going to sell to Nigerians
in Neira, that's certain also. So

1678
02:25:13.879 --> 02:25:20.159
that's good information, all right,
Yeah, are you good? Yeah,

1679
02:25:20.280 --> 02:25:24.879
that's good. That's good information here
we are trying to we're not looking at

1680
02:25:24.959 --> 02:25:28.559
this that whatever inmates you guys are
talking about now, we're not good forever.

1681
02:25:28.879 --> 02:25:33.680
We know as for too long.
It's just for Nigerians to be stable

1682
02:25:33.879 --> 02:25:37.680
with our you know, our our
let me see our access to the to

1683
02:25:37.799 --> 02:25:41.200
the products, to the petrillium product
for now, which is going to both

1684
02:25:41.200 --> 02:25:46.760
because basically when you look at them, it is basically designed for exports,

1685
02:25:48.120 --> 02:25:54.319
not for lookal consumption. It's in
an export processing zone. Hint, hint.

1686
02:25:54.040 --> 02:25:58.559
It is basically designed for exports.
So if he's just being rescuing Nuria

1687
02:25:58.639 --> 02:26:01.360
for a work, it's just for
are tufols to be speakle. So we

1688
02:26:01.399 --> 02:26:09.879
should not really consider umfinary as the
forever solution to Nigia. Definitely, let

1689
02:26:09.920 --> 02:26:13.680
me making clear for Let let me
clear for for pol listening. The Dangote

1690
02:26:13.799 --> 02:26:22.079
refinery is built to export Nigerian crude
oil products and make dollars for Nigeria.

1691
02:26:22.600 --> 02:26:28.319
Dangote is not built to supply PMS
to n NPC Jarra or n NPCA baker

1692
02:26:28.360 --> 02:26:33.840
Lak. That's for NNPC refineries.
So he will do it because it's in

1693
02:26:33.959 --> 02:26:37.559
Nigeria, because people are Okay,
he loves people, but that's not why

1694
02:26:37.600 --> 02:26:43.200
it was built. They did not
give him funding with subsidized dollar to supply

1695
02:26:43.639 --> 02:26:48.319
an NPC Dama two and an NPCR
bar with PMS and diesel. No,

1696
02:26:48.799 --> 02:26:56.280
it's built to export Nigerian crude oil
components, condensates petrochemicals outside the country,

1697
02:26:56.879 --> 02:27:01.440
just like dangle Te petro Chemicals exporting
fetializers to day, to Brazil and the

1698
02:27:01.680 --> 02:27:07.479
US and not to Nigeria. Keep
that in mind. Guys, Prince,

1699
02:27:07.559 --> 02:27:13.920
you've got the flosster Prince Ninja more
veloci. Prince, you've got the floor

1700
02:27:13.200 --> 02:27:20.079
go ahead to Thanks Jeff, Prince, Mister Nacos go ahead. Princes having

1701
02:27:20.120 --> 02:27:26.120
issues to get mister Nacos go ahead. Oh nacos. Yeah, okay,

1702
02:27:26.159 --> 02:27:28.840
Prince, go ahead, sir,
please go ahead. Yes, yeah,

1703
02:27:30.600 --> 02:27:33.120
I've been hearing everything and I really
upstate to all the points everyone is pointing

1704
02:27:33.200 --> 02:27:37.040
out. Well, then I'm the
thing I ordered to actually point out this

1705
02:27:37.239 --> 02:27:43.239
outside your ole oil angers conversation that
we're having, because I don't know if

1706
02:27:43.319 --> 02:27:48.440
that's okay, Well talk about what
are you talking? What are you talking

1707
02:27:48.479 --> 02:27:52.440
about the naira? Should we the
value? Should we defended? The whole

1708
02:27:52.559 --> 02:27:56.520
issue about the dangle to refinery is
because that's going to be in all honest,

1709
02:27:56.559 --> 02:28:01.680
it's going to be a big,
big determinant in devil defending because like

1710
02:28:01.840 --> 02:28:07.520
someone has, like think PC pointed
out the bulk of our forex explains right

1711
02:28:07.520 --> 02:28:11.319
now to import pms. So if
we can have something that removes the imput

1712
02:28:11.440 --> 02:28:16.239
of PMS, then that's going to
be a big factor for the next CB

1713
02:28:16.360 --> 02:28:20.040
and goes its going to defend.
Yeah, so go ahead, yeah,

1714
02:28:20.079 --> 02:28:22.760
I mean that dan is really that's
what it comes in. That's going to

1715
02:28:22.799 --> 02:28:26.680
solve that problem. So giving problems. But then my one point now is

1716
02:28:28.000 --> 02:28:31.879
we are very heavier important in Nigeria
here and then the whole part where you

1717
02:28:31.920 --> 02:28:35.200
said itself is ready to work.
But then if you think about it,

1718
02:28:35.280 --> 02:28:39.959
they even the ones that even imported
the most, right. And then we

1719
02:28:39.079 --> 02:28:43.719
have like a list of things that
should not be imported into an idea,

1720
02:28:43.920 --> 02:28:48.719
but then you see them getting important, right, and then you're not able

1721
02:28:48.760 --> 02:28:52.200
to source dollar for those things that
that are not allowed to be important,

1722
02:28:52.280 --> 02:28:56.879
right, So they have to go
through with the parallel market and buy a

1723
02:28:56.040 --> 02:29:03.159
start really close and that hug those
rates and then that makes it's more expensive

1724
02:29:03.200 --> 02:29:05.680
to sell to Nigeria. And so
that's basically why you say that a lot

1725
02:29:05.719 --> 02:29:09.399
of things are much more expensive,
right, which is bad, right,

1726
02:29:09.520 --> 02:29:15.879
But then we have manufacturing companies,
a lot of people that set on manufacturing

1727
02:29:16.479 --> 02:29:20.200
like ventures, and then they have
to close down just because they're not able

1728
02:29:20.280 --> 02:29:24.639
to sustain the business because the cost
of production means that the price or whatever

1729
02:29:24.760 --> 02:29:28.920
product is going to be cheaper,
it's going to be much more expensive than

1730
02:29:28.360 --> 02:29:33.959
the ones that have been imported from
China, because apparently there's I don't know

1731
02:29:33.000 --> 02:29:37.760
how China is able to do it. By ahead that the Chinese government subsidizes

1732
02:29:39.000 --> 02:29:43.079
anything that is exported from China,
so they pay a bit of the money

1733
02:29:43.120 --> 02:29:46.319
out of they pay a bit of
the money for even the people outside in

1734
02:29:46.399 --> 02:29:50.159
the country that's buying from them.
They help you, they won't pay like

1735
02:29:50.200 --> 02:29:52.959
a bit of it, which is
part of the subsidity thing, trying to

1736
02:29:54.079 --> 02:29:58.920
help their own manufacturing companies or manufacturing
industry to grow, making it making making

1737
02:30:00.079 --> 02:30:03.520
it's even much more. Oh would
I see? People would want to buy

1738
02:30:03.799 --> 02:30:07.559
things are cheap and our value for
money, so they can basically maximize on

1739
02:30:07.639 --> 02:30:13.719
their improfits. So that's the Let
me ask you a question. It made

1740
02:30:13.719 --> 02:30:16.399
a point about import. Do you
what country in the world is the largest

1741
02:30:16.600 --> 02:30:22.280
exporter exporter in the world. What
country do you think I would I would

1742
02:30:22.559 --> 02:30:26.840
see China? What country and the
was the largest important in the world.

1743
02:30:30.520 --> 02:30:35.280
It's no Nigeria for sure, but
I think it's America. It's China.

1744
02:30:35.479 --> 02:30:41.840
It's China, China important exporter.
The issue is not import or export,

1745
02:30:41.959 --> 02:30:46.840
its net exports. So if the
if I want to make shoe and I

1746
02:30:46.000 --> 02:30:52.079
import letter from Carno, I import
com from Ado. I make the shoe

1747
02:30:52.079 --> 02:30:56.319
in a bar and I export,
but I import say maybe the Maylon to

1748
02:30:56.600 --> 02:31:03.399
wrap it. That's fine. The
issue is not import, it's net export.

1749
02:31:03.520 --> 02:31:07.680
Economics. Say you want to do
a net export from your country.

1750
02:31:07.079 --> 02:31:13.840
So if they're important as impute to
important machine you import and to finish your

1751
02:31:13.920 --> 02:31:18.200
goods, that is fine. The
problem with Nigerias that we're important consumption.

1752
02:31:20.120 --> 02:31:24.079
That's a problem where important consumption.
Same thing with the PMS subsidy. There

1753
02:31:24.200 --> 02:31:31.879
is nothing wrong in subsisting PMS.
Nothing wrong. If Dangote is paid cash

1754
02:31:31.319 --> 02:31:39.680
to subsidize PMS for Nigerias, there
is nothing wrong because it's a local subsidy

1755
02:31:39.200 --> 02:31:45.040
to make manufacturing in Nigeria cheaper.
So you goes Dangota and you say,

1756
02:31:45.280 --> 02:31:52.239
supply diesel to textile films and a
not to produce the textiles cheaper in Nigeria

1757
02:31:52.319 --> 02:31:56.479
that can be exported. More power
to you. The problem is that what

1758
02:31:56.600 --> 02:32:01.760
we're doing we're important. Education,
we are important healthcare. How do we

1759
02:32:01.840 --> 02:32:05.239
import healthcare? You go abroad to
fix you to visit your dentist, that's

1760
02:32:05.360 --> 02:32:09.760
important healthcare. You go abroad to
go to school, that's important healthcare.

1761
02:32:11.000 --> 02:32:16.399
So China is the largest important,
largest export that Germany imports. Journey export,

1762
02:32:16.760 --> 02:32:22.639
USA import USA export sam Your Apple
phone is design is where your Apple

1763
02:32:22.719 --> 02:32:26.959
phone is important to America? Who
designs it? America? Where is it

1764
02:32:28.120 --> 02:32:31.600
made? China? Do you anyone
saying Apple phones are important, it doesn't

1765
02:32:31.680 --> 02:32:37.600
matter because the net to Apple is
an export. The net resides to them.

1766
02:32:39.079 --> 02:32:43.079
It's an export. They build China
more than China build them. They

1767
02:32:43.200 --> 02:32:50.000
built China for design, China builder
for the hardware net Apple wins. So

1768
02:32:50.159 --> 02:32:52.239
yeah, everything you said is perfect, of course, but I'm not trying.

1769
02:32:52.239 --> 02:32:58.559
I'm not saying that important. I'm
talking about the arts where the manufacturing

1770
02:32:58.639 --> 02:33:03.360
companies or the engine manfacture ventures are
not able to sustain themselves. Even if,

1771
02:33:03.719 --> 02:33:07.840
yes, you said, those machines
that they need to produce whatever,

1772
02:33:07.079 --> 02:33:13.520
to make it cheaper to produce in
Nigeria, they're allowed to get it dollars

1773
02:33:13.600 --> 02:33:16.399
from Sivia or that typerates. Yes, that happens, fine, right,

1774
02:33:16.879 --> 02:33:20.479
but then for some reasons they're still
not able to be cheaper than what's been

1775
02:33:20.760 --> 02:33:26.520
important from China. It's it's cheap, it's not because cost of manufacturing in

1776
02:33:26.600 --> 02:33:28.879
nurger is very expensive. We have
no power, we have no securities.

1777
02:33:28.920 --> 02:33:33.559
We have to provide your own power
that at least in five percent on your

1778
02:33:33.600 --> 02:33:35.680
selling price. Well, let me
give you a point and let you go

1779
02:33:35.879 --> 02:33:43.159
right, there's about ten to twenty
billion dollars sitting in Nigeria. Some not

1780
02:33:43.360 --> 02:33:48.440
any interest some any interests in the
banks. If I wanted to make that

1781
02:33:48.680 --> 02:33:52.479
currency available Monday, that is today
Monday in Niger, what would I do?

1782
02:33:54.040 --> 02:33:58.280
I give value to six fifty.
Once I devalue, what happens?

1783
02:33:58.399 --> 02:34:01.000
All those guys are happening in their
dollars will take the money out and sell

1784
02:34:01.079 --> 02:34:07.879
to the banks to get six nine
from me because six fifty is better than

1785
02:34:07.040 --> 02:34:13.559
four fifty which is currently at right, So there a flow of dollars into

1786
02:34:13.680 --> 02:34:18.680
Nigeria. The manufacturers then get dollars
immediately to that they can use to then

1787
02:34:18.879 --> 02:34:24.959
import imputs to make products. Right. Those imputes are then exported, right,

1788
02:34:26.399 --> 02:34:30.200
then there's small dollars coming into the
country. Right, what else do

1789
02:34:30.200 --> 02:34:33.440
you do? You are killing imports
because at six to fifty, it's more

1790
02:34:33.520 --> 02:34:39.239
expensive to import, it's cheaper to
manufacture locally. So it's not rocket science

1791
02:34:39.280 --> 02:34:45.799
to say that if the cibient today
the values in nira to seven hundred and

1792
02:34:45.959 --> 02:34:50.079
fifty, that ten to twenty billion
that is sitting in domar accounts in people's

1793
02:34:50.120 --> 02:34:56.719
pockets in Nigeria will leave the banks
and be sold immediately. Because nobody wants

1794
02:34:56.760 --> 02:35:01.440
to it's not money, right If
you sell that dollar, dollar becomes available.

1795
02:35:01.719 --> 02:35:05.159
If that becomes available, what happens
to surprise of dollar? What happens

1796
02:35:05.200 --> 02:35:09.399
to the price. If something is
available, happens to the price of its

1797
02:35:09.479 --> 02:35:13.239
economics, it falls if something is
available, the price or something false.

1798
02:35:13.639 --> 02:35:20.399
So in the irony of a strong
nihra is that your currency becomes weaker,

1799
02:35:20.719 --> 02:35:24.280
and the irony of a weak currency
is your currency becomes stronger. So the

1800
02:35:24.399 --> 02:35:28.799
seven in trying to keep the naira
strong is making it weaker. If you

1801
02:35:28.879 --> 02:35:33.719
simply devalued it, you allow the
market to determine the rate of demand and

1802
02:35:35.159 --> 02:35:39.920
their demands them in the optimal price, then the real price will come out.

1803
02:35:39.159 --> 02:35:43.000
Then nobody will import a shirt from
London for us, not because you

1804
02:35:43.079 --> 02:35:46.719
can't afford it, if you can't
afford it by a ember. But if

1805
02:35:46.760 --> 02:35:52.799
you can afford it, sure import
the shirts from London. Then you only

1806
02:35:52.959 --> 02:35:56.520
import what you know it's important to
you. You can import food, you

1807
02:35:56.600 --> 02:36:03.440
can import pms or should you import
sparkling water? Why should you import sparkling

1808
02:36:03.559 --> 02:36:07.159
water? So economics to create a
budget for you, and then with that

1809
02:36:07.360 --> 02:36:13.920
boat you focus on what is necessary
for you as a nation. In South

1810
02:36:13.040 --> 02:36:18.639
Quore, they band every import.
You only have to import imput during the

1811
02:36:18.680 --> 02:36:22.399
time of Park the military dictator.
Right, and that's how they got themselves

1812
02:36:22.440 --> 02:36:26.319
on the shore footing. You can't
say you have no currency, then you

1813
02:36:26.440 --> 02:36:31.280
are. You go to a budja. I've seen still Champagne water being sold

1814
02:36:31.479 --> 02:36:35.319
in the markets and a budja what's
it for? What's it for? Right?

1815
02:36:35.559 --> 02:36:39.280
So if you want to import still
champagne water, buy from the market

1816
02:36:39.319 --> 02:36:46.319
and import, then let the Cybian
focus on subsidizing the same is through these

1817
02:36:46.360 --> 02:36:50.799
counter dollars. I don't see why
it should sell every dollar teven fifty,

1818
02:36:50.920 --> 02:36:54.600
right, and the Cybian sales could
oil. Let the money go to CBN.

1819
02:36:54.879 --> 02:36:58.360
But if I export my cocoa,
if I export my fintech and I

1820
02:36:58.440 --> 02:37:01.360
get my dogs, let me sell
US seven fifty. So that way,

1821
02:37:01.479 --> 02:37:05.120
you know, there's a bit of
development finance also a bit of the market

1822
02:37:05.239 --> 02:37:09.799
taking charge of situation. Hetty dre, what's ups? Go ahead, You've

1823
02:37:09.799 --> 02:37:13.399
got the floor, hetty name right, heah, go for it, man,

1824
02:37:13.600 --> 02:37:16.879
Yes, thank you very star.
Calor. I think you also also

1825
02:37:18.079 --> 02:37:24.360
running today earlier, your earlier smission. You actually also missing it again even

1826
02:37:24.399 --> 02:37:30.239
though your that's quest earlier which I
agree with, which is that it can

1827
02:37:30.360 --> 02:37:37.360
you just choose for in exchange policy
only to solve structural problems. So today,

1828
02:37:37.760 --> 02:37:39.639
because you have aser that question the
way yours are the game, you

1829
02:37:39.719 --> 02:37:45.159
are going back again. If today
decide to say let's fl it will not

1830
02:37:45.239 --> 02:37:50.680
stop solving structural problem. It will
also deally make her production albom cheap because

1831
02:37:50.719 --> 02:37:56.879
they are fundamental structural problem at home. So you're always you always have a

1832
02:37:58.000 --> 02:38:01.319
problem. And I think part of
the example is that of Egypt, which

1833
02:38:01.360 --> 02:38:07.479
they did just around the fifth So
foreign next dent policy is a soul where

1834
02:38:07.479 --> 02:38:11.680
it's one of the twos, it's
not the only two because many economies.

1835
02:38:11.760 --> 02:38:18.360
He made this mistake of saying just
the value lets the market just just flutes

1836
02:38:18.639 --> 02:38:22.879
and wants to flouts is a magic
wand and it to solve all structural problems.

1837
02:38:22.239 --> 02:38:26.280
And you answer that earlier, So
I think we have to stay there

1838
02:38:26.520 --> 02:38:30.360
that we have to look at the
entire government of the n eger and economic

1839
02:38:30.440 --> 02:38:35.799
system, look at the trip policy, look at refractoral policy. Nangeran economy

1840
02:38:35.840 --> 02:38:39.520
has to develop as a whole.
So people have to sit down and look

1841
02:38:39.559 --> 02:38:45.000
at the entire value chain of niger
and economy. What exactly do we want

1842
02:38:45.040 --> 02:38:50.559
to do? It is when you
do that something I've answered earlier, that

1843
02:38:50.719 --> 02:38:56.479
will come up with a comprehensive policy
framework. Under that you might have the

1844
02:38:56.559 --> 02:39:01.920
usual of foreign next day policy,
industrial pol see, trait policy, all

1845
02:39:01.000 --> 02:39:07.799
those things mostly demosticy energy around everything. So what we are telling in Nangia

1846
02:39:07.920 --> 02:39:13.079
so far, not for ticcades,
is that people are so lazy that it

1847
02:39:13.120 --> 02:39:16.760
those people who want to where a
monitu policy too or fiscal policy too.

1848
02:39:18.079 --> 02:39:22.360
They don't speak one thing and leave
the other things without addressing those issues.

1849
02:39:24.079 --> 02:39:28.120
So if you DIVI let us produce
ships in Nanguria today, we don't have

1850
02:39:30.000 --> 02:39:33.360
that industry. Again in an engineer, is that how do you bring it

1851
02:39:33.559 --> 02:39:37.920
up without actually thinking about the entire
economy. I think that's the number one.

1852
02:39:39.319 --> 02:39:43.479
Number two I think I think it
was basic that engage to explanation very

1853
02:39:43.520 --> 02:39:50.799
well and that explanation is simple.
We don't drink presently in Nigeria. We

1854
02:39:50.959 --> 02:39:56.079
sell international markets and make dollar and
use that allowed to buy some other stores.

1855
02:39:56.479 --> 02:39:58.479
So once you're selling Nara, what
we're doing, which can be a

1856
02:39:58.520 --> 02:40:01.959
stay very is an opportunity cost.
That means you're not going to make that

1857
02:40:03.040 --> 02:40:05.840
door again. But it demand for
the lights still, then why you're making

1858
02:40:05.920 --> 02:40:11.120
less dollar? I think that's the
example was given. That's because in dollar

1859
02:40:11.479 --> 02:40:16.760
that means you see have the problem
of meeting the light demand in the markets

1860
02:40:16.040 --> 02:40:20.639
because there are so many other inputs
that I get from my abroad that I

1861
02:40:20.719 --> 02:40:24.520
have to pay in dollars. There
are so many commodities far from my abroad

1862
02:40:24.760 --> 02:40:28.399
missionaries that I still have to pay
in dollar. But because you no longer

1863
02:40:28.479 --> 02:40:31.120
said the school run in dollar,
you're not saving that dollar you sit any

1864
02:40:31.159 --> 02:40:35.440
longer, so you still don't have
the effects in actual effects to solve the

1865
02:40:35.559 --> 02:40:39.920
problem of effects in the market.
Let me just tell them my brother,

1866
02:40:39.079 --> 02:40:41.879
thank you. Yeah, that was
well done. Thank you again, thanks

1867
02:40:41.920 --> 02:40:45.959
for that. And that was the
point. I'm trying to make that in

1868
02:40:46.120 --> 02:40:48.000
any way as long as eats good
point. But again, you know,

1869
02:40:48.079 --> 02:40:52.639
we can't talk about everything, you
know, we infrastructure is the insecurities there.

1870
02:40:52.760 --> 02:40:56.079
We just want to talk about the
valid defend. I get it.

1871
02:40:56.680 --> 02:40:58.559
If it valid doesn't make the road
in the bow will get better, right,

1872
02:40:58.639 --> 02:41:03.239
But we're using to talk about this
particular topic. And guess what guys

1873
02:41:03.360 --> 02:41:05.239
got about fifteen minutes to go.
Only make sure the guys that are here

1874
02:41:05.600 --> 02:41:09.239
and I forgot to speak. I
do give them a chance to get their

1875
02:41:09.399 --> 02:41:11.719
their their warden bollering. You've got
the flow, so I go for it.

1876
02:41:13.280 --> 02:41:18.360
Yeah. Thanks a great conversation,
and I want to appreciate everybody else

1877
02:41:18.600 --> 02:41:24.559
spoken before, particularly healthier. I
was really excited about your submissions. Thank

1878
02:41:24.639 --> 02:41:31.200
you for that. It's um the
temptation to take one to or one one

1879
02:41:31.000 --> 02:41:37.479
essentially one framework geared to understand the
reality is there's a real temptation, but

1880
02:41:37.639 --> 02:41:43.399
it easily doesn't lead us any way. Could us multiplace that there's there's no

1881
02:41:43.520 --> 02:41:48.159
moon to cause our you know,
kind of situation here floating the currency is

1882
02:41:48.280 --> 02:41:52.520
not some kind of silver bullet that's
going to solve our problems. We have

1883
02:41:52.639 --> 02:41:58.600
structural issues where I'm unproductive economy,
we are not export competitive, and that's

1884
02:41:58.639 --> 02:42:01.840
what we need to fix. Fund
them. Literally. The other thoughts I

1885
02:42:01.000 --> 02:42:05.559
just wanted to share real quick is
sometimes it's important for us to remind ourselves

1886
02:42:05.600 --> 02:42:13.920
of the real mechanism that is currently
operating regarding how we get PMS at the

1887
02:42:13.040 --> 02:42:18.319
pump in Nigeria. Many of us
are aware of the DSDP swarms, which

1888
02:42:18.360 --> 02:42:24.600
is essentially and again I believe we
all know as of now, the NNPC

1889
02:42:24.799 --> 02:42:28.440
is the sole important PMS to Nigeria. How they get that PMSS is by

1890
02:42:28.600 --> 02:42:33.879
exchanging crew which they would have sold
for dollars. Okay, So this is

1891
02:42:33.879 --> 02:42:39.239
where the opportunity cause is coming in. Again. The exchange is crew for

1892
02:42:39.479 --> 02:42:46.159
pms. But they're not exchanging directly
with offshore refinements. They're exchanging through essentially

1893
02:42:46.360 --> 02:42:50.559
contract holders, you know, in
between intermediaries you know, who have won

1894
02:42:50.799 --> 02:42:58.319
the contract. And what is happening
is that effectively some of these intermediaries still

1895
02:42:58.440 --> 02:43:01.680
have to find dollars to bring in
the PMIS. It's not like they bring

1896
02:43:01.840 --> 02:43:07.760
crude and exchange pers in some meeting
points. Doesn't work like that, you

1897
02:43:07.879 --> 02:43:11.319
know. So the PMS has to
come in anyway, and to get that

1898
02:43:11.479 --> 02:43:18.159
PMS they need to find dollars somehow
or the other. So even though technically

1899
02:43:18.280 --> 02:43:22.680
we're exchanging crude for pmis, they
still dollars demand in the mix somewhere there

1900
02:43:22.959 --> 02:43:26.000
and they have to find that dollars
to be able to bring the paniss in

1901
02:43:26.440 --> 02:43:31.360
and then collect the crude oil which
is what they're taking in exchange and sell

1902
02:43:31.479 --> 02:43:37.760
it for dollars probably at the later
point. So in understanding that, we

1903
02:43:37.920 --> 02:43:45.479
get a clearer picture that what happens
with the Tangletar refinery is nothing so fuzzy.

1904
02:43:45.559 --> 02:43:48.360
It's just that we now have the
refinery next door. It's not different

1905
02:43:48.600 --> 02:43:54.760
from the off floor refineries. It's
next door, so you know, logistics

1906
02:43:54.879 --> 02:44:00.520
costs and all that imaginary lower and
can be reflected to a very really limited

1907
02:44:00.680 --> 02:44:05.559
degree at the pump. Right.
The other very major thing which I've been

1908
02:44:05.639 --> 02:44:09.280
hearing us talk about is how is
Dan gooted? How is this happening?

1909
02:44:09.360 --> 02:44:13.280
Are we exchanging the crude with dangle
ted directly? And in this case,

1910
02:44:13.360 --> 02:44:18.959
obviously we don't really need intermediaries anymore. We can give him crude oil as

1911
02:44:18.000 --> 02:44:24.879
feedstock to the refineries and he gives
us pms no need for intermedial so there

1912
02:44:24.959 --> 02:44:30.319
really there's no money changing hands.
The conversation is that of an opportunity course.

1913
02:44:30.399 --> 02:44:35.079
But even in that conversation, remember
as of now the NNPC is exchanging

1914
02:44:35.200 --> 02:44:41.000
crude it would have sold for dollars
with dangle to it. The NNPCY is

1915
02:44:41.040 --> 02:44:46.879
exchanging crudely to that soul for dollars. Nothing much is changing the price of

1916
02:44:46.040 --> 02:44:50.120
PMS at the pump will not change, It will not get lower, maybe

1917
02:44:50.159 --> 02:44:56.440
imaginally sold due to low logistics.
Cause for nothing dramatic right now, and

1918
02:44:56.559 --> 02:45:01.639
I'll end by it for justice to
the point the issue of Nara, you

1919
02:45:01.719 --> 02:45:09.079
know, dollar again, if the
exchange is a direct exchange, there's no

1920
02:45:09.239 --> 02:45:15.159
currency exchange taking place. Now.
If the exchange is not a direct exchange,

1921
02:45:15.600 --> 02:45:18.840
and we start to have conversations about, you know, are we selling

1922
02:45:18.920 --> 02:45:22.239
the crew to down with the Nara
or dollar, then we can have the

1923
02:45:22.440 --> 02:45:26.520
next conversation, which is at what
rate are we selling this If we're selling

1924
02:45:26.559 --> 02:45:30.159
it to Nara. If we're selling
it at the Cibian rate, that is

1925
02:45:30.200 --> 02:45:37.440
an implicit subsidy already. If we're
having one rate, a floated currency or

1926
02:45:37.479 --> 02:45:39.959
whatever, there obviously no subsidy at
all. So this is to me,

1927
02:45:41.239 --> 02:45:46.200
this is how to understand the situation
without getting you know, confused in the

1928
02:45:46.360 --> 02:45:50.479
mud waters of everything. And thank
you, but I don't go anywhere because

1929
02:45:50.520 --> 02:45:54.360
I think if you explained this way
better than all of us have, and

1930
02:45:54.879 --> 02:45:56.760
I think this is the point I
was not getting. I wasn't able to

1931
02:45:56.840 --> 02:46:03.079
explain as clearly with the light that
you have done right I've said that the

1932
02:46:03.239 --> 02:46:07.040
Dinod refinery all it does it it
removes any costs, do more rage,

1933
02:46:07.120 --> 02:46:13.680
you know that insurance of bringing the
ship and all that. But the I

1934
02:46:13.760 --> 02:46:16.920
think you've done it better. I
want you just say again in the way

1935
02:46:16.959 --> 02:46:22.360
that we can follow what what what
are the savings if any and is there

1936
02:46:22.399 --> 02:46:26.879
going to be a subsidient? Just
say it again, just recap it in

1937
02:46:26.920 --> 02:46:30.840
the way that we can anyone listening
can actually understand. I can take them

1938
02:46:30.879 --> 02:46:33.239
an explaion. Next person again about
just that we are totally Claire, Yeah,

1939
02:46:33.840 --> 02:46:37.559
yeah, thanks called that's what again. I will say, as of

1940
02:46:37.760 --> 02:46:46.399
now, we are exchanging crude oil
with off floor refineries through intermediate right refinery

1941
02:46:46.479 --> 02:46:50.319
comes. It is exactly like the
same refineries. It's just that it's a

1942
02:46:50.680 --> 02:46:54.920
are dosted. So the ships and
all of that. The logistics costs,

1943
02:46:54.000 --> 02:47:00.520
which will obviously are currently being reflected
at the pump price, you know,

1944
02:47:01.079 --> 02:47:07.239
that will be reflected to some degree, you know, lower logistics cause so

1945
02:47:07.479 --> 02:47:13.840
it's maybe it's slightly lower price at
but clearly nothing dramatic. So nothing is

1946
02:47:13.959 --> 02:47:20.280
changing. That's what I'm saying.
The dogetary refinery changes nothing, absolutely nothing.

1947
02:47:20.799 --> 02:47:24.120
It's the same thing. However,
and I like to say this,

1948
02:47:24.600 --> 02:47:28.760
the dogetary refinery is a beautiful thing. It's a signal of you know,

1949
02:47:30.200 --> 02:47:33.920
industrial capacity of the country. It's
a really good signal in the market.

1950
02:47:35.399 --> 02:47:43.959
It's a potential export earner, but
only only if the terms of exchange for

1951
02:47:43.120 --> 02:47:48.799
crude and p MS reflect a zero
subsidi situation. And remember what is the

1952
02:47:48.840 --> 02:47:54.239
subsidy. The subsidy is that the
p MS we are getting for a certain

1953
02:47:54.319 --> 02:47:58.000
amount of crude, you know,
it is lower than it should be.

1954
02:47:58.040 --> 02:48:03.639
Essentially, what or what what I
mean is what we're selling the pair at

1955
02:48:03.680 --> 02:48:07.799
the POMP. That's what they say, is not a subsidy. It's it's

1956
02:48:07.840 --> 02:48:11.879
a modulation recovery. You know,
we're selling at the point we're getting less

1957
02:48:11.920 --> 02:48:18.000
than we should be getting, uh
for for what we have exchanged uh it

1958
02:48:18.520 --> 02:48:22.600
for CLU for UM. I hope
that helps. Yeah, it does.

1959
02:48:22.680 --> 02:48:26.959
And I just want to make sure
people understand understand that, you know,

1960
02:48:26.040 --> 02:48:30.440
they's it the tendency to think someone
earlier kIPS me on Twitter that I don't

1961
02:48:30.479 --> 02:48:33.719
like that with the refinery, I'm
trying to explain. I'm just explaining what

1962
02:48:33.920 --> 02:48:39.000
Ballari has done with the clarity I
get it Basy. I know, basically

1963
02:48:39.000 --> 02:48:41.680
you don't like what he said.
I get it. There's there's one little

1964
02:48:41.760 --> 02:48:46.520
thing that, yeah, this subsidy
is not removed. That is, if

1965
02:48:46.600 --> 02:48:52.079
we don't change the terms of exchange. You know, if the prices at

1966
02:48:52.120 --> 02:48:54.760
the POMP do not reflect in cost
recovery, ciplution, what is going to

1967
02:48:54.840 --> 02:49:00.360
happen is what is already happening.
Our demand profile is not reflect people of

1968
02:49:00.440 --> 02:49:05.639
the actual demand of the Nigerian market. Clearly the product is being stuggled across

1969
02:49:05.760 --> 02:49:09.520
borders. The last weegle I heard
was our eighty million letters per day for

1970
02:49:09.719 --> 02:49:16.440
our for our information at marketimum output
referring to the fiatstop of about six fifty

1971
02:49:16.479 --> 02:49:22.079
thousand bars of old per day.
Right the equivalent output in p messages about

1972
02:49:22.159 --> 02:49:26.000
fifty million letters of pmss. Are
you guys saying what I'm saying? The

1973
02:49:26.120 --> 02:49:33.239
maximum output down the refinery does not
even satisfy the demand that we currently have

1974
02:49:33.680 --> 02:49:37.399
of PMS because of old is modeling. So you have a problem. You

1975
02:49:37.479 --> 02:49:41.319
can't even meet domestic map. So
what apposed restport banning d You can't export

1976
02:49:41.319 --> 02:49:50.799
because about the report the other two
refineries kicked in in the fort the end

1977
02:49:50.840 --> 02:49:56.120
of the year, the Porter cont
and Delta and Worried Refinery. Those two

1978
02:49:56.200 --> 02:50:01.440
also kicked in in December. No, let him answer. It's a good

1979
02:50:01.520 --> 02:50:07.479
question. Let him it's a good
question. But answer. We are mixing

1980
02:50:07.719 --> 02:50:16.319
what subsidies, please, subsidies the
landing prize of payments at the depot is

1981
02:50:16.360 --> 02:50:24.079
like fou and that's what an NBAC
is bying Nigerian government. An says an

1982
02:50:24.200 --> 02:50:31.559
MBAC don't sell at five wound,
sell to my people all over Nigeria at

1983
02:50:31.799 --> 02:50:37.399
one in five or one in now. So that difference is the subsidy is

1984
02:50:37.440 --> 02:50:46.200
you actually from the good you may
buy a market please, That's why it

1985
02:50:46.360 --> 02:50:50.399
is called under recovery. And sometimes
these terms I'm quite quite impater um and

1986
02:50:50.719 --> 02:50:56.840
a gonna apologize there um. The
issue is at the pump price. It's

1987
02:50:56.959 --> 02:51:03.440
it's an under recovery that we're calling
itself. Yeah yeah, yeah, so

1988
02:51:03.200 --> 02:51:09.280
what what what we favor us?
We don't utilifinary. That's why all our

1989
02:51:09.399 --> 02:51:13.639
top shows according to a subscii because
they know that they don't want them good

1990
02:51:13.799 --> 02:51:18.319
to down keeps and they not want
to subsidence. They want to sell at

1991
02:51:18.360 --> 02:51:24.280
the market price. The landing cast. Everything must be every value are then

1992
02:51:24.399 --> 02:51:26.239
must be paid for by the ads
and whether we like it or not,

1993
02:51:26.360 --> 02:51:30.879
the price of PMS we go if
it goes up on clacks, if you

1994
02:51:31.000 --> 02:51:33.120
come down, if it goes down. The only difference as he are saying

1995
02:51:33.280 --> 02:51:37.879
that the phrase the practicals might belities
that itself you need to be realified when

1996
02:51:37.920 --> 02:51:43.920
it came focus. So we basically
but basically he's saying that the sting I'm

1997
02:51:43.920 --> 02:51:46.000
saying that there's not going to be
any change. This is the point that

1998
02:51:46.239 --> 02:51:56.639
I'm saying this is that there is
point pressure on our desires like what we

1999
02:51:56.719 --> 02:52:01.639
have to and don't forget that why
we are opinion is also the price of

2000
02:52:01.799 --> 02:52:09.719
piment in that at the point and
one nine yeah, our own So I

2001
02:52:09.799 --> 02:52:11.879
can't take it to camera. I'm
going to say, I'm making difference of

2002
02:52:11.920 --> 02:52:18.040
over to represents yep. So by
time level the marketing demand, you can't

2003
02:52:18.079 --> 02:52:22.479
have resubs that it plays it in
down and our power and all those these

2004
02:52:22.559 --> 02:52:28.920
works. Another I said short loading, short downloding, binary blessed work loandterm

2005
02:52:28.040 --> 02:52:35.120
is to stop, thank you,
okay, and I just trying to quick

2006
02:52:35.319 --> 02:52:43.280
color okay, UM, I just
wanted to correct two Um misapprehensions. Um

2007
02:52:43.639 --> 02:52:48.600
you said. I also had someone
say that the dono to refernal is thenly

2008
02:52:48.639 --> 02:52:52.719
for exports. I don't think that
is uh totally correct. Um. The

2009
02:52:52.920 --> 02:52:56.799
news complexity, they don't go to
say it's ten point five you know,

2010
02:52:56.920 --> 02:53:00.639
just you synchnized in the world.
And it's configured in the way that they

2011
02:53:00.719 --> 02:53:03.959
can moderate what it has to produce. So it's not a flat output in

2012
02:53:05.120 --> 02:53:09.399
terms of what it has to producing
PLAYMSS for diesel or any given products.

2013
02:53:09.399 --> 02:53:13.760
So if at a given time we
need X amount of payments, it can

2014
02:53:13.840 --> 02:53:16.959
contrigure to produce that. If it
needs to reduce that to produce more dig

2015
02:53:16.120 --> 02:53:20.520
it can do that or any other
product. So it has like the Schnie

2016
02:53:20.639 --> 02:53:24.879
that's a comprehensi and it is one
of the most complex in refineries we have

2017
02:53:24.000 --> 02:53:26.959
in the world. They can do
a lot and that's the compos thing means

2018
02:53:28.000 --> 02:53:31.000
that they can boost become aximise the
output of the idle carbon in terms of

2019
02:53:31.040 --> 02:53:37.479
what you get comparel to the can
to refinery can export. And I also

2020
02:53:37.559 --> 02:53:41.840
meet a local demands on hundred percent
go to to refinery as cities now the

2021
02:53:41.959 --> 02:53:46.159
country as like the building arms for
local distribution, and that I said,

2022
02:53:46.319 --> 02:53:56.079
the loading arms can distribute for the
letters and six thousand later because distributions local

2023
02:53:56.120 --> 02:54:01.399
distribution here historically okay, go ahead, ask you a question ahead, please

2024
02:54:01.440 --> 02:54:05.600
finish. So so they can just
do too. They are set up to

2025
02:54:05.760 --> 02:54:11.360
distribute locally. W designs segre.
They said, look, this is not

2026
02:54:11.479 --> 02:54:13.520
what we wanted to do. Water
to just do apprecires for export, the

2027
02:54:13.639 --> 02:54:18.719
maybe off take for for for local
the dangleting. And also they said,

2028
02:54:18.799 --> 02:54:22.559
look who must be able to supply
the local market. And if the factor

2029
02:54:22.680 --> 02:54:28.319
that into the old referary structure in
terms of the way the water to do

2030
02:54:28.440 --> 02:54:31.280
the distribution and export as well,
that's a commonly the last piker said,

2031
02:54:31.600 --> 02:54:35.000
or the bagibum output of don referari
is fifteen, No, that's not true.

2032
02:54:35.319 --> 02:54:39.760
The magibum output of between one and
three or as seven million letters have

2033
02:54:39.959 --> 02:54:46.920
been a star fifty, the similar
fifty in terms of bowers per day.

2034
02:54:46.159 --> 02:54:52.360
So they can actually do export and
can conveniently, you know, produce for

2035
02:54:52.479 --> 02:54:56.600
the local markets. Two free.
Yes, I do able. Reverse said,

2036
02:54:56.639 --> 02:54:58.840
you know, you explain everything a
lot that I said, nothing.

2037
02:55:00.000 --> 02:55:03.000
The changes were not change because we
also forget we always focus on carements.

2038
02:55:03.559 --> 02:55:07.040
We also forget that what we do, we sell our crude and we probably

2039
02:55:07.120 --> 02:55:15.000
be payments atf and Dizoo and maybe
some careres and if we do for the

2040
02:55:15.079 --> 02:55:18.639
local market. But also forget that
the major components of crude that we're going

2041
02:55:18.719 --> 02:55:22.680
to now be preserving, so we
full refine our crewd they're like the little

2042
02:55:22.760 --> 02:55:26.600
refinery, it's don't be producing quite
a number, like the KO said,

2043
02:55:26.879 --> 02:55:30.559
the number of components in products from
the crude, you know, because of

2044
02:55:30.680 --> 02:55:35.040
this high NCA. That also we
also have the petrol chemical complex that's going

2045
02:55:35.079 --> 02:55:41.680
to be producing propla you know that
can cater to our you know, plastic

2046
02:55:41.799 --> 02:55:45.440
markets and tire markets and ano that
market. So all those guys are long

2047
02:55:45.520 --> 02:55:48.399
are going to be important. Everybody's
gonna be buying I'm off taking from the

2048
02:55:48.440 --> 02:55:50.479
diglet A refinery, so you're going
to save a lot more, you know.

2049
02:55:50.520 --> 02:55:54.120
It's not those payments are looking at. They're looking at all lots of

2050
02:55:54.159 --> 02:55:56.479
product categories. They are no longer
going to be important that you're going to

2051
02:55:56.559 --> 02:56:01.520
get from the dangle to refinery now
correct. Somebody said that when they're going

2052
02:56:01.559 --> 02:56:03.600
to comes, it's probably going to
be doing fifty thousand barrels per day.

2053
02:56:03.959 --> 02:56:07.799
All that's also not true too.
Of course. You know when the refinerary

2054
02:56:07.879 --> 02:56:11.879
starts, they are going to sequences
to the geest the maginemum capact capacity to

2055
02:56:11.959 --> 02:56:16.639
when it starts O pressure going to
start with total five thousand barrels per day,

2056
02:56:16.239 --> 02:56:20.520
you know as a first O pressure. Then in the first few months

2057
02:56:20.520 --> 02:56:24.000
and uses of all that in a
year business about five hundred, they finally

2058
02:56:24.040 --> 02:56:28.799
living a YO two enough begins to
produce a the maagemum capacity of setting O

2059
02:56:28.879 --> 02:56:31.319
fifty thousand barrels per day. So
let's got those two can be dangle to

2060
02:56:31.440 --> 02:56:37.520
refinery and focus on only chemist components
that the only lots of components are products

2061
02:56:37.520 --> 02:56:39.760
that are going to come out of
you know, the dangle to refinery to

2062
02:56:41.000 --> 02:56:45.280
first amplements is giving you enoughter diesel, light gases, apples, very food,

2063
02:56:45.520 --> 02:56:48.280
some heavy and heavy gases. You'll
get carousy, you'll get all of

2064
02:56:48.319 --> 02:56:52.600
these other components right from the CDU
the cutislation with as a first tampl that

2065
02:56:52.680 --> 02:56:58.000
comes out obviousity before it goes to
the catalytic light catalytic arctos to break it

2066
02:56:58.079 --> 02:57:01.840
down further. So there's not just
focus on the planets component as it means

2067
02:57:01.879 --> 02:57:05.239
of maybe revenue or opportunity. Because
of savings, we're also going to be

2068
02:57:05.360 --> 02:57:09.799
signal cluses categories. And finally,
when the last person said, I said,

2069
02:57:09.840 --> 02:57:13.440
and he just you know what are
done, what these savings will be

2070
02:57:13.479 --> 02:57:16.360
in terms of what we're going to
be saving, and he said in terms

2071
02:57:16.399 --> 02:57:20.000
them of But it's not true because
of it at the end of if you

2072
02:57:20.040 --> 02:57:22.920
look some perculasion and some say,
oh, about open six killion will received

2073
02:57:24.280 --> 02:57:28.879
you know from all the standing charges, three charges, demo reade what they

2074
02:57:28.920 --> 02:57:33.719
call this receipts it and and that
says it's about three pert sixty billion dollars.

2075
02:57:33.959 --> 02:57:37.239
So if you do that aggregate,
cause there's a lot of money,

2076
02:57:37.520 --> 02:57:39.399
there's not something you just you know, play them and say, oh,

2077
02:57:39.799 --> 02:57:43.719
you know the changes are just today's
a whole lots going on within the not

2078
02:57:43.879 --> 02:57:48.200
to refinery that it's going to improduce
the colony. I finally, we're not

2079
02:57:48.360 --> 02:57:50.399
going to talk to about the impart
of the downstree sector be because of the

2080
02:57:50.479 --> 02:57:54.520
number of products are becoming out of
the crude that it's going to go along

2081
02:57:54.559 --> 02:57:58.360
this value chain and the optakers along
that still easier for the different companies of

2082
02:57:58.399 --> 02:58:01.879
the different facts for the different refractory. So there's a huge in order benefits

2083
02:58:03.079 --> 02:58:07.319
offer an economic game changer. So
she didn't you shouldn't suppose should play down.

2084
02:58:07.600 --> 02:58:11.520
While I agree that all of these
things that said we're book it down

2085
02:58:11.600 --> 02:58:15.600
and I totally people these are all
the other things because we're also doing that

2086
02:58:15.840 --> 02:58:18.319
famous look at all the event benefits
of all the event products are coming down

2087
02:58:20.319 --> 02:58:22.040
refinery, thank you. So you
know the best thing we're gonna do,

2088
02:58:22.239 --> 02:58:24.760
right, Yeah, We're going to
bring you and bothering where I think guys

2089
02:58:24.760 --> 02:58:28.879
would agree. We'll bring you guys
back. We'll do a special session on

2090
02:58:28.959 --> 02:58:33.200
the refinery. Uh, just knock
out an hour. I would have full

2091
02:58:33.239 --> 02:58:35.680
of both of you. I'm going
to send you guys DMS. I would

2092
02:58:35.760 --> 02:58:39.680
love for you guys to come back. It's our refinery. But let's just

2093
02:58:39.799 --> 02:58:45.159
talk about it. We are not
doing this to talk down or to downplay

2094
02:58:45.360 --> 02:58:48.360
any positivele refinery. You know,
the whole topic is that the value side

2095
02:58:48.719 --> 02:58:54.079
and the point I'm making it just
to emphasize that how it would play out

2096
02:58:54.280 --> 02:58:58.120
on the reserves, just for poor
to be clear, we're not pulling down.

2097
02:58:58.200 --> 02:59:01.239
Then Gotee or talking down any benefits. And I when we say the

2098
02:59:01.280 --> 02:59:05.600
point that Dangle refinery is created for
exports, it's right there in the location.

2099
02:59:07.200 --> 02:59:11.120
It's an export processing zone number one. Number two, the Cyban governor

2100
02:59:11.239 --> 02:59:16.600
himself said they are going to support
dan Gote with subsidized dollars decades ago,

2101
02:59:16.760 --> 02:59:22.719
right because Dangote would lay in the
future supply Nigeria with dollars. The whole

2102
02:59:22.760 --> 02:59:28.600
idea for Dangote, the strategic reason
for Dangote is to create a refinery that

2103
02:59:28.879 --> 02:59:33.600
is focused on taking that crude,
making those byproducts, not just the pimas

2104
02:59:33.680 --> 02:59:37.000
like you've said, even the fertilizer
plan or it's a comprehensive and the fertilizer,

2105
02:59:37.399 --> 02:59:43.559
the refineries, exporting them and getting
for explanation. So the primary reason

2106
02:59:43.639 --> 02:59:50.159
why the CBN got behind Dangote gave
Dangle to the subsidized dollars as they should,

2107
02:59:50.879 --> 02:59:54.959
is because it is a long term
play by Ninetier to diversify have forex

2108
02:59:56.040 --> 02:59:58.760
and it's a way from crude royal. But there's no way you can those

2109
03:00:00.040 --> 03:00:05.280
build a refinery and export could with
our focus on the local market. So

2110
03:00:05.520 --> 03:00:11.040
even the NNPC invested in dangoteer to
give you strategic meanings to the too Nigeria.

2111
03:00:11.319 --> 03:00:13.719
That's the point I make when I
make is for export. It is

2112
03:00:15.000 --> 03:00:20.399
created to export products of Nigerian coude
oil, not just the coude oil,

2113
03:00:20.479 --> 03:00:26.879
the products to condense it. They
resents all that from the refinery in an

2114
03:00:26.200 --> 03:00:31.559
export processing ZOE so that it goes
out. That's the point. So if

2115
03:00:31.559 --> 03:00:33.799
you guys will come back blowing war
and are Yo, I think will be

2116
03:00:35.440 --> 03:00:37.639
much much blessed to have you guys
come and then do a session just on

2117
03:00:37.760 --> 03:00:41.479
the refinery and how you can connect
it. Look at the time, guys,

2118
03:00:41.600 --> 03:00:45.959
we are almost done. Wally,
you're going to be our closing guy.

2119
03:00:46.280 --> 03:00:52.799
Walle How you doing? Hi?
Everybody, how you guys doing.

2120
03:00:52.680 --> 03:00:58.360
It's been a very very rich conversation. I've enjoyed. I've enjoyed myself.

2121
03:00:58.559 --> 03:01:05.239
I just wanted to share a few
things, you know, and I think

2122
03:01:05.280 --> 03:01:07.719
some of it some of the guys
that have said it. The last week

2123
03:01:07.719 --> 03:01:13.600
I talked about the output. What
we have in terms of Dangle Tos output

2124
03:01:13.799 --> 03:01:18.719
is I think the PMS is about
fifteen million and I think Disney is about

2125
03:01:18.760 --> 03:01:22.360
seventeen million. That's what we're have
in the public domain, if there's any

2126
03:01:22.440 --> 03:01:28.360
inside information that will be up to
one hundred and three million, we haven't

2127
03:01:28.399 --> 03:01:35.079
seen that. That's one two for
me. I've looked at the refinery as

2128
03:01:35.120 --> 03:01:39.600
well, you know, very laudable
projects, massive projects. For me,

2129
03:01:39.760 --> 03:01:43.760
I think in terms of what will
be saving, you know, and I

2130
03:01:43.920 --> 03:01:48.280
like to look at it in xact
manner. In terms of our dollar outflow,

2131
03:01:48.159 --> 03:01:54.719
it's about twenty percent about total dollar
requirements, so it's it's substantial.

2132
03:01:54.680 --> 03:01:58.280
You know. We still have seventy
two outgoing, so there's still a lot

2133
03:01:58.719 --> 03:02:03.920
that and between. That's that's the
second point for me. My third point

2134
03:02:03.399 --> 03:02:09.200
is on how we need to balance
our monetary policy, which we've been talking

2135
03:02:09.239 --> 03:02:13.319
about with our physical policy. One
gentleman came up and talked about it earlier

2136
03:02:13.399 --> 03:02:20.040
run and for me, until any
government doesn't look at the two, you

2137
03:02:20.120 --> 03:02:26.079
know, a sort of strike a
balance, we will never see anything called

2138
03:02:26.159 --> 03:02:31.120
development. And that's the God's own
truth. Let me mention something very quickly

2139
03:02:33.479 --> 03:02:39.040
on the physical side of things,
where we need to develop a lot of

2140
03:02:39.200 --> 03:02:45.559
our infrastructure and things you know around
energy, transport, water, mining,

2141
03:02:45.639 --> 03:02:56.600
agriculture, icity, housing and regional
development, social infrastructure. The invital ratistration

2142
03:02:56.680 --> 03:03:03.840
and security. Those are like the
key um infrastructure requirements that we need until

2143
03:03:03.920 --> 03:03:09.760
we find a way to start spending
money. And you know the last document,

2144
03:03:09.879 --> 03:03:15.600
the Integrated Infrastructure Master Appliances. We
need twenty five billion USD parano to

2145
03:03:15.719 --> 03:03:18.319
start investing in this thing, and
we need to invest for thirty years,

2146
03:03:20.520 --> 03:03:24.840
you know, to become anything like
all these countries that were wrong too.

2147
03:03:24.559 --> 03:03:28.000
That gives you, that gives you
an idea of what we need to do.

2148
03:03:28.520 --> 03:03:31.719
So until we start doing that,
before we see anything you know called

2149
03:03:31.799 --> 03:03:35.760
meaningful development, I don't I don't
think the dan't Go terrifining by Itsel,

2150
03:03:35.840 --> 03:03:41.680
which is just one project is in
you know, will do this because the

2151
03:03:41.840 --> 03:03:46.000
prices of will will not necessarily go
down. I can assure you of that

2152
03:03:46.159 --> 03:03:52.200
because there's so many other factors involved. For me, until I see the

2153
03:03:52.319 --> 03:03:56.559
financial model that the dant Go terrifinaries
based on, you know, we'll just

2154
03:03:56.719 --> 03:04:00.520
gets because the man has given a
lot of those to nominate and loans,

2155
03:04:00.920 --> 03:04:03.120
you know, which he needs to
pay back. So how it pays that

2156
03:04:03.280 --> 03:04:07.040
by selling the bulk of the spoiling
nirak. I'd like to see how that

2157
03:04:07.200 --> 03:04:11.799
works. But like I said,
you know from the finance perspective. Now

2158
03:04:11.559 --> 03:04:16.040
when I see is the financial model, you know I can give a more

2159
03:04:16.079 --> 03:04:22.239
informed opinion. My last point is
on how can we begin to solve Nigera's

2160
03:04:22.319 --> 03:04:26.760
problems immediately. I think you've mentioned
something around this card when we started this

2161
03:04:26.840 --> 03:04:33.959
conversation. For me, one on
top resource that a lot of countries around

2162
03:04:33.000 --> 03:04:39.840
the world that are getting into today's
that's for A funding and you see Nigeria's

2163
03:04:39.879 --> 03:04:48.799
that's for U funding hasn't been harnessed, you know, hasn't been critically pursued

2164
03:04:48.840 --> 03:04:52.879
by the government. But in the
last four years, according to Sidon and

2165
03:04:52.959 --> 03:04:58.360
the World Bank, sixty eight billion
US dollars have come to Nigeria. Sixty

2166
03:04:58.479 --> 03:05:05.639
eight billion US. You see that
amount limitary importantities. It is higher than

2167
03:05:05.760 --> 03:05:09.120
our aggregate revenues in this controvery the
last four years. It is higher than

2168
03:05:09.239 --> 03:05:15.200
any dar we have received or any
old maybe we have received. All those

2169
03:05:15.319 --> 03:05:18.479
eight is higher than all of it. For me, that sixty billion has

2170
03:05:18.559 --> 03:05:24.319
been what the core black tanks from
the dasport US. So whilst a lot

2171
03:05:24.360 --> 03:05:31.879
of people city disadvantages of this Japa
movement, I see mntely big advantage human

2172
03:05:31.000 --> 03:05:35.639
me. What if the NIDERA government
and this is on the physical side,

2173
03:05:35.719 --> 03:05:39.680
just following for about a minute,
it's a nider government is able to find

2174
03:05:39.719 --> 03:05:45.479
your way to salom instead of getting
sixty eight billion US dollars in four years,

2175
03:05:46.239 --> 03:05:50.159
How can we motivate like driers abroad
to trust us, to have confidence

2176
03:05:50.200 --> 03:05:56.959
in US as a government and begin
to reportrate the sixty eight billion per annal

2177
03:05:56.840 --> 03:06:01.799
per annal that all of a sudden. Now if it comes in that as

2178
03:06:01.920 --> 03:06:05.479
FTI, which is invested over the
longer term, takes care of all the

2179
03:06:05.719 --> 03:06:11.120
nonsense around our fiscal requirements, then
we can begin to have a lot more

2180
03:06:11.200 --> 03:06:15.639
conversations around this dangle terrefinery. How
he helps the monetary side of things.

2181
03:06:16.479 --> 03:06:20.680
Look for me, until we start
to think in this manner, you know

2182
03:06:20.840 --> 03:06:24.000
you have good that the letter,
I've good at the right, Until we

2183
03:06:24.159 --> 03:06:28.280
have the government that things in this
manner that Look, how can we solve

2184
03:06:28.360 --> 03:06:31.360
this problem? I can we balance
it? For this? You know we

2185
03:06:31.479 --> 03:06:35.319
won't. We won't really see any
meaningful development for me. Well contue aroun

2186
03:06:35.399 --> 03:06:39.559
around um in circles. That's what
I wanted to share. Thanks a lot

2187
03:06:39.600 --> 03:06:43.399
for having and I was thanks for
that we as usual detail. I think

2188
03:06:43.799 --> 03:06:48.639
I'm sorry I missed two guys that
are still annoy You're spoken that we're here.

2189
03:06:50.000 --> 03:06:54.840
I've got mister Verse, another got
mister Victor. So we'll do Versey

2190
03:06:54.920 --> 03:06:58.360
F and we'll do Victor and then
we'll call today. Thank you so much,

2191
03:06:58.440 --> 03:07:00.600
guys. I think it's very,
very and rich and I've learned so

2192
03:07:00.760 --> 03:07:05.840
much. So you've got the floors, go ahead and proposing, right and

2193
03:07:05.959 --> 03:07:09.879
walk up basic Okay, Okay,
thank you, thank you, mister Carlo.

2194
03:07:11.600 --> 03:07:16.840
I mean I just came to ask
questions because you guys are the at

2195
03:07:16.879 --> 03:07:22.319
the professionals now and I think so
my questions will be answered in the course

2196
03:07:22.360 --> 03:07:28.639
of the discussion. My other question
is the pipelines for the transportation of petroleum

2197
03:07:28.760 --> 03:07:33.239
products. What's going to happen with
that? Thank you? Wow, that's

2198
03:07:33.319 --> 03:07:37.879
outside my Let me are your or
ball what he's asking? Do you guys

2199
03:07:37.959 --> 03:07:41.559
have an answer the pipelines? A
talk about the pipelet to go to Danglete

2200
03:07:41.799 --> 03:07:48.879
or what they wants for an NPC? Could you be more specific? Yes,

2201
03:07:48.079 --> 03:07:52.760
the ones that an NPC owned about
five thousand kilometers, they go to

2202
03:07:52.840 --> 03:07:58.079
about twenty something that pulls around the
country. And if we're going to be

2203
03:07:58.239 --> 03:08:03.239
removing tankards off the road, and
if you want to reduce the costs of

2204
03:08:03.639 --> 03:08:09.639
you know, petroleum products reaching other
parts of my Injuria, I will think

2205
03:08:09.760 --> 03:08:15.680
that rehabilitation or such a pipeline would
have been in the works concurrently with the

2206
03:08:15.840 --> 03:08:20.559
refinery reports. I've not heard it
anything anything about it the last I checked,

2207
03:08:20.159 --> 03:08:24.719
and the proof of public and he
was trying to sell it off,

2208
03:08:24.399 --> 03:08:28.239
you know, and all of that. Then another question two is on the

2209
03:08:28.280 --> 03:08:35.239
other refineries that people are talking about. I have gone to the website of

2210
03:08:35.399 --> 03:08:41.280
the companies that they said at doing
turn around maintenance, and they're not talking

2211
03:08:41.360 --> 03:08:45.879
about any maintenance they are doing.
We are not seeing any pictures coming from

2212
03:08:45.959 --> 03:08:52.440
there. SOS has some shows based
on I'm on LinkedIn, are not feel

2213
03:08:52.440 --> 03:08:58.000
a mentain So it is here really
going on and all that, thank you?

2214
03:08:58.479 --> 03:09:03.840
That is maybe the experts can speak, But I think n NPCs still

2215
03:09:03.920 --> 03:09:07.840
owns the pipeline. So unless you're
asking something different, I think Dangles doesn't

2216
03:09:07.879 --> 03:09:11.559
own the pipelines and still owns them. What will happen to nnpieces infrastructure,

2217
03:09:11.719 --> 03:09:16.360
I don't know yet. On turn
round maintenan song has said, I think

2218
03:09:16.360 --> 03:09:18.280
it's the busy that I said that
the n NPC, the one important coord

2219
03:09:18.399 --> 03:09:22.639
is going to be up this year, which means the TM is going on.

2220
03:09:22.920 --> 03:09:26.959
I have no records of that or
only clarifications. So anyone that news

2221
03:09:26.040 --> 03:09:31.719
can help in and give us that
clarification on the pipelines and NPC and from

2222
03:09:31.719 --> 03:09:35.920
the pipe plane for the pipeline,
they are still there, but the present

2223
03:09:35.079 --> 03:09:39.479
arrangement is that there are a lot
of depos I know Pinapple is around the

2224
03:09:39.559 --> 03:09:45.600
dangles. So the plan is that
Pineapple will get there. Pipelines so black

2225
03:09:46.040 --> 03:09:50.719
and that is Pinapple that I think
somebody to talk about that has liked countries

2226
03:09:50.840 --> 03:09:56.879
or something so down looting for all
the depots will be using vessels and these

2227
03:09:58.000 --> 03:10:03.280
small vessels to move for dangle terrifying
to expecting. The bigger problem with the

2228
03:10:03.399 --> 03:10:09.920
pipeline is the gold vandalization. You
know Nigeria Y's pipelines are there. Some

2229
03:10:09.040 --> 03:10:13.440
people are happy with it and a
lot so they're not really lied. And

2230
03:10:13.600 --> 03:10:18.200
that's why the allog what I'm sure
if you can solve security problem and other

2231
03:10:18.360 --> 03:10:24.879
challenges, it's also reformed pipe plane
and linked them more and employed m good

2232
03:10:24.920 --> 03:10:28.559
point good points, Yeah, thanks, thanks for that basic times. The

2233
03:10:28.040 --> 03:10:35.399
second question you asked, it was
about yeah, Peo come around and then

2234
03:10:35.840 --> 03:10:39.399
all the companies mentioned because like I
mean, all these foreign companies based on

2235
03:10:39.479 --> 03:10:46.639
corporate governance, you always see press
releases in their websites. You go on

2236
03:10:46.760 --> 03:10:50.520
all their websites. There is nothing
mentioned on LinkedIn. They there have been

2237
03:10:50.600 --> 03:10:56.239
no pictures coming out of the tier
and so where are all these assumptions coming

2238
03:10:56.360 --> 03:10:58.959
up? Because if the last week
check, they spend over twenty five billions

2239
03:11:00.120 --> 03:11:03.319
brothers on a turn around maintenance in
quote for the past twenty five years,

2240
03:11:03.719 --> 03:11:09.360
but we've never seen anything. So
what is different this time and where it

2241
03:11:09.479 --> 03:11:13.639
is to prove that there's something different
this time? Yeah, well, let

2242
03:11:13.799 --> 03:11:18.840
knows that favoritical and political matter is
that I think the first time they gave

2243
03:11:18.879 --> 03:11:24.879
me to look out then and that
that makes them so now. I think

2244
03:11:24.000 --> 03:11:31.280
we had now was given to be
who are the Militia Louisa of the finary?

2245
03:11:31.360 --> 03:11:37.399
Why the second one was little entireance
and based on the last information I

2246
03:11:37.559 --> 03:11:43.159
couteping del that they're actually working seriously. But the problem is that they started

2247
03:11:43.280 --> 03:11:48.920
working during the second time for people
are administration. The first time I think

2248
03:11:48.000 --> 03:11:54.120
that was major is why they looked
at you. I was jorius that he

2249
03:11:54.159 --> 03:11:56.680
didn't do it on time or because
he encouraged them to be able to look

2250
03:11:56.719 --> 03:12:03.120
out. Okay, and when they
did that, I think, well that

2251
03:12:03.360 --> 03:12:09.000
those water on streatle. I mean
it's a double legsode. If that lookal

2252
03:12:09.120 --> 03:12:11.719
guy had performed you that he would
have been local contents. I'm sad that

2253
03:12:11.760 --> 03:12:18.879
he didn't perform. Yes, I
think he came to look at another forty.

2254
03:12:20.680 --> 03:12:26.879
I think was difficult to get goal. I think those jazz di not

2255
03:12:26.079 --> 03:12:35.000
found in compu is an expected refinary. So those a man, that's the

2256
03:12:35.200 --> 03:12:37.159
killer. All right, thanks for
our busy, Thanks for giving us that

2257
03:12:37.239 --> 03:12:39.559
insight. Let's get Victor in here. Victor, you've got the floor,

2258
03:12:39.680 --> 03:12:48.479
last guy, Victor k go for
it, Victor. Victor counting down,

2259
03:12:48.680 --> 03:12:50.680
Victor counting down. All right,
guys. So hey, we've been here

2260
03:12:50.879 --> 03:12:56.920
eleven twelve one, four hours,
guys, four hours talking about Nigeria.

2261
03:12:56.079 --> 03:13:01.760
You know, the Nira, the
refinery, you know, just the economy

2262
03:13:01.879 --> 03:13:05.280
in general, about Niger. And
it just shows that everyone on the space

2263
03:13:05.479 --> 03:13:09.280
listening talking contributing role of Nigeria,
right, even though we might have different

2264
03:13:09.879 --> 03:13:13.559
Twitter posts and all that kind of
stuff. We all love Niger, all

2265
03:13:13.639 --> 03:13:18.959
have an interest in Niger and we
want to make Nigeria better. That's all.

2266
03:13:18.000 --> 03:13:22.559
We can spend four hours talking about
naira and dollar and refinery and that's

2267
03:13:22.600 --> 03:13:26.959
a spirit. We have to get
this nation more. We have to get

2268
03:13:26.040 --> 03:13:31.360
this team going, create wealth,
improve productivity, you know, get the

2269
03:13:31.440 --> 03:13:35.399
insecurity down everything and not economy,
but get things working. We are too

2270
03:13:35.559 --> 03:13:39.600
big to be where we are.
This country is too valuable, you know,

2271
03:13:39.760 --> 03:13:46.120
to implode or to underperform. And
this country starts to improve, Africa

2272
03:13:46.799 --> 03:13:50.040
starts to improve. So we have
a lot of work ahead of us and

2273
03:13:50.200 --> 03:13:52.399
we just want to make things work. We want to make things get better.

2274
03:13:52.479 --> 03:13:56.559
That's it. So the value defend. You know, we didn't take

2275
03:13:56.600 --> 03:14:00.680
any positions like economics. We don't
give you answers. We give you options

2276
03:14:00.760 --> 03:14:05.840
and choices. And you there's not
one part way that is one hundred percent

2277
03:14:05.920 --> 03:14:09.399
correct. It's always a hybrid.
Defend here the value here, but look

2278
03:14:09.440 --> 03:14:13.920
for a path that leads you to
productivity, to higher incomes and of course

2279
03:14:13.959 --> 03:14:18.120
to creating worlds for your sasinry.
Again, we act the nigerent government,

2280
03:14:18.200 --> 03:14:20.840
you know, to listen to the
people and do what is right. You

2281
03:14:20.879 --> 03:14:24.239
know, let your actions follow your
words. You know, we can talk

2282
03:14:24.280 --> 03:14:30.840
about an economic catastrophe, but we're
buying ten billion fire trucks and we're spending

2283
03:14:30.920 --> 03:14:35.079
one on internet. Focus on what
is important my food pms. That's nigs

2284
03:14:35.120 --> 03:14:39.559
are shouting about power supply. That's
what we're shouting about insecurity. Focus on

2285
03:14:39.680 --> 03:14:45.399
that. Get it done. Get
the confidence. The key word is confidence.

2286
03:14:45.520 --> 03:14:48.920
Nigents don't want you to fix or
don't they know that you can't speax

2287
03:14:48.079 --> 03:14:52.200
all the problems in one week.
But I want to see that you know

2288
03:14:52.399 --> 03:14:56.799
what you're doing. Then not get
behind you. That's really it. They

2289
03:14:56.799 --> 03:15:01.479
will get behind you and wants people
are behind you that you can do everything.

2290
03:15:01.000 --> 03:15:03.399
That's gonna be our closing line here, guys. I wish you guys

2291
03:15:03.479 --> 03:15:07.959
the best. Have a great week
coming up here. Mondays are my favorite

2292
03:15:09.040 --> 03:15:11.799
days. Go out and achieve your
dreams. Take you guys and buy