WEBVTT 1 00:00:08.759 --> 00:00:14.439 Hey, folks, good evening and welcome to you wherever you're 2 00:00:14.679 --> 00:00:18.359 listening from. My name is carlu Aja. Thanks for being 3 00:00:18.399 --> 00:00:21.039 on the space we'll call the Money space, and we're 4 00:00:21.199 --> 00:00:25.160 talking money, the economy and of course personal finance. Won't 5 00:00:25.199 --> 00:00:27.920 make it personal to you. We get those topics and 6 00:00:27.960 --> 00:00:29.839 of course we just courses that way, when you leave, 7 00:00:30.039 --> 00:00:33.159 you're a better investor. Now, this has been a crazy week, 8 00:00:33.200 --> 00:00:35.600 you know, like if you're just following the event of 9 00:00:35.640 --> 00:00:38.240 the world, it's difficult to keep up. We've got the 10 00:00:38.240 --> 00:00:40.880 stuff coming from the US, from the President Trump, lots 11 00:00:40.960 --> 00:00:44.880 of stuff happening over there. Also in Nigeria, we have 12 00:00:44.920 --> 00:00:47.000 a lot, a lot, a lot of love changes, right, 13 00:00:47.039 --> 00:00:50.119 you know. The main thing that happened over the week, 14 00:00:50.119 --> 00:00:52.000 which is why I'm doing this topic, is that the 15 00:00:52.039 --> 00:00:56.039 budget of Nigeria is out right and if you recall 16 00:00:56.039 --> 00:00:59.439 I don't you do the numbers per sepop the Nigerian government. 17 00:00:59.479 --> 00:01:02.280 The President some to the budget, I think it was 18 00:01:02.280 --> 00:01:07.120 two months ago and now in essence he has asked 19 00:01:07.120 --> 00:01:10.840 the National Assembly to increase the budget. Going to give 20 00:01:10.840 --> 00:01:13.439 you the guys actual numbers when we get into it. 21 00:01:14.120 --> 00:01:18.239 But the point is this, usually if you're a household 22 00:01:18.519 --> 00:01:21.920 or if you're a family and you already have a 23 00:01:22.000 --> 00:01:25.959 deficit budget, which means that for instance, you're going to 24 00:01:26.040 --> 00:01:29.319 spend much much more than you are going to make. 25 00:01:29.480 --> 00:01:32.120 That's a deficit budget. So that means in Nigeria's case, 26 00:01:32.840 --> 00:01:35.760 we were going to spend more than we were going 27 00:01:35.799 --> 00:01:39.319 to make, huge budget deficit, and we're going to finance 28 00:01:39.359 --> 00:01:43.000 that budget deficit from borrowing. We're going to borrow locally, 29 00:01:43.040 --> 00:01:46.439 we're going to borrow internationally. You see the trends with 30 00:01:46.560 --> 00:01:49.680 the eurobond, with a dollar bond that we borrow locally 31 00:01:49.840 --> 00:01:53.879 in Nigeria, and of course with the normal treasury bills 32 00:01:53.879 --> 00:01:56.640 and bonds. So the present some of the bullets and 33 00:01:56.719 --> 00:01:59.480 said listen, we're going to borrow and we're going to 34 00:01:59.599 --> 00:02:05.120 spend in the economy. Then he comes back to the 35 00:02:05.239 --> 00:02:09.080 National Assembly and says, hold the National Assembly, we have 36 00:02:09.240 --> 00:02:11.919 found more revenues in the Nigeran government. We're going to 37 00:02:11.960 --> 00:02:15.120 get more revenues from the nigeral customs and from the 38 00:02:15.159 --> 00:02:21.199 Federal Inland Revenue Service. So if you're an investor and 39 00:02:21.319 --> 00:02:24.560 you plan to borrow one hundred and ira to spend 40 00:02:25.199 --> 00:02:29.199 and then you finally you found fifteen ira somewhere in 41 00:02:29.240 --> 00:02:31.159 your pocket. You didn't know you had the fifty nine, 42 00:02:31.240 --> 00:02:34.199 but the fifty nine came. The normal thing to do 43 00:02:34.280 --> 00:02:36.840 is to say, wow, now I have fifteen era that 44 00:02:36.879 --> 00:02:39.599 I didn't plan for, right, so I'm going to more 45 00:02:39.680 --> 00:02:42.960 Let's take that fifteen era and not borrow. So instead 46 00:02:42.960 --> 00:02:45.360 of borrowing one hundred an era, I'm only going to 47 00:02:45.400 --> 00:02:49.080 borrow a fifteen era. But that's what the Nigeran government 48 00:02:49.159 --> 00:02:51.879 is do. Naiju is basically saying, no, we found this 49 00:02:52.039 --> 00:02:55.919 new money and we're simply going to increase the size 50 00:02:55.919 --> 00:02:58.680 of our spending. We're not going to cut down the spending. 51 00:02:59.120 --> 00:03:03.360 We're simply go to increase the size of Nigeria's spending. 52 00:03:03.360 --> 00:03:07.280 And that's the problem that we have in Nigeria. I've 53 00:03:07.319 --> 00:03:11.199 always insisted Nigeria does not have a revenue problem. You 54 00:03:11.240 --> 00:03:13.719 know when I say that, people, so we have two problems. No, no, no, no, 55 00:03:14.560 --> 00:03:16.599 niger doesn't have a revenue problem. Not that we don't 56 00:03:16.719 --> 00:03:20.400 need more money. There is no organization or nation on 57 00:03:20.479 --> 00:03:23.360 Earth that doesn't need more money. The difference is that 58 00:03:23.439 --> 00:03:26.759 when you get more money in Nigeria, it's just going 59 00:03:26.800 --> 00:03:30.520 to be spent the same way the current existing revenue 60 00:03:30.520 --> 00:03:32.800 flows have been spent is going to be wasted. I 61 00:03:32.800 --> 00:03:35.319 can give you five items that we show up in 62 00:03:35.360 --> 00:03:39.080 any budget. Number one, Assrock is going to get innovated. 63 00:03:39.439 --> 00:03:43.680 Number two, we're gonna buy tires, computation equipment and drugs 64 00:03:43.680 --> 00:03:47.479 for Assurock clinic. Number three, all diminishes Niger are gonna 65 00:03:47.479 --> 00:03:53.719 buy newspapers, periodicals, software and vehicles. This is every single 66 00:03:53.960 --> 00:03:56.159 year in the budget. We've got twelve months to do 67 00:03:56.199 --> 00:03:59.840 a budget. All they simply do is take last year's budget, 68 00:04:00.719 --> 00:04:04.639 adjust for inflation, sent it to the budget office. Maybe 69 00:04:04.639 --> 00:04:07.719 they had a few new initiatives. This last budget, guys 70 00:04:08.199 --> 00:04:13.960 did not have the largest infrastructure project that this president 71 00:04:14.000 --> 00:04:17.160 has passed. So think about it. The president has how 72 00:04:17.199 --> 00:04:21.000 many years one year to plan out the twenty twenty 73 00:04:21.079 --> 00:04:25.079 five budgets. It goes from the President to his ministers 74 00:04:25.720 --> 00:04:31.519 to National Assembly, and they missed out the largest infrastructure project, 75 00:04:31.600 --> 00:04:35.040 the Legals to Calabar project wasn't the budget it was. 76 00:04:35.079 --> 00:04:36.720 It wasn't there. They say it's a typo. It was 77 00:04:36.800 --> 00:04:40.399 legal support tacle. But that's the point. The most consequential 78 00:04:40.519 --> 00:04:44.639 infrastructure project that you have in your administration was somehow 79 00:04:44.839 --> 00:04:49.319 type horized I wasn't in the budget. Love waste everywhere 80 00:04:49.879 --> 00:04:52.519 the National Assembly, guy, look look at the Vice President 81 00:04:52.720 --> 00:04:54.199 and guys, you know it's going to be. I'm going 82 00:04:54.279 --> 00:04:56.480 to give my speech and then I want you guys 83 00:04:56.480 --> 00:04:59.480 to help in because one solutions, right, America has to 84 00:04:59.600 --> 00:05:02.360 endulge one solutions. But let me give you my second example. 85 00:05:03.560 --> 00:05:06.839 The Vice President of Nigeria. The Vice President's mansioned in 86 00:05:06.920 --> 00:05:11.279 Nigeria was completed by the Federal Captature jogging as what 87 00:05:11.959 --> 00:05:16.360 are they agency or whatever authority for about twenty one billion. 88 00:05:16.439 --> 00:05:19.839 So it was completed. We spent twenty one billion. Outcry 89 00:05:19.879 --> 00:05:21.839 all over the place that listen, while we're spending so 90 00:05:21.959 --> 00:05:24.480 much money when we don't have enough money to take 91 00:05:24.519 --> 00:05:27.720 care of our folks back here. But I was shocked 92 00:05:27.759 --> 00:05:32.680 to find out that that building as we speak, is unoccupied. 93 00:05:33.000 --> 00:05:38.160 The VP has still not moved into the building. So 94 00:05:38.360 --> 00:05:40.920 you ask yourself, well, why did we spend twenty one 95 00:05:40.959 --> 00:05:44.680 billion if it's completing and it's not in the building. 96 00:05:45.079 --> 00:05:49.600 Waste twenty one billions waste. We don't need it today, right, 97 00:05:49.920 --> 00:05:52.759 it's not important even though we wanted, we don't need 98 00:05:52.759 --> 00:05:56.639 it today. Say with the presidential jet, save with many others. 99 00:05:56.680 --> 00:05:58.759 And it's not just the federal government. If you go 100 00:05:58.839 --> 00:06:01.319 down to the states, you see the exact same waste. 101 00:06:01.879 --> 00:06:05.279 A Boy State comes to mind, the poorest state in 102 00:06:05.319 --> 00:06:08.160 the southeast of Nigeria, one of the poorest states, not 103 00:06:08.240 --> 00:06:10.920 just in the South of Nigeria, in all of Nigeria, 104 00:06:11.160 --> 00:06:16.639 one of the poorest. They spent close to fifty billion naira, 105 00:06:17.319 --> 00:06:22.360 that is would be fifty billion naira to build an airport. 106 00:06:23.199 --> 00:06:26.560 Legos has Lego states. Legos, the states of Legos doesn't 107 00:06:26.639 --> 00:06:30.600 have their own airport, have federal airport. A Boy State 108 00:06:30.959 --> 00:06:34.279 fifty billion and this is minus the Reno vision to 109 00:06:34.319 --> 00:06:35.560 the time right that I're going to have to do 110 00:06:35.839 --> 00:06:39.399 to build an airport. Now they're spending five hundred million 111 00:06:39.519 --> 00:06:42.319 naira to fund folks that are going to go on 112 00:06:42.360 --> 00:06:46.680 a haj pilgrimage to Saudi Arabia. And I mean a 113 00:06:46.839 --> 00:06:49.560 Boy is in the southeast of Nigeria. Yes, they would 114 00:06:49.600 --> 00:06:53.079 have Muslims there in every state, but how many are 115 00:06:53.120 --> 00:06:56.439 they and even if they have fifty percent as Muslims, 116 00:06:56.600 --> 00:06:59.920 is that what a boy really needs? Now? Five hundred 117 00:07:00.120 --> 00:07:02.120 This is a state where the nut wants to go 118 00:07:02.160 --> 00:07:05.800 and strike over non prement of salaries and all that. 119 00:07:06.000 --> 00:07:09.759 So to spend that humorous amount of funds on hatch 120 00:07:10.160 --> 00:07:13.040 just tone death is the same idea. It's the same 121 00:07:13.120 --> 00:07:17.920 way to see federal, state and local government that you behave. 122 00:07:18.079 --> 00:07:20.720 Like we're Saudi Arabia where we have this huge trust fund, 123 00:07:21.120 --> 00:07:23.480 but it's a very very poor country. And I'll give 124 00:07:23.480 --> 00:07:28.160 you the example. If you take the total crude oil receipts, 125 00:07:28.360 --> 00:07:31.120 all of the crude oil nager would sell everything. I 126 00:07:31.160 --> 00:07:34.879 assume there's no oil theft, then all the crude oil 127 00:07:34.959 --> 00:07:39.920 Nigier would sell that fund. That income goes to pay 128 00:07:40.120 --> 00:07:46.680 only only the pensions, the salaries, allowances and service wide 129 00:07:46.759 --> 00:07:51.480 votes of only civil servants. That's the entire crude oil 130 00:07:51.519 --> 00:07:57.120 that we sell. Crude oil plus gas goes to pay salaries, pensions, allowances, 131 00:07:57.319 --> 00:08:01.240 service wide votes of only civil seventy Nigeria. How many 132 00:08:01.279 --> 00:08:03.800 si someone do we have in Nigeria? So all the 133 00:08:03.879 --> 00:08:07.240 roads you see, every other thing you see is borrowed. 134 00:08:08.120 --> 00:08:11.360 For Nijerato to build a road, we have to borrow money. 135 00:08:11.399 --> 00:08:14.160 But we have crude oil, we have gas. So what's 136 00:08:14.199 --> 00:08:19.000 the problem the spending thirty six states, the constituencies you 137 00:08:19.079 --> 00:08:23.240 have to have they six states spending we have we 138 00:08:23.360 --> 00:08:27.560 reduce ministries, we administries spending. We have the report before 139 00:08:27.639 --> 00:08:33.519 trum the Douche. We have the report and it's still unimplemented. 140 00:08:33.960 --> 00:08:36.279 The presidency is going to implement arousaling report. If you 141 00:08:36.279 --> 00:08:38.639 don't know that's reports, is going to merge ministries and 142 00:08:38.759 --> 00:08:41.759 use us overhead. South of the government is still not done. 143 00:08:41.960 --> 00:08:44.279 We not have the Ministry of livestock. We have a 144 00:08:44.279 --> 00:08:47.799 ministrure of agriculture, a ministry of livestock. Maybe we don't 145 00:08:47.799 --> 00:08:50.039 have fisheries yet. Maybe if a government comes from the 146 00:08:50.080 --> 00:08:52.480 president comes from the south South will have a ministry 147 00:08:52.519 --> 00:08:54.759 of fisheries. Then if we have one from the southwest 148 00:08:54.759 --> 00:08:57.320 will have ministry of cocoa, then the Southeast guys who 149 00:08:57.360 --> 00:08:59.799 come with the Ministry of palm oil. Doesn't make any sense, 150 00:08:59.840 --> 00:09:02.759 you know, it's all a cost. When you have a ministry, 151 00:09:02.799 --> 00:09:06.759 you have Ministry of tourism that adds nothing to the 152 00:09:06.799 --> 00:09:12.679 government's coffers. Now doing commission, there's tourism commission. You have soliminials. 153 00:09:12.679 --> 00:09:15.360 Ministry adds less than a bank in legals to the 154 00:09:15.480 --> 00:09:21.159 courfers will not those Solimal's commission. It's all an increase. 155 00:09:21.440 --> 00:09:23.759 Then the final one that takes the cake. This is 156 00:09:23.759 --> 00:09:25.879 the one that is just a joke and an insult 157 00:09:25.919 --> 00:09:29.000 to all Nigeria's is when the National Assembly says the 158 00:09:29.039 --> 00:09:32.159 one that creates is it tatty one new state? Tatty 159 00:09:32.279 --> 00:09:36.679 one new states. Let me explain this way right, all 160 00:09:36.679 --> 00:09:39.000 those IGR numbers you see, you say, they say you 161 00:09:39.080 --> 00:09:42.399 if you states can survive without IGR, it's not true. 162 00:09:42.919 --> 00:09:46.559 There is no state in Nigeria that can survive without 163 00:09:46.840 --> 00:09:52.000 without in IGR, without oil money. I said again, there's 164 00:09:52.039 --> 00:09:55.960 no state in Nigeria that can survive without oil money. 165 00:09:56.159 --> 00:10:01.000 The IGR you see is payroll tax. So if you 166 00:10:01.240 --> 00:10:04.080 were in the state and the state has its headquarters 167 00:10:04.120 --> 00:10:08.120 in your state, then the state the company pays its 168 00:10:08.159 --> 00:10:13.120 workers salaries. You tax the payroll. You call that IGR. 169 00:10:13.840 --> 00:10:16.240 So you post billions and you say, oh, my state 170 00:10:16.320 --> 00:10:21.799 can survive on IGR without crude oil. But that what 171 00:10:21.879 --> 00:10:25.840 you ignoi is that the company painted salaries. It's only 172 00:10:25.919 --> 00:10:30.080 surviving because there's crude oil in Nigeria. Look at it 173 00:10:30.120 --> 00:10:33.399 this way, even with the crude oil we have in Nigeria, 174 00:10:33.600 --> 00:10:37.240 you have record those guys that have left the country. 175 00:10:37.399 --> 00:10:40.759 Even with the crude oil how many international firms that 176 00:10:40.919 --> 00:10:44.600 sell internationally branded products are still in Nigeria. Look at 177 00:10:44.639 --> 00:10:48.879 how they are struggling. Cadbury Nestley are still here struggling. 178 00:10:49.120 --> 00:10:52.240 Unilever are still here struggling. Many have gone. I don't 179 00:10:52.240 --> 00:10:55.120 want to call names of forts have gone. Why Because 180 00:10:55.159 --> 00:10:58.960 there is no consumption. The purchasing partners is very very 181 00:10:59.039 --> 00:11:03.639 very very low. So no state in Nigeria today can 182 00:11:03.759 --> 00:11:06.919 survive without the revenues we get from crude oil and 183 00:11:07.679 --> 00:11:10.720 annoying part of it, crude oil is less than ten 184 00:11:10.759 --> 00:11:15.240 percent of Nigeria's GDP. The largest conduter of wealth to 185 00:11:15.360 --> 00:11:18.879 Nigeria is not crude oil, but the largest contributor of 186 00:11:19.080 --> 00:11:23.080 FX to Nigeria is crude oil. For sixty or so years, 187 00:11:23.159 --> 00:11:26.759 since nineteen six, Niger has not diversified high revenue source. 188 00:11:27.159 --> 00:11:31.320 We have kept crude oil generating ninety percent of effex. 189 00:11:31.600 --> 00:11:34.080 So if anything happens to crude oil, if coulde oil 190 00:11:34.159 --> 00:11:38.519 goes to fifty naira fifty dollars a barrel, all states 191 00:11:38.559 --> 00:11:43.879 in Nigeria will go broke. IGR No IGR payroll tax 192 00:11:43.960 --> 00:11:47.320 is not diversification. You are simply tax and payrolls. When 193 00:11:47.320 --> 00:11:51.279 we're talking about diversification. We're talking about what Cross River 194 00:11:51.519 --> 00:11:55.360 tried to do with Tinapa. If Tinapa had worked, you 195 00:11:55.399 --> 00:11:57.720 would have seen the state in Nigeria. Dia Pacifi is 196 00:11:57.799 --> 00:12:03.720 economic based completely to go from fark to tourism, trade 197 00:12:03.840 --> 00:12:10.240 and commerce. That's the specification. That's IGR. It's not payroll tax. 198 00:12:10.679 --> 00:12:13.519 So the issue is not if you have an IGR, 199 00:12:14.000 --> 00:12:16.759 is what's making of that IGR. So that's the point, guys, 200 00:12:16.799 --> 00:12:19.519 I only make I said, let's if you want to rant, 201 00:12:19.759 --> 00:12:22.600 you can rant. If you only give a suggestion, you can. 202 00:12:23.360 --> 00:12:26.519 But the trajectory of Nigeria is that we have built 203 00:12:26.559 --> 00:12:30.440 an economy today that is supposedly the largest in West Africa. 204 00:12:30.519 --> 00:12:32.559 We used to be like about this in Africa. But 205 00:12:32.679 --> 00:12:37.759 we have one weakness crude oil. Should anything happen to 206 00:12:37.879 --> 00:12:44.360 crude oil, then Nigerian economy will stop functioning irrespective of IGR, 207 00:12:44.720 --> 00:12:48.399 irrespective of diaspora. And that is just a huge risk 208 00:12:48.919 --> 00:12:53.720 and the problem is asibated because we have wasteful spending. Olimini, 209 00:12:54.480 --> 00:12:57.440 I'm done, man, I've to taking about fifteen minutes just 210 00:12:57.480 --> 00:13:01.840 talk true about Nigeria's situation. Funding store eliminate. If you 211 00:13:01.879 --> 00:13:05.080 are invested in Nigeria is there not a risk to 212 00:13:05.159 --> 00:13:08.519 you that you are buying bonds. You are buying equities 213 00:13:08.559 --> 00:13:12.679 in an economy where if crude oil price is your 214 00:13:12.720 --> 00:13:17.159 schools twenty dollars down, you're wiped out. What's your take, Olimedy, 215 00:13:18.440 --> 00:13:20.480 I'm sorry if I set you up to that question, 216 00:13:20.559 --> 00:13:21.360 but yeah, what. 217 00:13:21.480 --> 00:13:23.360 You didn't help me up. 218 00:13:24.360 --> 00:13:27.840 I listened to your disposition and you know I can't 219 00:13:28.200 --> 00:13:28.720 igree this. 220 00:13:29.519 --> 00:13:32.120 You know your concerns are totally. 221 00:13:31.799 --> 00:13:36.240 Valid, and you know one of the reasons why I 222 00:13:36.399 --> 00:13:40.919 really talk about the Polica economy is that we are 223 00:13:41.240 --> 00:13:46.039 missed a divided society where people sentiments are high and 224 00:13:46.159 --> 00:13:49.519 can't you beginning just end your business pace? So one 225 00:13:49.559 --> 00:13:52.879 can't argue with many of the pointers are putting there. However, 226 00:13:54.000 --> 00:13:58.720 you know, the unique situcial in Nigeria is that our 227 00:13:58.759 --> 00:14:05.039 investments up market is heavily suppressed. So for example, the 228 00:14:05.080 --> 00:14:09.360 companies you mentioned, if we look at stock apprecition in 229 00:14:09.399 --> 00:14:13.759 the last six weeks, they will do to will card briefs. 230 00:14:14.200 --> 00:14:19.039 And the reason is simple, because we're seeing dynamics in 231 00:14:19.080 --> 00:14:23.679 our market. First of all, the country hundred million has 232 00:14:23.799 --> 00:14:27.799 a capital market valuation of our pout putting billion dollars 233 00:14:27.879 --> 00:14:31.720 that's really at some point prevent them to what we 234 00:14:31.799 --> 00:14:36.279 have in dodge coin. You know, a Dodge corners lots 235 00:14:36.279 --> 00:14:40.679 of values, so it things that's so cheap calu. And 236 00:14:40.799 --> 00:14:44.120 that was why the fact that I was even any effects, 237 00:14:44.399 --> 00:14:48.159 I specified a lot of mindings to there and the. 238 00:14:48.120 --> 00:14:49.360 Reasons were not perfect. 239 00:14:49.399 --> 00:14:52.120 First, I looked at it from the short term perspective 240 00:14:52.159 --> 00:14:55.879 that so many opportunities were pounds in Nigeria. 241 00:14:56.519 --> 00:14:59.279 I look at the bit of dinner in. 242 00:14:59.240 --> 00:15:04.639 The short term has helped and trevy bills the years 243 00:15:04.720 --> 00:15:07.240 coming from treasure bills, you know it's coming down. 244 00:15:07.320 --> 00:15:10.759 So debate is that if now you're a stock market at. 245 00:15:10.559 --> 00:15:14.399 This level, despite the police rue as kind of triggered 246 00:15:15.000 --> 00:15:18.919 local persipation, if we can't get in fpis because the 247 00:15:18.960 --> 00:15:21.799 problem we have right now is that every stock's like nasty, 248 00:15:22.360 --> 00:15:25.039 and nasty is the stock that when FPS are in, 249 00:15:25.519 --> 00:15:26.440 the stock easily. 250 00:15:26.279 --> 00:15:28.399 Places to one thousand and three to one thousand and five. 251 00:15:28.759 --> 00:15:32.799 But you know, local perspetionion shows that with the investors 252 00:15:32.960 --> 00:15:37.399 preferred this penny or stocks that they can easily so 253 00:15:37.720 --> 00:15:41.519 like banking stock. Yeah, I totally agree with you. If 254 00:15:41.519 --> 00:15:43.720 it scutside is totally for me. 255 00:15:46.240 --> 00:15:47.759 I what did. 256 00:15:47.759 --> 00:15:50.200 I find very funny to be with you. And I 257 00:15:50.200 --> 00:15:53.679 try not to be political because you know I'm not 258 00:15:53.720 --> 00:15:56.759 a member of the Doing Party and your supported Doing Party. 259 00:15:57.200 --> 00:16:02.360 But you see, Calu, the mistic we had whether we. 260 00:16:02.000 --> 00:16:05.759 Want to give a president with the credit for dango 261 00:16:05.799 --> 00:16:06.320 tevi fire. 262 00:16:06.600 --> 00:16:11.320 We could see that this present physical party, there have 263 00:16:11.320 --> 00:16:12.799 been a downtown. 264 00:16:12.919 --> 00:16:14.399 In fiscal discipline. 265 00:16:14.799 --> 00:16:18.720 And you know, I've been yet different arguments that we. 266 00:16:18.600 --> 00:16:20.320 Are coming from an aware corruption. 267 00:16:20.399 --> 00:16:23.840 Yeah there corruption, nobody's just putting that about the inefficiency 268 00:16:23.879 --> 00:16:27.559 of our institutions has really shown and. 269 00:16:27.519 --> 00:16:29.279 The fact that we are not united. 270 00:16:29.440 --> 00:16:32.200 You know, this is the first time in the world 271 00:16:32.320 --> 00:16:36.240 where you see sexualizing really going high. I remember one 272 00:16:36.279 --> 00:16:38.480 of the things that made me so happy about night 273 00:16:38.559 --> 00:16:41.240 night the election wherever that came to power. 274 00:16:42.279 --> 00:16:45.600 You saw that he won for you could even in 275 00:16:46.320 --> 00:16:49.200 so you said the unity and till today, if you 276 00:16:49.240 --> 00:16:51.519 asked me, some of the ministers I can actually pay. 277 00:16:51.559 --> 00:16:53.840 For example, it's one of my favorite ministers. 278 00:16:53.879 --> 00:16:56.559 And because what she did in the derivational ministry at 279 00:16:56.600 --> 00:16:59.440 that time, his transpit to waters the skirm was doing 280 00:16:59.480 --> 00:17:02.799 right now, so you see there's unity in that space 281 00:17:02.840 --> 00:17:04.440 because right now, you know people. 282 00:17:04.240 --> 00:17:05.599 Judge your comments by your name. 283 00:17:05.880 --> 00:17:09.160 People judge your comments by your people judge your commenting. 284 00:17:09.640 --> 00:17:13.200 So we really need a system. 285 00:17:12.839 --> 00:17:18.880 Where efficiency in nationalism we really take good. But as said, 286 00:17:18.880 --> 00:17:22.200 all those things, I'm better on Ndia businessmen, and you know, 287 00:17:22.519 --> 00:17:25.680 I think so far has worked. All the things you 288 00:17:25.759 --> 00:17:27.079 said there are long term risk. 289 00:17:28.039 --> 00:17:29.880 Let me ask you this. You may have mentioned that 290 00:17:29.960 --> 00:17:32.720 Nigerants are buying the Pennys stalks and the fbis are 291 00:17:32.720 --> 00:17:35.279 buying maybe the next the big one stocks. Are we 292 00:17:35.400 --> 00:17:38.680 buying pedy stalks because that's what we can afford? Is 293 00:17:38.720 --> 00:17:43.960 it that the Nigeren investor is so consumption poor that 294 00:17:44.079 --> 00:17:48.200 we look at penny stalks the insurance guys as the 295 00:17:48.279 --> 00:17:51.240 way to invest because we just can afford them, not 296 00:17:51.319 --> 00:17:53.519 because they are the best in terms of return. Is 297 00:17:53.559 --> 00:17:54.799 that what's going on just. 298 00:17:56.240 --> 00:18:00.799 Totally right, And that's part of the picture. So look, 299 00:18:01.119 --> 00:18:06.599 you have to understand beaver, the beaver culture of natial 300 00:18:07.039 --> 00:18:07.960 So these. 301 00:18:07.799 --> 00:18:11.319 Talks usually they are not very higd to be. 302 00:18:11.240 --> 00:18:14.200 Honest, Like someone was talking about the gagle all my 303 00:18:14.279 --> 00:18:16.880 timeline and the fact that he couldn't sell out. So 304 00:18:16.880 --> 00:18:20.160 some sometimes the beaver patterns of some of these talks 305 00:18:20.200 --> 00:18:22.279 also is the problem, and people don't know how to 306 00:18:22.400 --> 00:18:24.759 real we did some of these talks talks. Then other 307 00:18:24.920 --> 00:18:27.359 thing is that, like you said, this the book comes 308 00:18:27.440 --> 00:18:29.880 very weiglu And there was a time there was a 309 00:18:29.920 --> 00:18:34.039 time when then mentioned brookers like public Carnlestone, because I 310 00:18:34.119 --> 00:18:35.279 use all this brookers and. 311 00:18:35.880 --> 00:18:37.759 I use that this five. And the reason why I 312 00:18:37.799 --> 00:18:39.039 use this five is that I tried. 313 00:18:38.880 --> 00:18:42.279 To understand the other book that tried to see price efficiency. 314 00:18:42.319 --> 00:18:45.119 I tried to see the charactersis of that market. So 315 00:18:45.119 --> 00:18:46.799 there was a time car we want to open our 316 00:18:46.799 --> 00:18:48.720 account with these guys. You must have been any more 317 00:18:48.720 --> 00:18:49.559 of one there. 318 00:18:49.880 --> 00:18:52.720 Now that barrier has gone gone off because a lot 319 00:18:52.759 --> 00:18:55.400 of people can't really invest with didn't we want and 320 00:18:55.519 --> 00:18:58.880 one more particle? You can't do the two or nothing 321 00:18:59.279 --> 00:19:01.559 in your profer in today's market. 322 00:19:01.759 --> 00:19:04.359 So the truth of the matter is how many people 323 00:19:04.400 --> 00:19:07.319 have fifty one the investment account? How many people have whatever? 324 00:19:07.519 --> 00:19:10.759 If you look at if you look at people making 325 00:19:10.799 --> 00:19:14.799 the world in the stock market, can last year we 326 00:19:14.880 --> 00:19:16.680 had to intu tree on the year. 327 00:19:16.559 --> 00:19:19.279 Before we had a level trion, less than two dozen 328 00:19:19.359 --> 00:19:21.920 people took half of that world. You know, less than 329 00:19:21.920 --> 00:19:23.920 a dozen people took half of that world. If you 330 00:19:24.119 --> 00:19:29.119 take too tanqulity to add the passion phones had their 331 00:19:29.680 --> 00:19:33.200 few fpis, the remaining is just us capping. 332 00:19:33.240 --> 00:19:36.599 So we're very poor Comfrey in a real loud system, 333 00:19:37.119 --> 00:19:42.880 and we forget to realize that world is grown by equity. 334 00:19:43.440 --> 00:19:46.400 And if we don't really get that's really right, so 335 00:19:46.640 --> 00:19:49.039 to say, can't believe it. So yes, you're totally right. 336 00:19:49.039 --> 00:19:51.400 Disposable commit putally high and so. 337 00:19:51.359 --> 00:19:56.720 We total low based on high food information and also 338 00:19:56.920 --> 00:20:00.279 that are missed in our culture, economy culture way player 339 00:20:00.359 --> 00:20:05.839 likesrepreneurs or someone like is more popular than you know, Cargo. 340 00:20:06.519 --> 00:20:08.839 You're coming from an advanced markets you a lot. 341 00:20:08.960 --> 00:20:11.640 Almost all Americans know the most you know, almost all 342 00:20:11.680 --> 00:20:13.359 Americans know p gay almost. 343 00:20:13.519 --> 00:20:15.559 But it's not the same in Nigier. You know, I 344 00:20:15.640 --> 00:20:17.599 try to do this with so young people in Niger 345 00:20:17.720 --> 00:20:20.400 and asked, you know, it was like, what's that? What's that? 346 00:20:21.319 --> 00:20:23.680 They don't know? What they give you? 347 00:20:23.720 --> 00:20:25.680 They can live with these bodies, and so we have 348 00:20:25.799 --> 00:20:27.359 the cultural problem, Cargo. 349 00:20:27.599 --> 00:20:28.559 So it's a lot thing. 350 00:20:28.640 --> 00:20:32.519 And I told someone yesterdacause I said, for at this car, 351 00:20:32.559 --> 00:20:33.920 you've been consisted. 352 00:20:33.559 --> 00:20:36.720 For years on space financial matters. How many people come 353 00:20:36.759 --> 00:20:39.279 to this space. How many people come because people say 354 00:20:39.279 --> 00:20:41.559 there's noway? But you we we do a lot on 355 00:20:41.680 --> 00:20:43.920 our ways. How many book? But trust me, when you. 356 00:20:43.960 --> 00:20:49.640 Have social distractions, comments, the insults, politic jungles, dragons. 357 00:20:49.200 --> 00:20:51.880 You see thousands of people. So we need to also 358 00:20:51.960 --> 00:20:54.720 wake up culturally. We have that problem. 359 00:20:55.000 --> 00:20:57.400 I see I don't great call. Let me hold to 360 00:20:57.400 --> 00:20:58.759 bring someone else in. But let me just leave you 361 00:20:58.759 --> 00:21:01.000 guys in numbers? Why does the important for us? Right? 362 00:21:01.519 --> 00:21:05.559 So the budget that presenting presented to the National Assembly 363 00:21:06.519 --> 00:21:10.960 was was let me get the exact number was forty 364 00:21:11.039 --> 00:21:15.400 nine trillion, right, forty nine trillion. Now, he then says 365 00:21:15.440 --> 00:21:20.200 that he had found savings of four point four trillion. 366 00:21:21.000 --> 00:21:24.319 Four point four trillion, So what he was he's saying 367 00:21:24.359 --> 00:21:28.319 is that from the increasing revenues, he had already caught 368 00:21:28.519 --> 00:21:32.119 ten percent of the budget deficit if he had not 369 00:21:32.279 --> 00:21:35.799 increased it. So his initial budget was about forty nine trillion. 370 00:21:36.079 --> 00:21:40.519 Then he found four point four trillion from the fire 371 00:21:40.599 --> 00:21:44.039 arress from customs and one point eightchian from somewhere, so 372 00:21:44.079 --> 00:21:46.880 four point four trillion. So if he had simply put 373 00:21:46.880 --> 00:21:49.599 the four point four trillion back into the budget, his 374 00:21:49.839 --> 00:21:53.880 budget deficit, which was planned at about three point eight 375 00:21:54.039 --> 00:21:56.359 nine of GDP would have gone down. He was going 376 00:21:56.400 --> 00:22:00.640 to borrow thirteen trillion so this year he was going 377 00:22:00.680 --> 00:22:03.799 to borrow tetting trillion, but he found four point four trillion. 378 00:22:04.119 --> 00:22:06.200 So if you had taken his four point four trillion, 379 00:22:06.519 --> 00:22:08.680 he would not have borrowed tetting. He would have borrowed 380 00:22:08.720 --> 00:22:10.440 far less than that. But what did he do. He 381 00:22:10.559 --> 00:22:13.759 simply added the four point four into the economy into 382 00:22:13.839 --> 00:22:19.480 the budget, then simply increased the budget to fifty four trillion. 383 00:22:19.519 --> 00:22:21.759 This is the point we're making. So the four point 384 00:22:21.799 --> 00:22:24.799 four trillion savings that actually have been saving to Nigeria, 385 00:22:24.920 --> 00:22:29.440 which means less taxes on you listening, had just gone 386 00:22:29.480 --> 00:22:31.720 back into the wind, and now we're going to pay 387 00:22:32.039 --> 00:22:35.279 more deficits, which means more taxes for you. Let me 388 00:22:35.319 --> 00:22:39.200 bring it asa Osasu. How are you doing so or 389 00:22:39.200 --> 00:22:41.279 by you wanna hello? 390 00:22:41.480 --> 00:22:41.799 Cally? 391 00:22:42.559 --> 00:22:44.759 I'm doing very well, sir, very well. Yeah, what's your 392 00:22:44.759 --> 00:22:46.759 take on what's going on? I mean, are you? I 393 00:22:46.759 --> 00:22:49.480 don't want to make just Fello goment, but Nigeria really 394 00:22:49.480 --> 00:22:52.720 has got the spending problem. It's not revenues because we've 395 00:22:52.720 --> 00:22:56.519 gotten the revenues four point four trillion extra revenues. But 396 00:22:56.640 --> 00:22:59.720 what did we do with double the spending? So what's 397 00:22:59.720 --> 00:23:00.640 your except. 398 00:23:02.880 --> 00:23:05.720 It's not rocket science. I know. 399 00:23:05.960 --> 00:23:09.480 I keep on saying this all the time, But in 400 00:23:09.640 --> 00:23:14.519 order to resolve our economic issues, we can't do it 401 00:23:14.759 --> 00:23:20.640 without solving the political issues. Because why do we have 402 00:23:20.759 --> 00:23:25.000 a spending problem. We have a spending problem because. 403 00:23:25.160 --> 00:23:29.640 Those who are responsible for our budgets inflate our budgets. 404 00:23:30.240 --> 00:23:33.200 I mean, I'm sure in the last few weeks you 405 00:23:33.200 --> 00:23:38.279 would have read I mean, anyone who reads the budget, 406 00:23:38.359 --> 00:23:42.160 who follows what budget does and what yeah he does, would. 407 00:23:41.960 --> 00:23:44.960 Just your mouth will just fall to the. 408 00:23:44.960 --> 00:23:49.240 Floor with what is contained in the budgets or some 409 00:23:49.480 --> 00:23:54.079 organizations things that are totally unrelated to what they are doing, 410 00:23:55.000 --> 00:23:59.400 you know, amounts if that are just incredulous. 411 00:24:00.079 --> 00:24:01.880 All these things that are put there. 412 00:24:02.440 --> 00:24:04.920 And as you pointed out, these things are being done 413 00:24:05.440 --> 00:24:07.480 year after year after year. 414 00:24:08.359 --> 00:24:11.440 I mean, you live in the US. 415 00:24:10.839 --> 00:24:14.880 The vice president of the country lives at the observatory. 416 00:24:15.559 --> 00:24:19.240 They maintained the building year after year after year. 417 00:24:19.799 --> 00:24:22.680 So anyone who is think who. 418 00:24:22.359 --> 00:24:26.720 Goes into the building, just as Jdvans went in there 419 00:24:27.960 --> 00:24:31.079 after Kamala Harris had to leave is never going to 420 00:24:31.079 --> 00:24:33.640 meet the building in a state of disrepair because. 421 00:24:33.359 --> 00:24:36.720 It's maintained all the time. And the same thing applies 422 00:24:36.759 --> 00:24:40.079 to the VP's residence in Nigeria. They maintain it year 423 00:24:40.160 --> 00:24:43.440 after year after year. Is not neglected. It's never left 424 00:24:43.680 --> 00:24:46.079 two rods. So when they. 425 00:24:46.039 --> 00:24:49.119 Now tell us that they spent twenty one billion on 426 00:24:49.319 --> 00:24:53.720 having to renovative what exactly were they doing when somebody 427 00:24:53.960 --> 00:24:57.519 has been living there for the last eight years and 428 00:24:57.559 --> 00:24:59.599 they have to maintain it to make sure. 429 00:24:59.640 --> 00:25:01.119 That of good standards. 430 00:25:01.640 --> 00:25:04.599 So we have to deal with the issue of our 431 00:25:04.720 --> 00:25:11.519 National Assembly. We cannot solve the problem of spending regarding 432 00:25:11.519 --> 00:25:16.440 our national budgets if we don't deal with the National Assembly. 433 00:25:17.160 --> 00:25:18.759 We cannot deal with the. 434 00:25:18.640 --> 00:25:24.920 Problem of spending if our central bank is not responsible 435 00:25:25.319 --> 00:25:28.559 in the way it manages the monetary policy. 436 00:25:29.400 --> 00:25:32.119 Our central bank governor technically. 437 00:25:31.599 --> 00:25:34.559 Is supposed to be independent, is supposed to be able 438 00:25:34.599 --> 00:25:39.279 to take decisions that are totally independent of the political class. 439 00:25:39.599 --> 00:25:44.279 But we know in Nigeria that's not the case a central. 440 00:25:43.880 --> 00:25:48.000 Bank governor that pieces of the president will be fired. 441 00:25:49.799 --> 00:25:55.519 So where is the financial independence for the central bank 442 00:25:55.599 --> 00:25:59.880 to act properly? There is no So we need to 443 00:26:00.039 --> 00:26:03.759 deal with these problems because you you went on a 444 00:26:03.799 --> 00:26:09.000 fifteen minute ramp justify ramps about the problems we're having. 445 00:26:09.640 --> 00:26:15.400 If we don't have an inflow of investment but we're 446 00:26:15.440 --> 00:26:16.960 having an outflow. 447 00:26:16.880 --> 00:26:18.759 That's a message. It is telling. 448 00:26:18.559 --> 00:26:22.079 Us that the rest of the world does not have 449 00:26:22.160 --> 00:26:25.960 confidence in the management of the economy, It does not 450 00:26:26.119 --> 00:26:30.640 have confidence in the stability of the local currency to 451 00:26:30.680 --> 00:26:31.920 secure its investment. 452 00:26:32.880 --> 00:26:34.319 So in order not. 453 00:26:34.559 --> 00:26:39.759 To putting good money after bad they pull out. 454 00:26:40.480 --> 00:26:42.480 We need to change these things. 455 00:26:42.839 --> 00:26:45.480 Can you be more? Can you be more? When you 456 00:26:45.519 --> 00:26:48.240 say focus on National Assembly? What do you have in mind? 457 00:26:48.480 --> 00:26:51.759 What can we do for a guy listening? Is there 458 00:26:51.759 --> 00:26:55.400 anything someone listening can do on his own today? Is 459 00:26:55.440 --> 00:26:59.680 it just to call it out public? But it publicizes 460 00:27:00.160 --> 00:27:03.119 things Like you said, what can a guy listening do 461 00:27:03.279 --> 00:27:06.319 if F'm in America and now there's a lot of 462 00:27:06.839 --> 00:27:09.079 Is there a senate community that I can go and 463 00:27:09.160 --> 00:27:09.640 report to? 464 00:27:12.799 --> 00:27:15.240 But you see, it is the National Assembly themselves at 465 00:27:16.000 --> 00:27:20.279 complicit in this. I was just reading a couple of 466 00:27:20.359 --> 00:27:25.200 days ago that some of the Nigerian universities were complaining 467 00:27:25.880 --> 00:27:30.119 that the National Assembly members were asking them for a 468 00:27:30.200 --> 00:27:33.200 cut of their budget in order for them to approve 469 00:27:33.240 --> 00:27:36.440 their budget and that if they don't give them the money, 470 00:27:36.680 --> 00:27:37.920 they're not going to approve it. 471 00:27:38.720 --> 00:27:40.799 And it is the same people you're now going to. 472 00:27:40.759 --> 00:27:44.480 Report the issues that we're talking about when they are 473 00:27:44.480 --> 00:27:47.039 the ones who are accomplish it in the whole thing. 474 00:27:47.880 --> 00:27:52.200 I think it is important that as Nigerians, we all 475 00:27:53.039 --> 00:27:57.319 really talk about this in the in every public space 476 00:27:57.400 --> 00:27:57.839 we have. 477 00:27:58.599 --> 00:28:02.359 It's important that you know, those who are. 478 00:28:02.240 --> 00:28:06.160 In office realize that the Nigerian people know what they 479 00:28:06.200 --> 00:28:08.559 are doing and that they are fed up of it. 480 00:28:09.519 --> 00:28:13.000 I mean, I wish I could tell you Calu that 481 00:28:13.440 --> 00:28:17.079 there is a solution in practical so I mean if 482 00:28:17.119 --> 00:28:20.039 we had you know, I don't want to talk too 483 00:28:20.119 --> 00:28:24.720 much about Tullubu today because we'll be going into another match. 484 00:28:27.799 --> 00:28:30.160 But we have to be honest. 485 00:28:30.440 --> 00:28:36.240 That if we want physical discipline, the leader of the 486 00:28:36.319 --> 00:28:42.279 country must be physically disciplined. He himself must show her 487 00:28:42.519 --> 00:28:47.319 that there there is the need to cut down on costs, 488 00:28:47.759 --> 00:28:51.519 and not only that, that every penny that is being 489 00:28:51.559 --> 00:28:57.359 spent has to be justified and that if you are 490 00:28:57.400 --> 00:29:02.720 borrowing more money taking more laws that these loans there 491 00:29:02.799 --> 00:29:08.079 must be a correlation between the loans and a level 492 00:29:08.119 --> 00:29:15.119 of economic activity that will make it worthwhile for Nigeria 493 00:29:15.279 --> 00:29:17.920 to take those looks and pay back those loads and 494 00:29:18.240 --> 00:29:21.720 bring other productivity into the economy. 495 00:29:22.319 --> 00:29:25.200 Yeah, I mean not you're right. You're you're right. When 496 00:29:25.279 --> 00:29:28.319 you when you you you save four point four trillion, 497 00:29:28.759 --> 00:29:32.079 you want to borrow thirteen trillion? You know, a child 498 00:29:32.160 --> 00:29:34.839 will tell you wow. So that means if I have 499 00:29:34.920 --> 00:29:37.160 four point four trillion and I want to borrow that 500 00:29:37.319 --> 00:29:40.039 in trillion, I simply take the four point four and 501 00:29:40.240 --> 00:29:43.079 pay all the thirteen trillion, reducing my borrowing. But no, 502 00:29:44.079 --> 00:29:47.599 they put they simply increase their spending. So when I 503 00:29:47.720 --> 00:29:51.599 tweet Nigeria has a spending problem, this is what I mean. 504 00:29:52.400 --> 00:29:54.960 This is what I mean. God has given the four 505 00:29:54.960 --> 00:30:00.079 point four trillion, but instead of cutting. 506 00:29:58.839 --> 00:30:05.559 Something earlier, look, Dango Dangote has set up a refinery 507 00:30:06.480 --> 00:30:14.519 which in one field soup should solve Nigeria's problems concerning petrol. 508 00:30:14.839 --> 00:30:19.240 True, Okay, Now, a serious. 509 00:30:18.880 --> 00:30:23.279 Government knew for the and I'm not gonna I think government. 510 00:30:23.359 --> 00:30:26.039 I'm not just talking about the present government. I'm talking 511 00:30:26.160 --> 00:30:30.680 of the government as a continuum. It knew for the 512 00:30:30.759 --> 00:30:34.400 last five or six years that this refinery was. 513 00:30:34.359 --> 00:30:35.480 Going to come on street. 514 00:30:35.519 --> 00:30:41.200 They knew any sensible government would have said, okay, this 515 00:30:41.799 --> 00:30:45.559 refinery would need six hundred and fifty thousand barrels of 516 00:30:45.640 --> 00:30:51.839 oil the day in order to meet its optimum production targets. 517 00:30:52.400 --> 00:30:56.359 How much of that can we afford to give them? 518 00:30:56.680 --> 00:31:00.200 Do we give them all of it? Or do how 519 00:31:00.279 --> 00:31:00.680 much of. 520 00:31:01.599 --> 00:31:05.599 The refinery would have been in a position to plan properly. 521 00:31:06.079 --> 00:31:08.480 But you can see what is going on at the 522 00:31:08.599 --> 00:31:14.640 moment for them to even get it from the refined 523 00:31:14.680 --> 00:31:19.440 from the oil companies, they were demanded for a six 524 00:31:19.559 --> 00:31:23.640 dollars premium on our own crew to give it to 525 00:31:23.759 --> 00:31:27.119 him before they announce started talking of okay, we are 526 00:31:27.160 --> 00:31:31.319 going to denominate details in Neira and all of that, 527 00:31:31.440 --> 00:31:38.440 and stillly not getting it. The same government decided years ago, okay, 528 00:31:38.480 --> 00:31:41.359 we will take a twenty percent stick in the refinery. 529 00:31:42.000 --> 00:31:45.680 You take a twenty percent stake in the refinery. That 530 00:31:46.039 --> 00:31:51.279 will be at world class refinery that can export refined 531 00:31:51.319 --> 00:31:52.640 products all over the world. 532 00:31:53.519 --> 00:31:55.480 Would the Nigerian pleasury. 533 00:31:55.039 --> 00:31:59.359 Not be receiving annual dividends from the refinery after putting 534 00:31:59.400 --> 00:32:02.519 in twenty but instead of them paying for the twenty 535 00:32:02.559 --> 00:32:06.000 percent they didn't. They still left it at seven point five. 536 00:32:07.440 --> 00:32:10.640 Yeah, how do you explain It's it's a mess. I 537 00:32:10.640 --> 00:32:12.680 mean the bigger point you raised it. I just want 538 00:32:12.720 --> 00:32:16.920 to move on to to vio Evah. Listen, the Nigeran 539 00:32:16.960 --> 00:32:19.680 goverment knew, like you said five years ago that Dangot 540 00:32:19.759 --> 00:32:22.680 the final will come on stream, but yet they kept 541 00:32:22.720 --> 00:32:26.319 on taking the crude oil from n NPC to borrow. 542 00:32:26.920 --> 00:32:29.480 So most of the crew that are located to NNPC 543 00:32:29.640 --> 00:32:32.960 has been tied up in dollar borrowing. So that's why 544 00:32:33.000 --> 00:32:36.640 that Dangota cannot get crude oil to solve the naira, 545 00:32:37.240 --> 00:32:40.359 to solve a bit of inflation, to solve a bit 546 00:32:40.400 --> 00:32:44.240 of the should we say the deficit Nigeria has today. 547 00:32:44.599 --> 00:32:48.599 You simply tell Dangotte to pay for Nigeria and crude 548 00:32:48.720 --> 00:32:53.559 in dollars not naira dollars. You give Dangote the crude 549 00:32:53.559 --> 00:32:56.680 in dollars only they give them recruiting dollars. Dangote will 550 00:32:56.680 --> 00:33:00.160 refine that crude and sell to Niger's in naira. How 551 00:33:00.200 --> 00:33:03.240 would he pay back his crude oil? He can really 552 00:33:03.359 --> 00:33:07.200 finding to buy product and export and get his naira 553 00:33:07.680 --> 00:33:10.240 to pay back an NPC he should be playing on 554 00:33:10.319 --> 00:33:11.200 NIRA for anything. 555 00:33:12.359 --> 00:33:17.440 Yeah, I'm just bringing a few nuggets before the next speaker. 556 00:33:17.640 --> 00:33:21.559 So first of all, we since start bleating the NARRE 557 00:33:21.680 --> 00:33:24.960 because we are more reliant on FPIS. 558 00:33:25.359 --> 00:33:28.160 You know, we usually stipid. 559 00:33:29.400 --> 00:33:33.599 We could, but it is that little data should like 560 00:33:33.799 --> 00:33:37.680 most invert those that are coming to are investing because 561 00:33:37.680 --> 00:33:41.039 of our treasury bills. That is not sustainable, but that 562 00:33:41.119 --> 00:33:43.880 that's on the shot term. And also if you look 563 00:33:43.880 --> 00:33:47.400 at the fact that the oil price data shows that 564 00:33:48.240 --> 00:33:53.319 all inputs in Nigeria has dropped but is a fifth 565 00:33:54.119 --> 00:33:57.839 in the last three months, that's positive for FX conty. 566 00:33:57.519 --> 00:33:59.720 Because if you look at data, most of. 567 00:33:59.680 --> 00:34:04.839 Our effects applications from the import side is on patrol. 568 00:34:05.599 --> 00:34:12.559 So relatively danqulty is not positive short, mid, long term. 569 00:34:12.840 --> 00:34:16.800 But one of the things this government has done that 570 00:34:17.159 --> 00:34:20.079 how we look at it from in market perspective side, 571 00:34:20.159 --> 00:34:24.480 is that the reason why they had no choice then 572 00:34:24.840 --> 00:34:27.360 was that they could not take those reforms that me 573 00:34:27.480 --> 00:34:31.000 and you were shouting on them. The effex was subsidized. 574 00:34:31.719 --> 00:34:34.760 The glow declaring for that. People have forgotten that we 575 00:34:34.760 --> 00:34:36.639 were subsidizing efforts when. 576 00:34:36.800 --> 00:34:38.239 We're not't producing anything. 577 00:34:38.800 --> 00:34:42.519 There was a time cibin was not getting any effects, 578 00:34:42.719 --> 00:34:45.239 so we most prayer for that first. You know, when 579 00:34:45.280 --> 00:34:49.480 you want to you see the issue about economies that 580 00:34:49.519 --> 00:34:51.239 this continunity doesn't work in a solution. 581 00:34:52.079 --> 00:34:55.559 If you waste money, you will have the bad retirement. 582 00:34:55.679 --> 00:34:56.400 That's our life is. 583 00:34:56.719 --> 00:34:59.239 That's why people that enjoyed their retirement each the mad 584 00:34:59.320 --> 00:35:02.960 sacrifices sae. They put their fronts in different things investment. 585 00:35:03.320 --> 00:35:06.199 But we didn't do that. So that's the price we're 586 00:35:06.239 --> 00:35:06.639 pelling now. 587 00:35:06.880 --> 00:35:10.920 Okay, sefore you go, let me go ahead. The fair 588 00:35:11.000 --> 00:35:12.960 government put The problem I have with this budget. The 589 00:35:13.000 --> 00:35:15.159 problem have with this project is that, yeah, last year, 590 00:35:15.159 --> 00:35:17.159 if you look at the nine. 591 00:35:16.960 --> 00:35:20.760 Months they released from the ones released and you look 592 00:35:20.800 --> 00:35:24.280 at the Manaumal office, you see that they're setting it 593 00:35:24.280 --> 00:35:27.960 with implementation. The feder anisty have done better than to know. 594 00:35:29.320 --> 00:35:34.199 But however, we've seen that budget party. We've seen that 595 00:35:34.559 --> 00:35:39.559 fiscal monitoring from the National Assembly has been arable. You know, 596 00:35:39.599 --> 00:35:42.679 budget idea, you just so many data reports that shows 597 00:35:42.719 --> 00:35:46.960 that you're saying your projet in school budget on the 598 00:35:47.079 --> 00:35:47.880 pillow for work. 599 00:35:48.119 --> 00:35:52.159 You see the space center saying you won't do olive. 600 00:35:52.159 --> 00:35:54.920 The olive you're not saying it. Well, this school will 601 00:35:54.960 --> 00:35:58.400 set they want five billion nothing, samely will give them 602 00:35:58.480 --> 00:36:04.440 one hundred billion. That's what's happening in Nigeria. Misture of fisheries. 603 00:36:04.480 --> 00:36:06.360 I think it's fisheries that they always go to fisheres 604 00:36:06.400 --> 00:36:08.840 we say we want two billion, they will give them 605 00:36:08.880 --> 00:36:11.719 two hundred and forty billion. That's what's going on. 606 00:36:12.559 --> 00:36:14.880 Yeah, because that's where they get the cut from. 607 00:36:14.920 --> 00:36:18.400 Exactly, That's what they get exactly. That's what's going on. Yeah, 608 00:36:18.480 --> 00:36:21.239 that's what's happening. Let me get Vivian has dropped off. 609 00:36:21.239 --> 00:36:24.599 I was gonna call and let's get some year limited 610 00:36:24.679 --> 00:36:28.320 and you get this hangle some year you've got the floor. 611 00:36:29.519 --> 00:36:31.719 I don't know where he is at. Let me get tired. 612 00:36:33.960 --> 00:36:37.320 A big fan of your tweets on economia and like 613 00:36:38.480 --> 00:36:42.000 thank your expenses now. So, like, I think this is 614 00:36:42.039 --> 00:36:46.559 a This is probably never gonna happen for Nigeria because 615 00:36:47.000 --> 00:36:50.559 you can see how difficult it was for DO to 616 00:36:50.639 --> 00:36:54.280 even kickoff, and how heavy the democratic kicking against it, 617 00:36:54.320 --> 00:36:57.280 because the is going to expose a lot of information 618 00:36:57.400 --> 00:36:59.960 which you know they've just had going over the year. 619 00:37:00.119 --> 00:37:03.360 So I think the one person that they don't try 620 00:37:03.400 --> 00:37:07.159 to maintain a semblance of transparency was impoty right when 621 00:37:07.199 --> 00:37:10.480 it started, same good treasury account, but we all know 622 00:37:10.480 --> 00:37:12.800 how that's ended up. Like it started up like this 623 00:37:12.960 --> 00:37:16.079 was a good measure he was trying to implement, but 624 00:37:16.360 --> 00:37:18.800 at the end of the day, he just seemed like 625 00:37:18.800 --> 00:37:22.039 every other previous day that we've had, still the same corruption, 626 00:37:22.599 --> 00:37:25.239 still the same going in circles and back to square ones. 627 00:37:26.679 --> 00:37:30.480 If transparency isn't sort of that from the local areas, 628 00:37:30.559 --> 00:37:32.880 like coming back from local government, state and then to 629 00:37:32.920 --> 00:37:36.440 the presidency and like the whole contrast whole, and then then. 630 00:37:36.400 --> 00:37:40.159 You see how we are so not there, we are 631 00:37:40.159 --> 00:37:40.679 so not there. 632 00:37:40.719 --> 00:37:43.360 It's easy for them to track this payment because there's 633 00:37:43.360 --> 00:37:47.079 always a pay per trail in the expenditure from the 634 00:37:47.079 --> 00:37:50.559 treasury asking for this amount. They can always that it 635 00:37:50.599 --> 00:37:53.920 can't come even after four administrations, and they can still 636 00:37:54.000 --> 00:37:56.719 track the paypa tray of the money. It's just the 637 00:37:56.800 --> 00:38:00.599 rationale for spending it. So it's like things that we 638 00:38:00.639 --> 00:38:02.679 should think him to be honest, I don't think we 639 00:38:03.440 --> 00:38:06.320 I don't think the sixes don't even want it because 640 00:38:06.639 --> 00:38:08.199 they don't even ask for It's. 641 00:38:08.000 --> 00:38:09.800 Like they don't you don't really care. 642 00:38:12.719 --> 00:38:15.400 It might shock people. But I've been really following this 643 00:38:15.599 --> 00:38:22.199 whole doge stingy in America. The Nigerian public finances, the 644 00:38:22.239 --> 00:38:26.280 way we account for public finances in Nigeria, honestly, it 645 00:38:26.360 --> 00:38:28.719 looks like it's better than what the Americans are doing. 646 00:38:28.840 --> 00:38:32.360 Let me give you an example. Once the Americans approve 647 00:38:32.480 --> 00:38:36.639 an appropriation, then it must be paid, even if the 648 00:38:36.679 --> 00:38:41.199 person is dead or the program has stopped. So once 649 00:38:41.280 --> 00:38:44.599 it's appropriated, they say twelve billion is going to appropriated 650 00:38:44.760 --> 00:38:48.559 for Abia's state and the state of Abia is no 651 00:38:48.639 --> 00:38:51.440 longer in existence or the stead of Abia is, it 652 00:38:51.519 --> 00:38:55.239 must be paid number one, number two. They have no vouture. 653 00:38:55.239 --> 00:38:58.159 There's no number on a vouture. So what I mean 654 00:38:58.199 --> 00:39:01.719 is this, if you appropriate money for Department of Energy 655 00:39:01.760 --> 00:39:04.840 for a project, that money money is giving out, but 656 00:39:04.880 --> 00:39:07.239 there's no tracking number. You know how TSA. If you 657 00:39:07.480 --> 00:39:09.599 go and get the conduct with the government, they'll tell 658 00:39:09.599 --> 00:39:12.079 you it is this styill put the budget number I 659 00:39:12.199 --> 00:39:16.519 E one five five. They link that appropriation back to 660 00:39:16.599 --> 00:39:18.880 the line item. You know why you pick Nigerian budgets. 661 00:39:18.880 --> 00:39:24.480 You see line items money for head office computer. That 662 00:39:24.599 --> 00:39:27.519 line item is what shows up on your contract that's 663 00:39:27.559 --> 00:39:30.039 how budgets. It is able to say, okay, we are 664 00:39:30.159 --> 00:39:33.679 tracking this line item and we could not find it, 665 00:39:33.679 --> 00:39:36.960 don't have it. In America, they don't what so once 666 00:39:37.039 --> 00:39:40.679 it's appropriated. That's the fight you are seeing is between 667 00:39:40.960 --> 00:39:49.639 there's something in America called impoundment. Impoundment before Nixon, when 668 00:39:49.760 --> 00:39:54.480 Congress appropriates, just like in Nigeria, Congress would appropriate, then 669 00:39:54.519 --> 00:39:58.400 the president will spend. So Congress will pass the budget 670 00:39:58.760 --> 00:40:01.400 just like sat in Nigeria. Then the president which is 671 00:40:01.400 --> 00:40:04.679 the executive, will spend. So like in Nigeria, Congress naturally 672 00:40:04.679 --> 00:40:06.840 the term they say we're going to build legos to 673 00:40:06.880 --> 00:40:10.480 Calabar Road, they appropriate money, but it is left to 674 00:40:10.559 --> 00:40:14.159 the president to then go and spend that money on 675 00:40:14.199 --> 00:40:16.360 the road. Not in America. In America they have what 676 00:40:16.480 --> 00:40:21.559 to call impoundment, where once Congress appropriates that money, even 677 00:40:21.639 --> 00:40:24.320 the president cannot stop it. All the president can do 678 00:40:24.360 --> 00:40:26.119 to say he will not do it, but the money 679 00:40:26.119 --> 00:40:28.159 will go out. So the money will go out to 680 00:40:28.400 --> 00:40:31.199 us beggar or where the president likes this or not, 681 00:40:31.679 --> 00:40:34.760 then beggar will just wait for the plans to come. 682 00:40:34.800 --> 00:40:37.360 That's the fight you are seeing, really that these guys 683 00:40:37.920 --> 00:40:41.039 are going against. So what's coming back to your to 684 00:40:41.079 --> 00:40:44.000 the issue about the way the whole budget it really is. 685 00:40:44.079 --> 00:40:47.800 It's just it doesn't make any sense to me that 686 00:40:47.920 --> 00:40:52.280 Nigeria has better controls, but the politics and the people 687 00:40:52.440 --> 00:40:55.039 seem to be where we have a problem with. Where 688 00:40:55.199 --> 00:40:58.719 the Americans seem to have very very lacked controls, but 689 00:40:58.880 --> 00:41:02.320 they are the the people on the process seem to 690 00:41:02.719 --> 00:41:04.639 come in there. But in our own case, we have 691 00:41:04.719 --> 00:41:08.559 TSA or culture. Well I did I f f ID, 692 00:41:08.800 --> 00:41:13.039 so every every employee in Nigeria today has a number 693 00:41:13.519 --> 00:41:17.840 attached to your organization. That's what US was fighting against. 694 00:41:18.400 --> 00:41:21.239 So they can say if you are Calu, you work 695 00:41:21.239 --> 00:41:23.639 a mistery of Finance, then they know you cannot work 696 00:41:23.679 --> 00:41:28.119 for any other government agency. That's the whole ippis they 697 00:41:28.119 --> 00:41:32.559 don't have in America. So that's why it's all the US. 698 00:41:32.639 --> 00:41:35.920 They don't have it. So it's amazing how we have 699 00:41:36.000 --> 00:41:38.960 these things on paper but we don't use it and 700 00:41:39.000 --> 00:41:41.320 Americans don't even have it. Were we seem to be 701 00:41:41.360 --> 00:41:44.920 more advanced in terms of our controls, but we just 702 00:41:44.960 --> 00:41:47.679 don't do it. That's why we I don't know so 703 00:41:47.800 --> 00:41:51.599 legally legally, what the National Assembly has done to increase 704 00:41:51.639 --> 00:41:55.000 the budgets of saying, mistery of Faciales from one billion 705 00:41:55.719 --> 00:41:59.440 to one hundred billion is legal, but it's wrong in 706 00:41:59.480 --> 00:42:02.480 a way, but it's legal. That's the problem. I haven't 707 00:42:02.519 --> 00:42:06.280 Nigia that is illegal, but it's all wrong. Twenty one 708 00:42:06.360 --> 00:42:09.159 billion for the VP's home is not illegal. It has 709 00:42:09.199 --> 00:42:14.920 passed most but it's wrong. Samia, let me get Anthony 710 00:42:15.000 --> 00:42:15.400 in here. 711 00:42:17.639 --> 00:42:20.679 Yeah, callu, thank you very much for the opportunity to speak. 712 00:42:21.599 --> 00:42:22.800 I'd like to look at. 713 00:42:22.639 --> 00:42:26.559 This from a different perspective, Samyah, I see you, my brother, 714 00:42:26.599 --> 00:42:31.559 I see you. I want to use a top down approach. 715 00:42:32.280 --> 00:42:35.320 I think the problem Nigeria. 716 00:42:34.920 --> 00:42:37.760 Has is the system of government. 717 00:42:38.119 --> 00:42:42.800 Now, I'm glad that we've been trying to juxtapose Nigeria's 718 00:42:43.039 --> 00:42:46.760 system versus the American system. We all know how the 719 00:42:46.800 --> 00:42:50.840 presidential system of government is very very expensive. The federal, 720 00:42:51.239 --> 00:42:54.519 the state and the local government. Nigeria needs to go 721 00:42:54.599 --> 00:42:57.639 back to the parliamentary system of government completely. We need 722 00:42:57.679 --> 00:43:00.800 to put we need to put power back in the 723 00:43:00.880 --> 00:43:04.320 hands of the people where people become accountable and are 724 00:43:04.400 --> 00:43:08.679 easily more easily removed from office when they do not 725 00:43:08.840 --> 00:43:09.960 perform their duties. 726 00:43:10.000 --> 00:43:13.280 And they are not accountable. This is going to take 727 00:43:13.760 --> 00:43:15.079 a very It's going to take a. 728 00:43:15.119 --> 00:43:18.639 Huge effort, obviously, because there's so much corruption. 729 00:43:19.079 --> 00:43:20.239 As we all know that the. 730 00:43:20.239 --> 00:43:24.039 Leadership and accountability and lack of rule of law are 731 00:43:24.079 --> 00:43:27.400 the problems of Nigeria. So until we go and change 732 00:43:27.760 --> 00:43:31.119 that system of government, I don't see how we're going 733 00:43:31.159 --> 00:43:37.159 to be able to implement change in Nigeria as regards accountability. 734 00:43:37.280 --> 00:43:38.880 Because I'll give you an example. 735 00:43:39.800 --> 00:43:45.119 We all see the massive pushback against Doge and against 736 00:43:45.119 --> 00:43:48.440 Elon Musk to be specific. In the United States of America, 737 00:43:48.559 --> 00:43:49.920 nobody likes change. 738 00:43:50.280 --> 00:43:53.039 Even in any organization. Change management is one of. 739 00:43:53.000 --> 00:43:55.920 The most difficult things amongst executives. 740 00:43:56.440 --> 00:43:59.639 Nobody likes change. So for us to be thinking that things. 741 00:43:59.480 --> 00:44:02.280 Are going to change in Nigeria and everything, it's going 742 00:44:02.320 --> 00:44:04.840 to take a gun to one efforts. 743 00:44:05.000 --> 00:44:08.440 So I don't see anything changing very very soon. 744 00:44:08.880 --> 00:44:12.079 Especially because it's so hard to hold these leaders accountable. 745 00:44:12.119 --> 00:44:13.000 So that's my submission. 746 00:44:13.000 --> 00:44:14.920 Thank you very I mean, you make that point so 747 00:44:14.920 --> 00:44:16.920 so simply, and you make it very very quickly. But 748 00:44:17.039 --> 00:44:20.760 it's a major point. This presidential system we run is 749 00:44:20.760 --> 00:44:24.840 too expensive. When I can't afford apprentical system before we 750 00:44:24.960 --> 00:44:27.360 used to have the parliamentary system. You forget to make 751 00:44:27.360 --> 00:44:30.679 this point that in a parliamentary system, the minister has 752 00:44:30.719 --> 00:44:33.920 to be elected. So if we had to the six States, 753 00:44:34.199 --> 00:44:36.360 then you have to be elected and then when you're elected, 754 00:44:36.440 --> 00:44:39.400 become a minister. So there's no there's no executive in quote, 755 00:44:39.440 --> 00:44:43.199 there's the elected folks become the ministers. So obviously you 756 00:44:43.280 --> 00:44:46.239 cut off one complete layer of government away. And then 757 00:44:46.280 --> 00:44:48.199 of course if you're a minister of state and you're 758 00:44:48.360 --> 00:44:51.440 representing on Hafia and then you go there, you do 759 00:44:51.440 --> 00:44:55.079 you make, you start to do nonsense, then I will 760 00:44:55.119 --> 00:44:58.880 call you back. So there's this accountability not to the party, 761 00:44:59.360 --> 00:45:02.840 not even to your try, but to your own individual constituency. 762 00:45:02.840 --> 00:45:05.440 You know where you come from. So you know that, listener, 763 00:45:05.400 --> 00:45:07.679 I have to perform. I can't go there. You know 764 00:45:08.320 --> 00:45:12.880 this presential system is too expensive. You have the president, 765 00:45:13.480 --> 00:45:19.840 national Assembly, then state governors, state Assembly, then local government 766 00:45:19.920 --> 00:45:23.760 also has local assembly on on which money Now, these 767 00:45:23.800 --> 00:45:27.079 same oiline guys are already saying we are borrowing. Nigeria 768 00:45:27.159 --> 00:45:30.519 is the only nation on earth that the citizens subsidized 769 00:45:30.559 --> 00:45:35.280 their oil company. We subsidize NNPC without tax money and 770 00:45:35.360 --> 00:45:40.519 episode subsidized us. That subsidy is a very very impressive 771 00:45:40.559 --> 00:45:44.719 crafted world to make you believe that fuel would have 772 00:45:44.760 --> 00:45:49.639 been expensive for NNPC reduced the cost. No fuel is 773 00:45:49.760 --> 00:45:53.440 expensive because NNPCE is the one refining the oil. If 774 00:45:53.480 --> 00:45:56.119 there was no NNPC today, your oil would be cheaper 775 00:45:56.199 --> 00:45:58.920 because that company that would have repaid an NPC would 776 00:45:58.960 --> 00:46:02.079 have built a finary twenty years ago. I would have 777 00:46:02.159 --> 00:46:05.559 maintained to refinanced still today. Can you imagine Nigerian bank 778 00:46:05.639 --> 00:46:08.719 today if Nigerian banks ran refineries, yes, they will charge 779 00:46:08.719 --> 00:46:11.079 you coot, but can you imagine a GM bank not 780 00:46:11.239 --> 00:46:15.440 investing in their refinery quote unquote It's not possible. Let 781 00:46:15.480 --> 00:46:17.639 me not talking abou because ATMs are there. But you 782 00:46:17.719 --> 00:46:21.920 get the point I'm making that NNPC is to go anything. 783 00:46:22.159 --> 00:46:26.679 There's nothing with n in Nigeria is working, NFA and NPC. 784 00:46:26.800 --> 00:46:28.719 Anything that has that N in front of it, that 785 00:46:28.840 --> 00:46:33.360 means that the government owns it doesn't work. Nigeral infinitial 786 00:46:33.480 --> 00:46:36.679 gas has escaped because it's own. No, it's not all 787 00:46:36.800 --> 00:46:40.239 niger it's own forty nine Nigeria. It's not majority. Was 788 00:46:40.360 --> 00:46:43.559 Nigeria's tech majority control. I'm not another abuse google it. 789 00:46:43.960 --> 00:46:48.400 There's not Nigerian Airways Shipping Line NFA anything. You put 790 00:46:48.440 --> 00:46:50.719 that air in front, not because any is, but it's 791 00:46:50.760 --> 00:46:55.159 the government control. They're coming there, they start to spend. 792 00:46:55.559 --> 00:46:57.760 I don't know, man, but good points. 793 00:47:00.119 --> 00:47:04.199 Us. When you cannot run an. 794 00:47:04.079 --> 00:47:10.559 Economic concern like a political organization, you cannot interfere on 795 00:47:10.800 --> 00:47:14.360 issues of accountability and good management. 796 00:47:15.599 --> 00:47:17.239 In countries where the. 797 00:47:17.079 --> 00:47:24.679 Politicians understand that the economic management is key, they intervene 798 00:47:24.800 --> 00:47:29.599 only when it is necessary. They don't intervene because they 799 00:47:29.679 --> 00:47:34.119 want their cronies to get certain favors from the system. 800 00:47:34.519 --> 00:47:38.440 In this country, we have a situation where. 801 00:47:38.239 --> 00:47:39.079 That is the case. 802 00:47:39.519 --> 00:47:43.320 So when we change that, then we'll begin to see 803 00:47:43.840 --> 00:47:48.880 different results even from our public institutions, because public institutions 804 00:47:48.920 --> 00:47:52.679 that provide an economic service can work. It's just that 805 00:47:53.119 --> 00:47:56.159 if you have them, you must run them on the 806 00:47:56.280 --> 00:47:57.280 right principles. 807 00:47:57.320 --> 00:48:00.920 You can run them as a as a means of 808 00:48:01.000 --> 00:48:05.320 patronage to your political friends. That's just all I wanted 809 00:48:05.320 --> 00:48:05.639 to say. 810 00:48:05.719 --> 00:48:08.480 I hear you, I hear and again, I don't think Nigeria. 811 00:48:08.480 --> 00:48:10.599 I don't think. Let me streat myself, so I don't 812 00:48:10.599 --> 00:48:13.800 see Nigeria's I don't think I care who runs an 813 00:48:13.880 --> 00:48:17.599 NPC as long as there's cheap fuel. Dan Gotta today 814 00:48:17.599 --> 00:48:20.360 we say it's a monopolist. We say before dan Gotta 815 00:48:20.400 --> 00:48:25.599 built his refinery, NPC had issued forty four licenses for refineries. 816 00:48:25.840 --> 00:48:29.519 Before dangottested to build, his people had the final license, 817 00:48:29.519 --> 00:48:33.119 no one built. It's the same with cements. Oh, Dangote 818 00:48:33.199 --> 00:48:36.400 has monopilied cement. Before I was in this country, when 819 00:48:36.400 --> 00:48:39.719 a passenger to turn to and build cement factories, nobody 820 00:48:39.719 --> 00:48:43.920 built than Gotta built. So Nigeria just want the country 821 00:48:43.920 --> 00:48:46.199 to work for everybody. If you don't want to, if 822 00:48:46.199 --> 00:48:47.920 you if you are close to the government and you 823 00:48:48.000 --> 00:48:52.039 steal money, invest in Nigeria, you know it's it's mind 824 00:48:52.039 --> 00:48:54.519 blowing you. You know you go to Indonesia. Is the 825 00:48:54.599 --> 00:48:57.920 exact same to Indonesia as in Nigeria. They had a 826 00:48:58.039 --> 00:49:02.960 military president that was a sorry to Indonesians. The Soharo 827 00:49:03.079 --> 00:49:07.079 family returned billions, but the same Soharato family invested in 828 00:49:07.119 --> 00:49:12.199 an Indonesian car built infrastructure all across Indonesia that today 829 00:49:12.639 --> 00:49:16.320 the country has moved is riding on the same. We 830 00:49:16.400 --> 00:49:18.760 have a huge population, the same with Indonesia. We have 831 00:49:18.840 --> 00:49:24.360 a diverse religious and political system. Just like Indonesia. We 832 00:49:24.480 --> 00:49:27.960 have crude oil, just like Indonesia. We have palm oil, 833 00:49:28.440 --> 00:49:32.559 just like Indonesia. There's really little different in Nigia and Indonesia, 834 00:49:32.599 --> 00:49:34.960 but this look at their economy and the economy today. 835 00:49:35.079 --> 00:49:37.320 As a matter of fact, mint m I ant that 836 00:49:37.519 --> 00:49:41.920 Mexico Indonesia. That was Nigeria. And there was the tea 837 00:49:41.960 --> 00:49:44.679 who was what was tea? What was tea? M I 838 00:49:44.840 --> 00:49:47.639 ant what was ta? I forget what tea was? Who 839 00:49:47.639 --> 00:49:52.039 knows what he was? Mexico Indonesia night Turkey was Turkey. 840 00:49:52.559 --> 00:49:55.880 Now we've dropped off, We've dropped off. Those countries have 841 00:49:56.000 --> 00:49:59.400 moved on and we've dropped off. So good point elarger, 842 00:49:59.599 --> 00:50:01.119 Let's get the larger sultan. 843 00:50:03.840 --> 00:50:06.880 Good living in Carlo, goodivning, lumiadiving. 844 00:50:08.559 --> 00:50:12.760 I'm enjoying the conversation so far. I just want to 845 00:50:12.760 --> 00:50:14.800 speak about the cultural. 846 00:50:16.400 --> 00:50:22.800 The cultural thing about Nigerians that they see political offices. 847 00:50:22.400 --> 00:50:27.159 As a as a point to go and steal public fronts. 848 00:50:28.119 --> 00:50:32.559 In places in very very small societies, not very very 849 00:50:32.559 --> 00:50:35.639 small units of government like maybe and. 850 00:50:35.800 --> 00:50:37.239 The hospital institutions. 851 00:50:37.639 --> 00:50:42.360 You see, everybody's striving on how to steal and lisk 852 00:50:42.480 --> 00:50:48.599 the resources. So because Nigerians themselves, they even the ones 853 00:50:48.639 --> 00:50:53.440 in power they are choosing or selected from in the 854 00:50:53.480 --> 00:50:57.360 midst of Nigerians generally, So an average Nigerian have this 855 00:50:57.760 --> 00:51:03.320 thing that whenever I have as to fund that belongs 856 00:51:03.360 --> 00:51:08.679 to the government, lets miss tale everything and is accepted 857 00:51:08.719 --> 00:51:14.239 by the Nigerians society. So when when these things look 858 00:51:14.400 --> 00:51:18.719 like the norm of about eighty five percent of Nigerians, 859 00:51:18.719 --> 00:51:22.760 where you have access to government fund, you wasted. Then 860 00:51:23.239 --> 00:51:27.039 how how do we begin to cult the spending problem? 861 00:51:27.519 --> 00:51:33.800 I've always advocated, I've always I've always advocated for more 862 00:51:33.840 --> 00:51:35.480 consequences for these actions. 863 00:51:35.480 --> 00:51:39.599 If we have it kind of systems. 864 00:51:39.199 --> 00:51:44.519 That that punish wistfulness in government, then we can start 865 00:51:44.599 --> 00:51:47.840 talking about how to curtail the spending problem of most 866 00:51:47.920 --> 00:51:53.360 Nigerians aware I live in communities here. If you have 867 00:51:53.840 --> 00:51:57.199 if your budget, if you have exceeded what you need, 868 00:51:57.320 --> 00:51:59.079 what you your your budget, I. 869 00:51:59.039 --> 00:52:02.360 Mean money are located for you for the year, If you. 870 00:52:02.320 --> 00:52:05.239 Have completed all your projects, you are always looking for 871 00:52:05.280 --> 00:52:08.679 how do I return this money because you cannot take it, 872 00:52:08.679 --> 00:52:11.960 it does not belong to you. But back home, they 873 00:52:12.000 --> 00:52:15.159 would not even do the project, They would steal the 874 00:52:15.320 --> 00:52:19.960 money and delay the project. So every Nigerian, even as 875 00:52:20.000 --> 00:52:22.000 far perk as when we're in student you know government 876 00:52:22.199 --> 00:52:25.840 back in those days when you umediately become a student, you. 877 00:52:25.800 --> 00:52:28.519 Know government leader of a university. 878 00:52:29.280 --> 00:52:33.320 Your peers are expecting you to do large amounts of 879 00:52:33.360 --> 00:52:37.079 celebrations for them, despite the fact that it's its student money. 880 00:52:37.280 --> 00:52:41.119 So an average Nigeria believes that government's money is to 881 00:52:41.119 --> 00:52:44.719 be wasted is to buy build houses. Your relatives start 882 00:52:44.760 --> 00:52:47.320 calling you to do lots of things for them. 883 00:52:47.599 --> 00:52:49.320 So the cultural thing of. 884 00:52:49.320 --> 00:52:54.119 Wastefulness it identifies with a lot of Nigerians. That is 885 00:52:54.159 --> 00:52:57.199 why you see them make money alreadily and become broke 886 00:52:57.920 --> 00:53:01.000 in a certain number of days. So if there were 887 00:53:01.039 --> 00:53:05.320 consequences to we think government fronts, if they were, if 888 00:53:05.519 --> 00:53:07.639 these people do not keep getting. 889 00:53:07.320 --> 00:53:10.199 Away with what the loot or how they are. 890 00:53:10.079 --> 00:53:13.679 Wasteful wasting resources, maybe we can have a better chance 891 00:53:13.719 --> 00:53:17.679 of curtailing the the spending problem, where you know you 892 00:53:17.800 --> 00:53:21.920 account for every every double that you spend. There's there's 893 00:53:21.960 --> 00:53:25.280 the clending still government houses. When the government comes into day, 894 00:53:25.719 --> 00:53:30.280 he will renovate the building. When another governor comes in today, 895 00:53:30.559 --> 00:53:33.719 he will do something something similar A similar project. That 896 00:53:33.800 --> 00:53:36.480 is why they approved projects and a lot of time, 897 00:53:36.559 --> 00:53:39.039 so they don't see it as grimed. They see that 898 00:53:39.239 --> 00:53:42.280 when you get away from government, you can negotiate and say, oh, 899 00:53:42.760 --> 00:53:45.440 this is the amount as I have stolen, or I 900 00:53:45.519 --> 00:53:48.480 can pay back twenty five percent and I'll keep the rest. 901 00:53:48.800 --> 00:53:51.440 So and then as long as they keep getting away 902 00:53:51.440 --> 00:53:54.840 with that, every and average engenera will see it as 903 00:53:54.840 --> 00:53:57.039 and avenue to go as well as still a whisk 904 00:53:57.119 --> 00:53:58.119 of me resources. 905 00:53:58.440 --> 00:54:01.239 Thank you, I think maybe good points again the cultural 906 00:54:01.239 --> 00:54:04.159 outside that you brought up. You know, once someone enters 907 00:54:04.199 --> 00:54:07.079 the government, he goes to his church, he does thanksgiving, 908 00:54:07.800 --> 00:54:10.679 Nobody ask any question. He goes from his biq to 909 00:54:10.800 --> 00:54:13.119 a ten bedroom massed and his ladier say, oh, a 910 00:54:13.199 --> 00:54:15.280 charge a price to go there and bless the house. 911 00:54:15.639 --> 00:54:18.719 His kids all move abroad. We say wow, his kids 912 00:54:18.719 --> 00:54:20.360 will go on Instagram. Wow, I want to be like 913 00:54:20.440 --> 00:54:24.000 these guys are enjoying. Nobody ask any questions. In Nigeria, 914 00:54:24.039 --> 00:54:28.079 a gates man, Your gatesman can become a governor in 915 00:54:28.159 --> 00:54:31.440 two years. Your gates man and people will say, wow, 916 00:54:31.639 --> 00:54:33.960 he was you know, he was a he was in 917 00:54:34.079 --> 00:54:34.679 the trenches. 918 00:54:34.960 --> 00:54:35.159 You know. 919 00:54:35.199 --> 00:54:37.920 Nobody ask any question. So you make a good, great point. 920 00:54:38.000 --> 00:54:40.360 Really make it a good point that you know, we 921 00:54:40.480 --> 00:54:43.639 have to ask questions, we have to hold people to account. 922 00:54:43.679 --> 00:54:46.559 You know, where's this money coming from? It's my money, 923 00:54:46.719 --> 00:54:50.280 you know, someone's kids. You know, I was in the UK, 924 00:54:50.360 --> 00:54:54.159 ones I went. I was in UK university to visit 925 00:54:54.320 --> 00:54:57.079 someone and a governor. I won't cause the government. I 926 00:54:57.079 --> 00:54:58.559 don't want to be so the governor came to the 927 00:54:58.639 --> 00:55:02.599 university that night and this guy was sharing one hundred 928 00:55:02.599 --> 00:55:05.920 pound notes to everyone in this in the in the dormitory, 929 00:55:06.079 --> 00:55:09.519 one hundred pound note was giving them, you know, to 930 00:55:09.599 --> 00:55:12.360 everyone there. Yeah, in the UK, I can give you 931 00:55:12.440 --> 00:55:15.760 the town, but I don't know not governor. You know, 932 00:55:15.880 --> 00:55:17.960 everyone was wow. It was giving. They had not seen 933 00:55:17.960 --> 00:55:20.119 that morning their life before he was doing it. And 934 00:55:20.239 --> 00:55:23.159 that many examples go on social media. You say kids 935 00:55:23.159 --> 00:55:27.000 going to buy friendy Gucci with your own money, and 936 00:55:27.039 --> 00:55:29.920 everybody's like, wow, these kids are enjoying. It's your money. 937 00:55:30.039 --> 00:55:32.880 You can't oppress me with my money. But that's when 938 00:55:32.880 --> 00:55:35.559 I jump potitions are doing. They're a pressing you with 939 00:55:35.679 --> 00:55:38.480 your own money, and then you praise them. I won't 940 00:55:38.519 --> 00:55:40.280 have it when I want to have a private jet 941 00:55:40.320 --> 00:55:45.639 like this guy. You know, it's it's crazy. Uh, mister Vessie, 942 00:55:45.639 --> 00:55:46.119 how are you doing? 943 00:55:46.159 --> 00:55:46.320 Sir? 944 00:55:48.559 --> 00:55:53.119 Thank you, sir, Thank you, mister Vessie. You've got the floor. Anthony, 945 00:55:53.119 --> 00:56:00.239 Please go ahead, Anthony. I hope you guys can hear me. Anthony, 946 00:56:00.639 --> 00:56:04.400 you can, uh Ve says you've got the floor. Please 947 00:56:04.400 --> 00:56:07.960 go ahead. What if you can hear me? Olive? They 948 00:56:08.000 --> 00:56:09.679 let me bring it back to them, to the market, 949 00:56:10.599 --> 00:56:15.400 back to just just back to this Bodet deficit. So 950 00:56:15.440 --> 00:56:18.639 if we're going to borrow thirteen trillion, what does that 951 00:56:18.719 --> 00:56:21.000 do to interest rate in Nigiera. It's gonna go up, 952 00:56:21.079 --> 00:56:23.880 it's gonna come down because the market adn't knows that 953 00:56:23.880 --> 00:56:25.559 we're going to have to come and borrow and we're 954 00:56:25.559 --> 00:56:28.039 going to borrow more. As you said, the dollar has 955 00:56:28.079 --> 00:56:32.000 sort of stabilized. Does that push rates up a bit? 956 00:56:32.400 --> 00:56:34.599 Does it bring raised down the bit? What should I do? 957 00:56:35.679 --> 00:56:38.679 I think it's kind of time to be honest with you. 958 00:56:38.760 --> 00:56:41.480 Notice that the CPN. 959 00:56:42.719 --> 00:56:46.239 Surprisingly postpone the MPC meeting as all the excuse us 960 00:56:46.280 --> 00:56:48.320 that that is. 961 00:56:48.280 --> 00:56:50.159 Not ready MBS. 962 00:56:50.440 --> 00:56:54.360 You know that's disappointing because you know the impact of 963 00:56:54.920 --> 00:56:58.719 NPC meeting on the capital market and a lot of policy. 964 00:56:59.159 --> 00:57:02.519 Please take that, use that decision to plan. 965 00:57:02.760 --> 00:57:09.320 In fact, the headline interestrate really play the crush all 966 00:57:09.360 --> 00:57:14.519 our monetary instruments, so cal it's very difficult too. 967 00:57:14.639 --> 00:57:18.800 But I'll say this, I think I think the CPN, 968 00:57:20.639 --> 00:57:23.400 in my OUNTN opinion this year their. 969 00:57:23.320 --> 00:57:26.880 Reforms, I've been trying to buy time again for the 970 00:57:26.920 --> 00:57:31.920 physical side to get things right. The Carlo I don't 971 00:57:31.920 --> 00:57:34.599 think we are not looking at this that fpis are 972 00:57:34.599 --> 00:57:37.480 common at the premium. We have to pay them at 973 00:57:37.559 --> 00:57:40.719 least twenty one percent, you know, because they're bringing their 974 00:57:40.719 --> 00:57:44.119 money to invest in that the later set, because we 975 00:57:44.239 --> 00:57:48.679 also have to create an incentive to discourage population. However, 976 00:57:49.519 --> 00:57:53.199 I think that what would be the saving grace tis 977 00:57:53.199 --> 00:57:55.719 if down put it at least definitely, that would put 978 00:57:55.760 --> 00:57:58.719 it what we saw in Saudia Arco in Saudia Arabia, 979 00:57:58.800 --> 00:58:02.480 that that would put a positive inflow of capital into 980 00:58:02.480 --> 00:58:06.199 a capital market. In addition, I also see the fact 981 00:58:06.239 --> 00:58:13.400 that Tudor production is ramping up, you know Zaplat's exomobile deal, 982 00:58:13.719 --> 00:58:17.239 and the number of a discounts is increasing. Investments in 983 00:58:17.280 --> 00:58:21.079 that sector is going up. Energy stocks are doing very well. 984 00:58:21.719 --> 00:58:28.519 The energy policy degree sorry, degrees of approval are not 985 00:58:28.559 --> 00:58:29.880 like always are saying before. 986 00:58:29.920 --> 00:58:32.920 So the reforms in the energy sector gives us up. 987 00:58:33.800 --> 00:58:38.039 But from the poltical angle, you know what cases me 988 00:58:38.119 --> 00:58:41.000 from the protical side is that many of these things 989 00:58:41.000 --> 00:58:44.360 are liabilities. And I was so shocked, you know, you 990 00:58:44.400 --> 00:58:48.840 know when some people I don't know better because of 991 00:58:49.119 --> 00:58:52.599 inflation has affected the rebel for you to be calling 992 00:58:52.639 --> 00:58:54.239 for tirty one new stage, you know. 993 00:58:54.480 --> 00:58:55.719 It fits more magulation. 994 00:58:55.920 --> 00:58:59.119 In fact, everybody was like stone because you know you 995 00:58:59.159 --> 00:59:05.440 said it that allsted on in reality can't really stand 996 00:59:05.480 --> 00:59:06.000 on their own. 997 00:59:06.480 --> 00:59:09.440 And why I still give. 998 00:59:09.400 --> 00:59:13.039 Legos some proms, it's because that if you look at it, 999 00:59:14.400 --> 00:59:18.920 historically many states working legals feeble. Look at them quarterifying 1000 00:59:18.960 --> 00:59:22.159 for example, what's not legals parity. I look at some 1001 00:59:22.280 --> 00:59:27.280 projects it came to legals or because those states they lost. 1002 00:59:28.079 --> 00:59:32.679 So we need a system where efficiency is rewarded. And 1003 00:59:32.800 --> 00:59:36.880 I feel that if our markets are upgraded, cal if 1004 00:59:36.920 --> 00:59:39.199 our markets are greated because we are still downbredd. If 1005 00:59:39.239 --> 00:59:42.000 the stock market is upraided, and that means for investors 1006 00:59:42.000 --> 00:59:45.199 who come in GP more Gan report definitely planning to 1007 00:59:45.639 --> 00:59:48.960 open an asset management officing Legos that would be positive 1008 00:59:49.360 --> 00:59:53.559 to my betty start while taking the risk on Nigeria. 1009 00:59:54.159 --> 00:59:57.400 I see that on those case Genara maybe two thousand 1010 00:59:57.400 --> 01:00:00.440 and two. The best case scenario Gnara at once three. 1011 01:00:00.559 --> 01:00:03.519 But with the stock parking rallying, with the young banks 1012 01:00:03.559 --> 01:00:06.159 meeting profits, any incision is coming strongly. 1013 01:00:06.519 --> 01:00:08.519 You see what the manufacturing sector is doing. 1014 01:00:08.960 --> 01:00:12.599 Definitely, my bet is start, we're going to have the 1015 01:00:12.679 --> 01:00:14.440 positive five. 1016 01:00:14.760 --> 01:00:16.679 Yeah, I mean so, let me just ask you again 1017 01:00:17.320 --> 01:00:19.480 on that question. We saw Trump saying that he wants 1018 01:00:19.480 --> 01:00:21.880 to go to Saudi Arabia and it's going to ask 1019 01:00:21.960 --> 01:00:25.199 them to reduce the price of crude. There's also a 1020 01:00:25.239 --> 01:00:29.039 piece deal between Ukraine and Russia in the works. The 1021 01:00:29.079 --> 01:00:32.199 peace is saying that Russia will sort of hold what 1022 01:00:32.360 --> 01:00:35.239 they have, Ukraine will not join me too. But what 1023 01:00:35.280 --> 01:00:38.039 that means is that Russian oil will not be saved 1024 01:00:38.039 --> 01:00:40.559 from Ukraine attacks and Russia will start to pump out 1025 01:00:40.679 --> 01:00:44.280 more oil. So it's that Iran. It's where Trump wants 1026 01:00:44.280 --> 01:00:46.800 to apply the pressure. The point I'm getting to it 1027 01:00:46.880 --> 01:00:50.039 is if Russian oil starts to flow, American oil is 1028 01:00:50.079 --> 01:00:54.599 already flowing. Saudi oil is already flowing because tromp pants 1029 01:00:54.639 --> 01:00:58.039 ton or price of oil as a counterweait to Russia. 1030 01:00:58.199 --> 01:01:03.079 That puts the Nigerian budget in very, very deep. The 1031 01:01:03.199 --> 01:01:06.039 risk is there that if you don't sell oil at 1032 01:01:06.280 --> 01:01:09.599 if oil goes to sixty when in big trouble sixty. 1033 01:01:10.480 --> 01:01:14.239 But why why would the Saudis agree to what the 1034 01:01:14.320 --> 01:01:15.800 Americans are asking for? 1035 01:01:16.000 --> 01:01:20.000 Because because because they have the Petro do life. Yeah, 1036 01:01:20.039 --> 01:01:27.199 they have, and they have they have a world. And again, 1037 01:01:28.280 --> 01:01:31.360 don't don't forget that it's Iran Don't forget it's before 1038 01:01:31.599 --> 01:01:36.400 before October seventh. It was the Arab world versus the Iranians. 1039 01:01:36.440 --> 01:01:41.480 Before Otoba, the Wahamas did so there's still that thing there. 1040 01:01:41.519 --> 01:01:45.440 But don't don't don't make the mistake that there is 1041 01:01:45.480 --> 01:01:48.639 an assumption that there. 1042 01:01:48.559 --> 01:01:53.840 Is no meeting of the minds between the Iranians and 1043 01:01:54.039 --> 01:01:58.199 the Saudis and other oil producers with regards to what 1044 01:01:58.320 --> 01:02:00.000 is also in their common interests. 1045 01:02:00.280 --> 01:02:05.400 Okay, Yes, they have political differences, no doubt, but when 1046 01:02:05.440 --> 01:02:09.760 it comes to the issue of oil production and ensuring 1047 01:02:09.800 --> 01:02:13.239 that the price of oil, it gives them maximum repion 1048 01:02:13.280 --> 01:02:17.159 is because Thudi Arabia also have their own internal issues as. 1049 01:02:17.119 --> 01:02:20.400 Well, and they have a lot of developmental. 1050 01:02:19.679 --> 01:02:25.480 Projects that they need money. Yeah, well I know, I 1051 01:02:25.519 --> 01:02:28.440 know what I was saying, and I get your own angosa. 1052 01:02:28.559 --> 01:02:32.960 But the real it is that America and Saudia Arabia. 1053 01:02:35.280 --> 01:02:38.880 It's also been Saudia's interests if it is not too 1054 01:02:38.960 --> 01:02:41.760 expensive or explain why, because what I was really saying 1055 01:02:41.840 --> 01:02:44.639 is smart because if you understand the fact that uns 1056 01:02:44.679 --> 01:02:48.559 this is the leading of oil and also the fact 1057 01:02:48.599 --> 01:02:53.039 that when all is expensive, your production becomes attractive, and 1058 01:02:53.719 --> 01:02:56.320 the production is big in America and that was. 1059 01:02:56.320 --> 01:02:57.920 Wife remember some years back. 1060 01:02:58.119 --> 01:03:02.760 Arabia try to keep all at lower end levels because. 1061 01:03:02.480 --> 01:03:06.000 They want to make your production car however. 1062 01:03:06.280 --> 01:03:11.880 Or Nigeria, I think would be win came because if 1063 01:03:11.880 --> 01:03:16.559 you don't explain why, marginally it looks like it looks 1064 01:03:16.599 --> 01:03:20.719 like in negative scenario because you know, naturally Coulder is 1065 01:03:20.760 --> 01:03:26.039 our major export, but in reality not really a big 1066 01:03:26.079 --> 01:03:28.840 player and couldn't expose again and the fact that we 1067 01:03:28.880 --> 01:03:33.599 also have down Quaturifiray bringing out exports and will find 1068 01:03:33.840 --> 01:03:39.679 we expect discent margins and also the. 1069 01:03:38.599 --> 01:03:41.880 Composition of life could still makes it more attractive. 1070 01:03:42.559 --> 01:03:46.400 You look at the WAT for example, he's selling ten 1071 01:03:46.440 --> 01:03:51.760 dollars less than press could Nigeria's could is three to 1072 01:03:51.840 --> 01:03:55.239 five dollars higher than press could, so it will really 1073 01:03:55.280 --> 01:03:59.840 take a lot and I don't see it happening this year. 1074 01:04:00.239 --> 01:04:03.800 We runners will sit with the present on the table 1075 01:04:04.039 --> 01:04:08.199 because my strategy is that sorry, my strategy presents from 1076 01:04:08.239 --> 01:04:09.519 strategy is that. 1077 01:04:09.719 --> 01:04:11.440 He wants to bring a lot of people to the table. 1078 01:04:11.679 --> 01:04:14.119 He's already working on that. It's working. 1079 01:04:14.920 --> 01:04:20.320 But in vanity is that this don't happen in this 1080 01:04:21.400 --> 01:04:26.880 all all all is it going to be sensitive commodity 1081 01:04:27.039 --> 01:04:30.400 and it's mostly seasons and a lot of funamental so 1082 01:04:30.480 --> 01:04:34.400 it's stronger to for example, wo cap all prices, but 1083 01:04:34.480 --> 01:04:38.320 at the same time it might boost nagers. Socrates a 1084 01:04:38.400 --> 01:04:39.400 very debated put thing. 1085 01:04:39.679 --> 01:04:42.079 But what a lot of people are putting on is 1086 01:04:42.119 --> 01:04:42.800 that the. 1087 01:04:42.719 --> 01:04:47.719 Fact that Couldy is already pigiar about twelve noon parers 1088 01:04:47.760 --> 01:04:52.400 of good American could it means that he can't cheaper margins. 1089 01:04:53.039 --> 01:04:57.119 He can export descent margins and we have fatlizer exports 1090 01:04:57.119 --> 01:04:58.239 already on ground. 1091 01:04:58.639 --> 01:05:01.079 The fact that the blood is already kicking. 1092 01:05:00.800 --> 01:05:07.840 Out this his fields around exammobile you're seeing them, is 1093 01:05:07.880 --> 01:05:09.000 also ramping up. 1094 01:05:08.880 --> 01:05:12.880 On that on that angle you see, uh, the clouds 1095 01:05:12.920 --> 01:05:14.599 power Gurugu. 1096 01:05:14.920 --> 01:05:19.360 Taking advantage of the fact that Africa, the govermmber is 1097 01:05:19.440 --> 01:05:23.400 giving the fire government billions of dollars to turn eleetricity. 1098 01:05:23.639 --> 01:05:28.599 So calu this year we expect efforts to improve all 1099 01:05:28.679 --> 01:05:29.239 this doma. 1100 01:05:29.760 --> 01:05:33.920 But the risk for Nigeria, the risk of niger. 1101 01:05:34.079 --> 01:05:38.719 Is implementation and how these things are torn. That's where 1102 01:05:38.840 --> 01:05:42.800 city problem because in Firing, for example Danko this day 1103 01:05:42.880 --> 01:05:45.679 this year, for example, a competitude to their calu at 1104 01:05:45.719 --> 01:05:50.159 the two billion dollars were coming from from the outside world. 1105 01:05:50.360 --> 01:05:54.840 In lot of investors from Determinal to High Street, to 1106 01:05:55.000 --> 01:05:58.440 Ministreet to Mayfair. All they want is they want to 1107 01:05:58.440 --> 01:06:02.920 get a mark on down Koti. So I think clean 1108 01:06:03.159 --> 01:06:03.639 y YouTube. 1109 01:06:04.639 --> 01:06:07.800 But remember Dann does do private placement to those big boys. 1110 01:06:07.840 --> 01:06:10.760 The money comes to him directly and not to Nigeria. 1111 01:06:10.800 --> 01:06:14.599 But just putting aside, right, I read the Treasure Secretary 1112 01:06:14.880 --> 01:06:18.199 Mister Scott Bassett said they have three main goals. So 1113 01:06:18.280 --> 01:06:21.480 one of those goals is three million new barrels of 1114 01:06:21.599 --> 01:06:25.719 crude pumped out three million. Nigeria is still struggling with 1115 01:06:26.039 --> 01:06:30.440 one point six one point eight, so the US wants 1116 01:06:30.440 --> 01:06:33.519 to add the total production that Nigeria is making this 1117 01:06:33.599 --> 01:06:36.800 is US not in OPEC. I know, ail markets are 1118 01:06:36.840 --> 01:06:41.000 like substitution. If Russia takes over India, because now the 1119 01:06:41.079 --> 01:06:43.840 Russians are taking over the Indian market because of dis 1120 01:06:43.840 --> 01:06:46.679 counter crude, then Nigeria has got to go to a 1121 01:06:46.719 --> 01:06:49.320 new market to then look forward to sell its own crude. 1122 01:06:49.559 --> 01:06:52.360 So it's like we keep on displacing ourselves. Russia has 1123 01:06:52.440 --> 01:06:56.320 left Europe, it's going to India, then Nigeria will now 1124 01:06:56.360 --> 01:06:59.239 go to Europe to cover the US the Russia the 1125 01:06:59.360 --> 01:07:02.280 Russias leave. Then America now goes to the same Europe 1126 01:07:02.360 --> 01:07:05.360 to supply them crude oil. So we're now competing with low. 1127 01:07:05.440 --> 01:07:11.320 Imagine Europe put out like fossil fuel is. 1128 01:07:11.280 --> 01:07:14.880 Taking a West Africa market is going in roads to 1129 01:07:15.320 --> 01:07:19.519 me doing and there are reports that is already having 1130 01:07:19.639 --> 01:07:22.079 a couple of agreements with So yeah, I agree with you. 1131 01:07:22.119 --> 01:07:23.719 That's why the future of. 1132 01:07:23.719 --> 01:07:29.440 Nigeria emagine industries actually the downstream because like you said, 1133 01:07:29.559 --> 01:07:31.280 imagine it's expensive. 1134 01:07:31.760 --> 01:07:33.840 You know the operating. 1135 01:07:33.480 --> 01:07:37.000 Operation that costs for Niger which is between night to 1136 01:07:37.199 --> 01:07:39.840 forty eight, the paye the most expensive. 1137 01:07:40.280 --> 01:07:43.119 And it's not that we are on the rocky. I 1138 01:07:43.119 --> 01:07:45.639 don't know why that is because of security. Are different things. 1139 01:07:45.639 --> 01:07:48.800 But if you look at Sadia for example, it costs 1140 01:07:48.880 --> 01:07:52.119 less than ten dollars, so suddenly can afford oil prices 1141 01:07:52.559 --> 01:07:54.719 can pass up, which yeah, I agree with you, but 1142 01:07:55.079 --> 01:07:58.119 I think our future is betting on the refined, where 1143 01:07:58.119 --> 01:07:59.719 we get high imagines like this. 1144 01:08:00.639 --> 01:08:03.480 Yeah, I just I just hope that the only thing 1145 01:08:03.480 --> 01:08:07.599 that gives me confidence in Nigeria today is done got refinery. 1146 01:08:07.599 --> 01:08:10.880 That's a game changer in Nigeria, game changer, and we're 1147 01:08:10.920 --> 01:08:12.719 delaying the game chaine because we're not giving the man 1148 01:08:12.800 --> 01:08:15.760 crude oil. If Dangote got crude oil today one hundred 1149 01:08:15.800 --> 01:08:18.640 percent from n NPC that he needs one hundred percent today, 1150 01:08:18.960 --> 01:08:21.640 Nayra is going to lose about being sound naira. So 1151 01:08:21.680 --> 01:08:24.560 you see Nira about be twelve hundred. This is just 1152 01:08:24.640 --> 01:08:27.479 him getting the crude oil because that would transition. It's 1153 01:08:27.479 --> 01:08:29.920 going to be more FX endings because he's going to 1154 01:08:29.960 --> 01:08:33.640 export by products. Then his crude oil his PMS price. 1155 01:08:33.920 --> 01:08:37.199 He can keep driving his PMIS price downwards because he's 1156 01:08:37.359 --> 01:08:41.119 finding locally. Crude oil is international, but he's finding locally. 1157 01:08:41.479 --> 01:08:43.239 You can't compete with him. I'm not sure what the 1158 01:08:43.279 --> 01:08:45.760 sort of NPC guys are doing all around the place 1159 01:08:45.760 --> 01:08:49.520 saying that you can't compete the guy that has six 1160 01:08:49.640 --> 01:08:53.640 hundred and thousand barrel scale in nineteen, he's in Nigeria. 1161 01:08:53.680 --> 01:08:54.960 You can compete with him. 1162 01:08:55.119 --> 01:08:59.720 So they know that they have the other in case 1163 01:08:59.800 --> 01:09:05.960 that true. Yeah, yeah, yeah, interrupt you guys. 1164 01:09:06.199 --> 01:09:11.039 I want to just ask two questions because these are 1165 01:09:11.079 --> 01:09:15.279 things that I've made, I've always wondered about, especially when 1166 01:09:15.279 --> 01:09:16.199 you were talking. 1167 01:09:15.920 --> 01:09:19.239 About the interest rate. 1168 01:09:20.479 --> 01:09:24.399 We know that the current interest rates we have in 1169 01:09:24.520 --> 01:09:28.359 Nigeria are unsustainable for industry. 1170 01:09:29.119 --> 01:09:30.319 They cannot borrow. 1171 01:09:31.199 --> 01:09:34.960 Anybody who borrows can only do it for a short time. 1172 01:09:35.039 --> 01:09:39.960 You can on make any long term business plans based 1173 01:09:39.960 --> 01:09:44.760 on borrowing money from the Nigerian Banking Center. What would 1174 01:09:44.800 --> 01:09:52.279 it take to bring our interest rates to below ten percent? 1175 01:09:53.319 --> 01:09:58.239 In Canada, in the US, in the UK the interest 1176 01:09:58.319 --> 01:10:04.560 rate is between four and five percent maximum Almost ours 1177 01:10:04.680 --> 01:10:08.000 is now it's sixty fives as much? 1178 01:10:08.640 --> 01:10:10.359 What do we do? 1179 01:10:10.600 --> 01:10:13.520 I think a lot of people don't understand that if 1180 01:10:13.520 --> 01:10:16.439 you look at inflationary that the love of reasons, why 1181 01:10:16.640 --> 01:10:19.239 are interestes are high? 1182 01:10:19.600 --> 01:10:22.920 And you know, from a MOUNTI. 1183 01:10:22.680 --> 01:10:25.720 Perspective to the nest with two that's the best way 1184 01:10:25.760 --> 01:10:26.239 to bring. 1185 01:10:26.079 --> 01:10:28.720 In influenced like and you don't really apposes your country. 1186 01:10:28.920 --> 01:10:32.279 Now look just look at the socialia for example, many 1187 01:10:32.279 --> 01:10:34.680 people who are on mini coins, maybe, who are on 1188 01:10:34.720 --> 01:10:36.600 skids making, maybe who are ranting. 1189 01:10:36.840 --> 01:10:38.359 Maybe, so we're not really put it. 1190 01:10:38.399 --> 01:10:41.840 If you look at export imports, it's not even chinnas 1191 01:10:41.920 --> 01:10:43.520 two weeks export import in it. 1192 01:10:43.600 --> 01:10:46.880 If you look at it, look at what China and declaras. 1193 01:10:46.399 --> 01:10:51.239 Sup and declare declared supplus because what's Typrica declared surplus? 1194 01:10:51.359 --> 01:10:53.960 You know were the valety is that we are not 1195 01:10:54.039 --> 01:10:55.880 ampoosing the country and that. 1196 01:10:55.960 --> 01:11:01.119 You are part to change it. 1197 01:11:02.680 --> 01:11:06.560 Now you have banks, for example, they are they are 1198 01:11:06.600 --> 01:11:07.359 integral to. 1199 01:11:07.319 --> 01:11:10.079 Our economy and they also have to able. 1200 01:11:09.960 --> 01:11:11.239 To figure to. 1201 01:11:19.319 --> 01:11:21.920 Your community. Is so uh. 1202 01:11:22.479 --> 01:11:27.479 The the reason is that if our banks, for example, 1203 01:11:27.520 --> 01:11:29.920 they have to be created. The reason why our banks 1204 01:11:29.920 --> 01:11:34.039 are instellar profits is not because the really sector is working, 1205 01:11:34.439 --> 01:11:38.359 is because they are not everywhere else on cutch treasury 1206 01:11:38.640 --> 01:11:41.640 management where they have to do investments like good Man 1207 01:11:41.720 --> 01:11:45.159 saxpone and study a bank like ancest for examples, are 1208 01:11:45.359 --> 01:11:50.159 devastating opening in different African countries because they want to 1209 01:11:50.239 --> 01:11:53.159 have less pressure. And then you're so, why are you're 1210 01:11:53.159 --> 01:11:56.840 talking about that? It's not the job of banks to 1211 01:11:56.880 --> 01:11:59.520 fix the ready sector because a lot of people will say, 1212 01:11:59.560 --> 01:12:02.079 we're bank making so much money and this other The 1213 01:12:02.159 --> 01:12:02.800 reis is. 1214 01:12:02.760 --> 01:12:05.439 That banks have to be creative and we have the 1215 01:12:05.439 --> 01:12:10.720 best brace in our industry managing that system. For defer government. 1216 01:12:10.840 --> 01:12:14.359 To really make our system productive, you first have to 1217 01:12:14.399 --> 01:12:15.199 fix the culture. 1218 01:12:15.720 --> 01:12:17.359 People don't want to want businesses. 1219 01:12:17.399 --> 01:12:19.920 People don't want go from See look at the space 1220 01:12:19.920 --> 01:12:21.520 wayer talking in for example, how many. 1221 01:12:21.359 --> 01:12:22.800 People are interesting for us? 1222 01:12:22.840 --> 01:12:27.039 Because I always say that see your passion with break barriers. 1223 01:12:27.520 --> 01:12:30.760 Business people who Anda I know really appreciate it. You 1224 01:12:30.760 --> 01:12:33.079 you post kick makers in front of business people. You 1225 01:12:33.119 --> 01:12:42.119 want people to do business, then the persons. Belo has 1226 01:12:42.119 --> 01:12:45.720 seven distant buildings in Nigeria's talk market is not any billionnaire. 1227 01:12:46.079 --> 01:12:50.520 And all these businesses are profitable. Four of these four 1228 01:12:50.560 --> 01:12:53.119 of the stocks. Because I'm every exposed to the stocks 1229 01:12:53.640 --> 01:12:56.000 at all the time, I do you know how much 1230 01:12:56.000 --> 01:12:59.680 it's making for investors. But still najas are so poor 1231 01:12:59.760 --> 01:13:01.960 that you can't take advantage of that. If you're invested 1232 01:13:01.960 --> 01:13:05.119 in three four years ago, you have been a big 1233 01:13:05.159 --> 01:13:05.800 boy right. 1234 01:13:05.800 --> 01:13:08.960 Now because see work Transcorp. 1235 01:13:09.199 --> 01:13:12.399 For example, we did one thousand in two years. You know, 1236 01:13:12.520 --> 01:13:14.319 But I maybe I just can't take a radice of 1237 01:13:14.319 --> 01:13:16.399 these things. So it's not that we don't have bright people, 1238 01:13:16.880 --> 01:13:19.279 but these bright people are not head. I'm going to 1239 01:13:19.319 --> 01:13:21.560 try to push these bright people, you know, because we 1240 01:13:21.640 --> 01:13:26.000 have a system where entertainment and all this distraction take 1241 01:13:26.119 --> 01:13:28.319 the other of the day. It becomes a problem. So 1242 01:13:28.359 --> 01:13:31.479 we have a fiscal problem, we have a social problem. 1243 01:13:31.640 --> 01:13:35.159 We have a mental problem, because if we cannot really 1244 01:13:35.279 --> 01:13:40.520 taste the social and mental and make business people attractive, 1245 01:13:40.800 --> 01:13:41.960 there are people who don't invest. 1246 01:13:42.119 --> 01:13:44.920 Because it's not that people we don't have intelligent people. 1247 01:13:45.079 --> 01:13:47.039 It's not that we don't have processes that are not working. 1248 01:13:47.159 --> 01:13:49.600 Even with just tough climate, we have people minting money. 1249 01:13:50.000 --> 01:13:53.119 That's why I keep shouting that see pull these rich guys. 1250 01:13:53.239 --> 01:13:56.680 Yes it's not perfect, but this which guy have found 1251 01:13:56.680 --> 01:13:59.840 a way to break even in this market. You can 1252 01:13:59.880 --> 01:14:02.359 be part of this. So I think the solution is 1253 01:14:02.479 --> 01:14:04.800 personalized for me. I think the solution is within. 1254 01:14:05.000 --> 01:14:05.279 You have. 1255 01:14:05.439 --> 01:14:07.800 We have to change the culture. We have to push 1256 01:14:07.840 --> 01:14:09.520 in successful people forward. 1257 01:14:10.000 --> 01:14:13.119 We have to we were plagizing governments. We also need 1258 01:14:13.159 --> 01:14:17.159 to fix ourselves because every selves as a little bit 1259 01:14:17.239 --> 01:14:17.680 you lear on it. 1260 01:14:17.920 --> 01:14:20.600 You cannot be criticizing governments and the line on the 1261 01:14:20.640 --> 01:14:26.560 bed not doing anything, not learning, because look at the blockchain, 1262 01:14:26.600 --> 01:14:30.399 look at I see manners are self thoughts man that. 1263 01:14:31.239 --> 01:14:32.960 I don't want to say, I don't want to point 1264 01:14:33.000 --> 01:14:33.720 out something. 1265 01:14:34.199 --> 01:14:37.800 I don't know how far your memory goes back with 1266 01:14:37.920 --> 01:14:40.479 regards to now our Nigeria has been. 1267 01:14:41.359 --> 01:14:42.159 If you go. 1268 01:14:42.079 --> 01:14:48.319 Back to the late nineteen sixties and the nineteen seventies 1269 01:14:48.520 --> 01:14:52.520 up to the mid nineteen eighties, there was an industrial 1270 01:14:52.600 --> 01:14:54.960 sector in Nigeria that was growing. 1271 01:14:55.600 --> 01:14:58.439 It was producing things. 1272 01:14:58.119 --> 01:15:03.920 Were being made, different things being made. These industries were 1273 01:15:04.000 --> 01:15:09.279 employing people. And if we had continued to develop that 1274 01:15:09.399 --> 01:15:12.880 industrial sector, then it would have brought about an increase 1275 01:15:12.920 --> 01:15:17.319 in despise of the economy. It would have helped to 1276 01:15:17.359 --> 01:15:22.600 increase the purchasing power of people who are earning from 1277 01:15:22.880 --> 01:15:24.439 the manufacturing sector. 1278 01:15:24.960 --> 01:15:25.800 But when. 1279 01:15:27.680 --> 01:15:32.159 NIRA collapsed in the mid eighties, all these industries crashed, 1280 01:15:33.520 --> 01:15:35.680 most of them for use. 1281 01:15:35.680 --> 01:15:37.800 Listen, let me give you the academic answer for those 1282 01:15:37.840 --> 01:15:41.800 listening right. So, interest rate is the cost of money. 1283 01:15:42.000 --> 01:15:44.359 You know, when you go to buy meatpie, you pay 1284 01:15:44.439 --> 01:15:46.840 money that's the cost of the meat pie. When you 1285 01:15:46.880 --> 01:15:50.279 go to a bank, you buy money, you pay interest 1286 01:15:50.359 --> 01:15:54.600 as the cost of that money. Now inflation, right, if 1287 01:15:54.600 --> 01:15:57.800 you look at the very very busy developed inflation, it's 1288 01:15:57.880 --> 01:16:00.920 too much money in the economy chas into a few 1289 01:16:00.960 --> 01:16:03.479 because that's a very very busy definition that we all know. 1290 01:16:03.880 --> 01:16:06.520 So what's going on is that in Nigeria today there's 1291 01:16:06.720 --> 01:16:10.479 just a lot of naira we printed to the three trillion. 1292 01:16:10.760 --> 01:16:12.760 Then we have all these budgets. We have a lot 1293 01:16:12.800 --> 01:16:17.159 of money in circulation, but there's no production, there's no productivity. 1294 01:16:17.279 --> 01:16:20.279 Most of the semes have closed down because there's no 1295 01:16:20.439 --> 01:16:23.800 power to power the industries. Right, So what you then 1296 01:16:23.840 --> 01:16:27.199 see is that one million today was not what one 1297 01:16:27.239 --> 01:16:30.960 minion was ten years ago. Today one million. So now 1298 01:16:31.079 --> 01:16:34.439 all that one million is around. What does the cibien do? 1299 01:16:34.479 --> 01:16:38.319 Decibians all central banks in the world were created to 1300 01:16:38.359 --> 01:16:41.279 fight inflation, all of them. The rest of do is Jarra, 1301 01:16:41.720 --> 01:16:45.359 from America to UK to Nigeria. They are all created 1302 01:16:45.399 --> 01:16:47.960 to fighting inflation. How do you fight infliction? Remember it 1303 01:16:48.000 --> 01:16:51.640 was of infliction. Too much money in the economy, so 1304 01:16:51.720 --> 01:16:54.840 you remove the economy, the money in the economy how 1305 01:16:54.840 --> 01:16:57.039 do you move the money in the economy. You go 1306 01:16:57.159 --> 01:17:00.600 to the banks, or you tell the banks that I'm 1307 01:17:00.680 --> 01:17:04.279 going to lend you. I'll lend you money at twenty 1308 01:17:04.319 --> 01:17:08.520 three percent. That's the MPR gott In MPR montropolity ate, 1309 01:17:08.560 --> 01:17:12.000 twenty three percent. Once you put your rate at twenty percent, 1310 01:17:12.439 --> 01:17:14.720 no bank will go below you because it doesn't make 1311 01:17:14.760 --> 01:17:16.840 any sense. Why would they lend you cheaper than where 1312 01:17:16.840 --> 01:17:19.560 they're going to borrow from. So interest rates now sort 1313 01:17:19.600 --> 01:17:23.439 of move up. So when interest rates move up, all 1314 01:17:23.479 --> 01:17:26.199 of you now rush to piggy best who rush to 1315 01:17:26.279 --> 01:17:29.119 all your banks, and you put money in Piggyvest and 1316 01:17:29.159 --> 01:17:32.560 the rest because you want to end a higher interest rate. 1317 01:17:32.880 --> 01:17:37.600 So Sybyan mops up money from the economy into all 1318 01:17:37.800 --> 01:17:42.199 these outlets because it raises interest rates. But by resnues 1319 01:17:42.239 --> 01:17:46.119 interest rates, SMEs cannot borrow. You see the problem. So 1320 01:17:46.159 --> 01:17:49.359 to fight inflation, you have to raise interest rate. But 1321 01:17:49.399 --> 01:17:53.159 when you raise interest rates, semes cannot borrow. So in 1322 01:17:53.239 --> 01:17:56.560 economics there's no right or wrong answer. It gives you choices. 1323 01:17:56.840 --> 01:17:59.800 Niger has got two choices. Nija can say, we want 1324 01:17:59.840 --> 01:18:04.159 to fight inflation, so we're going to raise rates. Kill inflation, 1325 01:18:04.560 --> 01:18:08.119 then pursue groots. The problem in Nigeria is that what 1326 01:18:08.359 --> 01:18:12.560 causes inflation is not this morning's circulation. What's causing inflation 1327 01:18:12.800 --> 01:18:15.600 is the high cost of food. That because food is 1328 01:18:15.600 --> 01:18:18.560 no longer available in Niger because of the insurgency in 1329 01:18:18.600 --> 01:18:21.359 the Middle Belt, the North and all that, all the 1330 01:18:21.640 --> 01:18:25.359 insecurities that's happening, So food has gone off in price. 1331 01:18:25.840 --> 01:18:28.119 So because food has gone up in price, that's what's 1332 01:18:28.159 --> 01:18:32.279 causing the inflation. Food goes up, so everybody's prices goes up. 1333 01:18:32.560 --> 01:18:36.359 So when the cb and raises MPR, it doesn't solve 1334 01:18:36.399 --> 01:18:40.159 the problem because they can't produce food in CBN. They 1335 01:18:40.159 --> 01:18:44.119 can only raise interest rates. So what's the seconding. Nijack 1336 01:18:44.159 --> 01:18:47.880 and Naja can say we're going to ignore inflation and 1337 01:18:48.000 --> 01:18:52.760 pursue groot with mess. Nija just tells Sabian print twenty trillion. 1338 01:18:53.279 --> 01:18:55.800 I don't care. Print the money. Take the money and 1339 01:18:55.840 --> 01:18:59.079 give it to SMEs to buy diesel or to subsidize 1340 01:18:59.079 --> 01:19:02.720 their industries and let them produce. Someone is gonna say, wow, Carl, 1341 01:19:02.800 --> 01:19:05.479 you are printing twenty trillion. That will cost inflation. Not 1342 01:19:05.640 --> 01:19:09.239 so America has been printing money since q E one 1343 01:19:09.399 --> 01:19:12.000 q E two, q E three, there was no inflation. 1344 01:19:12.720 --> 01:19:16.560 You get the inflation when there's no production to soak 1345 01:19:16.640 --> 01:19:19.520 up that excess cash. So if you go to Niger 1346 01:19:19.680 --> 01:19:21.920 and you say you want to buy what to Niger's 1347 01:19:21.920 --> 01:19:24.199 buy every day? Indo Me. What's the price of one 1348 01:19:24.199 --> 01:19:26.359 Indo Me pack? And I don't know how much, I'm 1349 01:19:26.359 --> 01:19:29.479 sure maybe fifteen d era one Indo w pak if 1350 01:19:29.520 --> 01:19:31.880 you make if you let's say Indo Me was an 1351 01:19:32.000 --> 01:19:35.920 SEMy and you gave Indo Me twenty billion and you said, 1352 01:19:35.960 --> 01:19:38.079 Indo Me want you to drop the price of indome 1353 01:19:38.439 --> 01:19:40.640 from one hundred and era to ten error in the me, 1354 01:19:40.680 --> 01:19:43.079 It's okay, we're gonna take this money. We're gonna build 1355 01:19:43.079 --> 01:19:46.399 solar to reduce our energy cost because they've invested that 1356 01:19:46.600 --> 01:19:50.359 twenty trillion or whatever to reduce energy costs. The price 1357 01:19:50.439 --> 01:19:53.319 by Indo Me falls. So you see, there's more mone 1358 01:19:53.319 --> 01:19:57.840 in the economy, but prices actually go down because there's 1359 01:19:57.960 --> 01:20:04.359 more productivity. That increasing productivity then drives the consumption that 1360 01:20:04.520 --> 01:20:06.920 is absent today. That's what's going. 1361 01:20:06.720 --> 01:20:10.600 On because America in the reserve, America, it. 1362 01:20:10.560 --> 01:20:13.560 Doesn't, it might, it does, it doesn't matter, it matters 1363 01:20:13.560 --> 01:20:18.239 anywhere it's under or under good luck and conjury. Well, 1364 01:20:18.399 --> 01:20:21.800 we also printed money, but the inflation was flat line 1365 01:20:22.319 --> 01:20:25.079 at about nine or it was flat line. It's the 1366 01:20:25.239 --> 01:20:28.800 issue is the productivity. If you don't have power supply, 1367 01:20:30.479 --> 01:20:32.439 If you don't have power supplies, you are going to 1368 01:20:32.479 --> 01:20:33.039 be in trouble. 1369 01:20:33.960 --> 01:20:37.199 Just trying to give the monetary perspective of monetaries then 1370 01:20:37.239 --> 01:20:39.039 to tell like, if you look at your most plying 1371 01:20:39.039 --> 01:20:39.640 that guments, is. 1372 01:20:39.640 --> 01:20:44.520 That essially spending inflation? 1373 01:20:45.239 --> 01:20:47.079 You know you have to look at the argument. But 1374 01:20:47.159 --> 01:20:49.479 I understand your thing. But if you look at the 1375 01:20:49.479 --> 01:20:53.000 context of me, now it's not used outside. 1376 01:20:54.239 --> 01:20:57.039 I hear you looking there. I hear you. But America 1377 01:20:57.199 --> 01:21:01.520 America printed money and built Hoover Dam, Nigeria printed money, 1378 01:21:01.600 --> 01:21:04.640 or Nijera borrowed money and also built Kanji Dam. Nobody 1379 01:21:04.680 --> 01:21:09.960 would argue that Kanji Dam is inflationary. Nobody because Kanji 1380 01:21:10.039 --> 01:21:14.439 Dam prices power that then powers semis. So whatever you 1381 01:21:14.520 --> 01:21:18.800 spend in kanji the productivity gain will soak up the inflation. 1382 01:21:19.319 --> 01:21:21.960 I wrote, if you can google an altogether about inflution 1383 01:21:22.039 --> 01:21:24.239 in my village, when you go to any flag in 1384 01:21:24.239 --> 01:21:28.880 the southeast from the from December tenth to December fifth 1385 01:21:29.520 --> 01:21:33.399 to generary fifth, prices go up one hundred percent in 1386 01:21:33.439 --> 01:21:37.520 the village. That's not inflation, that's not that is more 1387 01:21:37.640 --> 01:21:42.159 demand pushing up prices because once those guys leave the 1388 01:21:42.279 --> 01:21:44.920 foind the guys guys leave the village, the prices can 1389 01:21:45.039 --> 01:21:47.760 come back down again. So it's not the price high 1390 01:21:47.840 --> 01:21:50.439 that is the problem is that prices are going up 1391 01:21:51.039 --> 01:21:54.520 and income is not keeping peace in in the village. 1392 01:21:54.720 --> 01:21:57.680 Prices go up, but there's dollars everywhere. So what I 1393 01:21:57.760 --> 01:21:59.800 what I did call or not or the palm wine 1394 01:21:59.840 --> 01:22:02.600 is one thousand. There's an American that has come back 1395 01:22:02.640 --> 01:22:04.399 from that. It's going to spend the thousand. So there's 1396 01:22:04.399 --> 01:22:07.960 no inflection per se in the village. The same in America, 1397 01:22:08.199 --> 01:22:11.560 when infleshon goes up, wages go up. But in Nigeria, 1398 01:22:11.680 --> 01:22:15.600 your we just have been thirty thousand naira for nearly 1399 01:22:15.640 --> 01:22:19.600 a decade and prices have gone up. So the only 1400 01:22:19.680 --> 01:22:23.399 way you can greet that wage to go up is productivity. 1401 01:22:23.520 --> 01:22:26.399 You've got to produce things at a cheaper price in 1402 01:22:26.520 --> 01:22:30.880 Nigeria to create local wealth. What that happens, Infleshian will 1403 01:22:30.920 --> 01:22:32.840 not be a bother. It doesn't matter if prices of 1404 01:22:32.920 --> 01:22:36.199 rice goes up by five percent next year, because your 1405 01:22:36.239 --> 01:22:39.479 income will go up by ten percent, So it's immaterial. 1406 01:22:39.920 --> 01:22:43.920 That's the point. Geesha can be tankobo or one hundred narra. 1407 01:22:44.079 --> 01:22:47.680 It doesn't matter if your income goes up from tenkobo 1408 01:22:47.960 --> 01:22:51.920 to two hundred narra. The wahala is that in Nigeria 1409 01:22:52.000 --> 01:22:55.520 gesha has gone from tenkobo to hundred and era and 1410 01:22:55.560 --> 01:22:59.159 your wage has gone from tenkobo to fifty cobo. That's 1411 01:22:59.199 --> 01:23:00.680 the problem. 1412 01:23:00.720 --> 01:23:05.159 So but can we can we agree that. 1413 01:23:07.279 --> 01:23:12.479 Using using interest rates to deal with the issue of 1414 01:23:12.560 --> 01:23:14.960 inflation can only work. 1415 01:23:15.319 --> 01:23:19.479 When there is physical discipline from the government. 1416 01:23:20.600 --> 01:23:24.920 You're using they're using interest rates you to deal with 1417 01:23:24.960 --> 01:23:26.199 the with the with the bands. 1418 01:23:26.520 --> 01:23:29.840 But this is the government that is pumping out billions 1419 01:23:29.880 --> 01:23:34.159 of billions of explained. 1420 01:23:36.600 --> 01:23:42.000 Simple reason why is why is the interest rate looking attractive? 1421 01:23:42.560 --> 01:23:44.880 You know, if we have lure with this situation we're 1422 01:23:44.920 --> 01:23:46.199 coming from. If we have. 1423 01:23:46.640 --> 01:23:50.920 Interest rate, trust me and I would have gotten to 1424 01:23:51.279 --> 01:23:54.680 or like you said, I've gotten to the reason why 1425 01:23:55.279 --> 01:23:58.920 I would have this kind of stability is that fbis 1426 01:23:58.960 --> 01:24:02.760 are coming to that you have and investing in our 1427 01:24:02.960 --> 01:24:10.800 treasy views. So it's given the cpn ethicts to intervet, control, stabilize, 1428 01:24:11.119 --> 01:24:12.000 catalyze the market. 1429 01:24:12.399 --> 01:24:15.920 But you know it's also giving. 1430 01:24:15.680 --> 01:24:21.439 Us time if any were already dissent, like the operation 1431 01:24:21.600 --> 01:24:25.520 that you use color, it should have assisted. 1432 01:24:25.800 --> 01:24:27.600 But right now that's. 1433 01:24:27.439 --> 01:24:29.840 The best ammunition the CBN has. 1434 01:24:29.840 --> 01:24:32.279 So if you say you want to wants to reduce, 1435 01:24:32.760 --> 01:24:33.159 do you. 1436 01:24:33.039 --> 01:24:36.319 Know the amount of speculation is also so I don't 1437 01:24:36.359 --> 01:24:38.600 agree its speculation. 1438 01:24:40.640 --> 01:24:42.600 Only that you can only do two things. You can 1439 01:24:42.640 --> 01:24:45.319 only do two things. You can number one increasing interest 1440 01:24:45.399 --> 01:24:49.640 rates and then kill growth because interest rates kill growth. 1441 01:24:49.680 --> 01:24:55.760 That's the academic or you can reduce interest rates, allow 1442 01:24:55.920 --> 01:24:59.760 inflation and allow growth. You can't do both of them. 1443 01:25:00.079 --> 01:25:02.720 So now in Nigeria, for me, for me, I would 1444 01:25:02.720 --> 01:25:05.920 say this, now the inflation increase, the reason of the 1445 01:25:06.039 --> 01:25:09.640 m PR is not really killing inflation. We have been 1446 01:25:09.680 --> 01:25:13.159 raising interest rates for the last two years, kept on 1447 01:25:13.239 --> 01:25:17.640 going up, so we might let's try something. But we 1448 01:25:18.119 --> 01:25:20.720 know that we know that, right, we know that, So 1449 01:25:20.800 --> 01:25:22.079 let's do something else. 1450 01:25:22.600 --> 01:25:28.279 Let's do the arguments telling it. You be honest, if 1451 01:25:28.319 --> 01:25:29.319 you ask, many. 1452 01:25:29.239 --> 01:25:32.600 Monitual financialists will tell you that the eye interest rates 1453 01:25:32.600 --> 01:25:34.680 is no leads to solve intuition because we all know 1454 01:25:34.800 --> 01:25:37.720 that it's not solving intuition, but it does it lots 1455 01:25:37.760 --> 01:25:38.680 now capitial markets. 1456 01:25:38.760 --> 01:25:40.600 It brings stability in our market. 1457 01:25:41.319 --> 01:25:44.399 But only it's the same. It's the same thing where this, 1458 01:25:44.800 --> 01:25:47.640 this attracting f PI is the same where you fight inflation. 1459 01:25:47.720 --> 01:25:50.079 When you sell a currency, you are making the other 1460 01:25:50.159 --> 01:25:54.680 currency go higher. When cb AND sells dollars, Nayra goes higher. 1461 01:25:54.880 --> 01:25:58.039 So when CBR makes interest rates for Nigeria higher, they 1462 01:25:58.039 --> 01:26:01.199 are making people to buy nyra and sell dollar, so 1463 01:26:01.359 --> 01:26:03.239 the same thing they're doing. The point I'm getting to 1464 01:26:03.359 --> 01:26:07.239 is this, if inflation cannot be brought down, cannot be 1465 01:26:07.359 --> 01:26:11.520 brought down by by by monetary means in Nigeria alone, 1466 01:26:11.800 --> 01:26:15.800 because civilian does not control how much rice grows in kerby, 1467 01:26:16.039 --> 01:26:22.479 then perhaps should pause inflation targeting and go after targeted investment. 1468 01:26:22.600 --> 01:26:26.079 I'm sorry to say this exactly what mister Methley was doing. 1469 01:26:26.520 --> 01:26:30.319 Take a lot of money, go to targeted companies and 1470 01:26:30.359 --> 01:26:32.680 say we're going to give you this money at five percent. 1471 01:26:32.880 --> 01:26:38.600 It's a subsidy on interest rate. Produce produce at five percent. 1472 01:26:39.479 --> 01:26:39.960 You're going. 1473 01:26:41.760 --> 01:26:45.920 It happens in any in any economy, is exactly what 1474 01:26:46.000 --> 01:26:48.960 happens that Americans do it, the British do it, The 1475 01:26:49.000 --> 01:26:58.439 European Central Bank does it. Yes, that's what I'm saying. Yes, 1476 01:26:58.720 --> 01:27:00.880 the US FED will give you what is fd I 1477 01:27:00.920 --> 01:27:04.359 S this those are all last year. Let me let 1478 01:27:04.399 --> 01:27:06.600 me explain. You asked me a question, because folks are listening. 1479 01:27:06.760 --> 01:27:09.720 Regional banks in America were under thread last year to 1480 01:27:10.279 --> 01:27:12.640 collapse regional banks when we had the collapse of the 1481 01:27:12.760 --> 01:27:15.319 Silicon Valley Bank. What did the FED do it? First 1482 01:27:15.359 --> 01:27:17.279 of all, said FDI whether you are fd I S 1483 01:27:17.359 --> 01:27:21.960 or not, f d C blankets guarantee, blankets guarantee in America, 1484 01:27:22.520 --> 01:27:25.760 blankets guarantee fd I C and the FED. So the 1485 01:27:25.800 --> 01:27:28.239 point of making development of finance, we are we are 1486 01:27:28.399 --> 01:27:31.359 developing in the nation. We are not growing at two 1487 01:27:31.319 --> 01:27:33.840 to three percent like how the West cruise we have. 1488 01:27:34.119 --> 01:27:36.880 We have to look at ourselves like the weird Europe 1489 01:27:37.000 --> 01:27:40.520 was after Second World War when the Americans did marshal 1490 01:27:40.560 --> 01:27:44.520 up plan. You've got to go deficit financing, borrow in 1491 01:27:44.640 --> 01:27:48.520 lots and invest in capital project. The problem that just 1492 01:27:48.560 --> 01:27:53.000 that we're borrowing to pay salary. If we borrowed today 1493 01:27:53.039 --> 01:27:56.680 to build rails, roads and rails, nobody will complain. But 1494 01:27:56.800 --> 01:27:58.800 you can't borrow and build salaries. 1495 01:28:00.319 --> 01:28:04.439 That when you're talking about the money. 1496 01:28:04.479 --> 01:28:07.800 Is there efficts that we have in Nigeria. 1497 01:28:08.119 --> 01:28:12.159 According to JP Morgan a lot as we have worked 1498 01:28:12.159 --> 01:28:16.000 about six pillion gross, we don't really have money. 1499 01:28:16.039 --> 01:28:22.680 Olimited Nigeria issue. Nigeria issued a five hundred million dollars 1500 01:28:22.760 --> 01:28:26.800 bond and it was over subscribed in Nigeria, not abroad. 1501 01:28:27.079 --> 01:28:31.039 In Nigeria here the Symbian told Nigeria's if you have dollar, 1502 01:28:31.520 --> 01:28:35.119 bring it out five hundred it was over subscribed. Let 1503 01:28:35.159 --> 01:28:38.800 me tell you if Cypian off issues a one billion 1504 01:28:39.079 --> 01:28:43.279 dollar dollar one billion dollar bond today in Nigeria paying 1505 01:28:43.560 --> 01:28:46.359 six percent in to be over subscribed, America is paying 1506 01:28:46.359 --> 01:28:49.520 three percent. We are going to get in dollar six 1507 01:28:49.600 --> 01:28:53.520 percent guaranteed from Cybian it to be over subscribed. Symbian 1508 01:28:53.600 --> 01:28:55.680 can do it. The problem is that were with the 1509 01:28:55.720 --> 01:28:58.640 semen that was is that money for today is not 1510 01:28:58.800 --> 01:29:02.359 money to give to BDCs because that's how we love this. 1511 01:29:03.000 --> 01:29:06.560 This stability talk about lived is because the CBN is 1512 01:29:06.840 --> 01:29:11.840 selling dollar, I'm buying Nira. That's why I write stable before. 1513 01:29:12.119 --> 01:29:16.079 If CBN stops b d C Onlimita today, Olim there spaces. 1514 01:29:16.239 --> 01:29:20.479 B if CDN stops BDC sales today, now I will 1515 01:29:20.520 --> 01:29:21.479 crash quote me. 1516 01:29:24.680 --> 01:29:26.159 Lemlproof Why I disagree you. 1517 01:29:26.279 --> 01:29:28.640 So look at the top of the year, look at 1518 01:29:28.680 --> 01:29:30.319 the experiance start of the year, and look at when 1519 01:29:30.439 --> 01:29:31.960 busses came into play. 1520 01:29:32.680 --> 01:29:35.039 The year is about six weeks old, right, the years 1521 01:29:35.039 --> 01:29:38.239 about six weeks. If you look at the f FROMMTQ, 1522 01:29:38.600 --> 01:29:41.880 this is a letter has arranged between one, five and 1523 01:29:42.039 --> 01:29:47.880 one for fifty to one. Yeah, I want to putting that. 1524 01:29:49.640 --> 01:29:49.800 Rule. 1525 01:29:50.039 --> 01:29:51.039 But what I'm trying to tell. 1526 01:29:50.960 --> 01:29:55.000 You is that ability and demand FX demand in Nigeria has. 1527 01:29:54.960 --> 01:29:58.439 Moderated a cross board. Let's and the kind of. 1528 01:29:58.439 --> 01:30:02.920 Bull a city be so in the past two two years, 1529 01:30:02.960 --> 01:30:06.159 we're not expected correct. Market is not clear to market, 1530 01:30:07.000 --> 01:30:11.159 you cannot get that kind of that except so you 1531 01:30:11.279 --> 01:30:12.239 have to put all those. 1532 01:30:15.520 --> 01:30:17.479 Don't crowded space if you guys want to speak, But 1533 01:30:17.520 --> 01:30:20.880 let me say something live. Their stability is supply. When 1534 01:30:20.960 --> 01:30:23.960 Nigerians don't see supply of EFX, you know what they do, 1535 01:30:24.279 --> 01:30:27.960 They buy two three months supply today. So if I'm 1536 01:30:27.960 --> 01:30:29.720 an important, no, no, let me let me learn. Let 1537 01:30:29.760 --> 01:30:33.199 me learn. If I'm an important and I import tiles 1538 01:30:33.319 --> 01:30:36.720 and I need ten thousand dollars to import tiles. If 1539 01:30:36.760 --> 01:30:41.399 there's effects stability, I only bid for one month, so 1540 01:30:42.000 --> 01:30:44.399 the demand will just be for one month. But if 1541 01:30:44.439 --> 01:30:48.319 I see that there's no demand, there's no supply of dollars, 1542 01:30:48.600 --> 01:30:51.279 what would I bid for our bid for six months. 1543 01:30:51.720 --> 01:30:56.439 So the demand for dollars Niger is artificial because people 1544 01:30:56.479 --> 01:30:59.680 are bidding for bed I'm not sure of getting supply tomorrow. 1545 01:31:00.239 --> 01:31:02.760 What Cybian has done which is perfect, which is perfect 1546 01:31:02.760 --> 01:31:05.560 and should be commended. Siban is telling these guys that listen, 1547 01:31:05.960 --> 01:31:09.000 I have dollars for you, don't overbid. If you want 1548 01:31:09.039 --> 01:31:13.039 dollars in March, wait till March and bid. So because 1549 01:31:13.079 --> 01:31:15.720 there's stability and people are saying, okay, I will not 1550 01:31:15.880 --> 01:31:18.520 tie down my naira and buy dollar. I will wait 1551 01:31:18.560 --> 01:31:21.119 till March and buy my dog. That's what you're saying 1552 01:31:21.199 --> 01:31:24.319 Naire today. This stability is because CYBN is saying if 1553 01:31:24.319 --> 01:31:26.880 you want dollar, will give you dollar. So it has 1554 01:31:26.920 --> 01:31:30.479 become stable. I'm not saying it's wrong strategy. I'm saying 1555 01:31:30.479 --> 01:31:33.680 this is the right strategy. But if CBN today does 1556 01:31:33.760 --> 01:31:36.960 not replace this FPP, I can only do FPI Foreign 1557 01:31:37.000 --> 01:31:40.439 popular investments. It is the federal government that should do 1558 01:31:40.600 --> 01:31:45.600 foreign direct investments and remittances. So it is Cybian is doing. 1559 01:31:45.640 --> 01:31:48.960 We've done. Oh no, FPI has come in. It's one 1560 01:31:49.039 --> 01:31:53.119 year maximum, two year maximum. The government should then take 1561 01:31:53.199 --> 01:31:55.680 over and do FDI. What means that you and I 1562 01:31:55.720 --> 01:31:59.159 olimitated that are broad or can have abroad, will infloat 1563 01:31:59.199 --> 01:32:04.000 the last baton to invest. If you don't do that, ultimately, 1564 01:32:04.359 --> 01:32:07.600 sim it's going to just be borrowing money at expensive 1565 01:32:07.680 --> 01:32:11.479 rates to pay back due to people. FPI is unsustainable. 1566 01:32:11.600 --> 01:32:14.399 That's the point. Yeah, I'm just at what you have. 1567 01:32:14.520 --> 01:32:17.319 So this is what recipient is doing on defer government, 1568 01:32:17.600 --> 01:32:20.680 So we just update on their own strategy. 1569 01:32:21.119 --> 01:32:23.279 You understand that there's a window where you have to 1570 01:32:23.319 --> 01:32:25.600 put your FX in the bank, so it's going to 1571 01:32:25.680 --> 01:32:28.319 be put in after that wind to it's going to 1572 01:32:28.319 --> 01:32:31.880 be kind of legal for you to have FX outside 1573 01:32:31.920 --> 01:32:32.720 the banking system. 1574 01:32:33.039 --> 01:32:36.640 That will also give the NaNs one by time. However, 1575 01:32:37.079 --> 01:32:37.439 if you. 1576 01:32:37.399 --> 01:32:40.439 Also look at the fact that the FX code, the 1577 01:32:40.560 --> 01:32:43.680 efficiency of our financ market where you have. 1578 01:32:43.800 --> 01:32:46.279 You determine now to run Now you. 1579 01:32:46.279 --> 01:32:50.359 Have f transaction as somehow really brought. 1580 01:32:50.199 --> 01:32:53.279 In stability since November to January. 1581 01:32:53.439 --> 01:32:55.279 That that's also helped yes. 1582 01:32:55.199 --> 01:32:59.840 PDC pleasing usual liquidity for waiting for business pity. 1583 01:33:00.119 --> 01:33:01.159 I'm not disupposing that. 1584 01:33:01.439 --> 01:33:04.199 I'm only saying that there are a lot of factors 1585 01:33:04.640 --> 01:33:08.479 that the government is really working on. But my thing 1586 01:33:08.520 --> 01:33:11.359 is that if they really implement all the things they 1587 01:33:11.399 --> 01:33:14.159 plan to do, I don't see how the night would 1588 01:33:14.199 --> 01:33:21.439 be this parabolic like we saw was blue because our demands, 1589 01:33:21.720 --> 01:33:25.199 they already know our demand size, They already know the 1590 01:33:25.239 --> 01:33:28.880 fact that. 1591 01:33:28.560 --> 01:33:30.920 You and I talking for instance of Nigeria, you and 1592 01:33:31.000 --> 01:33:35.039 I talking don't know the the claims on that effects reserve. 1593 01:33:35.119 --> 01:33:38.560 We have forty something billion turn something billion. We don't 1594 01:33:38.600 --> 01:33:40.960 know the claims on that effects reserve. So you and 1595 01:33:41.000 --> 01:33:44.560 I talking here cannot even say, oh, we we have 1596 01:33:44.680 --> 01:33:47.359 money for six months or eight months. Supply there's money 1597 01:33:47.359 --> 01:33:50.680 in the foreigners, but it's borrowed money. The point again, 1598 01:33:50.840 --> 01:33:53.119 I come back to this again, to this. As long 1599 01:33:53.119 --> 01:33:55.760 as Nigeria's know they supply from CIB and they not, 1600 01:33:55.840 --> 01:33:58.479 I keep on falling. Sorry, the door keep on falling 1601 01:33:58.520 --> 01:34:01.560 because Steveen is saying to Nigeria and I will give 1602 01:34:01.600 --> 01:34:04.840 you dollars, don't rush, don't don't try to build an 1603 01:34:04.880 --> 01:34:07.880 advance when in school session. When in school fish time, 1604 01:34:08.359 --> 01:34:10.600 When school fish time comes, that's when we can test 1605 01:34:10.600 --> 01:34:13.279 the sybyan stability policy. Because Cybia has got to have 1606 01:34:13.399 --> 01:34:15.560 a lot of dollars on hand, so that when you 1607 01:34:15.600 --> 01:34:17.119 go to your bank or you go to your quota 1608 01:34:17.159 --> 01:34:19.399 and quote dollar gund you say I want to buy dollar. 1609 01:34:19.680 --> 01:34:22.199 If they can give you dollar, dollar will keep on falling. 1610 01:34:22.560 --> 01:34:24.920 That's the point I'm making. The dollar is not printed 1611 01:34:24.920 --> 01:34:28.159 in Nigeria. It is end into Nigeria. It is brought 1612 01:34:28.199 --> 01:34:31.319 by a plane in people's pockets in Fbi. It has 1613 01:34:31.359 --> 01:34:33.680 to come to this country. So when it is in 1614 01:34:33.720 --> 01:34:36.359 this country and it is there, people can see it. 1615 01:34:36.359 --> 01:34:39.960 People can say, oh, I want to buy rice. In July, 1616 01:34:40.600 --> 01:34:44.479 Cyba says we got you, We got you. The dollar 1617 01:34:44.520 --> 01:34:47.399 ready to keep on crashing. The dollar is high today. 1618 01:34:47.680 --> 01:34:50.880 The dollar should not be fifteen hundred today. It's artificially high. 1619 01:34:50.920 --> 01:34:53.079 That's the point I'm making. I'm agreeing with you by 1620 01:34:53.119 --> 01:34:56.279 the side sideway, fifteen onred is too high for dollar. 1621 01:34:56.359 --> 01:34:58.760 But if you can, if you cannot buy bread, you 1622 01:34:58.760 --> 01:35:01.479 will pay one five for bread. But if bred I think, 1623 01:35:01.479 --> 01:35:03.840 get prays everywhere you pay mirror. It's the same thing 1624 01:35:04.239 --> 01:35:07.680 it's the scarcity that is causing this artificial price to 1625 01:35:07.720 --> 01:35:10.920 be baked in into the real demand. There's a real 1626 01:35:10.920 --> 01:35:15.000 demand for dollars, and then there's the expectation that I 1627 01:35:15.039 --> 01:35:17.920 will not get dollars. So in in manufacturing, you do 1628 01:35:18.039 --> 01:35:22.079 replacement pricing. Let me do replacement parting today and bid 1629 01:35:22.119 --> 01:35:25.279 for my dollars tomorrow today. So you know, but let's 1630 01:35:25.279 --> 01:35:27.079 get what I going for. Let's not let's let's get 1631 01:35:27.079 --> 01:35:31.399 a chin chin doll chin dollah. Hey, thanks for having 1632 01:35:31.439 --> 01:35:37.840 in the be here for a while. Go ahead, you're 1633 01:35:37.880 --> 01:35:40.199 working better than Jimmy. 1634 01:35:40.239 --> 01:35:44.279 Yeah, go for it, Thank you for thank you for 1635 01:35:44.359 --> 01:35:46.840 this good conversation. So well. 1636 01:35:46.880 --> 01:35:48.640 Listening to you guys, I'm you're a very young guy 1637 01:35:48.880 --> 01:35:50.000 currently studying the UK. 1638 01:35:50.239 --> 01:35:53.920 So when I listen to your conversation. 1639 01:35:54.000 --> 01:35:58.680 I am very It seems there's a problem which we 1640 01:35:58.720 --> 01:36:04.159 are killing the realestalk to find finance, the to do 1641 01:36:04.359 --> 01:36:09.079 to get following direct investments outside from outside the country 1642 01:36:09.159 --> 01:36:13.600 with this high interest rates, and also the government's spending, 1643 01:36:14.640 --> 01:36:20.279 government spending. Every inflation is simply unproductive government spending, simply 1644 01:36:20.319 --> 01:36:21.439 unproductive government spending. 1645 01:36:21.520 --> 01:36:25.720 And one thing I always have an issue. 1646 01:36:25.439 --> 01:36:29.600 Is that it always seems that the government is isolated 1647 01:36:28.800 --> 01:36:34.239 from the people in Nigeria. Like people in Nigeria, like 1648 01:36:34.319 --> 01:36:37.359 the government exists because of the natural resources we have. 1649 01:36:38.159 --> 01:36:40.359 The government can flute in another realm. 1650 01:36:40.399 --> 01:36:44.560 That is, if the people are not productive, they can 1651 01:36:44.640 --> 01:36:48.560 still survive. And that is not how it is like normally, 1652 01:36:48.840 --> 01:36:51.920 like in Singapore, they didn't have any natural resources. They 1653 01:36:51.960 --> 01:36:55.159 have to depend on the productivity of the people for 1654 01:36:55.359 --> 01:36:58.279 them to survive, for the government to exist. And the 1655 01:36:58.319 --> 01:37:03.039 thing is that I always say products the government exists 1656 01:37:03.039 --> 01:37:06.199 independently of the people. It is like I would say, 1657 01:37:06.319 --> 01:37:08.600 I give an example of the government like in mafia. 1658 01:37:09.079 --> 01:37:12.000 The mafia exists without the people existing. The people they 1659 01:37:12.079 --> 01:37:14.800 collect prints from existing. 1660 01:37:15.000 --> 01:37:17.960 So if you can find a way to direct to 1661 01:37:18.079 --> 01:37:21.640 connect the survivor of the government with the productivity of 1662 01:37:21.640 --> 01:37:25.039 the people, that is the only way the government is 1663 01:37:25.039 --> 01:37:30.760 going to really work forward. And also there's there's something 1664 01:37:30.800 --> 01:37:38.199 about there's something something about spending. I've lost my chain 1665 01:37:38.239 --> 01:37:38.600 of thoughts. 1666 01:37:38.640 --> 01:37:42.079 Sorry, I mean your first point is fantastic, you know 1667 01:37:42.520 --> 01:37:45.760 what you talk about. Yes, so we're not passion the government. 1668 01:37:45.840 --> 01:37:48.439 What the syband is doing is actually what they're supposed 1669 01:37:48.479 --> 01:37:50.960 to do. The Sibian's job is not to follow the 1670 01:37:51.000 --> 01:37:55.319 federal government right, so thecibliences excess liquidity, they have to 1671 01:37:55.399 --> 01:38:00.640 raise interest rates. Inflation is the devil. There's not worse 1672 01:38:00.920 --> 01:38:04.960 in this life than inflation. You can't avoid it. So 1673 01:38:05.000 --> 01:38:08.000 whenever you see countries when they see inflation coming, they 1674 01:38:08.039 --> 01:38:10.079 want to kill it very very early. This is why 1675 01:38:10.119 --> 01:38:12.640 I'm saying which we should try to do something else 1676 01:38:12.760 --> 01:38:15.920 is because in this instance in Nigeria, we're not able 1677 01:38:15.960 --> 01:38:19.079 to kill inflation by just monetary means. It has all 1678 01:38:19.119 --> 01:38:21.479 that means. In America they can kill infliction with monetary 1679 01:38:21.520 --> 01:38:25.039 means because the economy is a bit more linked. In Nigeria. 1680 01:38:25.279 --> 01:38:29.960 The price of rice in kebe has a direct effect 1681 01:38:30.560 --> 01:38:33.840 to how much you pay for interest rate on your 1682 01:38:33.880 --> 01:38:38.000 Piggy Best accounting legos. The price of rice in keby, 1683 01:38:38.279 --> 01:38:41.760 it's what all these legos your piece should be interested 1684 01:38:41.800 --> 01:38:44.720 in because if the price of rice goes up, what 1685 01:38:44.920 --> 01:38:47.600 piggy Best pays you will go up and down. But 1686 01:38:47.640 --> 01:38:50.399 we don't lead to that connection because it's too abstract 1687 01:38:50.439 --> 01:38:52.920 in Nigeria. So that's the point. We have to be 1688 01:38:53.000 --> 01:38:56.039 a bit more innovative in how we want to fight inflation. 1689 01:38:56.359 --> 01:39:00.319 We can simply raise rates across the economy to really, 1690 01:39:00.880 --> 01:39:04.279 I wasn't any percent just to fight inflation. We've killed 1691 01:39:04.359 --> 01:39:09.159 SMEs long enough. So perhaps you start now targeted credit, 1692 01:39:10.119 --> 01:39:13.319 targeted credit towards semis. We have to go back to 1693 01:39:13.399 --> 01:39:17.079 doing that development wire development economy, you know, so we 1694 01:39:17.159 --> 01:39:20.600 have to go back to saying what you have to identify, 1695 01:39:21.039 --> 01:39:26.880 you know, identify with with sectors are critical and then 1696 01:39:26.960 --> 01:39:28.560 support them. That's where I'm going to. 1697 01:39:29.359 --> 01:39:31.960 Yes, yes, Carlu I want and I wanted to say. 1698 01:39:31.800 --> 01:39:35.520 I've gotten back mine. The thing is I have this, 1699 01:39:36.079 --> 01:39:36.600 I see this. 1700 01:39:36.880 --> 01:39:39.680 Why is it that because I'm always off the form 1701 01:39:39.800 --> 01:39:42.760 of the mindset that in Angeia we should not have. 1702 01:39:43.319 --> 01:39:47.600 We should have it with that if there's a manufacturer 1703 01:39:47.680 --> 01:39:51.079 for something in Anngeria, you have to product protect your 1704 01:39:51.119 --> 01:39:56.840 young industries. If there's a manufacturer for something, any any important, 1705 01:39:57.640 --> 01:40:02.560 anything important, won't be tarifed, just like China does. 1706 01:40:02.399 --> 01:40:04.319 It, Gurope does it. 1707 01:40:05.039 --> 01:40:08.800 You look at industries must be producted protected. But it's 1708 01:40:08.880 --> 01:40:13.000 just like because the there is no way we can 1709 01:40:13.039 --> 01:40:16.439 be we can and competit with China on the level 1710 01:40:16.439 --> 01:40:17.920 of efficiency of our production. 1711 01:40:18.000 --> 01:40:21.359 Of course China produces so efficiently. 1712 01:40:21.640 --> 01:40:28.079 I hear you Bobby, very have to protect low. I 1713 01:40:28.119 --> 01:40:30.399 hear you, I hear you, but very careful with that. 1714 01:40:30.600 --> 01:40:33.039 You know, if you google the I can't pronounce the 1715 01:40:33.079 --> 01:40:36.199 word exactly. It's called calico c a L I see 1716 01:40:36.199 --> 01:40:40.319 a calico act When in the past, Britain controlled the 1717 01:40:40.399 --> 01:40:44.920 textile trade in the whole world. Britain controlled. Britain produced 1718 01:40:45.000 --> 01:40:47.159 all the clues that people were in the entire world. 1719 01:40:47.439 --> 01:40:48.880 They have the you know, the weave, you know the 1720 01:40:48.920 --> 01:40:51.880 spinning weave was it was in Britain all that. So 1721 01:40:52.119 --> 01:40:56.760 then after a while India started to now do textiles 1722 01:40:56.800 --> 01:41:00.199 and because Indian label was very, very cheap, they were 1723 01:41:00.239 --> 01:41:03.800 taking market to share away from from Britain. I know about. 1724 01:41:03.800 --> 01:41:06.359 This was when India was in the cooling of UK. 1725 01:41:06.720 --> 01:41:09.520 So what did the English people do. They put a 1726 01:41:09.760 --> 01:41:14.079 tax on the textiles that came from India to the UK, 1727 01:41:14.479 --> 01:41:17.199 made it so expensive that Indians could not export things. 1728 01:41:17.239 --> 01:41:19.640 That's what we're talking about protection. But look at what 1729 01:41:19.680 --> 01:41:22.920 the India the UK guys did it to not just 1730 01:41:22.960 --> 01:41:26.800 to protect the guys, but to allow mechanization to come 1731 01:41:26.840 --> 01:41:29.640 in and to fight the Indians. Right and even with 1732 01:41:29.760 --> 01:41:33.359 the mechanization, they found out that they could not still 1733 01:41:33.439 --> 01:41:37.840 compete with the Indian manufacing output. So according to what 1734 01:41:37.880 --> 01:41:42.439 we call to Shapiro's love competitive returns, they removed the 1735 01:41:42.520 --> 01:41:46.760 tariffs and said, let us enjoy the cheap textiles from India, 1736 01:41:46.800 --> 01:41:50.319 but will get them through something else. So while making 1737 01:41:50.319 --> 01:41:54.000 these points that protection is good, there's nothing like fretid 1738 01:41:54.039 --> 01:41:56.600 in the world. There's no nation on Earth that does 1739 01:41:56.640 --> 01:41:59.560 not impose a tariff. But be careful that you don't 1740 01:41:59.640 --> 01:42:06.920 use tariffs to subsidize inefficient local industries. If we have 1741 01:42:07.039 --> 01:42:11.239 a tariff today, Nitel will still be the one giving 1742 01:42:11.279 --> 01:42:15.239 you GSM not in South African company to be Natail 1743 01:42:15.680 --> 01:42:18.039 and they will say, oh, it's Nigerian. So we've got 1744 01:42:18.079 --> 01:42:20.600 to say where do we excel at? Where? Where where 1745 01:42:20.600 --> 01:42:22.960 do we have we're excelling maybe some industries. Then we 1746 01:42:23.039 --> 01:42:25.960 focus on that and if they look the important guys 1747 01:42:25.960 --> 01:42:28.439 are going to be cheaper than the local guys all 1748 01:42:28.439 --> 01:42:31.159 had them coming. But you know, you protect what is 1749 01:42:31.199 --> 01:42:34.159 still growing that has a chance to compete. You know, 1750 01:42:35.000 --> 01:42:37.159 when I was growing up, I'm not verified the story, 1751 01:42:37.199 --> 01:42:38.800 but you know when I was growing up in Nigeria, 1752 01:42:38.960 --> 01:42:43.560 the popular music in Nigeria back then was marcosa Macosa 1753 01:42:43.720 --> 01:42:46.600 was very popular Nigeria and a Willow a Willa was 1754 01:42:46.640 --> 01:42:50.239 a superstar. We didn't have any afro beato, just fella. 1755 01:42:50.680 --> 01:42:52.840 There was no borner Boy, there was no tell Us, 1756 01:42:52.920 --> 01:42:56.239 Marcosa and English music. When I was university, we played 1757 01:42:56.279 --> 01:43:00.720 American music and Macosa. I heard that Macosa was very 1758 01:43:00.720 --> 01:43:04.439 popular because it has anxire. But Booth as a second 1759 01:43:04.640 --> 01:43:08.479 just banned English music and allowed only Macosa. So Macosa 1760 01:43:08.600 --> 01:43:13.520 had time in insire to develop and become this ingrained 1761 01:43:13.760 --> 01:43:16.479 music sauce. So the same thing you have to do 1762 01:43:16.560 --> 01:43:20.520 a tariff to protect growth. It's not forever. You have 1763 01:43:20.560 --> 01:43:24.520 to say tariff. You allow the Nigerian companies to grow. 1764 01:43:24.600 --> 01:43:27.479 But it can't be forever. You can't say forever and 1765 01:43:27.600 --> 01:43:31.039 ever and ever no competition because then they will become 1766 01:43:31.159 --> 01:43:34.239 lazy and they won't reduce their prices because they have 1767 01:43:34.359 --> 01:43:39.399 a protection. But great points. I agree with your point here. Yeah, 1768 01:43:40.039 --> 01:43:43.399 let me get let me get a big bird. Thanks. 1769 01:43:43.960 --> 01:43:46.359 I think your very well comes to thank you, big bird. 1770 01:43:46.359 --> 01:43:51.239 You've got the floor, the floor, okay, believe yes, but 1771 01:43:51.319 --> 01:43:52.760 you have an echo, Yes you have. 1772 01:43:52.720 --> 01:43:57.960 An Okay, sorry, I said, okay. I would love to 1773 01:43:58.000 --> 01:44:01.359 appreciate what we have discussed. He's been amazing and I've 1774 01:44:01.359 --> 01:44:03.000 been learning a lots. 1775 01:44:02.720 --> 01:44:06.600 So I want to come in on this angle. Nigeria. 1776 01:44:06.760 --> 01:44:08.600 Of course, you just have a spending problem. 1777 01:44:09.039 --> 01:44:11.880 I remember really is when we solved the news about 1778 01:44:11.960 --> 01:44:16.199 having itd one extra state in the Nigeria and I 1779 01:44:16.239 --> 01:44:19.520 was speaking to the colleague of mine and I said, 1780 01:44:19.680 --> 01:44:20.039 what do. 1781 01:44:20.000 --> 01:44:23.000 You think about the impact of the one more states 1782 01:44:23.000 --> 01:44:25.640 in Nia? And they said, ah, he's going to be good, 1783 01:44:25.960 --> 01:44:28.640 more employment, more people in government. 1784 01:44:29.439 --> 01:44:32.520 And I said, don't you think he's going to build 1785 01:44:32.840 --> 01:44:33.560 more spending. 1786 01:44:33.880 --> 01:44:36.199 He said no, it's going to build a good development. 1787 01:44:36.520 --> 01:44:39.279 And I said, Okay, look at the statistic states we 1788 01:44:39.439 --> 01:44:43.720 have now and ask yourself how many of these statistic 1789 01:44:43.800 --> 01:44:47.119 states are productive and are valuable economically. 1790 01:44:47.560 --> 01:44:50.439 Seeing the problem that you have is that a. 1791 01:44:50.359 --> 01:44:54.640 Lot of these states are not coming out economically. 1792 01:44:54.920 --> 01:44:56.000 They're not through jasy. 1793 01:44:56.159 --> 01:44:58.600 I mean, if we want to look at these six 1794 01:44:58.680 --> 01:45:02.439 geo political zones and they were coming into the less 1795 01:45:02.600 --> 01:45:03.720 the Southwest and all of that. 1796 01:45:04.039 --> 01:45:04.560 We say that. 1797 01:45:04.600 --> 01:45:08.520 Legos is one of the states, Legos who bun. It's 1798 01:45:08.560 --> 01:45:12.680 one of the states that are producing and are making money. 1799 01:45:12.479 --> 01:45:15.960 And are valuable economically. We look at the southeast, and 1800 01:45:16.000 --> 01:45:18.439 then you know, all these political zooms. 1801 01:45:18.560 --> 01:45:23.680 We can actually point out the states that are valuable economically. 1802 01:45:23.079 --> 01:45:25.640 What are going to the arrest where all this is 1803 01:45:25.800 --> 01:45:26.479 in states. 1804 01:45:26.239 --> 01:45:29.600 Are not making enough money for the nation. Why do 1805 01:45:29.600 --> 01:45:31.960 you want to create more that it wants it? And 1806 01:45:32.000 --> 01:45:33.479 then this more that it wants it? 1807 01:45:33.560 --> 01:45:34.479 Like I heard you. 1808 01:45:34.479 --> 01:45:37.560 Saying earlier, cal there will be more governors, there will 1809 01:45:37.600 --> 01:45:40.279 be more National Assembly members, there will be you. 1810 01:45:40.239 --> 01:45:42.079 Know, more local governments, more. 1811 01:45:41.960 --> 01:45:46.479 Money to spend, more money to feed these governments and offices. 1812 01:45:46.720 --> 01:45:50.399 What then happens to the people. And then the government, 1813 01:45:50.640 --> 01:45:53.239 as we all see, are not even supporting in fact, 1814 01:45:53.560 --> 01:45:53.920 from the. 1815 01:45:53.880 --> 01:45:58.439 Way it is, they're not in literally supporting manufacturing companies 1816 01:45:59.199 --> 01:46:02.560 in this they're not really helping matters. 1817 01:46:02.560 --> 01:46:04.359 They're not even helping to see that. 1818 01:46:04.520 --> 01:46:07.199 Okay, these little agreement is starting out this business. 1819 01:46:07.199 --> 01:46:08.479 You're not trying to. 1820 01:46:08.399 --> 01:46:12.600 See that this manufacturing business guy grows to a point. 1821 01:46:12.359 --> 01:46:17.000 That is becoming economical valuable to the nations. So the 1822 01:46:17.039 --> 01:46:21.239 more this happens, the more we have, like you said, inflations. 1823 01:46:21.399 --> 01:46:23.960 If we look at China, China can actually have an inflation, 1824 01:46:24.039 --> 01:46:27.520 but you will see because they are producing on a turky. 1825 01:46:27.680 --> 01:46:31.359 They are producing and they are the more of the explotation. 1826 01:46:32.119 --> 01:46:33.720 That is one of the things people to be said 1827 01:46:33.720 --> 01:46:37.600 when he was commencing, we are more of consumers than producers. 1828 01:46:37.840 --> 01:46:41.720 We're not producing. So when we're not producing, we are losing. Today. 1829 01:46:42.039 --> 01:46:44.960 Look at all the USA, no matter what they do, 1830 01:46:45.000 --> 01:46:48.920 the maganizations they need, they are strong enough knowing. 1831 01:46:48.680 --> 01:46:51.319 That they have people who are providing. 1832 01:46:50.960 --> 01:46:54.239 For their Indian nation. So this is the problem we 1833 01:46:54.239 --> 01:46:54.680 are having. 1834 01:46:54.800 --> 01:46:58.039 And then our governments, we don't have an accountability system 1835 01:46:58.119 --> 01:47:01.399 where we can hold this good and tell them, look 1836 01:47:01.399 --> 01:47:02.199 at what you're doing. 1837 01:47:02.399 --> 01:47:05.239 You're strending far too much. We don't know. We don't 1838 01:47:05.319 --> 01:47:06.640 have that system where. 1839 01:47:06.479 --> 01:47:09.199 We can call them to order, where we can displace 1840 01:47:09.239 --> 01:47:09.920 them until this. 1841 01:47:10.039 --> 01:47:11.920 Thing are doing. It's just supposed to be done. 1842 01:47:13.039 --> 01:47:16.680 I'm in Calaba current plan now and I was hurt 1843 01:47:16.760 --> 01:47:17.479 than in Caliber. 1844 01:47:17.760 --> 01:47:20.000 You know, there were companies, there were businesses that was 1845 01:47:20.039 --> 01:47:23.399 going on and everything was going swietly. And then people 1846 01:47:23.479 --> 01:47:26.840 then were not really much on you know, trading, they 1847 01:47:26.840 --> 01:47:29.000 were on. Once we Vinish school, you enter one company, 1848 01:47:29.039 --> 01:47:32.079 I'm going to start working. Now here's the issue. The 1849 01:47:32.079 --> 01:47:34.279 government has placed a whole lot of tax that have 1850 01:47:34.479 --> 01:47:37.760 pushed these company out of caliber. Now everybody is trying 1851 01:47:37.800 --> 01:47:41.159 to enter into trading and it's becoming difficult. The producing 1852 01:47:41.279 --> 01:47:45.279 sectors have gone so down in Nigeria, so we will 1853 01:47:45.279 --> 01:47:47.239 have more inflations in the country. 1854 01:47:47.399 --> 01:47:49.000 And because we don't have any. 1855 01:47:48.800 --> 01:47:52.079 Company that it's producing effectively for us, we can't fight it. 1856 01:47:52.359 --> 01:47:55.479 So the inflation will surely touch everybody. If we surely 1857 01:47:55.520 --> 01:47:57.520 touch everybody. Thank you very much. 1858 01:47:58.399 --> 01:48:06.800 Interesting take ye do your echo? All right? Thanks guys, 1859 01:48:06.880 --> 01:48:11.479 appreciate the conversation. Let me get the name right, I 1860 01:48:11.640 --> 01:48:14.319 both s talent talent. How are you doing. 1861 01:48:14.960 --> 01:48:17.399 I'm very well, I'm very well. Thanks for bringing me up. 1862 01:48:18.439 --> 01:48:22.520 I do right. I do follow your your communications. 1863 01:48:22.119 --> 01:48:22.840 On x I. 1864 01:48:24.000 --> 01:48:28.840 I genuinely respect your takes on different economic aspects of 1865 01:48:28.840 --> 01:48:32.800 what's going in the country. I do have like some 1866 01:48:32.920 --> 01:48:34.039 interesting takes as well. 1867 01:48:34.079 --> 01:48:36.560 I just tend to be corrected. But again this is 1868 01:48:36.640 --> 01:48:38.239 placed on my personal observation. 1869 01:48:38.720 --> 01:48:44.600 Again, just try being interpreted from some you know, moun 1870 01:48:44.720 --> 01:48:48.840 economic lenses as well. So one of the things I'm 1871 01:48:48.880 --> 01:48:52.159 noticed with a Nigerian market, like you know, no market 1872 01:48:52.279 --> 01:48:55.279 is perfect. But again the coal is to try to 1873 01:48:56.840 --> 01:48:59.479 show your market to be as you know, close to 1874 01:48:59.520 --> 01:49:02.520 perfect as possible. But like, one of the things that 1875 01:49:02.560 --> 01:49:06.000 happens is very well in nagerial market is high level collision. 1876 01:49:06.600 --> 01:49:10.520 I feel like counsion has the way of keeping price 1877 01:49:10.600 --> 01:49:12.319 is high, not because of the not because of the 1878 01:49:12.319 --> 01:49:16.079 information itself, but do we like I'll use I'll use 1879 01:49:16.119 --> 01:49:20.319 a random commodity for example, I'll use rice because it's 1880 01:49:21.000 --> 01:49:23.159 actually the consumed commodity. 1881 01:49:23.199 --> 01:49:25.840 And Nigeria, I remember the time we banned for your 1882 01:49:25.880 --> 01:49:26.560 foreign products. 1883 01:49:26.840 --> 01:49:30.239 You would expect, oh, now that the foreign product is banned, 1884 01:49:30.680 --> 01:49:33.399 there are the competition, competition within the local products, like 1885 01:49:33.680 --> 01:49:37.720 farmers going there. Again, Let's let's not focus on insecurity 1886 01:49:37.760 --> 01:49:39.479 for now, because at this time there. 1887 01:49:39.359 --> 01:49:42.000 Was no security was not the way it is right now. 1888 01:49:42.880 --> 01:49:45.000 So they would expect, like the price of rice to 1889 01:49:45.039 --> 01:49:45.920 go down in this moment. 1890 01:49:46.000 --> 01:49:48.920 But what you see happen is, oh, there is no 1891 01:49:49.239 --> 01:49:53.000 there is no longer it's no competition coming in. You 1892 01:49:53.079 --> 01:49:57.600 see local local producers colleade and ramp up the price. 1893 01:49:59.399 --> 01:50:01.600 I feel like that collision has a way of keeping 1894 01:50:01.640 --> 01:50:03.840 price is high. And one of the trends have noticed 1895 01:50:04.079 --> 01:50:07.680 overtime and nigineier is price often doesn't go down again. 1896 01:50:10.279 --> 01:50:13.119 Sometimes it's it's based on the instability in the market 1897 01:50:13.319 --> 01:50:15.600 because of like cost of production could go up in 1898 01:50:15.600 --> 01:50:19.239 the future. But as well, when negletting, one expects to 1899 01:50:19.319 --> 01:50:22.720 look at which is the degree of collision among the 1900 01:50:22.720 --> 01:50:25.279 prisoners in the Nigeria. And and I feel like a 1901 01:50:25.319 --> 01:50:30.479 little level competition as well keeps price often high. Another 1902 01:50:30.520 --> 01:50:34.199 interesting thing wanted to bring up is sometimes I could 1903 01:50:34.239 --> 01:50:37.560 almost argue that infliction is not like the current cost 1904 01:50:37.600 --> 01:50:41.720 of inflation is not even because of like the like 1905 01:50:41.960 --> 01:50:44.800 the high in flow of money in the in the economy. 1906 01:50:45.039 --> 01:50:47.239 So this is what this is why I says it. 1907 01:50:47.279 --> 01:50:50.239 So I do know the sibling has been producing like 1908 01:50:50.520 --> 01:50:52.800 a lot of money, and I'm pumping into the economy. 1909 01:50:52.920 --> 01:50:54.960 But then again, when you look at the money we 1910 01:50:55.039 --> 01:50:58.319 spend paying our politicians, it takes almost half of our 1911 01:50:58.359 --> 01:51:01.640 international object Then when you look at the logic, it 1912 01:51:01.680 --> 01:51:04.159 looks like we may have so much money in the economy, 1913 01:51:04.479 --> 01:51:08.600 but the most most of the money belongs like most 1914 01:51:08.640 --> 01:51:11.319 of the money it's been a house in the account 1915 01:51:11.439 --> 01:51:14.960 of like less than ten percent of the alternation of 1916 01:51:14.960 --> 01:51:17.960 the economy, which I would almost call like outliers. So 1917 01:51:18.039 --> 01:51:21.319 but when you take away with outliers I check the distribution, 1918 01:51:21.840 --> 01:51:24.720 you realize that you know, the question would be, we 1919 01:51:24.840 --> 01:51:27.079 really still have much too much money in the economy. 1920 01:51:27.600 --> 01:51:31.800 This is like some interesting thoughts of upon and it 1921 01:51:31.880 --> 01:51:34.800 makes me like I've come to that point where I'm 1922 01:51:34.840 --> 01:51:38.039 I'm genuinely arguing within myself, like do we really have 1923 01:51:38.039 --> 01:51:40.600 to much so much in the economy, Because even though 1924 01:51:40.640 --> 01:51:42.560 it may look like we have too much with too 1925 01:51:42.640 --> 01:51:46.800 much like world stud be paid or it's just three 1926 01:51:46.800 --> 01:51:49.199 percent of the economy, I hear what you're saying the economy. 1927 01:51:49.279 --> 01:51:50.039 I hear what you're saying. 1928 01:51:50.279 --> 01:51:53.039 So you know, there's sup called Paretos principle that means 1929 01:51:53.039 --> 01:51:55.520 that there's always eighty twenty. So in any economy you 1930 01:51:55.520 --> 01:51:57.800 go to on Earth, not just like you are. Any economy, 1931 01:51:58.159 --> 01:52:01.279 the very minority are going to hold the economic world 1932 01:52:01.279 --> 01:52:04.000 of the majority in any economy you go to so 1933 01:52:04.239 --> 01:52:07.319 and it's measured in economics, it's something called the Genie 1934 01:52:07.359 --> 01:52:11.880 coefficient gi n I Geni coefficient. You can see how 1935 01:52:11.960 --> 01:52:15.039 much the income is spread out in the economy in 1936 01:52:15.119 --> 01:52:18.399 Nigeria's case is large. You go to lecky, you see 1937 01:52:18.399 --> 01:52:21.279 a mansion with a pool next to a shack. So 1938 01:52:21.319 --> 01:52:24.119 we know that issue yes, so that point is there. 1939 01:52:24.399 --> 01:52:26.960 It's not a Nigerian thing. It's really global. Most times 1940 01:52:26.960 --> 01:52:31.039 it's higher in low income societies. To your point about 1941 01:52:31.039 --> 01:52:34.039 price not coming down with inflation, prices come down. If 1942 01:52:34.079 --> 01:52:36.000 you pick up an pick up a phone, pick up 1943 01:52:36.039 --> 01:52:39.720 an iPhone, iPhone four, iPhone five, the price is down, 1944 01:52:40.359 --> 01:52:43.520 especially when you compare to dollar. Why it's not gone 1945 01:52:43.560 --> 01:52:45.560 down in the jat because you are converting it back 1946 01:52:45.600 --> 01:52:48.760 to nira. You get the point of making if you're 1947 01:52:48.760 --> 01:52:51.119 simply letter that the dollar price, the price have all 1948 01:52:51.159 --> 01:52:54.079 gone down. But when we exchange it now from that 1949 01:52:54.680 --> 01:52:58.479 depreciated dollar cost back to nira, we then tack on 1950 01:52:58.560 --> 01:53:01.600 the naira in relation as it were, So it now 1951 01:53:01.680 --> 01:53:04.520 looks like it's expensive. But most things have gone down 1952 01:53:04.560 --> 01:53:07.439 that are made abroad, they always go down in price, 1953 01:53:07.840 --> 01:53:11.840 but because we converted back to naira, then that price stays. 1954 01:53:11.880 --> 01:53:14.920 I don't want to make that point. If that helps 1955 01:53:14.960 --> 01:53:16.079 about I. 1956 01:53:16.000 --> 01:53:18.640 Would prefer to use community for example, think this produce 1957 01:53:18.680 --> 01:53:20.520 the Ngeria. Like let's say right, so this is one 1958 01:53:20.560 --> 01:53:22.079 of the stile. 1959 01:53:23.119 --> 01:53:25.479 We don't present enough. That's the problem with right. So 1960 01:53:25.479 --> 01:53:27.840 if you look at any right, look in my in 1961 01:53:27.920 --> 01:53:31.640 my village, Gary is almost free. But once you leave 1962 01:53:31.720 --> 01:53:34.880 my village, Gary starts to add prices. From my village 1963 01:53:35.279 --> 01:53:38.520 to a bar to legalus, the price starts to go higher. 1964 01:53:38.600 --> 01:53:41.920 Why logistics. It's not the price of Gary that is 1965 01:53:41.960 --> 01:53:45.680 going high. It's the price of storage, the price of fuel, 1966 01:53:46.039 --> 01:53:48.800 the price of financing all that, that's whats the prize 1967 01:53:48.840 --> 01:53:52.640 go high. Walmart in America, the price of a banana 1968 01:53:52.680 --> 01:53:55.600 in Walmart, North Carolina, it's the same price as a 1969 01:53:55.640 --> 01:53:59.560 Walmart bananner in Washington. Why because I have efficient the 1970 01:53:59.600 --> 01:54:03.640 distribut logistic so they can move a crow or crow 1971 01:54:03.720 --> 01:54:06.319 in Nigeria, the price is going up and out up 1972 01:54:06.319 --> 01:54:08.840 on that board. All crow in America important from Nigi 1973 01:54:09.000 --> 01:54:11.600 price is stable because they can buy it in Bold, 1974 01:54:12.000 --> 01:54:16.359 keep it distributed and doesn't add imaginal price because they 1975 01:54:16.359 --> 01:54:19.600 have efficient run networks. So pick. If you go to KB, 1976 01:54:19.760 --> 01:54:22.239 rice is free. If you go to the North, meat 1977 01:54:22.359 --> 01:54:25.079 is free. If you got to border, fish is free. 1978 01:54:25.399 --> 01:54:29.479 But once you try to export that commodity. Beans from 1979 01:54:29.840 --> 01:54:33.000 KB is free, but bring that beans from kby we 1980 01:54:33.159 --> 01:54:36.760 go to Irish potato is free, but bring that Irish 1981 01:54:36.800 --> 01:54:40.439 potato from just to legos Ah. You have to add transportation, 1982 01:54:40.880 --> 01:54:45.359 security particulars all that, so it's nothing the community self 1983 01:54:45.439 --> 01:54:48.640 of the problem is just the inefficiency in the local 1984 01:54:48.640 --> 01:54:52.319 economy Nagia. That's what you're seeing as the price going up. 1985 01:54:52.600 --> 01:54:53.359 Does that makes sense? 1986 01:54:54.319 --> 01:54:58.199 That's fair, that's fair. So like in the end, that's 1987 01:54:58.520 --> 01:54:59.960 to move on, to move forward. 1988 01:55:00.199 --> 01:55:02.359 We find ourselves to tie back to the government to 1989 01:55:02.399 --> 01:55:05.520 make not not really good. 1990 01:55:05.600 --> 01:55:07.279 Yes, I agree with you that the government has got 1991 01:55:07.279 --> 01:55:09.319 to get out of the way. Make the policy, then 1992 01:55:09.319 --> 01:55:13.159 get out of the way. Nigerian's are naturally entrepreneurial. In 1993 01:55:13.199 --> 01:55:16.800 many societies, the people are not entrepreneurial. In Nigeria, people 1994 01:55:16.800 --> 01:55:20.159 are entrepreneurial or like Singaporeans or like the Chinese. So 1995 01:55:20.359 --> 01:55:23.439 made the laws, get out of the way, then police 1996 01:55:23.439 --> 01:55:26.119 what's going on and then the people will take over. Hollywood. 1997 01:55:26.159 --> 01:55:29.079 Mollywood was not created by any government. Nollywood, even the 1998 01:55:29.119 --> 01:55:31.680 IT boys, the fin type boys were not created by 1999 01:55:31.680 --> 01:55:38.279 any government. None. They've created. Fintech created Mollywood, automotive what 2000 01:55:38.319 --> 01:55:42.199 it case by the government. So any thing that is growing, 2001 01:55:42.520 --> 01:55:46.520 really knowing in tangent with population, the government, it's not involved. 2002 01:55:46.560 --> 01:55:49.319 They come after I want to tax it, but you 2003 01:55:49.359 --> 01:55:53.000 know it's so Nigeria's just need a government that says, listen, 2004 01:55:53.079 --> 01:55:55.439 we're going to support you, not tax you, and then 2005 01:55:55.439 --> 01:55:59.000 you'll just see explosive growth. That's just what we need. Okay, 2006 01:55:59.319 --> 01:56:00.359 thanks man, let me. 2007 01:56:00.439 --> 01:56:01.479 Say that's thank you. 2008 01:56:01.479 --> 01:56:05.239 You're welcome, Marcone, Ali Lu food hiding sir. 2009 01:56:06.560 --> 01:56:12.279 Yeah, and beliven everyone. So I think I've listened to mostly. 2010 01:56:12.439 --> 01:56:15.199 I think limiteds are ptally given the most balanced. 2011 01:56:16.600 --> 01:56:17.439 Submissions on this. 2012 01:56:17.680 --> 01:56:21.680 So first we need to talk contextualize the kind of. 2013 01:56:21.720 --> 01:56:24.760 Inflation that we are experiencing in Nigeria. 2014 01:56:25.479 --> 01:56:29.920 It's a cost to push inflation and because of that, 2015 01:56:30.520 --> 01:56:34.319 we need to also understand what is actually increasing cost 2016 01:56:34.399 --> 01:56:40.359 of production our inflation baskets. Fifty percent of our inflation 2017 01:56:40.520 --> 01:56:44.600 baskets is food and beverages, So what is driving the 2018 01:56:45.960 --> 01:56:48.399 inflation of of food prices? 2019 01:56:49.119 --> 01:56:51.079 In security? The government is already tackling that. 2020 01:56:52.199 --> 01:56:55.119 We have I energy costs, you know, I I for 2021 01:56:55.199 --> 01:57:01.000 a course, transport because of the subsidiary removal. Like like 2022 01:57:01.159 --> 01:57:03.720 Carlo also said, I have lot just six problems, you know, 2023 01:57:03.760 --> 01:57:08.640 in terms of supplying. So now for me, we need 2024 01:57:08.720 --> 01:57:10.960 to look at the direction of the government and not 2025 01:57:11.159 --> 01:57:14.600 to look at them depends that we're going through because 2026 01:57:14.640 --> 01:57:18.680 of the reforms. It is not a switch that you 2027 01:57:18.800 --> 01:57:21.479 put off and on and when you switch it on, 2028 01:57:21.640 --> 01:57:22.079 all our. 2029 01:57:22.039 --> 01:57:22.920 Problems going away. 2030 01:57:23.079 --> 01:57:26.439 No, and these are problems that have been there for 2031 01:57:26.880 --> 01:57:29.600 close to sixty years. So for me, the acturn of 2032 01:57:29.640 --> 01:57:33.119 the government is well known now. And what investors need 2033 01:57:33.479 --> 01:57:38.479 be local or finding is predictable predictability. So if investors 2034 01:57:38.520 --> 01:57:41.439 are able to predict outcomes, then there will be more 2035 01:57:41.479 --> 01:57:44.720 confident in investing. And I think that is the position 2036 01:57:44.920 --> 01:57:49.159 of this government. And someone talked about ways, our means 2037 01:57:49.239 --> 01:57:53.880 now twenty three how to fund infrastructure, our projects and all. 2038 01:57:54.199 --> 01:57:59.319 Now this might sound good to the years, however this 2039 01:57:59.479 --> 01:58:05.600 is a most extremely impossible. When you talk of infrastructure, 2040 01:58:06.079 --> 01:58:09.439 you're you're talking about infrastructure, your still is being important, 2041 01:58:11.520 --> 01:58:15.600 your cements, the prices are I already, So where you 2042 01:58:15.720 --> 01:58:20.760 print more money for infrastructure, you are indirectly also increasing inflation. 2043 01:58:21.119 --> 01:58:25.039 So for me, when we was a talk of productivity 2044 01:58:25.119 --> 01:58:29.039 and productivity and productivity, we also need to understand that 2045 01:58:30.319 --> 01:58:34.560 the government can only create an enable environment for production 2046 01:58:34.760 --> 01:58:38.960 in terms of their policy directions. And however, ultimately it 2047 01:58:39.119 --> 01:58:42.039 is the entrepreneurs. I disagree that we have a lot 2048 01:58:42.079 --> 01:58:46.800 of entrepreneur and engurers. I disagree to tally. We have 2049 01:58:46.920 --> 01:58:50.720 a lot of self employed people who just want to 2050 01:58:50.800 --> 01:58:54.840 do things at the micro level are moved. However, when 2051 01:58:54.880 --> 01:59:01.680 you're talking of entrepreneurs, you need significant players that will 2052 01:59:01.680 --> 01:59:04.520 take the signific comes risk, and that's risk. 2053 01:59:05.720 --> 01:59:08.319 You know, lenders have a very very low distap for tite. 2054 01:59:08.840 --> 01:59:11.840 So when we talk of you know, when a productive 2055 01:59:11.840 --> 01:59:14.000 when a productive one not productive, it's an indictment on 2056 01:59:14.199 --> 01:59:17.760 us and not an indictment on the government personage. Now, also, 2057 01:59:18.039 --> 01:59:20.319 were also need to realize that the government, and that 2058 01:59:20.439 --> 01:59:23.239 is why I do not believe that the creation that 2059 01:59:23.399 --> 01:59:25.880 one news states does not have its own Plus. 2060 01:59:27.840 --> 01:59:30.039 You know, in any country, the government is the largest 2061 01:59:30.039 --> 01:59:32.680 spender and also just the employer of labor. 2062 01:59:33.239 --> 01:59:35.680 So I do not believe that the government does gonna 2063 01:59:35.680 --> 01:59:36.520 have a duty. 2064 01:59:36.319 --> 01:59:37.279 To increase. 2065 01:59:38.439 --> 01:59:42.000 It's a number of employees. I do not believe that 2066 01:59:42.119 --> 01:59:43.720 the government do not increase in size. 2067 01:59:44.560 --> 01:59:48.479 However, yeah, however, yes, however, I also do. 2068 01:59:48.560 --> 01:59:51.159 Not believe that we have a spending problem. I think 2069 01:59:51.199 --> 01:59:54.359 we have more. We have more. We have a new 2070 01:59:54.439 --> 01:59:56.239 problem than a spending problem. And I can give you 2071 01:59:56.279 --> 01:59:56.680 a very. 2072 01:59:57.000 --> 02:00:01.600 Small analogy Informusta have your man that is and in 2073 02:00:01.680 --> 02:00:04.960 eighteen thousand and are and he has four kids. 2074 02:00:05.800 --> 02:00:06.960 It's a revenue problem. 2075 02:00:08.279 --> 02:00:11.239 There's nothing there is he can't there's he can't have 2076 02:00:11.319 --> 02:00:14.479 any savings from that. There's there's no spending he wants 2077 02:00:14.479 --> 02:00:16.119 to cost that will not affect. 2078 02:00:16.119 --> 02:00:16.880 It's not out of living. 2079 02:00:17.600 --> 02:00:20.600 So for me then here has a revenue problem. The 2080 02:00:20.680 --> 02:00:24.000 revenue problem is being tackled by this administration that the family, 2081 02:00:24.079 --> 02:00:29.359 believing the fact is increasing to the states on a 2082 02:00:29.439 --> 02:00:35.399 monthly basis, who are able to reduce our depths to 2083 02:00:35.600 --> 02:00:39.159 revenue ratio from about nineteen percent to about sixty four percent. 2084 02:00:39.239 --> 02:00:41.760 Now, so for me that I try the. 2085 02:00:41.760 --> 02:00:45.760 Government is taken is quite interesting. The exonomic out look 2086 02:00:45.760 --> 02:00:48.920 for John twenty five is extremely positive. Will must also 2087 02:00:49.000 --> 02:00:54.159 remain optimistic. However, I believe that it is school a bit. 2088 02:00:55.399 --> 02:00:56.840 I believe that it could be done faster. 2089 02:00:57.680 --> 02:00:58.640 But I believe that. 2090 02:00:58.680 --> 02:01:00.479 John johny five is also going to be very great 2091 02:01:00.560 --> 02:01:03.079 here for people who are going to look at the 2092 02:01:03.119 --> 02:01:07.760 opportunities than having a feeling of and on an off 2093 02:01:07.840 --> 02:01:09.680 switch where oh, if you don't put it on all 2094 02:01:09.720 --> 02:01:12.479 of our problems with are you deminded this one? 2095 02:01:12.560 --> 02:01:12.800 Thank you? 2096 02:01:13.439 --> 02:01:15.520 Yeah, it's a lot, a lot there to unpack, a 2097 02:01:15.600 --> 02:01:19.199 lot there to unpack. If a family of four ends, 2098 02:01:19.720 --> 02:01:23.680 let's even say fifty thousand, it's a revenue problem. I agree. 2099 02:01:24.079 --> 02:01:27.119 What happens when you give that family of four extra 2100 02:01:27.359 --> 02:01:30.159 fifty thousand, that's when we now know if it's a 2101 02:01:30.319 --> 02:01:34.279 spending problem or a revenue problem. So this family ends 2102 02:01:34.479 --> 02:01:37.760 fifty thousand, they are five of them, revenue problem. The 2103 02:01:37.920 --> 02:01:43.000 family now gets a new fifty thousand revenue. The family 2104 02:01:43.119 --> 02:01:46.760 take that money and invest in SyRI a farm or 2105 02:01:46.840 --> 02:01:50.000 a store, or even go to learning skill. That's perfect. 2106 02:01:50.479 --> 02:01:52.399 But if that family was niger I know what happened 2107 02:01:52.399 --> 02:01:55.680 with that fifty million to th thousand. The man will 2108 02:01:55.800 --> 02:01:59.840 marry three more wives and then have to take more children. 2109 02:02:00.399 --> 02:02:03.359 So it's a spending problem. Spending is a choice that 2110 02:02:03.520 --> 02:02:06.039 you make. Revenue is difficult for you to be a choice. 2111 02:02:06.079 --> 02:02:08.920 Revenue is something that you have to earn. But spending 2112 02:02:09.159 --> 02:02:12.760 is a choice. It is a Nigerian government that decided 2113 02:02:13.319 --> 02:02:16.079 to spend on thirty six states. It's in the constitution. 2114 02:02:16.399 --> 02:02:18.600 No one asked them to do it. They put it there. 2115 02:02:19.079 --> 02:02:22.079 No money hasn't for to do security votes or to 2116 02:02:22.239 --> 02:02:27.880 spend more money on importing and subsidizing pms than food 2117 02:02:28.760 --> 02:02:32.119 a family must eat before they drive cars. The Nigeran 2118 02:02:32.199 --> 02:02:35.600 government has never subsidized food in the history of Nigeria. 2119 02:02:35.880 --> 02:02:42.479 They only subsidize PMS. This particular government past a law 2120 02:02:43.039 --> 02:02:45.680 or a strategies to say they're going to import food 2121 02:02:46.119 --> 02:02:51.079 at zero percent duty in July June last year. It's 2122 02:02:51.159 --> 02:02:54.319 not being done as we speak, and that's why food 2123 02:02:54.439 --> 02:02:57.600 is so expensive and has been added to the inflation. 2124 02:02:57.920 --> 02:03:00.840 This is your own policy on them to decide they're 2125 02:03:00.880 --> 02:03:04.920 going to do it. They haven't done it. Coming back 2126 02:03:04.960 --> 02:03:08.119 to the issue of governments, adding, I'm not sure if 2127 02:03:08.159 --> 02:03:10.279 you are truly not to say that the government needs 2128 02:03:10.319 --> 02:03:13.800 to create more states, why not just create soundrance from 2129 02:03:13.840 --> 02:03:17.439 the four states so every government comes the state. The 2130 02:03:17.439 --> 02:03:19.439 reason why we can do because we can't afford it. 2131 02:03:20.720 --> 02:03:22.880 When I start off, I said no states. Niger has 2132 02:03:23.000 --> 02:03:27.199 igr What we call ig R in Niger is payroll tax. 2133 02:03:27.880 --> 02:03:30.199 It's not more that the government is creating. It is 2134 02:03:30.279 --> 02:03:33.600 a tax they are imposing on the payroll of the 2135 02:03:33.720 --> 02:03:39.000 private sector. So the privacystor starts paying payroll IGR rule crash. 2136 02:03:39.760 --> 02:03:43.479 So no state has diversified its economy based pull up 2137 02:03:43.600 --> 02:03:50.479 igr it's eighty percent payroll tax pay ye Calabat tried 2138 02:03:50.600 --> 02:03:54.920 to do diversification. It failed. So and this is all 2139 02:03:55.079 --> 02:03:59.439 the six states was buja. No exception can survive if 2140 02:03:59.520 --> 02:04:00.840 coulde What do you. 2141 02:04:01.000 --> 02:04:01.560 Mean by that? 2142 02:04:02.359 --> 02:04:04.560 Are you asking government to start owning businesses? 2143 02:04:04.840 --> 02:04:08.359 No, I'm asking the government to create an enabling environment 2144 02:04:08.439 --> 02:04:13.760 where the private sector can generate the tax revenues for 2145 02:04:13.880 --> 02:04:18.840 the business apart from payroll taxes. In Nigeria, the ID 2146 02:04:19.279 --> 02:04:23.479 is perro what okay, So let me listen. You only listen. 2147 02:04:23.560 --> 02:04:24.720 I can listen to taxes for you. 2148 02:04:26.399 --> 02:04:26.880 Don't hold on? 2149 02:04:27.039 --> 02:04:29.560 That's what that's what. Let's use Lego as an example. 2150 02:04:30.039 --> 02:04:35.000 Lego says, present listens that what do I actually even collecting? 2151 02:04:35.279 --> 02:04:38.560 Is about this legal twenty percent of you know in terms. 2152 02:04:38.439 --> 02:04:41.479 Of pay is that on twenty percent of your potentials? 2153 02:04:42.000 --> 02:04:44.840 So if Lego said, is just collecting twenty percent of 2154 02:04:44.960 --> 02:04:47.159 what can potentially collect? 2155 02:04:47.880 --> 02:04:52.880 I you agree with me? You agree with me? 2156 02:04:54.159 --> 02:04:55.640 Yeah, hold on, I'm good to lade with this point. 2157 02:04:55.720 --> 02:04:58.680 So potentially you can collect twenty percent and you can't 2158 02:04:58.680 --> 02:05:02.399 define that as woman is we would say that potentially. 2159 02:05:02.079 --> 02:05:05.079 Perhaps we have a lot of task players that we've. 2160 02:05:05.000 --> 02:05:07.680 Not been able to capture that are existing, that are 2161 02:05:07.720 --> 02:05:11.560 aenning money. Perhaps you can also say, oh, potentially if 2162 02:05:11.600 --> 02:05:14.800 you create more businesses, if are able to create more businesses, 2163 02:05:15.279 --> 02:05:18.359 then potentially we can end this more so, it depends 2164 02:05:18.399 --> 02:05:20.119 on what perspective you're looking at it from. 2165 02:05:20.199 --> 02:05:23.359 So for me, like I you know, like you said, which. 2166 02:05:23.279 --> 02:05:26.560 I don't agree with you, it is always going to 2167 02:05:26.880 --> 02:05:29.680 form a major talk. Sermi is on a five person 2168 02:05:29.800 --> 02:05:33.439 of any states idea in Nigia. So what you want 2169 02:05:33.479 --> 02:05:35.560 to do, like your studies about crazy and every environment 2170 02:05:35.720 --> 02:05:39.239 and you know, the creation of an enabling environment also 2171 02:05:39.399 --> 02:05:43.000 be defined. So in terms of roads, are you building 2172 02:05:43.079 --> 02:05:46.079 more roads, are you building plants? 2173 02:05:46.279 --> 02:05:48.399 Let's just energin market like, let's. 2174 02:05:48.319 --> 02:05:49.720 Just see it. 2175 02:05:49.800 --> 02:05:53.880 So so we just say creating an enabling environment. And 2176 02:05:54.119 --> 02:05:55.600 I think this is the problem that men of our 2177 02:05:55.720 --> 02:05:59.199 governors have. We just use our blanketed m a say 2178 02:05:59.319 --> 02:06:03.479 create an environment. They did not understand what remain by creating. 2179 02:06:03.199 --> 02:06:04.279 An enable environment. 2180 02:06:04.359 --> 02:06:07.520 Look, I cannot state, for instance, spending two point five 2181 02:06:07.560 --> 02:06:10.920 billionaire our wedding for him, that is the definitely one 2182 02:06:10.960 --> 02:06:13.159 of crazy and enable environment for its own people. 2183 02:06:13.560 --> 02:06:17.960 So for me, I think as fast like you professionals 2184 02:06:18.000 --> 02:06:19.560 like us. Mark starts. 2185 02:06:19.920 --> 02:06:20.880 You know, Mark, we must. 2186 02:06:20.720 --> 02:06:23.800 Stop using that statement and start, you know, speaking to 2187 02:06:23.920 --> 02:06:27.920 the real things that actually create that enabling environment. One 2188 02:06:27.960 --> 02:06:29.199 thing that I always talk about in. 2189 02:06:29.239 --> 02:06:32.359 Legal Let me hang on, I think, I like, let 2190 02:06:32.399 --> 02:06:34.439 me just make my point so you can continue. Right, 2191 02:06:34.600 --> 02:06:37.800 So you've already agreed with me that legocy is already 2192 02:06:37.840 --> 02:06:40.319 it's only doing twenty percent. There's the point I'm making 2193 02:06:40.760 --> 02:06:43.600 that it's only twenty percent. You've already agreed with me 2194 02:06:43.680 --> 02:06:46.279 on that. The point look at the eighty is state 2195 02:06:46.439 --> 02:06:50.920 government exists with taxes. I'm not saying pay is bad. 2196 02:06:51.079 --> 02:06:55.399 I'm saying the proportion of pay that makes up igr 2197 02:06:55.680 --> 02:06:59.640 is is the monopoly. Pay has a monopoly on igr. 2198 02:07:00.319 --> 02:07:03.920 V eighty is where the state should actually create wealth 2199 02:07:03.960 --> 02:07:08.399 because V eighty forces you to create value in the state, 2200 02:07:08.680 --> 02:07:11.520 then you tax that value. This is the point I'm 2201 02:07:11.560 --> 02:07:14.119 going to. Legosy has got the deep sea port, so 2202 02:07:14.359 --> 02:07:18.520 Legosy is going to end more V eighty from containers, 2203 02:07:18.840 --> 02:07:23.079 from trucks, from hotels, from banks that come to Lego 2204 02:07:23.239 --> 02:07:27.159 States to take advantage of that deep sea port in Lucky. 2205 02:07:27.239 --> 02:07:30.319 This is the point I'm making. Creating the environment. With 2206 02:07:30.520 --> 02:07:33.640 what Legos is doing with the rails, with the deep 2207 02:07:33.720 --> 02:07:36.479 sea ports, with the storage food center in Lego State. 2208 02:07:37.119 --> 02:07:41.840 This has to be replicated across all states. And it 2209 02:07:41.960 --> 02:07:45.279 starts with the tax laws being changed to say that 2210 02:07:45.439 --> 02:07:50.079 you cannot share V eighty on population and land masks, 2211 02:07:50.199 --> 02:07:52.880 but on derivation. That's where I'm going to when I 2212 02:07:52.960 --> 02:07:58.000 say enabling environment. No state today, including Legos, can survive 2213 02:07:58.079 --> 02:08:01.479 if crude oil goes to fifteen dollars a barrel because 2214 02:08:01.520 --> 02:08:04.920 the proportional legosy is making money from its payye on 2215 02:08:05.159 --> 02:08:08.920 companies that are surviving on the same crude oil. We 2216 02:08:09.000 --> 02:08:13.119 are not attacking. We're giving the best practice how it 2217 02:08:13.199 --> 02:08:16.800 should go about the nation. We can't have an economy 2218 02:08:17.359 --> 02:08:19.800 that is supposed to be the largest economy in West 2219 02:08:19.880 --> 02:08:25.560 Africa and was once the largest economy in Africa depending 2220 02:08:26.039 --> 02:08:30.800 one hundred percent Olympic clarifying ninety percent on crude oil. 2221 02:08:31.000 --> 02:08:34.359 That's not an economy. You can't have an economy that way. 2222 02:08:34.640 --> 02:08:36.680 So it's not there to go back and forth. I 2223 02:08:36.720 --> 02:08:39.640 don't want to praise or that. I'm just saying every 2224 02:08:39.800 --> 02:08:42.640 government has got to look. The laws have to change 2225 02:08:42.720 --> 02:08:48.880 top level, that the bottom level creates, productivity, enhancing features, 2226 02:08:48.960 --> 02:08:53.119 build roads, build storage, build power table was bringing error 2227 02:08:53.239 --> 02:08:56.079 to Legos when it was the governor. What about today? 2228 02:08:56.399 --> 02:08:57.960 Why is in Eron back in Legos. 2229 02:08:58.760 --> 02:09:01.159 Yeah, I told you with all the things you said, 2230 02:09:01.640 --> 02:09:04.920 but I used to say something that if there is 2231 02:09:05.119 --> 02:09:08.359 no culture few then distance will still be an issue. 2232 02:09:08.600 --> 02:09:11.880 Look at the Americans and look at Europeans. A largage 2233 02:09:11.880 --> 02:09:13.119 American is entrepreneurs. 2234 02:09:13.159 --> 02:09:13.560 Look at. 2235 02:09:15.600 --> 02:09:19.640 Almost everything you find in America. You can definitely. 2236 02:09:19.399 --> 02:09:23.439 Yes, just the moment, I just agree him, he said, 2237 02:09:23.479 --> 02:09:30.039 I just am not entrepreneurs. The most entrepreneural people Nigerians 2238 02:09:31.119 --> 02:09:35.560 come come come to America. Everything they the Africans look 2239 02:09:35.600 --> 02:09:41.319 at Nigerians. If Nigerians go into this sector, they follow us, Kenyans, Rwandance, 2240 02:09:41.439 --> 02:09:44.479 Gambians wherever we okay, we don't want to go to 2241 02:09:44.600 --> 02:09:48.159 important export or have they follow? So the most enter 2242 02:09:49.079 --> 02:09:51.840 person compart earth is a Nigerian and. 2243 02:09:52.119 --> 02:09:54.279 I don't agree. Fact where I go for this text 2244 02:09:54.359 --> 02:09:58.000 on me to a blockchain. All you see Nigerians that 2245 02:09:58.399 --> 02:09:59.159 are creating it. 2246 02:09:59.439 --> 02:10:02.640 A lot of put that, but personally I feel that 2247 02:10:03.359 --> 02:10:06.319 we are not economy in terms. 2248 02:10:06.119 --> 02:10:12.560 Of quality quantity to population from the world entrepreneurship. It's 2249 02:10:12.600 --> 02:10:15.239 another controversial team because you know why I'm saying this. 2250 02:10:15.800 --> 02:10:19.319 If you look at the because Americans, for example, you find. 2251 02:10:19.159 --> 02:10:23.199 Out that culture places YouTube Americans do see if you 2252 02:10:23.279 --> 02:10:27.680 feel you see people losing money Bitcoin Americans, they don't 2253 02:10:27.720 --> 02:10:29.239 feel that shame they talk about it. 2254 02:10:29.520 --> 02:10:30.760 Your payers they feel that shame. 2255 02:10:31.560 --> 02:10:34.880 Repair then fifty thouandlars you better on you look at 2256 02:10:35.119 --> 02:10:37.920 you're all right, you know many of them don't pusure 2257 02:10:38.000 --> 02:10:38.720 in this investment. 2258 02:10:39.319 --> 02:10:42.000 So that's by the fact that you have those amenities, 2259 02:10:42.159 --> 02:10:43.079 they don't take risks. 2260 02:10:43.239 --> 02:10:47.000 So I think in Nigeria, I think it's a here 2261 02:10:47.640 --> 02:10:49.600 like if you look at the middle class, look at 2262 02:10:49.640 --> 02:10:52.079 some of the middle class, you look at boy, you 2263 02:10:52.079 --> 02:10:55.000 look at your gener and you look at cultural generity. 2264 02:10:55.560 --> 02:11:00.479 Then taking this ccility world people for example diaristic, you 2265 02:11:00.600 --> 02:11:03.800 cannot do that. That's why you see even in terms 2266 02:11:03.880 --> 02:11:06.600 of in the crypto market, we see liver their patterns 2267 02:11:06.720 --> 02:11:07.359 bit coins. 2268 02:11:07.720 --> 02:11:10.720 It's wrong a southeast. If you look at the Southwest, 2269 02:11:10.760 --> 02:11:14.600 it's mixed. If you look at the lookt not it's 2270 02:11:14.680 --> 02:11:19.319 more trus agriculture. It's also in the form of so 2271 02:11:19.399 --> 02:11:24.800 obviously the conserv enterpreneur and strategy, but general you. 2272 02:11:24.880 --> 02:11:28.520 Can we have the culture problem. Me I feel that 2273 02:11:28.640 --> 02:11:30.079 it's metro problem. We see more. 2274 02:11:30.359 --> 02:11:33.840 It's even more than building infrastructure because we just end 2275 02:11:33.960 --> 02:11:36.760 up like we don't end up like, we don't end 2276 02:11:36.840 --> 02:11:39.640 up like beautiful and this did ours. This is that 2277 02:11:39.920 --> 02:11:42.239 people are not really producing more. It's just beautiful, just 2278 02:11:42.319 --> 02:11:43.039 travel tourism. 2279 02:11:43.560 --> 02:11:47.359 If we really want to change our entrepreneur we need 2280 02:11:47.439 --> 02:11:50.880 to put the rabews deliver these those guys in front. 2281 02:11:51.960 --> 02:11:55.119 I was arguing with somebody that says if presidents people said, 2282 02:11:55.159 --> 02:11:59.479 okay that coult issues reform our civil service, trust, I 2283 02:11:59.560 --> 02:12:02.720 can beat with you that Minister of Livestock is going, 2284 02:12:03.039 --> 02:12:05.920 Minister of Money is going, and want all of the 2285 02:12:05.920 --> 02:12:08.439 civil service. But do not allow these guys to do it. 2286 02:12:08.680 --> 02:12:11.880 Because these guys can manage money. These guys understand the environment. 2287 02:12:12.119 --> 02:12:14.119 These guys understand how to do with prim nows. This 2288 02:12:14.199 --> 02:12:16.239 guys understand how to do with the legal poster. This 2289 02:12:16.319 --> 02:12:19.119 guys understand how to But we don't allow these guys 2290 02:12:19.319 --> 02:12:21.960 to take part of the economy. And it's very painful 2291 02:12:22.000 --> 02:12:25.359 because we cannot use those books to solve nager problems. 2292 02:12:25.399 --> 02:12:29.880 We need practical people that have shown resources to handle 2293 02:12:29.960 --> 02:12:32.159 these problems. And that's why I like the Americans. The 2294 02:12:32.239 --> 02:12:34.159 Americans where I like it for them, whether I like 2295 02:12:34.239 --> 02:12:38.880 it or not. Successful people get rewarded. Successful people become 2296 02:12:38.960 --> 02:12:41.800 ready for success. People impute matter lots. You can feel 2297 02:12:41.800 --> 02:12:43.640 what it wants to do. You can see what different 2298 02:12:43.640 --> 02:12:45.800 billners are doing. We don't have it in Nigeria Academy. 2299 02:12:45.840 --> 02:12:49.039 So AC feel like we have to address the culture age. 2300 02:12:49.279 --> 02:12:50.960 And again just for a record for move on, to 2301 02:12:51.039 --> 02:12:55.159 move on to to Michael, to move on. Under no 2302 02:12:55.399 --> 02:12:59.600 circumstance should any state be created in this country. Again, 2303 02:13:00.199 --> 02:13:04.239 if you notice, it is only the military that created states, 2304 02:13:05.119 --> 02:13:05.520 and they. 2305 02:13:05.439 --> 02:13:08.239 Did a horrible job of it. Not just the states, 2306 02:13:08.279 --> 02:13:11.199 the capitals. The capital of Pasava was put there because 2307 02:13:11.239 --> 02:13:14.680 someone's wife was from there. Many states were created because 2308 02:13:14.720 --> 02:13:17.039 the mint was going to retire to that place and 2309 02:13:17.079 --> 02:13:18.880 they wanted to give him a state. Many local agment 2310 02:13:18.920 --> 02:13:21.239 in Nigeria a creatic because one Ami guy wanted to 2311 02:13:21.279 --> 02:13:24.840 have a local goverments area in his villagious no rhyme, 2312 02:13:25.359 --> 02:13:28.439 no reason to come and say you want more states creation. 2313 02:13:28.760 --> 02:13:32.239 We reach money now we reach legos start. The complained 2314 02:13:32.279 --> 02:13:34.399 that the money they get from v eighty is being shared. 2315 02:13:34.640 --> 02:13:37.079 You want to create tetty one new states. It's the 2316 02:13:37.159 --> 02:13:38.920 same legos out They will take the money from a 2317 02:13:39.119 --> 02:13:42.760 distribute to other states. Are aware of that? No new 2318 02:13:42.880 --> 02:13:46.000 st see because you're talking about merging states not How 2319 02:13:46.079 --> 02:13:51.479 can you, Oh my god, how can you say that 2320 02:13:53.600 --> 02:13:58.840 thanking of for having more states, knowing our economic situation 2321 02:13:59.199 --> 02:14:04.800 and the fact that I finik are not economically self sustaining. 2322 02:14:04.960 --> 02:14:06.520 If it's madness, it's crazy. 2323 02:14:07.680 --> 02:14:11.479 I couldn't all stage running budgets, all staged running definicits, 2324 02:14:11.520 --> 02:14:12.960 all stags today, run all. 2325 02:14:12.920 --> 02:14:18.239 Of them good ones towards this galue. I couldn't be joking. 2326 02:14:18.439 --> 02:14:19.760 It's a joke. It's a joke. 2327 02:14:20.159 --> 02:14:24.600 Like several states, the agreements, people see it wants some prises. 2328 02:14:24.600 --> 02:14:26.319 That's why I said that we have the cultural problem. 2329 02:14:26.479 --> 02:14:30.920 People tell you that it brings more representation to the 2330 02:14:31.000 --> 02:14:35.800 federal system that the manority is. Why do we see 2331 02:14:35.920 --> 02:14:39.960 distance from the point of tribalism or from it this 2332 02:14:40.159 --> 02:14:45.720 sentiment like what all expers and policemkers I said, Naturally, 2333 02:14:45.720 --> 02:14:50.119 I can't even afford the present state of government I'm living. 2334 02:14:50.439 --> 02:14:52.800 So this thing that we can meet to fifteen states, 2335 02:14:53.119 --> 02:14:56.000 because in reality if you look at the night of 2336 02:14:56.079 --> 02:14:59.279 the state, they don't do anything productivity. 2337 02:14:59.359 --> 02:15:02.760 Let's be honest. From f gis to captime. 2338 02:15:05.159 --> 02:15:07.760 States natural is in like five a month. I want 2339 02:15:07.880 --> 02:15:10.640 when they borrowed money, many states do not do not 2340 02:15:10.720 --> 02:15:13.760 make the money that then it bank branch mix. Then 2341 02:15:13.840 --> 02:15:16.920 it bank branch makes more revenues than many states in Niger. 2342 02:15:17.159 --> 02:15:19.479 Will come at that. 2343 02:15:20.600 --> 02:15:25.520 And then the fact academic Prais Academy, Prais Lewis listed them. 2344 02:15:26.279 --> 02:15:29.279 If you put them with some states, I'm telling you 2345 02:15:29.520 --> 02:15:31.800 it won't in Southwestern so fun. 2346 02:15:33.159 --> 02:15:36.000 I mean, maybe maybe it was true, maybe maybe it 2347 02:15:36.119 --> 02:15:37.800 was truly not maybe it was true true. 2348 02:15:37.800 --> 02:15:41.760 Maybe you see the how do you see me? I 2349 02:15:41.880 --> 02:15:44.920 see I see this time and I understand why people 2350 02:15:44.920 --> 02:15:47.199 are saying that in one more for presentation, But I 2351 02:15:47.239 --> 02:15:48.960 think we have to look at the fact that it 2352 02:15:49.039 --> 02:15:52.520 doesn't have to be true states representation, The states itself 2353 02:15:52.560 --> 02:15:56.199 are liabilities. The states itself is absolutely system. States yourself 2354 02:15:56.479 --> 02:15:59.920 dividedly thaws. I remember being those states because you can't 2355 02:16:00.119 --> 02:16:02.239 look if we look back at well young and things 2356 02:16:02.319 --> 02:16:05.920 like that, when you had a few states, then those 2357 02:16:05.960 --> 02:16:11.479 states was very it's more infected than yes, it's not 2358 02:16:12.359 --> 02:16:13.239 just solved the issue. 2359 02:16:14.920 --> 02:16:21.520 South Southeast South has developed better with IMO and a 2360 02:16:21.640 --> 02:16:26.039 number end of story today, we just I don't know 2361 02:16:26.039 --> 02:16:28.479 if you want to go there. So no more states 2362 02:16:28.800 --> 02:16:30.359 were done. As a matter of I we go to 2363 02:16:30.399 --> 02:16:34.280 If you want more replentation, push for parliamentary system, then 2364 02:16:34.399 --> 02:16:36.760 create more councils. You know you can have one ten 2365 02:16:36.920 --> 02:16:42.639 thousand constituencies, install every first have ten thousand constituencies and 2366 02:16:42.719 --> 02:16:45.440 will have a parliamentary system. That makes sense to me 2367 02:16:45.719 --> 02:16:49.360 that say created states, has first lady, office of first lady, 2368 02:16:49.680 --> 02:16:51.959 come boy for a first lady, all these things, United 2369 02:16:52.000 --> 02:16:54.760 States Security allowance. Do you think money will come to you? 2370 02:16:55.159 --> 02:16:58.000 Put pushing for states? Think that they are brought become governor. 2371 02:16:58.040 --> 02:16:59.879 It will become pre the government. That's why I push 2372 02:16:59.920 --> 02:17:03.360 it of states, nothing else, nothing else. If you can't 2373 02:17:03.399 --> 02:17:05.680 make it today with the sever stage, did you make 2374 02:17:05.719 --> 02:17:09.719 it with sticks on the states? With Michael, Let's let's 2375 02:17:09.920 --> 02:17:15.120 walk in your mind Michael, Yeah, yeah, thank. 2376 02:17:15.000 --> 02:17:19.879 You and you so much for the educations over our life. 2377 02:17:20.559 --> 02:17:23.200 So I'm going to mix reports. 2378 02:17:23.280 --> 02:17:26.760 So firstly, I remember I think it's space indeed about 2379 02:17:26.799 --> 02:17:29.399 three years, but I remember you give an analogy on 2380 02:17:30.040 --> 02:17:31.559 We're you know, the. 2381 02:17:31.600 --> 02:17:35.760 Government can create a system. We're instead of these private companies. 2382 02:17:35.760 --> 02:17:42.479 The stars ready, they use the tax to create infrastructure 2383 02:17:42.559 --> 02:17:45.440 for that state to ensure, you know, things go soon. 2384 02:17:45.600 --> 02:17:48.399 Because that's the two for example, that pass system they 2385 02:17:48.399 --> 02:17:49.079 get the government. 2386 02:17:49.280 --> 02:17:50.959 The government gives them like I don't know if you 2387 02:17:51.000 --> 02:17:54.159 say tax credit does the words used were? They use 2388 02:17:54.280 --> 02:17:56.159 that more the you know, the view the roots for 2389 02:17:56.239 --> 02:17:58.120 the states. They be the good will with the states. 2390 02:17:58.479 --> 02:18:01.000 While over time the money that they ought to be 2391 02:18:01.040 --> 02:18:04.360 paying for taxes the government, they use that to the government, 2392 02:18:04.520 --> 02:18:09.760 you know, takes the revenue being generated from the railway 2393 02:18:10.000 --> 02:18:11.360 gooles for that taxes. 2394 02:18:11.719 --> 02:18:14.239 So that's just so I think that system can work. 2395 02:18:14.280 --> 02:18:19.760 And saying Nigeria Nigerians are not are not are not entrepreneurs, 2396 02:18:19.799 --> 02:18:20.440 I think it's one. 2397 02:18:20.319 --> 02:18:23.360 Of the worst statements ever because for example, me, I'm 2398 02:18:23.399 --> 02:18:24.479 a young man. 2399 02:18:24.520 --> 02:18:26.840 I'm Buil twenty five years and there. 2400 02:18:26.760 --> 02:18:28.799 Are some things that I'm even doing right now, even 2401 02:18:28.959 --> 02:18:31.840 with the poor stage poor net one of the worst 2402 02:18:31.920 --> 02:18:35.040 networks in the world with no electricity, not nothing worst. 2403 02:18:35.079 --> 02:18:38.079 He's striving to make things better. There reason most Nigerias 2404 02:18:38.079 --> 02:18:40.559 even going into flow these days, it's because they see 2405 02:18:40.639 --> 02:18:41.600 that it's easy. 2406 02:18:41.319 --> 02:18:44.120 Way because many of them have tried businesses, but the 2407 02:18:44.639 --> 02:18:47.239 economic situation is not empowering. 2408 02:18:46.840 --> 02:18:50.079 Them, is not making their business work. There's the average 2409 02:18:50.120 --> 02:18:53.799 Ebo boy today, for example, wants to do business. The 2410 02:18:53.920 --> 02:18:56.879 average Ninia letter but wants to do business. 2411 02:18:56.959 --> 02:19:00.000 The problem is there is no support from anywhere. There's 2412 02:19:00.040 --> 02:19:02.879 no support from the government to you know, to formd 2413 02:19:02.959 --> 02:19:05.200 that their dream. Not I'm not talking about monetary now. 2414 02:19:05.280 --> 02:19:08.440 I'm talking about providing the basic infrastructions. If we have 2415 02:19:08.799 --> 02:19:11.200 twenty four hours electricity today, we have settin things. 2416 02:19:11.760 --> 02:19:14.200 Just if even we just have tirty percent. 2417 02:19:14.000 --> 02:19:16.319 Of the youth, they turn better and become productive, the 2418 02:19:16.399 --> 02:19:17.520 economy is going to boom. 2419 02:19:17.760 --> 02:19:20.440 I'm talking about like your like to taste, which risk 2420 02:19:20.520 --> 02:19:22.120 and all that, you don't need to take very high 2421 02:19:22.239 --> 02:19:29.079 risk to have reproductive economy. For example, people are basical 2422 02:19:29.079 --> 02:19:32.959 people going into farm. They can sleep, you know, distribute 2423 02:19:32.959 --> 02:19:35.159 their goods to several places in the world. They don't 2424 02:19:35.159 --> 02:19:38.040 need to take big risk of I think it's even visas, 2425 02:19:38.159 --> 02:19:40.520 venture capitals and all that area have so much money 2426 02:19:40.680 --> 02:19:42.680 that we're talking about risks for not the average and 2427 02:19:42.760 --> 02:19:44.719 generally wants to start the firm. The omasion you don't 2428 02:19:44.719 --> 02:19:46.639 want to start. The firm is not seeing that as. 2429 02:19:46.559 --> 02:19:48.680 A risky business. If he has a good way of 2430 02:19:48.719 --> 02:19:51.600 transporting his roots across the country, I don't see any 2431 02:19:51.680 --> 02:19:53.639 risk there. So that's that's the point I want to make. 2432 02:19:53.680 --> 02:19:56.040 On one hand. Then secondly, I want to ask a question. 2433 02:19:56.760 --> 02:19:58.760 I think I've been doing research on the gold standard, 2434 02:19:59.120 --> 02:20:02.639 and I understand that the good standard inflation was less predictable, 2435 02:20:02.760 --> 02:20:06.920 right because of the real situation. Well, for example, if 2436 02:20:07.000 --> 02:20:09.479 good is discovered and use content in a particular place, 2437 02:20:09.879 --> 02:20:10.280 it can. 2438 02:20:10.280 --> 02:20:13.079 You know, affect inflation and all that board, I don't know. 2439 02:20:13.399 --> 02:20:18.840 I during then I think inflation was more controllable rather 2440 02:20:19.079 --> 02:20:22.680 than this our current feart system, were the government prints 2441 02:20:22.760 --> 02:20:23.520 money continually. 2442 02:20:23.520 --> 02:20:26.239 I think that's one of the arguments bitcoin proponents make. 2443 02:20:26.559 --> 02:20:30.079 But I know that craising of money also feels what's 2444 02:20:30.159 --> 02:20:32.040 the word, our productivity. 2445 02:20:31.440 --> 02:20:34.120 We sow the US are that boomed in the US. 2446 02:20:34.239 --> 02:20:37.799 So I'm thinking, which is a more balanced system. We 2447 02:20:37.959 --> 02:20:41.399 have a good standard, very inflation you know, down and 2448 02:20:41.559 --> 02:20:42.440 not very high. 2449 02:20:42.799 --> 02:20:45.200 All these are our current fyard system. 2450 02:20:44.920 --> 02:20:49.200 Where the government continued continues printing money and we experience concy, 2451 02:20:49.280 --> 02:20:51.520 devaluation at a very high level. 2452 02:20:51.680 --> 02:20:54.879 I think a great picture were somebody. 2453 02:20:54.559 --> 02:20:58.319 Gave an analogy said, I think it just a lima 2454 02:20:58.319 --> 02:21:02.440 analogy said, I think you are getting stronger in nineteen 2455 02:21:02.479 --> 02:21:03.079 ninety five. 2456 02:21:03.600 --> 02:21:06.079 In nineteen ninety five, it will take two men to 2457 02:21:06.680 --> 02:21:11.200 carry fifteen the fifteen dollar of goods. It's take two 2458 02:21:11.280 --> 02:21:15.760 men stillboards in twenty twenty four, given a five year 2459 02:21:15.799 --> 02:21:19.280 old can't carry one hundred dollars of goods. So that's 2460 02:21:19.280 --> 02:21:19.959 what I want to end. 2461 02:21:20.079 --> 02:21:22.079 Thank you. So let me answer the same question. So 2462 02:21:22.200 --> 02:21:25.120 if you had a small business, do you want to 2463 02:21:25.520 --> 02:21:29.280 run that small business with only your revenues from sales 2464 02:21:29.840 --> 02:21:38.440 or do you want a credit carden carriage. 2465 02:21:38.719 --> 02:21:41.200 Definitely the loans boost the economy. 2466 02:21:41.280 --> 02:21:45.479 Yeah, so yeah, well yeah, yeah, so that's the answer. 2467 02:21:45.559 --> 02:21:45.680 Right. 2468 02:21:45.719 --> 02:21:48.840 That's why governments prints money and ditch the gold standard. 2469 02:21:48.879 --> 02:21:51.079 When you have a gold standard, you can't print money. 2470 02:21:51.120 --> 02:21:53.360 You are only you can only print to the amount 2471 02:21:53.399 --> 02:21:56.159 of gold you have. So it's good because there's no inflation, 2472 02:21:56.719 --> 02:21:59.319 but it's bad because you can't grow if you have 2473 02:22:00.079 --> 02:22:02.120 if you have a business need Lessay Nigeria, I was 2474 02:22:02.159 --> 02:22:04.479 doing the gold standard. We will not have Kanji Dam 2475 02:22:05.000 --> 02:22:07.159 because we can't borrow to build Caanji Dam. We have 2476 02:22:07.239 --> 02:22:10.879 to save money enough gold then build Kanji Dam with 2477 02:22:11.000 --> 02:22:13.680 the gold of reserves, so it's growth. Growth is slower, 2478 02:22:14.280 --> 02:22:17.159 but you will have inflation. So it's in economies again, 2479 02:22:17.200 --> 02:22:19.719 there's no right or wrong answer. There's just choices. You 2480 02:22:19.799 --> 02:22:24.399 can decide to build Kanji Dam after saving four fifteen years, 2481 02:22:25.079 --> 02:22:27.799 or you can build kanjy Dam today and then with 2482 02:22:28.040 --> 02:22:31.559 debt and then paid back. So the gold standard means 2483 02:22:31.600 --> 02:22:34.399 there's no credit card. But if you can borrow mess, 2484 02:22:34.479 --> 02:22:37.479 you can print. That's deficit financing. The problem is that 2485 02:22:37.639 --> 02:22:40.920 with the we're seeing the corruption of deficit financing, whereby 2486 02:22:41.399 --> 02:22:44.559 we are printing money to pay salaries. There's no production 2487 02:22:44.760 --> 02:22:46.840 there right, so that's why it looks like it's bad. 2488 02:22:47.920 --> 02:22:52.440 An economy needs to have deficit financing. The Niger economy, 2489 02:22:52.559 --> 02:22:56.719 if it was possible, borrow one trillion dollars, If it 2490 02:22:56.879 --> 02:23:01.280 was possible borrow one trillion and invest it in productivity, 2491 02:23:01.840 --> 02:23:07.440 invested in roads, rails, power supply, schools and hospitals, if 2492 02:23:07.440 --> 02:23:09.879 it was possible, and that the money be will be 2493 02:23:09.959 --> 02:23:14.280 spent without losing it. Once you spend that money, the 2494 02:23:15.000 --> 02:23:19.719 one trillion will be repaid via productivity gains in Nigeria. 2495 02:23:19.840 --> 02:23:22.920 I give you a classic example. If you have a barber. 2496 02:23:23.319 --> 02:23:27.719 The barber cuts maybe ten people's ten heir whatever a day, 2497 02:23:28.079 --> 02:23:31.319 so it makes maybe ten thousand Ira. But from that 2498 02:23:31.479 --> 02:23:34.559 ten ton narraw, he has to pay five thousand Ira 2499 02:23:35.319 --> 02:23:38.159 just to buy generator, feel for generator. Then he has 2500 02:23:38.200 --> 02:23:41.840 to pay on that two thousand just to go back 2501 02:23:41.840 --> 02:23:44.200 and forth on work. So already he has already spend 2502 02:23:44.399 --> 02:23:48.360 seven thousand. He hasn't eaten, hasn't paid his salary. Seven 2503 02:23:48.399 --> 02:23:51.600 thousand has gone from what the government would have provided 2504 02:23:51.680 --> 02:23:55.079 him first forward. If you had spent that one trillion 2505 02:23:55.159 --> 02:23:58.079 dollars in providing power supply, he would just pay his 2506 02:23:58.200 --> 02:24:00.719 power bill. His parabi would be like five hundred dollars 2507 02:24:00.760 --> 02:24:03.159 because he's the lower cost when he's on public power. 2508 02:24:03.559 --> 02:24:05.600 Same thing with transportation. He will go on the subway 2509 02:24:05.719 --> 02:24:08.120 and get to his place of work. So he's spending 2510 02:24:08.799 --> 02:24:12.959 one thousand instead of seven thousand. What do you think 2511 02:24:13.000 --> 02:24:15.440 he does with remaining six thousand. He's going to spend 2512 02:24:15.520 --> 02:24:19.600 it and the economy grows on consumption, So he spends, 2513 02:24:20.000 --> 02:24:22.639 he invests it is that spend and invest and the 2514 02:24:22.760 --> 02:24:26.559 government is taxing to get back it is one trillion. 2515 02:24:27.200 --> 02:24:29.959 So you see how the economy is called the circular economy. 2516 02:24:30.479 --> 02:24:33.319 The problem with Nigeria is that if you give Nigeria, 2517 02:24:33.440 --> 02:24:35.520 want not even borrow. If you dash nigeer if God 2518 02:24:35.639 --> 02:24:38.879 comes down and says, hey, mister Tinobu, I've seen your 2519 02:24:38.920 --> 02:24:42.399 good work. I support you. Here is one angel, Gabriel, 2520 02:24:42.680 --> 02:24:46.120 give him one trillion. Do all what happened Tomorrow. National 2521 02:24:46.159 --> 02:24:48.719 attemper will pass the build that all centers must drive 2522 02:24:48.879 --> 02:24:51.479 Rose Royce and have a private jet in the local 2523 02:24:51.559 --> 02:24:55.280 government area to do oversights. So we're gonna spend one 2524 02:24:55.360 --> 02:24:58.840 hundred billion dollars to build airport in all local government 2525 02:24:58.879 --> 02:25:03.520 areas for national members. They will now spend two billion 2526 02:25:03.879 --> 02:25:06.639 to build a brand new national Sabday complex in all 2527 02:25:06.680 --> 02:25:08.319 the seven stage. You see what I'm going to do this. 2528 02:25:08.559 --> 02:25:11.760 By the time you get to day five, we've spent 2529 02:25:11.959 --> 02:25:17.280 nine hundred billion on nothing than private jets, rose rice 2530 02:25:17.479 --> 02:25:21.200 and advertisements to tank where God for giving us one 2531 02:25:21.280 --> 02:25:23.120 be trillion, So the money is lost. That's why we 2532 02:25:23.239 --> 02:25:26.440 we we don't like to borrowing, but every economy grows 2533 02:25:26.520 --> 02:25:30.200 by borrowing. No economy can grow. No business today can 2534 02:25:30.280 --> 02:25:33.520 say it can grow without borrowing. So that's my answer 2535 02:25:33.600 --> 02:25:34.760 to you. I'm not going to tell you go and 2536 02:25:34.840 --> 02:25:36.319 bord not to prow, but I'm saying you have to 2537 02:25:36.440 --> 02:25:38.120 choose which one you want if you want to have. 2538 02:25:39.520 --> 02:25:42.799 Another problem without is that even when we're invested in 2539 02:25:42.920 --> 02:25:47.319 fast structure is usually your own political lines. Yeah, argument, 2540 02:25:48.520 --> 02:25:52.879 and you really want to invest in connect economic lines 2541 02:25:53.239 --> 02:25:55.399 for example, we know the economic continent. 2542 02:25:55.920 --> 02:26:01.079 They're not you know, you know, like actual. 2543 02:26:02.879 --> 02:26:06.600 Functionality postings are not really in pree and you know 2544 02:26:07.760 --> 02:26:10.440 these things also have an advantage. When you build an 2545 02:26:10.440 --> 02:26:14.319 economic lines, you connect the country by the country, you 2546 02:26:14.440 --> 02:26:17.920 strengthen the country security. So these are things we also 2547 02:26:18.079 --> 02:26:20.680 need to look at because let me argue invest infrastructures. 2548 02:26:20.680 --> 02:26:23.479 Don't argue that well the past administration. 2549 02:26:23.479 --> 02:26:26.200 You spect too much more. But let's be honest, what's 2550 02:26:26.319 --> 02:26:29.000 the value on this infrastructure? What is it breaking your 2551 02:26:29.040 --> 02:26:31.440 building infrastructure that has go to the desert where you 2552 02:26:32.559 --> 02:26:34.239 have to look at all these things. And that's why 2553 02:26:34.520 --> 02:26:35.159 pretty much. 2554 02:26:35.040 --> 02:26:38.319 I'm so excited about Dows refinery because if you look 2555 02:26:38.360 --> 02:26:41.360 at the next in long term and the fact that 2556 02:26:41.600 --> 02:26:45.600 it's also triggered Rabue to build a smaller one in 2557 02:26:45.680 --> 02:26:48.799 a quiet but it's really good to integrate the country 2558 02:26:49.000 --> 02:26:51.079 in the long term. I hope it does if it's 2559 02:26:51.159 --> 02:26:55.319 properly implemented, because I'm hearing so many IPI people projects 2560 02:26:55.680 --> 02:26:58.200 in different zones that will connect to So these are 2561 02:26:58.280 --> 02:26:59.360 things that I really want. 2562 02:26:59.280 --> 02:26:59.680 To look at. 2563 02:26:59.840 --> 02:27:03.920 So many people about the peace, then talk about Usia 2564 02:27:04.040 --> 02:27:04.639 on the economy. 2565 02:27:08.120 --> 02:27:11.760 The most beautiful The most beautiful airport in Nigers in 2566 02:27:11.840 --> 02:27:14.920 Jigawa State. If if you google it now, guys, the 2567 02:27:14.959 --> 02:27:17.639 most beautiful airport you see Niger is in Jigawa. Been there, 2568 02:27:17.639 --> 02:27:20.159 It's beautiful. Just google it our online and I mean, 2569 02:27:20.200 --> 02:27:25.399 I love people. But before this airport, Jigawa had a governor. 2570 02:27:25.840 --> 02:27:27.840 I think it was the first guy samin Or. So 2571 02:27:28.440 --> 02:27:33.399 his ownaha was his own IgM capital exponditure was he 2572 02:27:33.559 --> 02:27:38.280 he gave Jigawa the first high speed internet in Nigeria. 2573 02:27:38.719 --> 02:27:41.200 So before they goes got to high spined internet. The 2574 02:27:41.360 --> 02:27:43.920 governor of Jigawa, he wasn't living in Jigawa. He was 2575 02:27:43.920 --> 02:27:48.600 living in the Netherlands. Again Google, the governor of Jigawa 2576 02:27:49.040 --> 02:27:53.879 was living in the Netherlands. So but his own capital 2577 02:27:53.959 --> 02:27:57.799 investment was he gave Jagawa high speed internet that he 2578 02:27:57.799 --> 02:28:00.479 will come from Netherlands two days to have to when 2579 02:28:00.520 --> 02:28:03.159 they're sharing fac he'll share FAG. He will go back 2580 02:28:03.159 --> 02:28:08.840 to Netherlands and Dubai. So according to the law of infrastructure, 2581 02:28:08.879 --> 02:28:11.680 he built infrastructure. So what LOOM is in its own 2582 02:28:11.760 --> 02:28:16.639 point infrastructure is not just building it, but with a plan. 2583 02:28:17.840 --> 02:28:20.280 Last week or two weeks ago, I saw Lego State. 2584 02:28:21.120 --> 02:28:24.600 We're spending sixty five million to connect the ports in 2585 02:28:24.760 --> 02:28:26.600 Lego States, so they're going to be four pot there's 2586 02:28:26.680 --> 02:28:29.319 tin can, there's a paper, there's the deep there's deep 2587 02:28:29.399 --> 02:28:31.639 sea and all they don't connect all for I get it. 2588 02:28:31.840 --> 02:28:32.360 That's fine. 2589 02:28:32.680 --> 02:28:33.159 I don't. I don't. 2590 02:28:33.159 --> 02:28:35.799 I don't hit no Lego States. But if you leave 2591 02:28:35.920 --> 02:28:38.399 Lego States, if you know Lego States properly, there's only 2592 02:28:38.559 --> 02:28:42.040 one road living that Legos that's a jota. If you 2593 02:28:42.159 --> 02:28:45.600 go to Daughta, you go western, you're heading towards Tourgate. 2594 02:28:46.399 --> 02:28:49.680 That road Legos to a bell Guta, Legos to Baton 2595 02:28:50.000 --> 02:28:53.799 has been built since nineteen ninety nine, is not being completed. 2596 02:28:53.920 --> 02:28:55.440 They will tell you it's like now, boy, it's not 2597 02:28:55.600 --> 02:28:59.840 completed since nineteen ninety nine, so we're still building le 2598 02:29:00.079 --> 02:29:04.159 Goes to eat bad on nineteen ninety nine. That's the 2599 02:29:04.239 --> 02:29:06.959 only road though. That's there's a ten lane express road. 2600 02:29:07.399 --> 02:29:09.879 When it gets to toll Gate, it becomes falling. Was 2601 02:29:09.920 --> 02:29:13.159 this sixth lane now we've not completed it. Where will 2602 02:29:13.200 --> 02:29:15.920 they when you connect all these pots? Where will they 2603 02:29:16.000 --> 02:29:17.959 pass through by road? Oh They're gonna go by rail? 2604 02:29:18.079 --> 02:29:20.479 Oh wow, so I'm gonna go by rail. Okay. So 2605 02:29:20.719 --> 02:29:24.280 Nigeria and now has a standard rail from Legos to 2606 02:29:24.360 --> 02:29:26.920 eat bad On. Then it stops. Then we have a 2607 02:29:27.000 --> 02:29:30.680 narrow gauge from Legos to Cano, but most of them 2608 02:29:30.719 --> 02:29:32.959 are not working. If you look at the map of Nigeria, 2609 02:29:33.239 --> 02:29:36.440 we have a railway line from Worry to attack By. 2610 02:29:36.799 --> 02:29:39.520 It doesn't connect any big city. It's just in the 2611 02:29:39.600 --> 02:29:43.120 center of Nigeria. Just standard gage line from Worry to 2612 02:29:43.200 --> 02:29:45.159 attack By. Nothing else. Then if you look at the 2613 02:29:45.239 --> 02:29:47.200 map from Nigeria, we have a line that goes from 2614 02:29:47.239 --> 02:29:50.920 Abuja to Cana. Then it stops. You see what I'm 2615 02:29:50.959 --> 02:29:55.680 going to do this no connection, no integration. What we 2616 02:29:55.760 --> 02:29:58.079 can still be do is to connect the worry line, 2617 02:29:58.360 --> 02:30:00.959 the worry line to the port. Right what is the port? 2618 02:30:01.040 --> 02:30:04.000 So connect our worry line to the port. Then connect 2619 02:30:04.040 --> 02:30:08.360 the worry line to Abuja Port. So from Kaduna it 2620 02:30:08.479 --> 02:30:11.719 then becomes possible to send a containers straight to wor Report, 2621 02:30:12.159 --> 02:30:16.920 but we haven't done it. We're chasing Maradi, cannot to 2622 02:30:17.040 --> 02:30:20.600 Maradi real that will not be connected to nowhere. Again, 2623 02:30:21.159 --> 02:30:24.799 they are narrow gauge, the standard gauge. The southeast of 2624 02:30:24.920 --> 02:30:28.600 Niger that supports mid degree has narrow gauge. The southwest 2625 02:30:28.799 --> 02:30:32.639 has standard gauge. Attack By is standard gauge. So in 2626 02:30:32.760 --> 02:30:35.520 Nigeria we're gonna have two trains. A big one will 2627 02:30:35.520 --> 02:30:37.959 be narrow gauge, one be standard gauge. You see the 2628 02:30:38.000 --> 02:30:40.920 point I'm making. It's not organized. If you want to 2629 02:30:40.959 --> 02:30:44.040 build infrastructure, you have to and let's be honest, you 2630 02:30:44.159 --> 02:30:47.159 have to forget tribe and say you want to build 2631 02:30:47.200 --> 02:30:49.440 some of that works. The gentlemen asked the question here 2632 02:30:49.719 --> 02:30:53.079 why foods are expensive in Nigeria commodities because we don't 2633 02:30:53.120 --> 02:30:56.479 have infrastructure. Kerby and Lego as signed a deal to 2634 02:30:56.559 --> 02:30:59.920 do lake rice. Where is it today? Where's it today? 2635 02:31:00.280 --> 02:31:03.879 If there was a train that went from Keby to Legos, 2636 02:31:04.200 --> 02:31:08.000 Legos has got the largest most modern rice mill, perhaps 2637 02:31:08.159 --> 02:31:12.000 in all of Africa. Legos or motor Rice meal. Keby 2638 02:31:12.120 --> 02:31:15.719 has a huge amount of rice paddy. All that would 2639 02:31:15.760 --> 02:31:19.079 happen Keby will load rice paddy in Keby, Legos to 2640 02:31:19.159 --> 02:31:22.040 politic rize Lego chance to eat the cost of food 2641 02:31:22.079 --> 02:31:26.000 to condown. But Legos has a rice rice meal with 2642 02:31:26.159 --> 02:31:31.399 no rice farms. Keby has paddy, no no rails. Look 2643 02:31:31.440 --> 02:31:34.399 at the look at the still complexes all across Nigeria. 2644 02:31:34.799 --> 02:31:38.239 Every zone in Nigeria has a still complex apart from 2645 02:31:38.280 --> 02:31:41.600 the Southeast zone. The Southeast zone is near on Natcha 2646 02:31:41.760 --> 02:31:45.479 that has the research Institute Maeorlogical Research intitude and it's 2647 02:31:45.639 --> 02:31:48.559 right next to the water. When we were building a 2648 02:31:48.680 --> 02:31:51.879 jacuta just the diversion, guys, there was no delta state 2649 02:31:52.479 --> 02:31:55.719 building a jacuta. A jacuta was to be built on 2650 02:31:55.959 --> 02:31:59.559 the River Niger, anywhere on the River Niger. Why because 2651 02:31:59.600 --> 02:32:03.280 you were to import the coke the coal and you 2652 02:32:03.399 --> 02:32:06.760 can't import it on roads. It to damage out roads. 2653 02:32:07.200 --> 02:32:08.600 There was no delta state. 2654 02:32:08.879 --> 02:32:11.360 So they build the plowers to build that wall, report 2655 02:32:11.799 --> 02:32:15.760 to bring in the limestone and coal moving up river 2656 02:32:16.200 --> 02:32:19.520 to the to the steel plant that we built near 2657 02:32:19.600 --> 02:32:20.120 on a chair. 2658 02:32:21.040 --> 02:32:23.079 The iron ore would then come from a tack bay 2659 02:32:23.440 --> 02:32:26.600 straight to then you bring the goods in and out 2660 02:32:26.719 --> 02:32:30.520 thrue water not through bridge, not true road. Then what 2661 02:32:31.360 --> 02:32:34.760 he needs to import sand? That's what's cold, cooke and 2662 02:32:34.840 --> 02:32:35.879 col and limestone are. 2663 02:32:36.280 --> 02:32:36.920 But what do we do? 2664 02:32:37.000 --> 02:32:39.719 We do the Ajacuta will put the local jack. Then 2665 02:32:39.760 --> 02:32:43.879 we put a steal plant in Cartina because we must 2666 02:32:43.959 --> 02:32:47.079 do feder character. We put the steal plants in the shovel. 2667 02:32:47.440 --> 02:32:51.639 Put a steal plant in Jos. What's the connection? Is there? 2668 02:32:51.680 --> 02:32:54.159 A real life from a showbol to Jos is the 2669 02:32:54.280 --> 02:32:57.879 reil life from Catina to to see what? See what 2670 02:32:57.920 --> 02:33:02.280 I'm going to with these guys. Combat airports the largest, 2671 02:33:03.000 --> 02:33:08.719 so all many not live airports. Free trade zones. Many 2672 02:33:08.840 --> 02:33:12.440 states in Nigeria have three free trade zones. Some have 2673 02:33:12.639 --> 02:33:16.959 two free trade zones. The entire southeast of Nigeria has 2674 02:33:17.040 --> 02:33:19.000 one free trade zone. One that's one. 2675 02:33:19.360 --> 02:33:21.159 Who know those one? One? 2676 02:33:22.120 --> 02:33:26.479 Many states have three two states, but a region has one. 2677 02:33:27.079 --> 02:33:30.760 This region has got the largest market in some time. 2678 02:33:30.799 --> 02:33:35.639 Africa Nature the largest automotive class in Africa. Navy the 2679 02:33:35.840 --> 02:33:39.360 largest semi cluster in sometimes Africa ABBA, but it has 2680 02:33:39.440 --> 02:33:42.600 no free trade zone in that whole region. On the 2681 02:33:42.799 --> 02:33:45.079 last day that good Luck left office, it created the 2682 02:33:45.159 --> 02:33:48.479 in free trade zone to add to the Guangzoo futures 2683 02:33:48.520 --> 02:33:52.680 in the Inmo States. But what is the point. Why 2684 02:33:52.840 --> 02:33:56.719 couldn't you say, Wow, these guys are doing semi exports, 2685 02:33:56.959 --> 02:33:59.280 let's give their free trade zone, link it with all 2686 02:33:59.360 --> 02:34:02.639 the other freeon in Nigeria and we have an export 2687 02:34:02.760 --> 02:34:05.760 economy or local economy, but we won't do it. Who 2688 02:34:05.760 --> 02:34:07.920 will use big English and cover this thing? That is 2689 02:34:08.760 --> 02:34:13.079 what is claimed Nigeria. I've said it before, I'm ending now. 2690 02:34:14.280 --> 02:34:19.920 The worst policy that Nigeria ever enacted was the Federal 2691 02:34:20.120 --> 02:34:23.200 Character policy. And you think I'm saying because I'm Ego 2692 02:34:23.360 --> 02:34:26.959 and I'm being trible. No, When Pa Latinobu was the 2693 02:34:27.079 --> 02:34:31.760 governor of Legos, he brought enern to Legos and he 2694 02:34:31.840 --> 02:34:36.399 wanted to get Eryone's budges to supply power to Legostate. 2695 02:34:36.520 --> 02:34:39.040 He couldn't do it. Do you know why because according 2696 02:34:39.040 --> 02:34:41.559 to fair character, this is not written anywhere or that 2697 02:34:41.799 --> 02:34:45.239 power must first of all go to national greed before 2698 02:34:45.239 --> 02:34:47.200 it gets to legosity. It doesn't make any sense to 2699 02:34:47.200 --> 02:34:50.280 anybody that a governor will bring a badge for power, 2700 02:34:50.559 --> 02:34:52.959 then the power will now go to national agreed, the 2701 02:34:53.120 --> 02:34:56.399 national good, the power to legosty. Oh why so of 2702 02:34:56.479 --> 02:34:58.719 course the budges went away till today we have and 2703 02:34:58.760 --> 02:35:04.319 we don't anything no federal character. This excessive spending spend. 2704 02:35:04.399 --> 02:35:07.520 My calling to tribe that we most build still plants 2705 02:35:07.600 --> 02:35:12.000 in all geographical areas, not where they still still industry 2706 02:35:12.200 --> 02:35:16.120 or still resources are located. Is why Nigeria is poor today. 2707 02:35:16.239 --> 02:35:18.360 Go and write it down. It's not you don't have to. 2708 02:35:19.200 --> 02:35:23.520 Federal character is what brought fuck. Without federal character, you 2709 02:35:23.520 --> 02:35:26.559 do not have fuck without fuck, you not have quota. 2710 02:35:27.120 --> 02:35:30.959 It's the same nonsense that we must do. Whole economy 2711 02:35:31.120 --> 02:35:33.600 was grow at the same piece. So when empty and 2712 02:35:33.719 --> 02:35:37.719 came empty and has to set up in legos and 2713 02:35:38.040 --> 02:35:40.440 all the things. So LPN did not have to do that. 2714 02:35:40.639 --> 02:35:44.920 Empty and started off with with Legos. Then they went 2715 02:35:45.040 --> 02:35:48.440 to Abuja, then they went all across Nigeria. Imagine if 2716 02:35:48.479 --> 02:35:51.000 we told empty to follow to follow federal character, so 2717 02:35:51.159 --> 02:35:53.920 Anon will start up being kavy in Abia before they 2718 02:35:54.000 --> 02:35:56.440 do anything. It doesn't make any sense. So we've got 2719 02:35:56.520 --> 02:36:00.159 to really face the issue. Spending is tied to that 2720 02:36:00.319 --> 02:36:03.479 character and you've got to get rid of further character. 2721 02:36:03.520 --> 02:36:05.959 It's just not possible to delve that that or that note. 2722 02:36:06.040 --> 02:36:09.760 With that, let me move over to I've got Nigeria 2723 02:36:10.959 --> 02:36:13.799 any sorry, nig analysis. You've got the flow who take 2724 02:36:14.319 --> 02:36:18.360 says we'll teket you to do Techniger, go ahead, what's your. 2725 02:36:20.639 --> 02:36:24.479 Good? Calu Goodive me sir so or love me do 2726 02:36:24.719 --> 02:36:28.000 mikell and do. Everyone here that has. 2727 02:36:27.920 --> 02:36:32.680 Been contributing, I've enjoyed the conversation, and ah. 2728 02:36:33.000 --> 02:36:35.799 It's been it's been exhilarating. 2729 02:36:37.000 --> 02:36:41.200 I want to come in from the point of trying 2730 02:36:41.239 --> 02:36:45.559 to harness and synthesize all what you guys have been saying. 2731 02:36:46.360 --> 02:36:50.600 And Calu, your your last point, A couple of points 2732 02:36:50.680 --> 02:36:54.600 you made that is the heart of all this problem. 2733 02:36:55.200 --> 02:36:59.360 For me, I'm an economist, so I leave spending. Spending 2734 02:36:59.479 --> 02:37:05.040 is not bad. But our issue in Nigia is government 2735 02:37:05.159 --> 02:37:11.600 spending has been for a long time, for decades, has 2736 02:37:11.719 --> 02:37:21.920 been inefficient and unproductive, largely inefficient and unproductive our government spending. 2737 02:37:22.639 --> 02:37:27.239 Our governments spend some things that don't drive productivity in Nigia. 2738 02:37:27.680 --> 02:37:31.239 And so how do we solve this kind of problem. 2739 02:37:32.159 --> 02:37:35.639 We need to get our politics right. Although me, they 2740 02:37:35.639 --> 02:37:39.600 were saying we have a cultural problem. You Nigerians don't 2741 02:37:39.680 --> 02:37:45.159 have that interest in investment, in financial activity. I'll tell 2742 02:37:45.200 --> 02:37:49.399 you I don't know if if that is very true, 2743 02:37:49.479 --> 02:37:52.440 but you would know that Nigea have a passion for 2744 02:37:52.920 --> 02:37:56.719 investing when you see the rate at which the number 2745 02:37:56.760 --> 02:38:00.600 of persons who did on treasure bills and man issue 2746 02:38:00.639 --> 02:38:04.079 bonds for a said what the government has available to distribute. 2747 02:38:05.200 --> 02:38:08.479 So nagers want to invest, but they are scared. 2748 02:38:10.399 --> 02:38:13.959 If you tell if they are scared, they have trust issues, 2749 02:38:14.360 --> 02:38:19.239 and that is because we are any climate where that doesn't. 2750 02:38:20.879 --> 02:38:22.959 How do I put it now? We are any climate. 2751 02:38:23.120 --> 02:38:28.040 We're bad actors are allowed to thrive. We're bad at 2752 02:38:28.040 --> 02:38:30.120 tours can serve the law. 2753 02:38:30.360 --> 02:38:33.000 We are any climate. We're the rule of law. 2754 02:38:33.360 --> 02:38:36.879 Takes the bad seats in our in our collective life. 2755 02:38:37.879 --> 02:38:40.319 For us to get it right, we have to get 2756 02:38:40.719 --> 02:38:43.000 our policies right. That is my point. 2757 02:38:44.399 --> 02:38:47.440 It is when we get our politicies right that will 2758 02:38:47.520 --> 02:38:51.040 have development across development that comes. 2759 02:38:50.840 --> 02:38:52.680 Across all of Nangier. 2760 02:38:53.079 --> 02:38:56.040 For example, you guys have been making points and you 2761 02:38:56.120 --> 02:38:58.719 are largely referring to Legos as if Legals is the 2762 02:38:58.799 --> 02:38:59.879 only state in Nngier. 2763 02:39:00.360 --> 02:39:02.559 But our economy, like. 2764 02:39:02.760 --> 02:39:05.959 Legos, is the heart and soul of economic activities. 2765 02:39:07.200 --> 02:39:11.280 In Nangier right now, if not for the banditry and 2766 02:39:11.479 --> 02:39:16.680 the the the terrorism that has over around, then they 2767 02:39:16.760 --> 02:39:20.079 know who have been very, very prosperous because the note 2768 02:39:20.360 --> 02:39:22.440 was like the notes and the middle pad was like 2769 02:39:22.520 --> 02:39:23.760 the full basket of the nation. 2770 02:39:24.079 --> 02:39:27.440 But right now its that it seems like there is. 2771 02:39:27.879 --> 02:39:30.799 An underground work to ensure that we don't even get 2772 02:39:30.840 --> 02:39:36.200 food in this country. And it's all of these problems, 2773 02:39:36.360 --> 02:39:40.280 all of these problems boils down to our policies. Who 2774 02:39:40.440 --> 02:39:43.799 are our leaders, Who are our leaders? Who are the 2775 02:39:43.879 --> 02:39:47.920 presidents representing us? If we get our policies right, then 2776 02:39:49.079 --> 02:39:50.840 we have leaders. 2777 02:39:50.479 --> 02:39:55.520 Who spend right. If you are supposed to spend on roots, 2778 02:39:55.879 --> 02:39:58.479 if you're supposed to spend on dams. 2779 02:39:58.159 --> 02:40:01.159 If you're supposed to spend on tricity, if you're supposed 2780 02:40:01.200 --> 02:40:01.840 to spend. 2781 02:40:02.000 --> 02:40:03.440 On our. 2782 02:40:04.879 --> 02:40:07.479 Lookal the finally our state owned, the final a reisold 2783 02:40:07.520 --> 02:40:09.799 that they are producing. If you're supposed to spend in 2784 02:40:09.879 --> 02:40:13.760 our ja quta stealing and get it working within. 2785 02:40:13.559 --> 02:40:16.799 Two three years if you if you have the. 2786 02:40:16.879 --> 02:40:21.159 Right leadership, if you have the right politicians in Anjuria, they. 2787 02:40:21.120 --> 02:40:21.760 Will do it. 2788 02:40:23.559 --> 02:40:26.680 So again again again. 2789 02:40:27.520 --> 02:40:31.920 You'll find that during elections when it comes to elections. 2790 02:40:32.239 --> 02:40:36.440 When it comes to voting, we take it like a joke. 2791 02:40:37.079 --> 02:40:39.799 It is due election on election day, that is when 2792 02:40:39.959 --> 02:40:43.799 some people want to organize football matches in the streets. 2793 02:40:43.879 --> 02:40:47.000 And then when bad at us managed to grab our 2794 02:40:47.479 --> 02:40:50.799 we spend the four years kind of our eyes out. 2795 02:40:52.040 --> 02:40:52.879 Look at our. 2796 02:40:54.200 --> 02:40:59.239 Voter Tonal during election, just twenty seven percent American connected election. 2797 02:40:59.520 --> 02:41:02.840 Recently they had a turnout of six I think sixty 2798 02:41:02.920 --> 02:41:04.360 seven or sixty six percent. 2799 02:41:05.719 --> 02:41:09.200 Our politics in Nigeria is very wrong and it is 2800 02:41:09.959 --> 02:41:12.239 at the foundation of all our problems. 2801 02:41:12.520 --> 02:41:15.959 So please, I what I just want to to end. 2802 02:41:16.399 --> 02:41:21.799 I want to play with you or whatever platform you have, whatever. 2803 02:41:21.719 --> 02:41:24.159 Means you have to communicate to nine gans. 2804 02:41:24.319 --> 02:41:27.680 Please always send the message. 2805 02:41:27.280 --> 02:41:30.719 Across to them that they should go and vote. Fourteen 2806 02:41:30.799 --> 02:41:31.840 should be it is. 2807 02:41:33.799 --> 02:41:36.120 If you tell them this a civic Priston's ability, it 2808 02:41:36.159 --> 02:41:37.920 will look like another joke. 2809 02:41:38.159 --> 02:41:41.159 Tell them it is manday, so they should go and vote. 2810 02:41:41.319 --> 02:41:44.000 Maybe if we go and vote, will. 2811 02:41:43.920 --> 02:41:47.920 Managed to get our leader, our politics right, managed to 2812 02:41:47.959 --> 02:41:51.159 get the right leaders in place. 2813 02:41:50.920 --> 02:41:55.040 Who effects the change, the positive change that we need. 2814 02:41:55.559 --> 02:41:58.760 On that note, I will yield demand for someone. Thank you, guys, 2815 02:41:59.079 --> 02:42:01.719 Thank you Nigia. 2816 02:42:02.799 --> 02:42:05.239 Okay, Nagia, and now this is thank you so much 2817 02:42:05.719 --> 02:42:09.000 before I go to I think the context. 2818 02:42:08.719 --> 02:42:08.920 Is that. 2819 02:42:10.600 --> 02:42:14.399 Despite our political problems econmomy problems. 2820 02:42:14.280 --> 02:42:18.079 There's still light because you know, you know, things I 2821 02:42:18.280 --> 02:42:24.120 like about financial markets is that you have to have optimism. 2822 02:42:24.399 --> 02:42:26.559 For you to be successful, you have to you have 2823 02:42:26.680 --> 02:42:28.079 to be positive. And when I say you have to 2824 02:42:28.120 --> 02:42:30.159 be positive, you have to look at the positive side 2825 02:42:30.479 --> 02:42:31.000 of things. 2826 02:42:31.440 --> 02:42:34.079 It's a topic economy, food inflation. 2827 02:42:34.559 --> 02:42:37.719 You know, it's so high the areage that you spends 2828 02:42:37.760 --> 02:42:39.639 about sixty percent always in. 2829 02:42:39.719 --> 02:42:41.000 Common food, a loan. 2830 02:42:41.159 --> 02:42:44.719 So when it's very sadful when we sieve many people 2831 02:42:45.200 --> 02:42:48.520 not taking advantage of opportunities in Naderia market, you know, 2832 02:42:49.079 --> 02:42:53.040 And that's why we created this piece for and Color 2833 02:42:53.040 --> 02:42:57.719 has been doing so much on trying to preach a 2834 02:42:57.799 --> 02:43:01.479 financial placy because, whether I like it to notes, the 2835 02:43:01.559 --> 02:43:03.959 most important thing is how to be ready advanced. You know, 2836 02:43:04.360 --> 02:43:08.680 while we can be trained, tantrumshgling, debating, it's how it 2837 02:43:08.799 --> 02:43:12.120 makes an impact and that matter as most and I often. 2838 02:43:11.959 --> 02:43:13.280 Say that, see you guys. 2839 02:43:13.840 --> 02:43:16.440 Yes, while we're discussing our problems, a lot of people 2840 02:43:16.479 --> 02:43:20.159 are doing things and quiet are making the beds because 2841 02:43:20.719 --> 02:43:23.680 you see, if you look at the last two three years, 2842 02:43:24.040 --> 02:43:27.680 people that are still bet on Nigeria despite the tough 2843 02:43:27.760 --> 02:43:30.479 and colony are big winners. If you look at the 2844 02:43:30.600 --> 02:43:34.639 Nigel and richest men, they are richer. They ad narrow 2845 02:43:34.719 --> 02:43:37.520 evaluation and I've always argued with people. I says, see, 2846 02:43:38.360 --> 02:43:41.520 let's do the mask. Why is the really Richard? Why 2847 02:43:41.639 --> 02:43:42.840 is Dantis still reature? 2848 02:43:42.840 --> 02:43:43.799 Why is well. 2849 02:43:45.200 --> 02:43:47.600 Even in value time, the value times if you look 2850 02:43:47.680 --> 02:43:54.200 at the air, the the the rice for goods, the 2851 02:43:54.479 --> 02:43:58.000 privacy for goods is still high because they found a 2852 02:43:58.040 --> 02:44:01.680 way of passing course through consumer I think we really 2853 02:44:01.799 --> 02:44:04.920 need to channel our discussion and how to improve ourselves 2854 02:44:04.959 --> 02:44:08.440 because we don't need to confront ourselves. And that's why 2855 02:44:08.879 --> 02:44:11.520 I try to stay away from tribout discussions. 2856 02:44:11.680 --> 02:44:13.159 I try to stay from postcardations. 2857 02:44:13.280 --> 02:44:18.239 But naturally for to work, we really need to have 2858 02:44:19.719 --> 02:44:22.639 asset to ourselves that we have differences, but would we 2859 02:44:23.040 --> 02:44:26.840 believe in want Nigeria and as long as the years won't, 2860 02:44:27.440 --> 02:44:27.840 we have to. 2861 02:44:27.879 --> 02:44:28.479 Make it work. 2862 02:44:28.799 --> 02:44:32.719 And that's why I say, guys, bat on people that 2863 02:44:33.200 --> 02:44:37.000 are making things upon try and take us value system, 2864 02:44:37.079 --> 02:44:43.120 empower yourself, go to school, take courses online, those pendal times, 2865 02:44:43.159 --> 02:44:44.239 kids making and things like that. 2866 02:44:45.079 --> 02:44:48.680 That for me is the best way to really. 2867 02:44:48.559 --> 02:44:52.440 Become the advanced because see we can sit still the 2868 02:44:52.760 --> 02:44:55.719 twelve million diets and we all know that if we 2869 02:44:55.760 --> 02:44:57.520 don't have value the. 2870 02:44:57.559 --> 02:44:59.959 System, we don't listen to us. We can this system. 2871 02:45:00.000 --> 02:45:02.399 We can only listen to us if we ourselves also 2872 02:45:02.479 --> 02:45:06.399 producing value, so that I will go to LA school. 2873 02:45:09.719 --> 02:45:14.040 It's all thank you. Agree with thank you, Carrol fort 2874 02:45:14.079 --> 02:45:18.719 of consonations. So I would I will agree with some 2875 02:45:18.879 --> 02:45:20.159 of the things Carlor have said. 2876 02:45:21.159 --> 02:45:24.319 But before I dive into that, going with your last comments, 2877 02:45:25.399 --> 02:45:27.760 yes it's not good to bring the qualities or. 2878 02:45:28.280 --> 02:45:31.440 You know, ethnic issues in finance. But we have to 2879 02:45:31.559 --> 02:45:35.440 also at some points called space is spaid. 2880 02:45:35.239 --> 02:45:37.239 Because if we are not able to speak out on 2881 02:45:37.319 --> 02:45:40.319 some of some of the only issues, that we may 2882 02:45:40.399 --> 02:45:42.840 not be able to get this right now. I want 2883 02:45:42.959 --> 02:45:45.559 to speak on what Klo said on the a of 2884 02:45:46.760 --> 02:45:47.639 it is a good one of. 2885 02:45:49.239 --> 02:45:53.559 Free trade zone, our ports the country see the need 2886 02:45:53.639 --> 02:45:55.120 the country Nigeria. 2887 02:45:55.760 --> 02:45:56.959 So it said, Yah, it's. 2888 02:45:56.879 --> 02:45:59.079 Need to be set in the food with the way 2889 02:45:59.120 --> 02:46:03.040 the unit is to do some of the national assets 2890 02:46:03.120 --> 02:46:04.319 on your first structure. 2891 02:46:04.000 --> 02:46:04.559 In the country. 2892 02:46:05.239 --> 02:46:12.399 Right in Legos, we have the Upper Pact Complex Ports 2893 02:46:12.479 --> 02:46:15.280 complex which is the main port. We have tea talent, 2894 02:46:16.440 --> 02:46:20.799 We have my two ports. We have now three trade 2895 02:46:20.879 --> 02:46:27.360 zone lectly free trade zone in one six right now. Yeah, 2896 02:46:27.479 --> 02:46:29.479 we have only reports and protaponts. 2897 02:46:29.520 --> 02:46:30.479 We have wor reports. 2898 02:46:30.639 --> 02:46:35.440 We have a bad port, we have furnature. You known ports. 2899 02:46:35.920 --> 02:46:40.040 It is small ports. You know. Now you you ask 2900 02:46:40.120 --> 02:46:40.879 yourself something. 2901 02:46:40.959 --> 02:46:41.680 You can come here and. 2902 02:46:41.719 --> 02:46:44.040 Say that, oh, neport has been working for a while, 2903 02:46:44.079 --> 02:46:44.399 he has. 2904 02:46:44.360 --> 02:46:47.079 Been there all alone. Why are people not using the 2905 02:46:47.200 --> 02:46:50.479 ports now? I don't know about reason before. 2906 02:46:51.079 --> 02:46:53.120 If you're in the US or you're around the world, 2907 02:46:53.840 --> 02:46:57.319 are you engaged if you think of probably you know 2908 02:46:57.479 --> 02:46:59.719 to run your content or if you're doing a car 2909 02:47:00.479 --> 02:47:05.559 or rural open ship shipment and your sheep in complete? 2910 02:47:05.680 --> 02:47:09.159 You know when if you're used from shipping compact patter before. 2911 02:47:10.120 --> 02:47:12.239 Once you go to right here to. 2912 02:47:12.319 --> 02:47:15.159 Nigeria, the only ports you will see in the drop 2913 02:47:15.239 --> 02:47:17.799 down list is thin and a Papa pot. 2914 02:47:18.639 --> 02:47:20.879 You can't you can't go to any You can't do anything. 2915 02:47:21.479 --> 02:47:23.920 I don't know about recently, but when I used to 2916 02:47:24.040 --> 02:47:25.719 do shipping into Nigeria. 2917 02:47:26.360 --> 02:47:28.559 You can't go to any shipping company or working with 2918 02:47:28.639 --> 02:47:32.000 any ship in compact patter and you you you select 2919 02:47:32.120 --> 02:47:35.239 Nigeria as its lake on and you will see or 2920 02:47:35.319 --> 02:47:36.719 let you see Calaba. 2921 02:47:37.120 --> 02:47:39.319 You will see or you want to see them. It 2922 02:47:39.479 --> 02:47:42.399 is only least true that you can see. So where? 2923 02:47:42.959 --> 02:47:44.520 Why why is that the case? 2924 02:47:45.280 --> 02:47:49.399 Why can't I stay in the US maybe Gavaston in 2925 02:47:49.520 --> 02:47:55.719 Texas and select my basiness to bet or Calaba if 2926 02:47:55.760 --> 02:47:58.639 they are actually walking because others. 2927 02:47:58.159 --> 02:48:00.360 Have been mad or it is you people that I'm 2928 02:48:00.360 --> 02:48:02.040 not using the port. It's like you know that I'm 2929 02:48:02.079 --> 02:48:04.319 not using the people that are in the southeast. Why 2930 02:48:04.360 --> 02:48:05.120 can't they go I'm. 2931 02:48:05.079 --> 02:48:09.120 Through the appoint in Calaba or in in the waing 2932 02:48:09.840 --> 02:48:11.440 is because is anybody stopping them? 2933 02:48:11.719 --> 02:48:15.520 I recall when Carlo was treating a bottle of distance 2934 02:48:15.799 --> 02:48:17.639 those who are some of the comments that are covenant 2935 02:48:17.719 --> 02:48:21.200 in this comments. Is everybody stopping you from using reports 2936 02:48:21.799 --> 02:48:24.200 or on their ports or kind of reports? 2937 02:48:25.399 --> 02:48:29.280 But sit in China or Corea, I want to shift 2938 02:48:29.319 --> 02:48:31.920 in those ports and see whether these those sports are 2939 02:48:31.959 --> 02:48:32.200 you doing? 2940 02:48:32.360 --> 02:48:35.920 Billing poo for you to even select what memory happens 2941 02:48:36.079 --> 02:48:39.520 is all what all the ships come to? Upper particle? 2942 02:48:40.399 --> 02:48:44.799 People now who move using small as sheep or whatever 2943 02:48:44.959 --> 02:48:47.159 moving to or I don't think I don't think you 2944 02:48:47.239 --> 02:48:47.799 can see they. 2945 02:48:48.079 --> 02:48:49.360 I don't know how it. 2946 02:48:49.440 --> 02:48:52.000 Has changed recently in the last one, I'm. 2947 02:48:51.840 --> 02:48:55.319 Happier or what I'm telling you before now those block 2948 02:48:55.399 --> 02:48:58.079 ports are not available for destination and some of these 2949 02:48:58.120 --> 02:49:01.159 things are for you know, is because that's why I 2950 02:49:01.200 --> 02:49:03.840 said that we are a second the truths as a country. 2951 02:49:04.399 --> 02:49:09.200 What stuffs our presidents, our leaders to say? They say, 2952 02:49:09.280 --> 02:49:12.600 though that has been given to on to upper pack tinker, 2953 02:49:13.600 --> 02:49:15.760 why don't you why don't you make all that costs 2954 02:49:15.840 --> 02:49:16.479 for wark. 2955 02:49:16.559 --> 02:49:18.840 So that anywhere in the work people can select it 2956 02:49:19.200 --> 02:49:21.680 really from forts. And that's it and the deal. 2957 02:49:22.319 --> 02:49:25.280 Even if even if we know that almost all the 2958 02:49:25.360 --> 02:49:27.600 sheeps that are coming from the US, all of them 2959 02:49:27.680 --> 02:49:29.399 go through all the Aguran countries, they go to. 2960 02:49:29.760 --> 02:49:32.799 Better republic as the Otul when when they're finishing to 2961 02:49:32.879 --> 02:49:35.319 do they will talking thinking when they fish from that 2962 02:49:35.440 --> 02:49:36.319 the way they will be moving. 2963 02:49:36.600 --> 02:49:37.159 Why don't they? 2964 02:49:37.159 --> 02:49:39.680 Why don't they move all your way even to they 2965 02:49:39.959 --> 02:49:41.120 all your way to Colaback? 2966 02:49:41.200 --> 02:49:41.680 Why would he? 2967 02:49:41.799 --> 02:49:44.840 Why would everything is proper, thinker proper. It's not that 2968 02:49:44.920 --> 02:49:46.840 you will not leaders were as to be able to 2969 02:49:46.920 --> 02:49:47.840 take taste if you want to. 2970 02:49:47.840 --> 02:49:49.719 Go to Klaba or you want to go to Worry 2971 02:49:49.840 --> 02:49:52.479 or you want to go to one. We're not talking 2972 02:49:52.520 --> 02:49:55.559 to myself the truth. Yeah, I feel that there is. 2973 02:49:55.680 --> 02:49:58.600 It's a Debreaks attempts to make such in places in 2974 02:49:58.680 --> 02:49:59.159 the country. 2975 02:50:00.000 --> 02:50:03.600 Actually he just to keep it goes off some advantage 2976 02:50:03.719 --> 02:50:07.520 over the orders. It is. It's that that's song we've 2977 02:50:07.520 --> 02:50:09.760 seen you haven't seen it. I think in that first 2978 02:50:10.840 --> 02:50:11.200 or whatever. 2979 02:50:11.399 --> 02:50:14.719 Okay, that's that's two percent, since two percent of the 2980 02:50:14.799 --> 02:50:17.840 old disciplement on then as a comunity until I end up. 2981 02:50:17.760 --> 02:50:23.280 In the South East and south south. So Robot, every businessman. 2982 02:50:22.840 --> 02:50:27.079 That I use this as a port, they are y, yeah, 2983 02:50:27.159 --> 02:50:28.760 Goodena doesn't. 2984 02:50:28.559 --> 02:50:31.040 End up in legal it's also always move or you 2985 02:50:31.120 --> 02:50:32.319 move somewhere else. 2986 02:50:32.959 --> 02:50:35.159 Yeah, I think I think the points. But let's tie 2987 02:50:35.200 --> 02:50:38.959 this back into the the spending we're talking about. I 2988 02:50:39.079 --> 02:50:42.760 think Caliber Port, Worry Port, Calabaras wants dredging. I think 2989 02:50:42.799 --> 02:50:45.360 that's an issue with with with Caluba port treading because 2990 02:50:45.399 --> 02:50:49.159 it's in a stilled area. He needs consistent treading, which 2991 02:50:49.200 --> 02:50:53.000 we can afford. The one in Worry they've dredged it. 2992 02:50:53.120 --> 02:50:56.840 But the guy I read this paper. The notice I 2993 02:50:56.959 --> 02:50:59.680 read said they still don't have these big ships. Why 2994 02:50:59.760 --> 02:51:01.879 you don't you see those ships coming to those other ports? 2995 02:51:01.959 --> 02:51:06.000 Is very simple. Ships moved by volume, right, it doesn't 2996 02:51:06.040 --> 02:51:08.159 make any sense to go to on air if there's 2997 02:51:08.200 --> 02:51:12.559 no volume. So the volume goes to the Tinkhan and 2998 02:51:12.760 --> 02:51:16.040 Purport and the largest ports for transhipment in West Africa. 2999 02:51:16.120 --> 02:51:19.120 You're drop it off in Legos. Better republic come and carried. 3000 02:51:19.600 --> 02:51:22.239 So Nijer would it would favor us more to build 3001 02:51:22.280 --> 02:51:25.840 this massive port. Cameroon is building one from China, Togo 3002 02:51:26.040 --> 02:51:29.040 is building one from China. Massive ports narrows and they 3003 02:51:29.079 --> 02:51:32.920 are targeting Nigeria. That's what they're doing. So Nigeria would 3004 02:51:33.040 --> 02:51:34.959 might might seek to say, well, we're going to focus 3005 02:51:35.040 --> 02:51:38.360 only in Legos, but West Africa is building ports just 3006 02:51:38.600 --> 02:51:42.600 on our borders to target the folks that were ignoring. 3007 02:51:42.680 --> 02:51:45.799 Let me put it as simple as I can. If 3008 02:51:45.920 --> 02:51:48.879 Nigeria does not capture the trade that is going to 3009 02:51:48.959 --> 02:51:53.239 go to the south, south, southeast, even to the northeast 3010 02:51:53.319 --> 02:51:56.360 of the country, they will come through Cameroon. The port 3011 02:51:56.440 --> 02:51:58.799 in Kroun is there for Nigerians. They will put it 3012 02:51:58.879 --> 02:52:01.920 in Cameroon. And drive it into Nigeria, and Nigeria will 3013 02:52:01.920 --> 02:52:04.639 lose the revenue. Same for the for the ones that 3014 02:52:04.719 --> 02:52:07.319 are happening in Nitia and all that. So Nizia's built 3015 02:52:07.360 --> 02:52:10.680 a refinery by past Nigeria. So let's not cut off 3016 02:52:10.799 --> 02:52:13.040 our nose to spider our face and lose out in 3017 02:52:13.079 --> 02:52:16.760 the end. You know, Nigeria is only powerful when we 3018 02:52:16.840 --> 02:52:20.360 are together. That's the that's the truth. If we start 3019 02:52:20.399 --> 02:52:22.559 to segment, I'm looking this at the very beginning. If 3020 02:52:22.559 --> 02:52:24.360 we start to segment everything to say that we're going 3021 02:52:24.440 --> 02:52:26.479 to put a road in this area, will put it, 3022 02:52:26.559 --> 02:52:29.559 that is not nothing's gonna happen. Will do so many roads, 3023 02:52:29.879 --> 02:52:32.920 nothing will get done. We're doing Legos to Calabar, We're 3024 02:52:33.000 --> 02:52:36.479 doing bears It, We're doing Socoto to Legos high personic 3025 02:52:36.639 --> 02:52:39.280 express road. It's not gonna get done because you're over 3026 02:52:39.319 --> 02:52:41.479 stretching yourself. You have no money for that. There's no 3027 02:52:41.600 --> 02:52:44.680 money for that. We have an existing East West road 3028 02:52:44.719 --> 02:52:48.239 that has not been completed. Focus on completing these road 3029 02:52:48.280 --> 02:52:51.360 so the food costs come down. That's the spending again 3030 02:52:51.399 --> 02:52:53.920 we're talking about. You might even spend the money legally, 3031 02:52:54.280 --> 02:52:56.920 but you are missuspending by spending or what's not going 3032 02:52:56.959 --> 02:52:59.680 to be productive. That's on that point of we've got 3033 02:52:59.719 --> 02:53:02.479 the floor. Oky, thank you so much for that. Please 3034 02:53:02.479 --> 02:53:02.799 go ahead. 3035 02:53:04.399 --> 02:53:08.120 Okay, Cayl, thank you very much. Well, what I want 3036 02:53:08.159 --> 02:53:10.959 to say is this. You know, when we talk about 3037 02:53:11.040 --> 02:53:12.440 the state government. 3038 02:53:13.520 --> 02:53:20.040 And one of your previous spaces I could remember who 3039 02:53:20.280 --> 02:53:23.680 we do was hammering why is the government of fair 3040 02:53:23.799 --> 02:53:29.000 RIVERSTD not doing anything about day on their part calabaa. 3041 02:53:28.520 --> 02:53:31.639 That they're doing and the other We see the problem 3042 02:53:31.719 --> 02:53:34.360 in Nigeria most times. 3043 02:53:34.120 --> 02:53:37.639 I look at it that the people we've had as leaders, 3044 02:53:38.360 --> 02:53:41.920 we are electing fools, people who can. 3045 02:53:41.879 --> 02:53:47.680 Not think straight. Let's language language, Okay, no problem, because 3046 02:53:47.719 --> 02:53:52.799 this is the problem. We keep on praising Lego state governments. 3047 02:53:52.479 --> 02:53:54.719 For what is going on in Legos. That's not how 3048 02:53:54.799 --> 02:54:03.479 it works. Imagine if they cross Reversted government decides to invest. 3049 02:54:03.520 --> 02:54:04.479 In calaber Port. 3050 02:54:05.879 --> 02:54:09.799 What Caliber Port would do is to serve this south, 3051 02:54:10.000 --> 02:54:14.239 south and the southeast. The government will be targeting the 3052 02:54:14.399 --> 02:54:18.959 nature because of the amount of goods that are coming 3053 02:54:19.040 --> 02:54:19.840 into our nature. 3054 02:54:20.079 --> 02:54:23.000 They want to take it over from legals. But do 3055 02:54:23.079 --> 02:54:24.200 you know what the problem? 3056 02:54:24.319 --> 02:54:27.200 What the problem will be the East West Road, which 3057 02:54:27.280 --> 02:54:31.040 is the federal government route is in a terrible state. 3058 02:54:33.200 --> 02:54:38.000 Big trucks cannot lie that route. So you say that 3059 02:54:38.120 --> 02:54:39.920 at the end of the day, if. 3060 02:54:39.840 --> 02:54:43.719 The Cross River state governments invents huge amounts of money 3061 02:54:44.879 --> 02:54:47.840 in that port, they will not be able to recoup 3062 02:54:47.920 --> 02:54:51.959 it because the Ownator and other parts of southeast which 3063 02:54:52.079 --> 02:54:54.239 is the target, is not accessible. 3064 02:54:55.680 --> 02:54:58.120 So most times we blame steed governments. 3065 02:54:58.479 --> 02:55:03.159 Do you know that in keep States they produce large 3066 02:55:03.479 --> 02:55:09.680 amounts of tomatos and rice? But now we keep on 3067 02:55:09.840 --> 02:55:13.040 talking about the Keepy State government why they're not making 3068 02:55:13.239 --> 02:55:16.639 enough money. They are collecting money from legos and are 3069 02:55:16.680 --> 02:55:20.639 sending it to the goose tomatos and rice that have 3070 02:55:20.760 --> 02:55:24.120 been produced in Keepy State and mot get to legos, 3071 02:55:24.319 --> 02:55:26.600 they cannot get to our nature, They cannot get to 3072 02:55:26.680 --> 02:55:30.760 our back, They cannot get to a budget where the 3073 02:55:30.879 --> 02:55:34.600 consumption is needed. So how do they even get back 3074 02:55:34.639 --> 02:55:37.959 the money? Farmers, those people who are supposed to be 3075 02:55:38.079 --> 02:55:41.040 farmers there a lot of them will get frustrated and 3076 02:55:41.200 --> 02:55:44.280 they will leave and come to legos and prefer to 3077 02:55:44.760 --> 02:55:48.040 start doing any menial job to raise money, because even 3078 02:55:48.200 --> 02:55:51.799 farming in Keepy State is not look creative. After farming, 3079 02:55:52.159 --> 02:55:55.760 where are you going to take it to So most 3080 02:55:55.879 --> 02:55:58.879 times there is nothing more watch that these state governments 3081 02:55:58.959 --> 02:56:02.479 could do except we start telling ourselves the truth and 3082 02:56:02.639 --> 02:56:04.280 the figure government comes in. 3083 02:56:04.879 --> 02:56:06.680 And the worst about it is. 3084 02:56:07.159 --> 02:56:11.360 The way we spend We're talking about East Westwood, We're 3085 02:56:11.399 --> 02:56:14.399 talking about legosy about the expressway. See what is happening 3086 02:56:14.440 --> 02:56:20.239 in Legos. Let's give it time except we diversify and 3087 02:56:20.440 --> 02:56:25.719 we make other paths of Nigeria a productive by connecting 3088 02:56:25.840 --> 02:56:29.280 them with rails and good roots. And if we continue 3089 02:56:29.440 --> 02:56:34.159 like this, Legos will get overwhelmed. That at the moment 3090 02:56:35.159 --> 02:56:39.920 all those trucks taking containers to our nature from Legos, 3091 02:56:40.239 --> 02:56:44.040 they are having big challenge in billying the papers. 3092 02:56:44.760 --> 02:56:48.440 Express rood the pipers in Belli is in a terrible shape. 3093 02:56:49.280 --> 02:56:53.280 Trucks are falling down, containers are falling down on daily basis. 3094 02:56:53.799 --> 02:56:55.799 So what happens some people are. 3095 02:56:55.799 --> 02:56:59.159 Closing shop in more Nature going to Legos. 3096 02:56:59.520 --> 02:57:03.479 Now posess that leg Gos get over crowded and they 3097 02:57:03.520 --> 02:57:04.719 can't even make profit. 3098 02:57:05.120 --> 02:57:06.959 What would they do is it that they leave the 3099 02:57:07.040 --> 02:57:08.879 country or they go out of business. 3100 02:57:10.040 --> 02:57:15.479 So until we begin to do the right thing connect infrastructure, 3101 02:57:15.719 --> 02:57:19.440 all these problems, some costs cannot be effective airpoint. 3102 02:57:19.520 --> 02:57:20.920 States can produce. 3103 02:57:20.639 --> 02:57:24.239 Gary, but they produce Gary and Gary get sports in 3104 02:57:24.559 --> 02:57:25.239 their states. 3105 02:57:25.360 --> 02:57:28.399 They can't even transport it out before it gets to 3106 02:57:28.479 --> 02:57:30.399 an um, before it gets to evening. 3107 02:57:30.520 --> 02:57:32.959 Look that it's very close to the rest of them 3108 02:57:33.000 --> 02:57:33.559 as sports. 3109 02:57:35.319 --> 02:57:39.079 So except we begin to fix the reil lines, connect 3110 02:57:39.159 --> 02:57:41.360 them to the right places, fix the road. 3111 02:57:41.520 --> 02:57:45.319 We're doing those to roads. When East Westwood is not working. 3112 02:57:47.799 --> 02:57:49.360 We got to move on. Yeah, I think if you 3113 02:57:49.479 --> 02:57:51.959 made the point, it's very very clear. Guys, nearly three 3114 02:57:52.000 --> 02:57:55.879 hours spent. Let us call it. Call today, and we're 3115 02:57:55.879 --> 02:57:58.840 gonna get cool. I've got cool, We've got vers neck, 3116 02:57:59.040 --> 02:58:01.280 and then we'll get Magid and then we just call today. 3117 02:58:01.399 --> 02:58:03.440 Just three guys that I hear, I do apologize three 3118 02:58:03.479 --> 02:58:05.520 hours and it's a partially your top because it's our money, 3119 02:58:05.600 --> 02:58:07.680 is our tax money, and we want to have this 3120 02:58:08.000 --> 02:58:11.360 one trillion economy. President has has has promised the way 3121 02:58:11.440 --> 02:58:14.120 you get to a trillion is to spend. Right, that's 3122 02:58:14.200 --> 02:58:16.520 one way you get to a trillion. Let me get 3123 02:58:16.520 --> 02:58:19.680 to Majid. I've got much my hagit it brought him 3124 02:58:20.680 --> 02:58:26.600 is that you, sir Magid? Please go ahead, Magid? All right, 3125 02:58:26.639 --> 02:58:33.719 let's get first vase. No, I can't. I can't represent name. Mister. 3126 02:58:36.479 --> 02:58:38.159 You gotta put how to say you gotta put like 3127 02:58:38.239 --> 02:58:41.399 the explainer, how to say it? Dont thinking? Yeah, all right, 3128 02:58:41.559 --> 02:58:44.760 please go ahead. I don't Are you still there? I 3129 02:58:44.879 --> 02:58:47.879 think it dropped off. It looks like it's you vast 3130 02:58:47.920 --> 02:58:54.920 Look I didn't. I just told you. Philips, hm, cooler, Phillips. 3131 02:58:55.280 --> 02:58:57.840 You've got the floor. I didn't touch anyone. First look 3132 02:58:58.000 --> 02:59:04.920 is gone. We try again. Cooliftis has also gone. What's happening? Guys? 3133 02:59:07.639 --> 02:59:07.959 All right? 3134 02:59:08.120 --> 02:59:08.280 Yeah? 3135 02:59:08.319 --> 02:59:13.479 Go ahead? Yes, what's right? You take your audio upper pitch. 3136 02:59:13.520 --> 02:59:15.920 You're gonna take us home. You're gonna be last weaker. Yeah, 3137 02:59:16.000 --> 02:59:20.079 your audience kind of low. Your audio is low. Yeah, 3138 02:59:22.200 --> 02:59:25.360 try again. If not, you can run it up. 3139 02:59:27.000 --> 02:59:27.159 Live. 3140 02:59:27.520 --> 02:59:30.920 So yeah, audi is very low, Bro, I can't hear. 3141 02:59:31.000 --> 02:59:36.079 You're very very low. Your audience very low. I think 3142 02:59:36.079 --> 02:59:38.840 it's a t Yeah. I think it's been a day, right, 3143 02:59:39.520 --> 02:59:42.440 three hours, three hours here basically talking about things that 3144 02:59:42.559 --> 02:59:44.840 are passionate for us. We thought we even went through 3145 02:59:44.920 --> 02:59:48.280 investments and all that, but the the the summary is 3146 02:59:48.319 --> 02:59:52.840 still the same. We are not spending and investing in 3147 02:59:52.959 --> 02:59:55.520 the most productive way we could do it. Better. You know, 3148 02:59:55.680 --> 02:59:58.239 We know the government has a lot it has to take. 3149 02:59:58.280 --> 02:59:59.319 It's easy for us to sit here.