WEBVTT 1 00:00:05.040 --> 00:00:09.519 Hey, folks, are welcome this evening to another money space 2 00:00:09.800 --> 00:00:13.480 with me caluajer and what a wild wickets being guys, 3 00:00:13.480 --> 00:00:16.160 we're not gonna waste any time when we get right 4 00:00:16.359 --> 00:00:20.199 into it. So last week or should we say this month? 5 00:00:20.239 --> 00:00:23.399 I know, wim they always do the quarterly reviews. We 6 00:00:23.440 --> 00:00:27.239 look at the market US and Nigeria sometimes Canada, and 7 00:00:27.359 --> 00:00:29.719 you know, we see what has happened and what's going 8 00:00:29.800 --> 00:00:33.039 to happen, you know, in the next quarter. This quarter 9 00:00:33.799 --> 00:00:36.719 has is very different because if you look at what 10 00:00:36.840 --> 00:00:40.880 the markets have performed last quarter, I'm over seen in 11 00:00:40.960 --> 00:00:45.439 the market, i e. The tariff induced volatility right and 12 00:00:45.520 --> 00:00:49.520 the change in total the way the globe tracks money 13 00:00:49.520 --> 00:00:51.880 and all. There's been a big, big, big change you 14 00:00:51.920 --> 00:00:55.119 know from last week and this week, and that change 15 00:00:55.159 --> 00:00:58.039 is just so massive that you do have to ask 16 00:00:58.079 --> 00:01:02.799 yourself there's any point reviewing last quarter because it's a 17 00:01:02.880 --> 00:01:08.159 brand new world. This is a global issue Nigeria, Ethiopia, 18 00:01:08.480 --> 00:01:12.719 China and Canada, the US, and when it's responding, they 19 00:01:12.760 --> 00:01:17.000 are opportunities, they are threads. So it's not going to 20 00:01:17.079 --> 00:01:20.159 be the same, you know, it's going to change. And 21 00:01:20.239 --> 00:01:24.079 what you're seeing with the stock markets are reflecting that uncertainty. 22 00:01:24.519 --> 00:01:29.879 Stock markets reflect the future. GDP reflects the past. So 23 00:01:29.959 --> 00:01:35.359 when there's uncertainty, markets respond by stopping. And when you stop, 24 00:01:35.439 --> 00:01:37.560 you just don't say, oh, I'm not going to trade. 25 00:01:37.599 --> 00:01:40.959 You stop means you take money out of risk, You 26 00:01:41.159 --> 00:01:44.400 sell shares, you de risk, You take your money out 27 00:01:44.439 --> 00:01:47.120 of the market, and maybe you go pack it to 28 00:01:47.200 --> 00:01:50.879 buy bonds or money market. But that taking your money 29 00:01:51.040 --> 00:01:53.319 out of the stock market because you want to de 30 00:01:53.519 --> 00:01:57.120 risk is what's causing the markets to crash as you're 31 00:01:57.159 --> 00:01:59.359 seeing it go down right, and then of course with 32 00:01:59.599 --> 00:02:01.400 the money go into the money's going to bonds. I 33 00:02:01.439 --> 00:02:05.200 don't have fixing commos. You will say safe assets. That's 34 00:02:05.280 --> 00:02:08.479 what's really going on. The markets do not know yet 35 00:02:08.479 --> 00:02:12.159 how to price in the uncertainty costs by the tarret 36 00:02:12.240 --> 00:02:15.120 so they are taking their money out to pause and 37 00:02:15.240 --> 00:02:17.479 to see what's going on. If you look at the 38 00:02:17.479 --> 00:02:21.319 total globe total returns of all the asset classes. I 39 00:02:21.319 --> 00:02:23.479 think I posted this last week, lem just give you 40 00:02:23.479 --> 00:02:24.439 the numbers again. 41 00:02:24.520 --> 00:02:24.919 This week. 42 00:02:25.280 --> 00:02:28.319 Crude oil is down, so you will say, normally, well, 43 00:02:28.319 --> 00:02:32.360 what crude oil is tied to the global economy. If 44 00:02:32.400 --> 00:02:35.199 the markets perceive that crude oil or economy is are 45 00:02:35.199 --> 00:02:37.439 going to slow down or they'll use less oil, less 46 00:02:37.439 --> 00:02:39.960 diesel us like Nigeria. It's going to be at a research 47 00:02:40.000 --> 00:02:43.400 of Nigier. Many companies will not operate, so they use 48 00:02:43.479 --> 00:02:46.280 less diesel. So this supprice goes down. So you see 49 00:02:46.319 --> 00:02:50.039 crude oil down globally. Same with natural glass, natural gas 50 00:02:50.039 --> 00:02:53.479 down globally. Crude oil is down six percent. I'm talking 51 00:02:53.479 --> 00:02:56.840 about WTY right now, West Texas Intermediary, not Brent, but 52 00:02:56.919 --> 00:02:59.159 of course crude oil across the board is going to 53 00:02:59.159 --> 00:03:02.199 be down. About gold, you know, gold is this asset 54 00:03:02.280 --> 00:03:05.960 we saw last week climbed up crazy returns when that's 55 00:03:06.039 --> 00:03:09.599 fast high as met about thirty eight or so, so big, big, 56 00:03:09.639 --> 00:03:12.879 big returns for gold. Gold doesn't pay any dividends. People 57 00:03:12.919 --> 00:03:16.199 buy gold because they believe that if you hold gold, 58 00:03:16.479 --> 00:03:17.960 you are insulated from. 59 00:03:17.719 --> 00:03:20.080 A market fall or market volatility. 60 00:03:20.479 --> 00:03:24.599 But gold is down. Gold is down seven percent, sorry 61 00:03:24.599 --> 00:03:27.199 two percent, I mean gold is down two percent, so 62 00:03:27.240 --> 00:03:29.960 again that you can't hide in gold. Goldn be down 63 00:03:30.520 --> 00:03:33.960 because folks are taking profit. But gold is down. Let's 64 00:03:33.960 --> 00:03:36.639 go to the Dow, all the indexes, the Dow, Jones, 65 00:03:36.639 --> 00:03:40.159 the S and P, the masdak all down for the week. 66 00:03:40.439 --> 00:03:44.319 Let's also now go to bitcoin. Bitcoin also down, you know, 67 00:03:44.400 --> 00:03:47.159 for the week, not a lot down, about one or 68 00:03:47.240 --> 00:03:50.520 two percent, but down. Let's go to currencies. Everything is 69 00:03:50.560 --> 00:03:55.680 down Euro, USD trade is down, Pounds, USD is down. 70 00:03:56.120 --> 00:03:56.400 You know. 71 00:03:56.560 --> 00:03:59.599 The only thing you have some green is when you 72 00:03:59.599 --> 00:04:03.159 look at the USD Japanese yen, and that's a defensive 73 00:04:03.240 --> 00:04:06.960 trade at up. But that's a defensive trade. Treasuries are 74 00:04:07.000 --> 00:04:11.719 also downe But remember treasuries are opposites. When treasury are down, 75 00:04:11.879 --> 00:04:15.159 that means essentially that your yields have come down, right, 76 00:04:15.199 --> 00:04:18.800 So keep that in mind. So the point is everything 77 00:04:19.279 --> 00:04:22.720 is down. You can hide from the market to uncertainty. 78 00:04:23.000 --> 00:04:25.639 If you are in bonds, you lose money. If you 79 00:04:25.680 --> 00:04:28.040 are in gold, you lose money. If you're a bitcoin 80 00:04:28.160 --> 00:04:30.800 you lose money. So what exactly is going on again 81 00:04:31.279 --> 00:04:35.399 is the uncertainty. Markets don't like uncertainty, so they are 82 00:04:35.439 --> 00:04:39.399 the risking to go into safer bits. When they run 83 00:04:39.600 --> 00:04:43.680 into the safety of treasuries, it means that the price 84 00:04:43.920 --> 00:04:48.560 of treasuries goes up. Does the yield of treasuries come down? 85 00:04:49.120 --> 00:04:51.759 Remember this because I'm gonna come back to this because 86 00:04:51.759 --> 00:04:55.399 I'm gonna talk last week. I'm going to introduce Tarrance. 87 00:04:55.480 --> 00:04:59.240 Everything that's got to be tied back in. So let's 88 00:04:59.240 --> 00:05:02.360 just start and go straight. I mean, you guys tuned 89 00:05:02.399 --> 00:05:05.000 into listen towards happened in the market for the quarter. 90 00:05:05.560 --> 00:05:08.759 Let's review Nigerian the Nigerian market right, then we'll forget 91 00:05:08.759 --> 00:05:11.160 to the US. Let's talk about the Nigerian market. Alumnia 92 00:05:11.160 --> 00:05:13.439 is supposed to be here. Once he's here, i'll add him. 93 00:05:13.480 --> 00:05:15.480 But of course, guys, if you have a question you 94 00:05:15.519 --> 00:05:18.279 want to speak of your take, just request maybe after 95 00:05:18.279 --> 00:05:20.279 my first fifteen minutes, and I'll act you guys that 96 00:05:20.279 --> 00:05:23.639 are going to have a really really important discussion. Let's 97 00:05:23.639 --> 00:05:27.040 start with Nigerian stock market, the risky part of the market. 98 00:05:27.399 --> 00:05:30.839 So in any economy, you're going to have two parts 99 00:05:30.920 --> 00:05:34.160 of the economy. When you invest, you only have two choices. 100 00:05:34.560 --> 00:05:38.399 You don't invest in risk or you invest in no risk. 101 00:05:38.720 --> 00:05:42.000 In other words, you do invest to get a variable 102 00:05:42.120 --> 00:05:45.240 return which music can go up and down. That's risk, 103 00:05:45.879 --> 00:05:48.319 or you invest to get a fixed return so you 104 00:05:48.439 --> 00:05:51.040 know exactly what you are getting. There is no risk, 105 00:05:51.319 --> 00:05:54.639 So you either do risk or no risk. Stocks are 106 00:05:54.879 --> 00:05:59.079 risk stocks are risky, which means they are volatile. Year 107 00:05:59.240 --> 00:06:03.079 to date for the Nigerian Stock Exchange, niger market is 108 00:06:03.160 --> 00:06:06.560 up two point sixty six percent. So what that means 109 00:06:06.600 --> 00:06:09.360 is if you bought the index. The index means if 110 00:06:09.360 --> 00:06:13.040 you put all the shares listed on the nigern All 111 00:06:13.120 --> 00:06:16.399 Share Index, if you pot everything, you would make some money, 112 00:06:16.600 --> 00:06:19.639 you lose some money. Your return would be two point 113 00:06:19.720 --> 00:06:22.839 sixty six. It doesn't even touch inflation. It's not even 114 00:06:23.040 --> 00:06:26.839 near the random era of inflation, so it's really down. 115 00:06:27.040 --> 00:06:30.160 January was up one point five three, February was up 116 00:06:30.199 --> 00:06:32.920 three point all nine. March is down to one point 117 00:06:33.040 --> 00:06:35.560 ninety one, so we're back at two point six. So 118 00:06:35.639 --> 00:06:38.639 in Nigeria, you can see that the risk is off 119 00:06:38.680 --> 00:06:41.680 as well. Folks are saying, well, all take a risk 120 00:06:41.800 --> 00:06:44.920 in Nigerian stock market, but why are focusing that. Before 121 00:06:44.959 --> 00:06:48.000 we get there, let's go to the individual sectors. What 122 00:06:48.240 --> 00:06:51.360 sectors are doing well on the stock market. Again, this 123 00:06:51.399 --> 00:06:55.079 is not the economy, but what sectors in the stock 124 00:06:55.240 --> 00:06:59.040 market are doing very very well. The highest performing index 125 00:07:00.079 --> 00:07:02.079 index in national stop markets is what we call the 126 00:07:02.160 --> 00:07:05.240 Islamic INDEXC or the Ethical index. So if you're not 127 00:07:05.319 --> 00:07:09.519 buying alcohol, or if you're not buying in interest but 128 00:07:09.639 --> 00:07:12.279 you're just buying industrials, then go to CEMN that sort 129 00:07:12.319 --> 00:07:15.480 of thing. You are up eight point five six. Then 130 00:07:15.480 --> 00:07:18.079 of course you have your banking indecks, your pension index, 131 00:07:18.240 --> 00:07:21.160 consumer goods index, they are all doing pretty well, but 132 00:07:21.199 --> 00:07:24.240 the average is still going to be at that two 133 00:07:24.240 --> 00:07:28.000 percent for you. It's not doing anything. But why is 134 00:07:28.040 --> 00:07:31.680 the market not doing anything? The answer is because of 135 00:07:31.759 --> 00:07:35.199 the yields that we get from the money market. So 136 00:07:35.279 --> 00:07:37.439 let's go to the money market. Money market is now 137 00:07:37.839 --> 00:07:41.639 no risk. It's you do money market. You are not 138 00:07:41.800 --> 00:07:45.800 taking any risk with your principle based on the issuer. 139 00:07:46.639 --> 00:07:51.560 So it's an issuer risk free markets, especially if you're 140 00:07:51.639 --> 00:07:55.399 in federal government bonds and federal treasury is if you're 141 00:07:55.399 --> 00:07:58.319 buying federal covet treasury. 142 00:07:57.560 --> 00:08:00.240 You are not you have no issue. 143 00:08:00.360 --> 00:08:04.040 Risk, meaning that niger can simply print back money and 144 00:08:04.240 --> 00:08:07.000 pay you, so you don't have any issue with your principal. 145 00:08:08.279 --> 00:08:11.160 Nigeria has gone from about let's say the bond yields 146 00:08:11.240 --> 00:08:16.040 right for Nigeria will about nineteen percent, where about twenty percent. 147 00:08:16.519 --> 00:08:19.160 That means that right, guys, if you take a millionaire, 148 00:08:20.360 --> 00:08:22.920 and you buy a federal government bond on the autpage 149 00:08:22.920 --> 00:08:26.959 you get about twenty percent without risk. So why would 150 00:08:27.000 --> 00:08:29.360 I then go invest in the stock market that's going 151 00:08:29.439 --> 00:08:32.000 to pay me two percent or eight percent when I 152 00:08:32.000 --> 00:08:35.039 can get a guaranteed twenty percent from the federal government 153 00:08:35.080 --> 00:08:38.919 without risk. Again, guys, this is the return your campaigny 154 00:08:39.000 --> 00:08:42.639 yield for yield. This is the problem. If risk free 155 00:08:42.759 --> 00:08:45.759 is paying you twenty this is the federal government. Witness, 156 00:08:45.799 --> 00:08:48.480 the private sector is going to pay you much more 157 00:08:48.519 --> 00:08:51.519 twenty five, twenty six. Why take the risk in the 158 00:08:51.559 --> 00:08:54.279 stock market? That's why you see my moneys are moving 159 00:08:54.879 --> 00:08:58.360 from the stock market over to the fixed income market. 160 00:08:58.679 --> 00:09:01.679 It's always a movement. Money does not sleep, It doesn't 161 00:09:01.759 --> 00:09:05.080 stay in one place. It's either invested or it's moving. 162 00:09:05.279 --> 00:09:07.039 You don't take money and look at it though. There's 163 00:09:07.080 --> 00:09:09.120 no one. No one has a billion error in his 164 00:09:09.240 --> 00:09:12.159 home as an investor. It's even the stock market, it's 165 00:09:12.159 --> 00:09:15.519 in properties, it's in fixing company. It's moving, right. So 166 00:09:15.639 --> 00:09:18.080 money has left the stock market, which is a risk, 167 00:09:19.039 --> 00:09:21.279 and has come to the fixing core market, which is 168 00:09:21.320 --> 00:09:24.240 now the no risk. What of our treasury bills has 169 00:09:24.279 --> 00:09:27.120 come down? We sue bands Hire as twenty five percent. 170 00:09:27.440 --> 00:09:30.159 Now we're about twenty one twenty two percent. So if 171 00:09:30.200 --> 00:09:32.679 you are offering this sort of yields to investors and 172 00:09:32.720 --> 00:09:36.480 I have ten billion for my investor to invest, why 173 00:09:36.519 --> 00:09:39.200 would I take the extra risk in the stock market. 174 00:09:39.240 --> 00:09:43.240 The stock market has got to give me fantastic results. 175 00:09:43.080 --> 00:09:45.120 To allow me to come back to it. 176 00:09:45.200 --> 00:09:48.679 If it doesn't give me fantastic results, I'll stay with 177 00:09:48.879 --> 00:09:51.240 the fixing core market. So now we've talked about the 178 00:09:51.279 --> 00:09:54.840 fixing core market in Nigeria, talked about the equity market 179 00:09:54.840 --> 00:09:58.879 in Nigeria. Let's now go now into the particular funds. 180 00:09:59.159 --> 00:10:01.120 These funds of point where you can say, I want 181 00:10:01.120 --> 00:10:04.360 to buy maybe dollar, I want to buy equities which 182 00:10:04.399 --> 00:10:07.639 ones are doing very very well in Nigeria today as 183 00:10:07.759 --> 00:10:11.039 at Q one, two thousand and five. Now, guys, if 184 00:10:11.039 --> 00:10:14.600 you did money market in Nigeria money market funds are 185 00:10:14.600 --> 00:10:17.519 not going to name the particular broker, but the average 186 00:10:17.840 --> 00:10:19.679 money market you try, you will get in niger is 187 00:10:19.679 --> 00:10:22.840 going to be about thirty one percent. Thirty one percent, 188 00:10:22.919 --> 00:10:26.600 three one percent. That's a lot, guys, that's bats infliction, right. 189 00:10:27.039 --> 00:10:33.000 So again stock market is doing two percent, money market 190 00:10:33.039 --> 00:10:36.799 is doing thirty one percent. Do the market guys. Stock 191 00:10:36.840 --> 00:10:40.279 market equity funds are on this Micmary report here are 192 00:10:40.279 --> 00:10:46.000 doing thirteen percent one three, thirteen percent one three. Money 193 00:10:46.000 --> 00:10:50.120 market is doing thirty one percent, and money market has 194 00:10:50.200 --> 00:10:55.320 less polatility. So you would be quote unquote foolish to 195 00:10:55.399 --> 00:10:58.279 take your money and invest in stocks at this time 196 00:10:58.720 --> 00:11:03.200 because the yield on money market is higher than the 197 00:11:03.399 --> 00:11:07.799 yield on stocks. But again remember, folks that buy stocks 198 00:11:07.799 --> 00:11:12.120 are buying for the long term, not for today. What 199 00:11:12.240 --> 00:11:15.600 about dollar dollar ponds just to rain last year, the 200 00:11:15.679 --> 00:11:19.600 year before because of the dollar appreciation. If this quarter 201 00:11:19.720 --> 00:11:23.000 to date now, dollar phones are doing negative eighteen percent. 202 00:11:23.720 --> 00:11:25.759 So if you put a dollar phone because you're trying 203 00:11:25.759 --> 00:11:30.120 to escape should we say inflation, you might have that 204 00:11:30.159 --> 00:11:35.440 you would escape inflation, but your return is negative eleven percent. 205 00:11:35.639 --> 00:11:38.799 This is put dollar phones dollar income funds. You are 206 00:11:38.799 --> 00:11:43.639 also doing very very badly, right, so balanced phones are 207 00:11:43.679 --> 00:11:46.559 giving you about eight percent. If you are doing real 208 00:11:46.759 --> 00:11:50.600 estate phonds also very very low returns one point two 209 00:11:50.799 --> 00:11:55.519 eight percent. Again, it's a fond fund returns not the 210 00:11:55.639 --> 00:11:59.799 individuals but the fund itself. So the picture of Nigeria 211 00:12:00.399 --> 00:12:04.679 one is very very easy to follow. Stock markets are down. 212 00:12:07.159 --> 00:12:12.799 Fixed income markets are up, dollar phonts are down. Property 213 00:12:12.960 --> 00:12:16.480 is down. So Nigeria is the risk of the problem 214 00:12:16.519 --> 00:12:19.200 with Nigeria. If you notice what I'm saying is upside down. 215 00:12:19.679 --> 00:12:22.799 If you are not taking risk, you should not get 216 00:12:22.879 --> 00:12:25.279 all this thirty one percent that you are getting from 217 00:12:25.320 --> 00:12:28.240 niger government. The problem is that the nigerank COD is 218 00:12:28.279 --> 00:12:33.039 giving you very very high rates, but it's not charging 219 00:12:33.080 --> 00:12:36.399 you any risk, so you would be foolish not to 220 00:12:36.440 --> 00:12:40.519 take advantage of that. Hence, money market is doing thirty 221 00:12:40.679 --> 00:12:46.240 one percent but equity is doing thirteen percent. Makes no sense, olimitate. 222 00:12:46.679 --> 00:12:49.039 I tried to give an overview of Nigeria. I've not 223 00:12:49.120 --> 00:12:52.440 even gone to the trillion dollar returns that the banks 224 00:12:52.480 --> 00:12:54.960 are doing already. We're going not going to that individually. 225 00:12:55.559 --> 00:13:00.639 Theen it GT you'll be doing trillions right about that. 226 00:13:00.879 --> 00:13:04.000 But just on on on an overview, this is where 227 00:13:04.000 --> 00:13:05.639 we are right now. We're going to get to tyrants, 228 00:13:05.639 --> 00:13:07.240 but this is all where we are right now in Nigeria. 229 00:13:07.480 --> 00:13:10.159 Money market is doing very very well, equity is not 230 00:13:10.320 --> 00:13:15.840 so well. Property flat. What's your take on this? 231 00:13:16.000 --> 00:13:16.039 Is? 232 00:13:16.480 --> 00:13:20.440 Sorry for Abilid, I had some personal issues. 233 00:13:20.480 --> 00:13:25.759 You know, pretty much prepared for personal retterns this time, 234 00:13:25.879 --> 00:13:31.279 so basically with everyone and it's a pleasure. 235 00:13:31.279 --> 00:13:33.120 I'm privileged to be on card of space. You know. 236 00:13:34.919 --> 00:13:39.600 I think what's for those that have been following you, Car. 237 00:13:39.720 --> 00:13:42.360 I think many of them should be happy by now, 238 00:13:42.480 --> 00:13:45.759 because you repeated this behind. 239 00:13:47.440 --> 00:13:50.440 MHM just ready to see and most of the cause 240 00:13:50.480 --> 00:13:54.279 we said came to person. You know, I look about 241 00:13:54.279 --> 00:13:56.720 the fact that being Nigeria and people who are toky 242 00:13:56.720 --> 00:13:59.200 would know me here and now just there's now the 243 00:13:59.240 --> 00:14:02.639 problem of government. I think people have seriously on why. 244 00:14:02.759 --> 00:14:06.440 Diversification as an application place equal. I think the beginners 245 00:14:06.840 --> 00:14:09.279 in this quart in this year so far as an 246 00:14:09.279 --> 00:14:13.039 adducational past planning, and you had that looking. You mentioned 247 00:14:13.080 --> 00:14:17.120 money market earlier, and I spoke about the usity of 248 00:14:17.399 --> 00:14:21.639 why money markets possically as a niger or in Niger 249 00:14:21.759 --> 00:14:25.080 in the ASPERA. So for me, for example, I increased 250 00:14:25.519 --> 00:14:28.879 my exposure from QUE four because. 251 00:14:28.679 --> 00:14:31.759 I felt like the market was peak, you know who. 252 00:14:31.639 --> 00:14:34.200 I left sizeable amount in the US, so I moved 253 00:14:34.200 --> 00:14:37.480 to money Marke their partly because I was more castful 254 00:14:37.559 --> 00:14:40.480 implant and you know, you talked about real estate for 255 00:14:40.519 --> 00:14:49.919 those that we are not super intellectually intellectually incapensated to old, 256 00:14:51.879 --> 00:14:54.720 sorry financially go to old. 257 00:14:55.120 --> 00:14:58.279 A huge amount of real estate. 258 00:14:58.120 --> 00:15:03.679 Exposure really been a reality. Though it's not as scular 259 00:15:03.679 --> 00:15:06.159 as you expect. They've done the certainly well. I think 260 00:15:06.200 --> 00:15:08.080 I did a report. If you look at it in 261 00:15:08.159 --> 00:15:11.759 the space of this quarter, they've don't pretty better than 262 00:15:12.399 --> 00:15:16.600 most bootship stocks in the lariastics even after adjusting forests. 263 00:15:16.679 --> 00:15:21.960 And another thing against that now strengthy from deserve to 264 00:15:22.320 --> 00:15:25.320 a brief. You look at the value you kept fifteen percent, 265 00:15:25.399 --> 00:15:29.759 So it has been positive for conservative grade securities and 266 00:15:29.879 --> 00:15:35.440 great securities. And I think Standing given twenty two percent, canouns. 267 00:15:35.039 --> 00:15:37.240 To three percent given very. 268 00:15:37.080 --> 00:15:39.879 Stem Aun twenty three so aveene of trying to to 269 00:15:40.240 --> 00:15:41.200 money market. 270 00:15:41.240 --> 00:15:43.039 Has been very decent. 271 00:15:43.200 --> 00:15:49.919 Then you know equalities individually connected with the anchis it's 272 00:15:49.960 --> 00:15:52.919 about two percent yet to see it. But if you 273 00:15:52.960 --> 00:15:58.679 look at the individual entities, particularly the outgrowth Livestock last 274 00:15:58.759 --> 00:16:01.080 of its two editate percent. 275 00:16:01.679 --> 00:16:03.440 Look at press School about. 276 00:16:03.200 --> 00:16:06.159 Sixty percent, Look at Livestock persisent to two percent. 277 00:16:06.840 --> 00:16:09.919 Banks from GT to Zenning giving. 278 00:16:09.679 --> 00:16:13.200 You over our twenty because many of them had the 279 00:16:13.519 --> 00:16:18.399 Stellar album. So individually we had some center export. I 280 00:16:18.440 --> 00:16:21.679 don't think there's any stop on the NGS. That's something 281 00:16:21.759 --> 00:16:24.080 like the way they're saying it that starts offer. And 282 00:16:24.240 --> 00:16:28.200 that's pretty much because the Nigeria stock market is quite. 283 00:16:28.039 --> 00:16:30.639 A couple from Nigeria economy for three reasons. 284 00:16:30.679 --> 00:16:35.360 First, the backet has been a ordn for sovier volations 285 00:16:35.399 --> 00:16:39.720 are so cheap. Disposable income is pretty much week you 286 00:16:39.799 --> 00:16:43.440 look at the stock market down graded the NIGERA stop 287 00:16:43.480 --> 00:16:46.399 markets that are red by top with it. So MPI 288 00:16:46.759 --> 00:16:49.159 ratio to look at vest as is nae one for 289 00:16:49.279 --> 00:16:49.919 every line. 290 00:16:50.000 --> 00:16:53.720 Look at investors you have more FPS. So the leafage 291 00:16:54.440 --> 00:16:55.080 that has brought to. 292 00:16:55.120 --> 00:16:59.039 Nagers that you see most ability because FPRs are known 293 00:16:59.279 --> 00:17:03.720 to me is market larcity, especially when like this com 294 00:17:03.799 --> 00:17:05.920 me you see that they pull their phone. So if 295 00:17:06.000 --> 00:17:08.440 you starbutting the market which are the very positive, so 296 00:17:08.839 --> 00:17:10.519 I can't I think in some way, I. 297 00:17:10.559 --> 00:17:13.920 Think it's for me. I think as well as an 298 00:17:13.920 --> 00:17:16.079 aucasion of this key. You know we're imperfect. You know 299 00:17:17.519 --> 00:17:20.400 the reps. Look at marketing Apple, but he. 300 00:17:20.440 --> 00:17:23.039 Has about tilted four billion as a cash and I 301 00:17:23.160 --> 00:17:25.759 think for folks and then you have but guys using 302 00:17:25.799 --> 00:17:26.279 the aspora. 303 00:17:26.720 --> 00:17:29.359 I think lessons like yeah, it's good to look. 304 00:17:29.200 --> 00:17:31.240 At our market, but there are so many loggets in 305 00:17:31.279 --> 00:17:34.440 our market. For example, I am as supposed to rupair market. 306 00:17:34.839 --> 00:17:38.599 I have the Europons giving me two point five percent. 307 00:17:38.920 --> 00:17:41.839 I'm paying thirty percent backs on that to put seven 308 00:17:41.920 --> 00:17:43.480 five percent, et cetera. 309 00:17:43.319 --> 00:17:45.640 Only for eight years, where the first good metal is 310 00:17:45.759 --> 00:17:46.440 twenty two percent. 311 00:17:46.720 --> 00:17:49.200 Now I'm looking at the ability to put the ugra ponds. 312 00:17:49.400 --> 00:17:52.240 It's also giving me close to that. Then the Americans 313 00:17:52.440 --> 00:17:53.759 you get four five percent. 314 00:17:54.119 --> 00:17:57.079 Or if I'm bring the Stambay because you see or journey, 315 00:17:57.319 --> 00:17:59.680 I think my daughter phones, I can get back to 316 00:18:00.160 --> 00:18:02.960 a six percent. Then if I'm richer like m part 317 00:18:03.000 --> 00:18:04.799 with your class, then I can look at the standard 318 00:18:04.880 --> 00:18:06.160 chat that where I can. 319 00:18:06.119 --> 00:18:09.640 Open a parity account and tapping too black croock tappen 320 00:18:09.759 --> 00:18:14.519 too many stocky ts, which definitely will give. 321 00:18:14.440 --> 00:18:15.440 You higher returns. 322 00:18:15.480 --> 00:18:18.880 So the cost of capital really really different. Coming for 323 00:18:19.000 --> 00:18:23.160 those that really went through filter creates. I don't want 324 00:18:23.200 --> 00:18:26.240 to say I think they should start thinking of the 325 00:18:26.359 --> 00:18:28.559 village except they have long term but you know, the 326 00:18:28.640 --> 00:18:33.160 appetite does more things on them because disposible income is 327 00:18:33.240 --> 00:18:34.359 not so solid. 328 00:18:34.279 --> 00:18:36.240 And that's the problem we have in our stock pocket. 329 00:18:36.559 --> 00:18:39.559 You know can if you look at the US, I 330 00:18:39.720 --> 00:18:41.680 give them stocks don't need to to well it's the 331 00:18:41.759 --> 00:18:46.440 son of the stock is aging. But Innua we take differents. 332 00:18:46.440 --> 00:18:48.519 So we take cash with very seriously. So if you're 333 00:18:48.599 --> 00:18:50.880 doing so well, I am paying someone you then you 334 00:18:51.000 --> 00:18:52.720 really going so far. And that's why if you look 335 00:18:52.759 --> 00:18:57.519 at stocks like you be z ht, they really because 336 00:18:57.559 --> 00:18:59.720 of the cashal depend So I apparently think that. 337 00:19:01.039 --> 00:19:04.680 So let'son for us to look at and we shouldn't. 338 00:19:04.359 --> 00:19:08.279 Undermine our market despite the point is start look very disappened. 339 00:19:08.319 --> 00:19:12.880 Sometimes good good. So let's talk maybe clear about the 340 00:19:13.839 --> 00:19:17.000 Nigerian returns. Right, So if I have a million dollars 341 00:19:17.039 --> 00:19:18.960 today and I just put the money in the bank, 342 00:19:19.000 --> 00:19:21.039 I would have made more more than if I bought stock. 343 00:19:21.119 --> 00:19:21.880 This is average. 344 00:19:22.039 --> 00:19:24.880 I hear you list out the individual stocks, but if 345 00:19:24.920 --> 00:19:26.960 I'm a new b I don't know the individual stock. 346 00:19:27.039 --> 00:19:29.119 I don't know what to buy. So the average is 347 00:19:29.200 --> 00:19:34.279 that this fixed income market is doing far almost double 348 00:19:34.720 --> 00:19:37.319 what the equity market is doing. Is this is this 349 00:19:37.599 --> 00:19:41.839 healthy for a market that is younger, has needs this 350 00:19:42.079 --> 00:19:44.599 long term capital? Is this going to be a healthy 351 00:19:44.680 --> 00:19:47.680 return that we have risk? This is a risk plimited 352 00:19:48.160 --> 00:19:49.839 risk returns. 353 00:19:50.359 --> 00:19:52.680 Can you should know why it's happening definitely. You know 354 00:19:52.680 --> 00:19:55.240 what it's happening is an a purchased there. You know, 355 00:19:55.640 --> 00:20:01.720 we are trying to attracts to TP and remedians is 356 00:20:01.799 --> 00:20:03.200 not the levels we used to have. 357 00:20:03.440 --> 00:20:06.599 So what's really bringing FX is FPS, and what the 358 00:20:06.640 --> 00:20:07.359 CPR has been. 359 00:20:07.279 --> 00:20:10.920 Able to do is really create that incentive. I think 360 00:20:11.000 --> 00:20:13.880 I kept hammaning on that seat dinner themeter a. Set 361 00:20:15.400 --> 00:20:19.480 have used are attractive because the CPS is trying to 362 00:20:19.640 --> 00:20:22.200 just population unit to understand why rates are high. 363 00:20:22.240 --> 00:20:28.119 SOPs has really been part of the uh, the. 364 00:20:29.160 --> 00:20:32.920 There the designs where we have the stability, so the 365 00:20:33.319 --> 00:20:36.039 catalysts beyond the stability in the FX market. 366 00:20:36.119 --> 00:20:39.480 And you know, play into retail. It's a good opportunity. 367 00:20:39.680 --> 00:20:42.559 You know, you can add for example, you can have 368 00:20:42.680 --> 00:20:45.400 money markets just do not just putting in your phone. 369 00:20:45.440 --> 00:20:46.559 Apart from the one point. 370 00:20:46.440 --> 00:20:49.599 Five percent p you get twenty two percent, you know, 371 00:20:50.000 --> 00:20:52.799 and if you are more connected you go PERMU to 372 00:20:52.880 --> 00:20:56.359 ther parametrage market you get us as six percent FPS. 373 00:20:56.440 --> 00:20:58.400 So yeah, it can, but it's not going to be 374 00:20:58.759 --> 00:21:02.400 a permanent scenario. We really, I mean that kind of 375 00:21:04.559 --> 00:21:08.359 spectrum because we're trying to stabilize our currency. CPN really 376 00:21:08.400 --> 00:21:12.079 needs a FPS, so there's an incentive and that's also 377 00:21:12.759 --> 00:21:14.960 its advantage because you look at that to that debs 378 00:21:15.039 --> 00:21:17.599 the cost to that because we're paying there's the payment 379 00:21:17.759 --> 00:21:20.359 for paying high interest, you know, because they definitely will 380 00:21:20.400 --> 00:21:21.359 pay them rather by. 381 00:21:21.400 --> 00:21:22.759 Printing the will pay them. 382 00:21:23.039 --> 00:21:25.720 So I think for the Nigerians that I really looked 383 00:21:25.720 --> 00:21:28.720 at the fact that they had this quoit text taty 384 00:21:28.960 --> 00:21:32.039 where they really put cash and the magers informs in 385 00:21:32.160 --> 00:21:34.720 the money market. Then they looked at the risk, they 386 00:21:34.759 --> 00:21:36.599 looked at ned to risk, they look a high risk. 387 00:21:36.680 --> 00:21:38.119 I think, yeah, yeah, it makes a lot of sense 388 00:21:38.200 --> 00:21:41.240 than just you because if you look at dollar for 389 00:21:41.599 --> 00:21:43.440 those that really want to them do the mass where 390 00:21:43.440 --> 00:21:46.720 we can. You know, I meant to last year in 391 00:21:46.960 --> 00:21:50.720 February it was at one thousand a hundred, So I put. 392 00:21:50.960 --> 00:21:54.039 I put they're just pick it around. I put a 393 00:21:54.960 --> 00:21:59.839 ten thousand dollars vort of of into di giuntries. You 394 00:22:00.079 --> 00:22:02.279 use at one thousand and undred, that's nineteen million. 395 00:22:03.160 --> 00:22:07.200 Now I'm cashing you cash it out in February, the 396 00:22:07.400 --> 00:22:08.599 average of twenty five percent. 397 00:22:08.720 --> 00:22:10.839 If you do the average of ninety minor tween five percent. 398 00:22:11.680 --> 00:22:15.519 Now denial checking it back to the door, you've gotten 399 00:22:15.880 --> 00:22:18.960 about if you had your opinion, you've gotten about twenty percent. 400 00:22:19.039 --> 00:22:23.519 Because deniers trenging, I'm more than thirty percent, you're getting 401 00:22:23.559 --> 00:22:26.680 about ninety percent. So the true care is that even 402 00:22:26.759 --> 00:22:31.119 for those in aspora, that's really explored the Nigeria market. 403 00:22:31.559 --> 00:22:34.880 I think there's no way in the world, especially in 404 00:22:35.240 --> 00:22:36.880 image markets, where you get. 405 00:22:37.079 --> 00:22:40.079 With turn on physical like you said, at even percent two. 406 00:22:40.480 --> 00:22:43.119 You know these things are not straightforward, but I think 407 00:22:43.920 --> 00:22:46.319 those are belt the market they legal awarded. 408 00:22:46.839 --> 00:22:49.160 Completely agree with youre just the point I was making 409 00:22:49.200 --> 00:22:52.440 this that you know, yes, you'll make money, but in 410 00:22:52.519 --> 00:22:55.599 an economy where risk pery rates are high, it simply 411 00:22:55.680 --> 00:22:58.079 means that for the SSMEs that want to borrow, their 412 00:22:58.200 --> 00:23:00.680 rates are also high. And that's what we're seeing with 413 00:23:00.799 --> 00:23:05.000 the stock market is reflecting that falling earnings. So the 414 00:23:05.440 --> 00:23:08.359 smarting person are leaving the stock market to go to 415 00:23:08.440 --> 00:23:11.559 the to the money market. That's what's going on. Even 416 00:23:11.640 --> 00:23:12.400 dollars done. 417 00:23:13.519 --> 00:23:15.119 To be honest to you, you know what I say, 418 00:23:15.160 --> 00:23:16.680 I don't think so. So if you look at the 419 00:23:16.799 --> 00:23:18.559 money markets, if you look at the morning, because I 420 00:23:18.640 --> 00:23:20.720 have been through the incloser and outs with the money 421 00:23:20.759 --> 00:23:24.880 market and the fixing come space difficult. Fixing come space 422 00:23:24.920 --> 00:23:28.799 in the first quarter dropped seriously and that's because MP 423 00:23:29.039 --> 00:23:30.160 is to give profits. 424 00:23:30.599 --> 00:23:31.720 Now, if you look at the. 425 00:23:33.559 --> 00:23:38.240 Capital markets, it also was really kind of weak wide 426 00:23:38.359 --> 00:23:42.079 because we had aggressive ones. 427 00:23:41.880 --> 00:23:43.799 In twenty twenty three, twenty twenty four. 428 00:23:44.160 --> 00:23:46.240 In fact, if you look at what twenty twenty four, 429 00:23:46.720 --> 00:23:50.319 you know, during this I was feeling, as I should 430 00:23:50.319 --> 00:23:52.680 be said, apt, the market is still really jar purpose. 431 00:23:52.759 --> 00:23:58.960 So investors really amplified profit taking. So this sort of 432 00:23:59.079 --> 00:24:03.359 bang endings put some static experts to see for the 433 00:24:03.440 --> 00:24:06.000 taking that's quit a part that has been taking. 434 00:24:06.319 --> 00:24:08.480 Yeah, OK, I hear you. But I'm looking at the 435 00:24:08.640 --> 00:24:12.160 actual returns now this so the actual returns for the 436 00:24:12.240 --> 00:24:15.400 banking index is six percent. So if you if you 437 00:24:15.559 --> 00:24:18.720 bought the total of the banks in Nigernal stock market quoted, 438 00:24:19.039 --> 00:24:21.319 you make money, you lose money, you'll come out at 439 00:24:21.359 --> 00:24:25.160 six percent. That's for the banking index. If you bought 440 00:24:25.200 --> 00:24:28.839 that banking index. If you didn't money direct for this quarter, 441 00:24:29.119 --> 00:24:33.359 generate to generally to March five this quarter. If you 442 00:24:33.480 --> 00:24:36.039 put your money in the money market average you're making 443 00:24:36.119 --> 00:24:39.160 testy one percent this money market ten one percent on 444 00:24:39.319 --> 00:24:43.160 average dollar, you are losing eleven percent on average. This 445 00:24:43.200 --> 00:24:47.519 is the point I'm making that they reyield is what 446 00:24:47.640 --> 00:24:48.039 I forgot. 447 00:24:48.119 --> 00:24:48.519 The yield. 448 00:24:48.640 --> 00:24:51.519 The yield is saying that if you have money in 449 00:24:51.720 --> 00:24:54.400 fixed income, you are making more money you can. Let's 450 00:24:54.440 --> 00:24:56.000 now go into it. Since you bring that, let's go 451 00:24:56.039 --> 00:24:58.839 into the individual banks. Now, let's now hop into the 452 00:24:58.960 --> 00:25:01.119 three banks, the ones that I'm all the noise not right, 453 00:25:01.519 --> 00:25:05.039 zen it U b A and of course a GT bank. 454 00:25:05.319 --> 00:25:10.079 We saw one trillion naira plus returns P eight P 455 00:25:10.240 --> 00:25:12.519 eight from this bank. And if you look at let's 456 00:25:12.559 --> 00:25:14.440 just talk about sing let me go to zen it 457 00:25:15.039 --> 00:25:20.000 zen it's pe issue. It's one point nine one point nine. 458 00:25:20.039 --> 00:25:21.839 For those that don't know what that means. If you 459 00:25:22.000 --> 00:25:24.519 buy a senate bank at the price today, what's the 460 00:25:24.599 --> 00:25:27.160 price today? The price today is let me look for 461 00:25:27.240 --> 00:25:30.039 the price today. If you buy GTY bank at this price, 462 00:25:30.200 --> 00:25:32.799 it's going to take you one year, say two years, 463 00:25:32.839 --> 00:25:35.000 to get your principal back. That's what that p era 464 00:25:35.039 --> 00:25:39.759 shu means. Its debt cheap, debt is cheap. One point 465 00:25:39.880 --> 00:25:44.960 nine is seriously on the value seriously does it? 466 00:25:45.039 --> 00:25:45.480 What does it? 467 00:25:45.599 --> 00:25:46.559 What the numbers tell us? 468 00:25:47.519 --> 00:25:47.920 You know, so. 469 00:25:49.839 --> 00:25:53.880 Your puss be naturally being on that value. Like I 470 00:25:54.000 --> 00:25:57.319 mentioned you at a stop Mrka, for example, I was 471 00:25:57.359 --> 00:26:00.279 talking to your friends and I said that you at 472 00:26:01.000 --> 00:26:05.799 look at zenitt On, Chaz mid. 473 00:26:05.720 --> 00:26:08.480 Some one Pillon that look at what they made on. 474 00:26:09.079 --> 00:26:11.880 Interesting, look at what the big monitors and look at 475 00:26:12.200 --> 00:26:14.720 if they look at their payouts they have fully numbers. 476 00:26:14.759 --> 00:26:16.799 Can I think the problem in our market is not 477 00:26:16.880 --> 00:26:19.160 really because it's not the problem of our banks is 478 00:26:19.200 --> 00:26:22.480 not that they're also read I think if you looking 479 00:26:22.480 --> 00:26:25.160 at it on the spectral emerging market and your banks 480 00:26:25.160 --> 00:26:29.319 are the most profitable margin has imagined of about eighty 481 00:26:29.359 --> 00:26:29.839 eight percent. 482 00:26:29.960 --> 00:26:31.119 You know do you know? 483 00:26:31.160 --> 00:26:31.200 What? 484 00:26:31.400 --> 00:26:31.599 Do you know? 485 00:26:31.640 --> 00:26:31.680 What? 486 00:26:31.799 --> 00:26:32.000 You know? What? 487 00:26:32.119 --> 00:26:36.319 Send its banks gross margin is guess the number, one 488 00:26:36.440 --> 00:26:42.960 hundred percent. The gross margin is one hundred percent. Their 489 00:26:43.119 --> 00:26:48.599 net margin is forty six. No gross margin sales, let's 490 00:26:48.799 --> 00:26:53.039 just operational returns for present is one hundred percent. Then 491 00:26:53.119 --> 00:26:56.559 if you say net margins, now for the company, not interest, 492 00:26:56.720 --> 00:26:59.279 this is net for the company. Net profit margin is 493 00:26:59.359 --> 00:27:04.000 what is six for set forty six? Okay, so yeah, 494 00:27:04.559 --> 00:27:09.799 so dividend concern its ten point four ten point four, 495 00:27:10.759 --> 00:27:11.559 So I mean it's good. 496 00:27:13.279 --> 00:27:17.440 Yeah, it's it's been like that kind of like for 497 00:27:17.599 --> 00:27:19.880 me if you just look at it for me quantitive 498 00:27:20.359 --> 00:27:23.359 like you're speaking from our next part to view. I 499 00:27:23.440 --> 00:27:25.880 think a lot of people would miss it out because 500 00:27:26.359 --> 00:27:28.839 you look at the endings when it came out, the 501 00:27:28.960 --> 00:27:32.079 banks didn't move so much. Apart from that looked like 502 00:27:32.359 --> 00:27:36.799 was going to break the rely just resistant rude for 503 00:27:37.039 --> 00:27:39.559 many reasons. You know, a lot of people are still 504 00:27:39.559 --> 00:27:43.960 worried about shared the dilution, and the market seems not 505 00:27:44.079 --> 00:27:46.359 to be able to accommodate these. 506 00:27:46.400 --> 00:27:50.319 Banks the bank endings because. 507 00:27:50.279 --> 00:27:52.440 Like I mentioned, you look at the trading body of 508 00:27:52.480 --> 00:27:54.720 the stock market, it's still putting much to So we 509 00:27:54.759 --> 00:27:56.960 still have a lot of work, you know, for us 510 00:27:57.039 --> 00:27:59.559 to see the true value, the interesting value of the 511 00:28:00.160 --> 00:28:00.880 in battle of these. 512 00:28:00.880 --> 00:28:03.880 Stocks, you know, is supposed to come as come. 513 00:28:03.880 --> 00:28:06.400 Up in which it has to be down if government 514 00:28:06.480 --> 00:28:09.279 has to build incentives market makers. You know, I really 515 00:28:09.319 --> 00:28:12.000 have marketmakers the incentive to the drank stocks. You know, 516 00:28:12.559 --> 00:28:14.839 forget the fact that I've been faclotic and the fact 517 00:28:14.880 --> 00:28:18.720 that I see value from a universal perspective that you know, 518 00:28:19.000 --> 00:28:22.240 I was on this guy's dispopularized when the appman I 519 00:28:22.359 --> 00:28:25.079 was on his Space contit and I asked him why 520 00:28:25.119 --> 00:28:26.640 it hasn't invested in nine. 521 00:28:26.480 --> 00:28:29.519 Germ stocks, you know, and it did a polite reason. 522 00:28:29.599 --> 00:28:30.759 What I really understand. 523 00:28:30.920 --> 00:28:34.599 You know, their phones cannot bequility in our market, cannot be. 524 00:28:36.000 --> 00:28:38.960 Help, which goes back to that first question. Looking they 525 00:28:39.000 --> 00:28:41.440 do go that first question. I asked that if funds 526 00:28:41.480 --> 00:28:44.079 are leaving the stock market to the money market, that 527 00:28:44.240 --> 00:28:46.559 takes away the liquidity in the stock market. But again 528 00:28:47.680 --> 00:28:49.200 I would just go back to just to give put 529 00:28:49.240 --> 00:28:51.480 the numbers that I'm looking at, just numbers, but put 530 00:28:51.599 --> 00:28:54.559 just to put to understand. Look at nigeron bags, Access 531 00:28:54.599 --> 00:28:57.440 Bank is one point five percent, PE one point five, 532 00:28:57.839 --> 00:29:00.759 g T one point six, you'll be one point seven 533 00:29:01.440 --> 00:29:04.400 Zen it's one point nine. These are very very cheap 534 00:29:04.440 --> 00:29:09.960 stocks in Nigeria doing crazy numbers. Dividend deals is not 535 00:29:10.039 --> 00:29:14.640 biting inflation, but it's ten percent. It's ten percent. Endings 536 00:29:14.680 --> 00:29:18.799 growth for Zenated Bank tenteen percent, you'll be four percent. 537 00:29:19.480 --> 00:29:23.799 Git is actually negative. GITIS endings growth estimate is actually negative. 538 00:29:24.759 --> 00:29:27.799 So it's a mixed bang. When you call Nigerian banks, 539 00:29:28.240 --> 00:29:30.519 which is I guess what you're saying, what that guy said. 540 00:29:30.680 --> 00:29:32.519 You look at this bank, the numbers should tell you 541 00:29:32.599 --> 00:29:34.200 this is a very very cheap gand bank. But then 542 00:29:34.240 --> 00:29:35.920 you get in and then you say they're making their 543 00:29:36.000 --> 00:29:39.440 money from fee income, i e. A bank should make 544 00:29:39.440 --> 00:29:42.880 its money from interest income. It should take money from 545 00:29:44.319 --> 00:29:47.880 saving surplus units and give to savings deficient units the 546 00:29:48.200 --> 00:29:52.160 return it makes. That difference is real banking. So if 547 00:29:52.200 --> 00:29:55.119 you have a bank making one hundred naira and say 548 00:29:55.279 --> 00:29:58.279 eighty nira or eighty percent or thate hundred and ive 549 00:29:58.359 --> 00:30:01.359 comes from interest income, the member solid back because it's 550 00:30:01.400 --> 00:30:05.359 doing this traditional banking and making money. Where it gets 551 00:30:05.359 --> 00:30:07.359 a bit crazy is where you have that same bag 552 00:30:07.759 --> 00:30:11.200 making nearly fifty to fifty from fee income and from 553 00:30:11.359 --> 00:30:13.680 commercial banking. With me that the bank is making money 554 00:30:13.720 --> 00:30:17.119 from FX, the bank is making money from fees. That's 555 00:30:17.200 --> 00:30:19.519 where I think the Niger banks will drop the ball. 556 00:30:19.839 --> 00:30:22.799 It's a lot of profit. But if if you make 557 00:30:22.880 --> 00:30:26.960 a trillion and five hundred billion comes from you simply 558 00:30:27.079 --> 00:30:29.240 trading dollars, are you really doing banking? 559 00:30:30.319 --> 00:30:33.319 Yeah, but that was the argument in twenty twenty four. 560 00:30:33.720 --> 00:30:36.359 You know when FX faduation gains and when look at 561 00:30:36.400 --> 00:30:38.440 GT the results for example, look at let's look at 562 00:30:38.519 --> 00:30:42.799 jun These guys are very creative. 563 00:30:42.920 --> 00:30:46.119 You know, yeah, you used to say that they're treating. 564 00:30:46.200 --> 00:30:48.960 Because I think, now, if if I'm going to put 565 00:30:49.000 --> 00:30:51.640 those banks like the American Bank, I think, did it 566 00:30:51.880 --> 00:30:55.279 looks more like a looks more like a GYP more Gan, 567 00:30:55.519 --> 00:30:58.440 you know, being able. 568 00:30:58.319 --> 00:31:01.359 To really recaptire you to I will keep them moment 569 00:31:01.559 --> 00:31:04.759 I will put the old man Sacks. I would put. 570 00:31:06.160 --> 00:31:09.559 You know what, I think I have a productively for 571 00:31:09.640 --> 00:31:12.000 good Man Sax because I know where you're talking good 572 00:31:12.039 --> 00:31:12.359 mass Saches. 573 00:31:12.400 --> 00:31:16.559 Because of looking at the investment side, well, I think the. 574 00:31:16.640 --> 00:31:20.960 Banker put as good mans Ax is most likely stamping 575 00:31:21.319 --> 00:31:23.920 and that's because of their assets and treading in terms 576 00:31:23.960 --> 00:31:25.359 of effets and asset management. 577 00:31:25.640 --> 00:31:29.319 You can't any no no no banks extar from stamping. 578 00:31:29.640 --> 00:31:31.559 And Peter that the side. If you look at the 579 00:31:31.599 --> 00:31:32.799 body language over. 580 00:31:32.680 --> 00:31:35.559 The years, he has been able to create his socid 581 00:31:35.599 --> 00:31:39.240 monument susual as being on stamping for a work you 582 00:31:39.279 --> 00:31:41.440 know from the h S p MG. She's now the 583 00:31:41.559 --> 00:31:45.160 chairman and she has been able to really So there's 584 00:31:45.200 --> 00:31:49.519 that part. Continuous contents side is not so most likely 585 00:31:49.839 --> 00:31:52.759 you can't take standing great from investment in the FF market. 586 00:31:53.079 --> 00:31:56.839 Stamping is the Upado Biger. They control about a fifth 587 00:31:57.279 --> 00:32:00.079 of the influence in twenty twenty four. So you know, 588 00:32:00.240 --> 00:32:01.759 that's why I call them the good Man's six. 589 00:32:01.960 --> 00:32:05.680 The reason why impactly I've been where you say, uh 590 00:32:06.440 --> 00:32:08.839 GP more Gan might not be GITT because of look 591 00:32:08.880 --> 00:32:12.680 at j pop as assets quite quite as simple. One 592 00:32:12.720 --> 00:32:16.640 interesting thing about G is that coastal capital very new 593 00:32:17.000 --> 00:32:18.400 and I think again. 594 00:32:18.319 --> 00:32:18.519 Is that. 595 00:32:20.640 --> 00:32:23.799 Share and budget has been able an't mind does it, 596 00:32:24.160 --> 00:32:25.319 but he has been. 597 00:32:25.279 --> 00:32:29.440 Able to really squeeze a lot from their assets. 598 00:32:29.640 --> 00:32:31.720 The assets is more to if you look at you 599 00:32:32.119 --> 00:32:35.240 look at customers, the process. You look at the up 600 00:32:35.440 --> 00:32:37.880 for example, B has a ticket, you look at send it, 601 00:32:38.200 --> 00:32:39.720 You look at assets, you look. 602 00:32:39.599 --> 00:32:42.480 At first back. But G what G prins rett on 603 00:32:42.559 --> 00:32:47.000 liquity and impassion. It's crazy. They're just behind QUP in 604 00:32:47.119 --> 00:32:49.640 terms of you. Then you learn for persient. 605 00:32:49.720 --> 00:32:54.359 So unsurprisingly the stock is really popping up the last 606 00:32:54.359 --> 00:32:56.799 a little bookmakers that the stock should be treating that 607 00:32:57.119 --> 00:33:00.319 on the at least and nothing again Again about again 608 00:33:00.440 --> 00:33:01.839 is that MPIs. 609 00:33:01.720 --> 00:33:03.160 Really have last stake. 610 00:33:03.799 --> 00:33:06.559 And you know, because we can't keep seeing all this 611 00:33:06.839 --> 00:33:08.000 for no matter about each banks. 612 00:33:08.039 --> 00:33:11.200 But I think every park has already me. You'll be 613 00:33:11.640 --> 00:33:12.480 massive there. 614 00:33:12.599 --> 00:33:15.240 You you'll be also look at interesting from good to 615 00:33:15.319 --> 00:33:18.160 look at the treading and we really we have been 616 00:33:18.160 --> 00:33:20.119 able to putish on the bank. 617 00:33:20.759 --> 00:33:23.680 He tells you that they're not really interested in pink. 618 00:33:23.519 --> 00:33:26.920 Tap mindset because it's do need one pankily, it's aggressively 619 00:33:27.000 --> 00:33:30.319 not on pin take, and I partly the reason is 620 00:33:30.359 --> 00:33:33.799 because they might be made on electronic banking alone. 621 00:33:34.200 --> 00:33:37.519 It's bigger than what you see in manteed two banks 622 00:33:37.720 --> 00:33:38.240 that profit. 623 00:33:38.319 --> 00:33:41.759 So so he started bank from me. Then I was 624 00:33:41.880 --> 00:33:44.440 going to tear two banks. You see, you plary, you 625 00:33:44.480 --> 00:33:49.000 suspam me. You see when my women declared the percent. Also, 626 00:33:49.319 --> 00:33:52.240 I was always disappointed at First Bank. And you know 627 00:33:52.640 --> 00:33:54.039 a lot of thais have been happening in the First 628 00:33:54.079 --> 00:33:59.039 Bank of days. And while I am inturistic about Pmtoda 629 00:33:59.119 --> 00:34:02.039 being the chairman, I was disappointed. If you get you 630 00:34:02.119 --> 00:34:04.039 know a lot of people talk about you there, but 631 00:34:04.559 --> 00:34:08.039 you can't take the First away from banking industry. 632 00:34:08.159 --> 00:34:08.559 And he. 633 00:34:10.480 --> 00:34:12.199 Told me sorry them. 634 00:34:11.960 --> 00:34:14.639 At all of that relationship with many of these big boys, 635 00:34:15.239 --> 00:34:18.199 Dan could deal refire would definitely be picky. So yeah, 636 00:34:18.559 --> 00:34:22.559 first bank is really an interesting watch, and they selling 637 00:34:22.639 --> 00:34:25.960 their investment I think was a weird posision. They're looking 638 00:34:26.000 --> 00:34:29.719 at more imagines, but I'm quite worried about the play 639 00:34:30.199 --> 00:34:31.119 as sets results is. 640 00:34:31.119 --> 00:34:33.039 Not at our calu but over roll. 641 00:34:33.119 --> 00:34:35.719 I think the one banks are solid, ten two banks 642 00:34:35.840 --> 00:34:39.920 pretty soly studying, you know, stimone. 643 00:34:40.239 --> 00:34:42.719 Interesting fidelity my favorite. 644 00:34:43.199 --> 00:34:47.039 It's just that the problemidlity is that I think the 645 00:34:47.079 --> 00:34:51.199 stock has used so much that I think the upside 646 00:34:51.360 --> 00:34:52.719 in the future might be doing there. 647 00:34:52.800 --> 00:34:56.840 So dropbacks are coming. But you know, you know, cars 648 00:34:56.880 --> 00:34:58.119 really don't get pretty much. 649 00:34:58.159 --> 00:35:00.360 Jobs is somebody that really likes so much because she 650 00:35:00.519 --> 00:35:03.800 allows the results talk and she does less talking. 651 00:35:04.760 --> 00:35:07.400 Just just on the besides, do you if you took 652 00:35:07.400 --> 00:35:11.159 away from yeah and I jump backs a goodbye? 653 00:35:11.480 --> 00:35:14.440 Just on if this five ba I did a goodbye 654 00:35:14.559 --> 00:35:17.079 and if I was Yeah. 655 00:35:17.800 --> 00:35:19.400 Like I mentioned, if you if you look at trying 656 00:35:19.400 --> 00:35:22.039 to you at twenty three five, you see that the 657 00:35:22.159 --> 00:35:26.639 banks are less effects. People say, look at banks, you know, 658 00:35:27.119 --> 00:35:30.039 and you know one of the reasons why these banks 659 00:35:30.039 --> 00:35:32.679 are making money, so is that because of capital and 660 00:35:33.239 --> 00:35:37.239 we're in an eye interest environment also plays a keble. 661 00:35:37.400 --> 00:35:40.239 And uh, you know, smart guys. 662 00:35:40.280 --> 00:35:43.480 So definitely, I would definitely wouldn't do these banks as 663 00:35:43.559 --> 00:35:47.480 a manif like I mentioned, you cant standing thereoly on 664 00:35:47.679 --> 00:35:51.239 that when alas As really transformed women, I thought when 665 00:35:51.559 --> 00:35:54.599 our bank would be the into your future. 666 00:35:55.320 --> 00:35:57.360 Not sorry to say that, because you know whenas want 667 00:35:57.360 --> 00:35:58.639 to do this finial intitution. 668 00:35:59.000 --> 00:36:01.679 But after I did create the alliances, you know, I 669 00:36:01.719 --> 00:36:06.760 think the management strategic plans and one of the things 670 00:36:06.800 --> 00:36:10.000 they did was focused on the young generation and a 671 00:36:10.079 --> 00:36:12.599 lot has really brought in so much for them. So 672 00:36:13.320 --> 00:36:15.960 I pretty think that those banks are really doing. The 673 00:36:16.480 --> 00:36:18.920 f C m B s m B two has similar 674 00:36:19.000 --> 00:36:24.039 traits of stampy, but you know, the the mc do 675 00:36:25.039 --> 00:36:27.800 very Bancich has really don't have a very good job 676 00:36:27.880 --> 00:36:31.039 in keeping the culture, and I think their investments have 677 00:36:31.760 --> 00:36:34.800 definitely do so I'm not surprised that these banks. 678 00:36:34.599 --> 00:36:37.840 Waste money, and they were quite successful. In fact, some 679 00:36:37.920 --> 00:36:40.519 of them are going back again. I'm just worried about G. 680 00:36:40.840 --> 00:36:44.639 Why G was not be them able to get more difference, but. 681 00:36:48.239 --> 00:36:51.679 Are projected to decline zero point six percent. That's a 682 00:36:51.719 --> 00:36:55.639 country report I'm seeing here, duties and early and is 683 00:36:55.679 --> 00:36:59.559 per growth negative one growthrate negative and all that but 684 00:36:59.679 --> 00:37:02.360 look they the overriding issue in nigerm banks is this, 685 00:37:03.079 --> 00:37:05.679 they have very very low cost of deposits. They have 686 00:37:05.800 --> 00:37:10.320 a very very high outlet to invest those returns without risk. 687 00:37:10.679 --> 00:37:13.320 So a bank can borrow from me at ten percent 688 00:37:13.679 --> 00:37:16.679 and give to the government at twenty percent no risk, 689 00:37:17.079 --> 00:37:21.199 and make ten percent margin pure. And so if you 690 00:37:21.199 --> 00:37:23.280 look at all the order returns from the banks, look 691 00:37:23.320 --> 00:37:26.480 at their net interest income, they are cost of interest, 692 00:37:26.760 --> 00:37:29.480 and then the net interest income that's making the net 693 00:37:30.360 --> 00:37:33.480 net interesting is huge, and it's driven by this high 694 00:37:33.960 --> 00:37:36.639 federal government borrowing at high rates. So the Kain question 695 00:37:36.800 --> 00:37:41.360 is our bank's being subsidized because the CBIA and the 696 00:37:41.440 --> 00:37:46.360 federal government needs to borrow at exceptionally high rates. Is 697 00:37:46.400 --> 00:37:50.760 that what's happening with with with the banks? Yeah, chick, 698 00:37:50.800 --> 00:37:56.039 you work. It sounds like yeah, engineer, engineer you. 699 00:37:58.519 --> 00:37:59.960 It sounds like that you will. 700 00:38:01.159 --> 00:38:05.880 I think I'm just quoting the numbers. I'm not saying that. 701 00:38:06.320 --> 00:38:08.559 I'm just saying the numbers and look as. 702 00:38:08.960 --> 00:38:15.360 Can look as series pretty people are forgetting that. A 703 00:38:15.440 --> 00:38:18.440 lot of people think banking, running the banking and guys easy. 704 00:38:18.639 --> 00:38:21.039 It's not because if you look at the guys making 705 00:38:21.119 --> 00:38:24.920 the profits. You know, they're just the main guys actually, 706 00:38:25.159 --> 00:38:27.239 and that's why I really gave a lot admiration to 707 00:38:27.280 --> 00:38:30.039 the tail two banks for being very pretty The banking 708 00:38:30.159 --> 00:38:30.760 environment is. 709 00:38:30.840 --> 00:38:34.440 Very competitive, you know, very highly competitive talents. 710 00:38:34.079 --> 00:38:37.599 Wise, capital wise, and also you know the kind of 711 00:38:37.679 --> 00:38:41.079 economy we want they will set well, it's not really 712 00:38:41.840 --> 00:38:43.519 really beginning depends. 713 00:38:43.559 --> 00:38:46.519 We expect to down go to envirore much as in 714 00:38:46.519 --> 00:38:49.239 the future. But putting on the banks we have to 715 00:38:49.719 --> 00:38:50.519 be very plative. 716 00:38:50.599 --> 00:38:53.800 And that's why I also happy with assets acquiring assets 717 00:38:54.079 --> 00:38:57.639 in West Africa because you look at they're putting their market. 718 00:38:58.000 --> 00:39:03.800 There's really trip with analysis and you know, some tosic 719 00:39:05.280 --> 00:39:06.400 and weapons. 720 00:39:06.480 --> 00:39:08.719 So just look last year to look at Uba on 721 00:39:08.880 --> 00:39:12.119 the value doing very very well, very spread out bank. 722 00:39:12.320 --> 00:39:15.400 They are India, in America, they're in London. They do 723 00:39:15.800 --> 00:39:19.920 very very innovative financial packaging. The guys packaging that one's 724 00:39:19.960 --> 00:39:24.199 packaging n NPC and all. So they look a bit diversified. 725 00:39:25.199 --> 00:39:27.719 Returns do look to be good value based on PE 726 00:39:27.920 --> 00:39:31.639 of one point seven dirt chip current PE and that's 727 00:39:32.480 --> 00:39:36.360 report looks looks like a descent set up there that 728 00:39:36.440 --> 00:39:39.000 those guys, again this is not on that candidate for 729 00:39:39.119 --> 00:39:42.039 of gold Man's size, EPs grew two point four umberto 730 00:39:42.119 --> 00:39:45.719 that the EPs good for GTB was negative EPs growth 731 00:39:45.760 --> 00:39:49.159 for UBA two point four and it's growth throate four 732 00:39:49.280 --> 00:39:52.960 point nine banks and it's growed ten percent. Future returnal 733 00:39:53.039 --> 00:39:56.440 equities twenty six percent. So the bank seems to be 734 00:39:56.559 --> 00:40:00.199 they're not making the one trillion, but they are their 735 00:40:00.360 --> 00:40:03.599 racial seems to be better than one trillion. Bag Again, 736 00:40:03.639 --> 00:40:05.719 it goes back to this. If I still you take 737 00:40:05.800 --> 00:40:08.039 money and I give to the government and I make 738 00:40:08.159 --> 00:40:10.800 love return, I can make a trillion error. But if 739 00:40:10.840 --> 00:40:13.280 you then thrill those numbers, then I say, where is 740 00:40:13.360 --> 00:40:14.440 that return coming from? 741 00:40:14.840 --> 00:40:15.199 Where am I? 742 00:40:15.280 --> 00:40:18.159 Who am I led into? What are my growth protentionals? 743 00:40:18.280 --> 00:40:21.440 What my market share? Then that looks like they're building 744 00:40:21.480 --> 00:40:26.000 a castle with sand by lecky bitch. The bank needs 745 00:40:26.039 --> 00:40:29.360 to be shows a bit more stability in how it 746 00:40:29.519 --> 00:40:32.760 is making revenues. Yes, make that free income, but let 747 00:40:32.800 --> 00:40:35.199 me see when they come from your interest income. Let 748 00:40:35.280 --> 00:40:39.039 me see investment banking, let me see consumer financing. It's 749 00:40:39.079 --> 00:40:42.239 dead in Nigeria, West Niger. But I just let me 750 00:40:42.400 --> 00:40:45.239 see some some heart beats there once one in two 751 00:40:45.400 --> 00:40:48.679 years and I'll be okay. With that right. So let's 752 00:40:48.679 --> 00:40:55.280 say doctor, doctor, doctor engineered. If you have anything to say, yes, yes, please. 753 00:40:55.679 --> 00:41:04.679 Appreciate to circle argument on fistical versus equity that you 754 00:41:04.760 --> 00:41:09.119 were raising some earlier in the question. Yes, so if 755 00:41:09.239 --> 00:41:13.719 the chrene pushes towards phystical as you have you it's 756 00:41:13.719 --> 00:41:17.199 still within the same economy they For example, you are 757 00:41:17.360 --> 00:41:21.800 for money, we buy pro bill or put it in 758 00:41:22.000 --> 00:41:25.400 the service bond or any of this fast inco facility. 759 00:41:26.119 --> 00:41:27.159 That particular amount of. 760 00:41:27.199 --> 00:41:29.920 Money it t used within the same economy. 761 00:41:30.519 --> 00:41:36.679 For example, this step that offers pastical facility putting a 762 00:41:36.760 --> 00:41:38.840 million err in fact, or. 763 00:41:38.800 --> 00:41:41.400 They are bad that money that you're giving to them, 764 00:41:41.880 --> 00:41:42.480 they will use it. 765 00:41:42.559 --> 00:41:44.599 They will lend it to be a re estate company 766 00:41:45.840 --> 00:41:49.639 and manufacturing industry that neededs with the short term fonts 767 00:41:50.039 --> 00:41:51.159 and to be used within. 768 00:41:51.000 --> 00:41:51.920 The same economy. 769 00:41:52.000 --> 00:41:54.239 Sout without exact. 770 00:41:53.960 --> 00:41:56.760 I live in the equity, let's exchange and moving towards 771 00:41:56.760 --> 00:41:57.199 the physical. 772 00:41:57.559 --> 00:42:01.320 It is still part and passle of the same economy. 773 00:42:01.960 --> 00:42:07.360 The next seconds from MA contribution from understanding is the 774 00:42:08.880 --> 00:42:12.880 profitability of the Gila topic bank for example. The fact 775 00:42:12.960 --> 00:42:17.400 the gene bank you'll be a GTV for example, is 776 00:42:17.400 --> 00:42:20.039 that all over the year it will before this devolution 777 00:42:20.119 --> 00:42:24.119 of anera, this fourier champions start coming up right from 778 00:42:24.360 --> 00:42:28.679 twenty oh see so seven. We all see Genet Bank release. 779 00:42:28.440 --> 00:42:30.840 Top top numbers in profitability. 780 00:42:31.199 --> 00:42:33.440 Same goes for GTB and so and so for so 781 00:42:33.840 --> 00:42:36.639 the the people there are so much roomful group in 782 00:42:36.679 --> 00:42:38.559 the Gilia economic set up. 783 00:42:39.119 --> 00:42:41.559 Like we look at the Genet Bank profits this year. 784 00:42:42.360 --> 00:42:45.320 Most of those reviews junior this a four year report 785 00:42:45.400 --> 00:42:47.960 for twenty four The reviews that they give the oil 786 00:42:48.199 --> 00:42:51.239 the oil set up four point fifty as a loon. 787 00:42:51.960 --> 00:42:54.559 The same goes for manufacturing model about two point sis 788 00:42:54.639 --> 00:42:59.000 or so. Then the other settles around one point. 789 00:42:59.119 --> 00:43:01.800 So they are lend, not does put the money for 790 00:43:01.840 --> 00:43:05.000 your bi getting profit. The actually lending to set us 791 00:43:05.000 --> 00:43:05.480 in the economy. 792 00:43:05.519 --> 00:43:07.760 It may not be good to mogitive agriculture, it'll be 793 00:43:07.840 --> 00:43:11.039 good to moyal consumer credit. 794 00:43:11.320 --> 00:43:14.920 But they are lending to and to manufacturing and gonna 795 00:43:14.960 --> 00:43:15.719 set us of their home. 796 00:43:17.039 --> 00:43:19.440 That is a great I mean, you make two great points. 797 00:43:19.519 --> 00:43:21.920 And if I may so, the first point you make 798 00:43:21.960 --> 00:43:24.480 about the fixed income and the equities. So understand the 799 00:43:24.519 --> 00:43:25.400 point I'm making here. 800 00:43:25.840 --> 00:43:26.400 Wait a little bit. 801 00:43:26.599 --> 00:43:33.079 Look, okay, if money flows away from equities to fix them. 802 00:43:33.159 --> 00:43:33.519 Just with you. 803 00:43:33.559 --> 00:43:34.840 If you don't, I'm just gonna reach it for your 804 00:43:34.840 --> 00:43:37.639 audience or just meet you. If money goes away from 805 00:43:38.119 --> 00:43:43.199 equities to fixed income, equities are longer term. So if 806 00:43:43.239 --> 00:43:45.760 I'm an SME and I want to borrow money to 807 00:43:45.800 --> 00:43:48.320 build a factory for ten years hour so you know, 808 00:43:48.599 --> 00:43:51.840 and I want to just do working capital, equities look 809 00:43:51.880 --> 00:43:52.079 like a. 810 00:43:52.119 --> 00:43:53.000 Better bet for me. 811 00:43:53.639 --> 00:43:56.000 When you say money is in the same economy at 812 00:43:56.119 --> 00:44:00.239 what costs? If the fixed income market is lending only 813 00:44:00.320 --> 00:44:04.159 to the federal government at twenty to twenty five percent, 814 00:44:04.880 --> 00:44:08.599 to lend money to the SMEs at twenty percent plus, 815 00:44:09.159 --> 00:44:12.480 that's the problem with Nigeria. We are lending to We 816 00:44:12.559 --> 00:44:16.800 are paying too much for risk free The risk period 817 00:44:16.840 --> 00:44:20.039 should be lower than what it is today. 818 00:44:20.440 --> 00:44:22.760 Because it is so high it is. 819 00:44:22.880 --> 00:44:27.400 It is so high SEMs cannot borrow. That's what's going on. 820 00:44:28.440 --> 00:44:32.119 Yeah, the reason you know we can win the present 821 00:44:32.280 --> 00:44:34.400 came in and he removed the. 822 00:44:36.199 --> 00:44:42.280 Obstgial FX. You know, it took a couple of time 823 00:44:42.320 --> 00:44:45.840 for us to get back. Bloody is that detail to learn? 824 00:44:46.519 --> 00:44:50.360 That's why I mentioned that the high interest rate had 825 00:44:50.880 --> 00:44:53.719 second objectives and one of the PA was to stabilize 826 00:44:54.239 --> 00:44:55.400 the FX market. 827 00:44:55.280 --> 00:44:59.119 Because where is the FX coming from? Is coming from. 828 00:44:59.119 --> 00:45:02.840 Fbis that being in the money to invest in Angira? 829 00:45:02.880 --> 00:45:04.800 Tuation builds, so there's a cost. 830 00:45:05.400 --> 00:45:08.360 Is I understand what you're saying as with on businesses, 831 00:45:08.639 --> 00:45:10.880 but I think in longer, longer term. 832 00:45:10.960 --> 00:45:14.880 Like based on recent report by the CPS, there's an 833 00:45:14.960 --> 00:45:17.960 improvements in FX influence, FX. 834 00:45:17.800 --> 00:45:19.119 NETS reserves, so we. 835 00:45:19.480 --> 00:45:24.199 Expect rates to staff for him pass by with Trump tiring, 836 00:45:24.360 --> 00:45:27.679 so at some point we see rates to cool off, 837 00:45:27.760 --> 00:45:31.800 but we don't expect it too soon because it's pretty 838 00:45:31.920 --> 00:45:34.360 much inpend coming down. 839 00:45:35.199 --> 00:45:37.000 I want to make the point soon to just make 840 00:45:37.079 --> 00:45:39.920 it just the point of the NETS making right. He's saying, yes, 841 00:45:40.320 --> 00:45:42.880 money is going from one asset class to the other 842 00:45:42.960 --> 00:45:45.920 asset class. The point I am making what is driving 843 00:45:46.039 --> 00:45:49.519 that movement is high risk free rates. 844 00:45:50.159 --> 00:45:50.719 If you go to. 845 00:45:50.840 --> 00:45:55.559 America, if not in America, in any time you borrow 846 00:45:55.639 --> 00:46:00.079 money without risk, you should not get rewarded more, and 847 00:46:00.960 --> 00:46:03.800 should we says one that's borrowing money with risk. If 848 00:46:03.880 --> 00:46:09.199 you are paying somebody twenty percent with no risk, it 849 00:46:09.440 --> 00:46:11.840 makes no sense to go and open up a factory 850 00:46:12.119 --> 00:46:14.960 If I have a billion Nira. Why should I open 851 00:46:15.079 --> 00:46:18.960 up a tile factory and incure risk when I can 852 00:46:19.039 --> 00:46:21.760 take that one billion, give it to a bank and 853 00:46:21.920 --> 00:46:25.440 make two hundred million a year. Will the tile factory 854 00:46:25.440 --> 00:46:28.440 giventary bloon a year? It's me but they can close 855 00:46:28.519 --> 00:46:29.039 by fat you. 856 00:46:29.159 --> 00:46:32.840 Down for not paying this I want to kick around 857 00:46:32.920 --> 00:46:35.880 this car's an amount to be dropping the money market 858 00:46:36.000 --> 00:46:37.360 you get supposed. 859 00:46:37.039 --> 00:46:39.280 To be capt against, you know, so. 860 00:46:41.079 --> 00:46:44.039 There's also taxes in the stock market. The point I'm 861 00:46:44.079 --> 00:46:47.159 making is that if you make risk free rates high, 862 00:46:48.000 --> 00:46:52.000 you discourage lending to the semis. Yes I'm not I'm 863 00:46:52.039 --> 00:46:55.400 not hitting the government for raising rates. There's inflation and 864 00:46:55.519 --> 00:46:58.000 the Central Bank of Nagia has got to raise ris 865 00:46:58.119 --> 00:47:00.960 to fight inflation. That is their job and they are 866 00:47:01.039 --> 00:47:05.360 doing their job well. In economics, it's always two sides. 867 00:47:05.679 --> 00:47:08.119 If you raise the rates, sim is, don't bord. 868 00:47:08.159 --> 00:47:11.119 But that's quite with inflation. 869 00:47:11.440 --> 00:47:13.039 That's what they're trying to do. They have to fight 870 00:47:13.119 --> 00:47:15.280 inflation because it's that's driving your dollar. 871 00:47:16.599 --> 00:47:17.280 You know what I'm saying. 872 00:47:17.519 --> 00:47:19.039 I'm saying that the probably is where they are. 873 00:47:19.039 --> 00:47:21.800 Reason it is because of the effects market is because 874 00:47:21.920 --> 00:47:24.920 if we look at the boad language of Cardoso. 875 00:47:24.920 --> 00:47:27.000 And the FX market. 876 00:47:27.440 --> 00:47:30.760 Since he came on board, you see that he has 877 00:47:30.800 --> 00:47:34.960 achieved greater success in deploying, stablishing the market. It's starting 878 00:47:35.119 --> 00:47:38.159 doing their FX school. He's starting with different rules and 879 00:47:38.440 --> 00:47:42.880 also help the interest. And that has really correlated with the. 880 00:47:43.159 --> 00:47:47.199 Forest market the now by by bigger people's. 881 00:47:46.840 --> 00:47:51.480 Empire, perspationion in the physical space reduced in fever match, 882 00:47:51.679 --> 00:47:54.480 So you could see that correlation. And I'm also expecting 883 00:47:54.519 --> 00:47:57.960 that he might get less because of this Trump Tarris. However, 884 00:47:58.559 --> 00:48:00.000 you know the argument that. 885 00:48:00.480 --> 00:48:03.039 Has been movement between fixing command. 886 00:48:03.280 --> 00:48:05.559 For me, I think it's really. 887 00:48:05.400 --> 00:48:08.360 More academical because uts have been fixing. 888 00:48:08.400 --> 00:48:09.679 Conspace has been high. 889 00:48:09.920 --> 00:48:13.480 In twenty four A lot of people have perspected that 890 00:48:13.519 --> 00:48:18.000 have been hooking, but the stock market has really been 891 00:48:18.039 --> 00:48:20.360 on higher ran stock market now schooling. 892 00:48:20.719 --> 00:48:23.039 I think the money market people are just because of it. 893 00:48:23.559 --> 00:48:25.519 A lot of people are still waiting for some mypos 894 00:48:25.559 --> 00:48:26.519 coming on board, So. 895 00:48:26.960 --> 00:48:30.079 I think, yeah, it's fair to see that this table 896 00:48:30.360 --> 00:48:33.000 fixing company. I don't think the stock market is taken 897 00:48:33.159 --> 00:48:34.440 and the physical space is taken. 898 00:48:34.519 --> 00:48:36.360 The shine away from my own personal. 899 00:48:36.159 --> 00:48:38.159 People can oh, but it is and I guys have 900 00:48:38.280 --> 00:48:40.199 shared on my if you look at my ext time 901 00:48:40.239 --> 00:48:42.800 and I've just shared your returns for mutual funds. This 902 00:48:42.880 --> 00:48:45.480 is mutual fund returns right, and you can see where 903 00:48:45.599 --> 00:48:48.400 mutual fund returns are. You look at equities, look at 904 00:48:48.440 --> 00:48:52.239 money market. That is the actual Q one two only 905 00:48:52.320 --> 00:48:58.159 five actual. So again again yeah, engine, go ahead. 906 00:48:59.199 --> 00:49:03.960 You know you know the stock exchange is basically for 907 00:49:04.280 --> 00:49:11.320 corporate not medium to large key businesses. So a small 908 00:49:11.400 --> 00:49:16.760 scale business doesn't small skey have more just care enterprises. 909 00:49:17.039 --> 00:49:19.440 They all do have access to the stock exchange. 910 00:49:20.079 --> 00:49:23.639 You got the governor's process and everything that evolved. 911 00:49:23.800 --> 00:49:25.840 So if it's when we need to get to medium 912 00:49:25.920 --> 00:49:28.559 to large key forest, they get listed over there. So 913 00:49:29.000 --> 00:49:32.679 most times if a small business and they cannot be 914 00:49:32.920 --> 00:49:36.159 maybe legos Ptaco anyway, say small thing. 915 00:49:36.800 --> 00:49:39.559 Uh want to tell Mellion our work business. 916 00:49:39.800 --> 00:49:42.920 At the time, they're only approached your bank, maybe by 917 00:49:42.960 --> 00:49:43.880 conference bank. 918 00:49:44.440 --> 00:49:46.880 Or commercial bank. 919 00:49:47.079 --> 00:49:50.920 And at times more recent times they approach some special 920 00:49:51.039 --> 00:49:56.159 special fintech companies who raich who crack pooled the rout 921 00:49:56.239 --> 00:49:59.679 they are they may be remember this this company to 922 00:49:59.760 --> 00:50:02.880 give it. They will tell you that's an investment. They 923 00:50:02.960 --> 00:50:04.360 need eight thousand persons. 924 00:50:04.639 --> 00:50:05.480 If you can bring. 925 00:50:07.440 --> 00:50:09.599 You'll buy a slot in that business, so they offer 926 00:50:09.719 --> 00:50:12.760 that money to use. Most cave business put more access 927 00:50:13.159 --> 00:50:15.840 to the equity market, so that ariagement. 928 00:50:15.920 --> 00:50:17.440 At times, you really give them. 929 00:50:17.519 --> 00:50:21.440 Some cheaper I want to say chip Man cheaper they can. 930 00:50:21.440 --> 00:50:25.000 Use, but they will not engineer. They cannot borrow lower 931 00:50:25.079 --> 00:50:27.440 than the federal government is borrowing. That's the point I'm 932 00:50:27.480 --> 00:50:30.639 coming back to. They cannot borrow no matter what they 933 00:50:30.719 --> 00:50:32.599 do in the economy. So to see the point I'm making, 934 00:50:32.960 --> 00:50:36.119 Nestley wants to build a fatal barrel. So Nesta is 935 00:50:36.159 --> 00:50:38.920 the big corporate right, Nestley can borrow money into that 936 00:50:39.000 --> 00:50:41.159 through the capital market like you set to issue shares, 937 00:50:41.280 --> 00:50:43.800 or they can borrow one from the bank. If Nestley 938 00:50:44.400 --> 00:50:47.480 issues shares, of course it is cheaper for them. Right, 939 00:50:48.360 --> 00:50:51.639 that's ignore CEAPM for now. Let's say Nesta is born 940 00:50:51.719 --> 00:50:54.400 at twenty five percent. Who will pay that twenty five percent? 941 00:50:54.480 --> 00:50:58.800 Their distributors, who will pay this Eventually you pay that 942 00:50:58.880 --> 00:51:02.400 twenty five percent. The risk crevorit to Nigeria is too high. 943 00:51:02.920 --> 00:51:05.840 It's too and it's high because the government wants to 944 00:51:05.920 --> 00:51:09.719 fight inflation. I'm not hitting them, it's a fact. They 945 00:51:09.880 --> 00:51:12.400 have to raise the rates up to fight inflation, but 946 00:51:12.519 --> 00:51:15.079 you kill grout. You can't have both at the same time. 947 00:51:15.760 --> 00:51:19.039 High interest rates will fight inflation, but it to kill grouth. 948 00:51:19.119 --> 00:51:21.199 So the point I am making this this we have 949 00:51:21.360 --> 00:51:24.639 to When mfid was was the civilian governor, he was 950 00:51:24.880 --> 00:51:28.079 trying to do Okay, I will raise rates, but I 951 00:51:28.119 --> 00:51:32.159 will take some targeted credits and give two targeted sectors 952 00:51:32.199 --> 00:51:35.679 to insulate or subsidize them from the high interest rates. 953 00:51:36.800 --> 00:51:40.360 Tastes like that. Yes, things like we will argue with 954 00:51:40.400 --> 00:51:43.840 the implementation, but that is the way we have to 955 00:51:43.880 --> 00:51:47.400 look at this in Nigeria. In America, they also have 956 00:51:47.599 --> 00:51:50.920 their own quote unquote ankle Boras program where the FED 957 00:51:51.079 --> 00:51:54.320 is subsidizing balance sheet. Oh they're saying, if you borrow, 958 00:51:54.639 --> 00:51:57.639 will give you a credit cover. All those are subsidies 959 00:51:57.679 --> 00:52:00.920 as well. So as a development economy, we can just 960 00:52:01.000 --> 00:52:04.199 simply say we want to fight inflation, we'll keep and 961 00:52:04.280 --> 00:52:07.559 we'll keep MPR at twenty five percents and go to bed. 962 00:52:07.920 --> 00:52:10.400 We've got to come back to that development side of 963 00:52:10.519 --> 00:52:12.519 the the That's that's my point. 964 00:52:12.639 --> 00:52:16.639 So I think I think I didn't you need to 965 00:52:18.639 --> 00:52:21.599 to keep part affecting the conversation. 966 00:52:21.960 --> 00:52:22.360 Yeah can't. 967 00:52:22.559 --> 00:52:26.400 I don't agree with I think for investors because the 968 00:52:26.440 --> 00:52:27.559 space is all about. 969 00:52:28.199 --> 00:52:31.519 With one as risks of you. I think for me, 970 00:52:32.960 --> 00:52:35.239 like I said, as I said, allocation. 971 00:52:35.119 --> 00:52:37.840 Was the biggest winner if you really look. 972 00:52:37.679 --> 00:52:41.400 At it on the spectrum you are locating. Look amount 973 00:52:41.440 --> 00:52:42.039 of money. 974 00:52:41.800 --> 00:52:45.360 And fifty space as planted the money because these curities 975 00:52:45.880 --> 00:52:50.760 or the series bond we get average thirty percent. And 976 00:52:50.880 --> 00:52:53.760 also you look at the stocks in your own banks, 977 00:52:53.880 --> 00:52:57.840 give theres you have reasy and your banks at their 978 00:52:57.920 --> 00:53:00.960 treasure at the at their ipool. You can't tell you 979 00:53:01.159 --> 00:53:05.320 they are lost except you both very receipty and you 980 00:53:05.440 --> 00:53:07.400 look at you there pretty. 981 00:53:07.199 --> 00:53:07.880 Much done good. 982 00:53:07.960 --> 00:53:12.360 So that's why you look at data from MPEGNEX. 983 00:53:12.480 --> 00:53:15.119 You see that Dan could be and done much better than. 984 00:53:15.039 --> 00:53:20.320 The almost accept or imperfect he has really because the 985 00:53:20.719 --> 00:53:25.000 bank dis events has stable business with finer business is 986 00:53:25.079 --> 00:53:25.920 yet to be dispared. 987 00:53:26.199 --> 00:53:29.840 And also then shoots and stability in this quota. 988 00:53:30.159 --> 00:53:34.239 But you know it's not the past performances. 989 00:53:34.920 --> 00:53:36.400 So I think people really need. 990 00:53:36.400 --> 00:53:39.719 To take know your asset, your investment, because I kept 991 00:53:39.800 --> 00:53:42.480 amorgs that you see you can't just make. 992 00:53:42.400 --> 00:53:45.320 Money just by yetting what to buy what to sell. 993 00:53:45.559 --> 00:53:48.039 Then you see you miss it. 994 00:53:48.079 --> 00:53:51.440 Out because now you want to enter the money market. 995 00:53:51.559 --> 00:53:55.639 Now well you're in biers high your aders. 996 00:53:56.280 --> 00:54:00.159 Exact you want you know is that when when you 997 00:54:00.199 --> 00:54:03.119 go into invest you have to have an investment who. 998 00:54:03.519 --> 00:54:07.519 You have to understand the intentions to invest in the market. 999 00:54:07.639 --> 00:54:11.519 Opportunities be in Nigeria because the dance prop does normally 1000 00:54:11.599 --> 00:54:13.840 that the Nigeria market cannot find leverage. 1001 00:54:13.960 --> 00:54:15.599 Look at the Nigeria stock market. 1002 00:54:15.840 --> 00:54:19.400 It's a big immune towards is happening to Trump t 1003 00:54:19.599 --> 00:54:22.440 us because Nigeria community is kind of decoupled. 1004 00:54:22.639 --> 00:54:26.599 And also you look at headings from many of these companies. 1005 00:54:26.400 --> 00:54:28.840 Impressive Press School, Press. 1006 00:54:28.599 --> 00:54:31.800 School at don sixty percent this year, you know, and 1007 00:54:31.920 --> 00:54:35.199 look at the lookout coming to strong results. 1008 00:54:35.440 --> 00:54:38.960 So people that really took advantage and had their pets. 1009 00:54:39.840 --> 00:54:42.280 You know, then you also pay less premium and. 1010 00:54:42.519 --> 00:54:45.039 People that have to change and now to the dollar 1011 00:54:45.400 --> 00:54:48.760 through the black market or think they're create many of 1012 00:54:48.800 --> 00:54:49.559 you guys change that. 1013 00:54:49.880 --> 00:54:51.960 Between one and seven and one night. 1014 00:54:52.280 --> 00:54:57.280 Now the stocks are down thirty forty percent. It will 1015 00:54:57.320 --> 00:54:59.920 take you at least nine months for you to get 1016 00:55:00.079 --> 00:55:01.320 half of those ponds. 1017 00:55:01.079 --> 00:55:03.119 Back because markets don't run. 1018 00:55:04.840 --> 00:55:06.000 In speed of a crypto. 1019 00:55:06.159 --> 00:55:10.159 So you really need to understand transaction cost, opportunity cost, 1020 00:55:10.559 --> 00:55:15.079 and the locality and investments Favery portal for us to 1021 00:55:15.320 --> 00:55:15.920 copper Cali. 1022 00:55:16.079 --> 00:55:18.199 Okay, you and I want to just look the point again. Guys, 1023 00:55:18.280 --> 00:55:20.159 do again. I always say this all the time. Don't 1024 00:55:20.320 --> 00:55:23.599 invest because of returns. Don't say because money market is 1025 00:55:24.000 --> 00:55:26.880 paying more. I would invest. You invest according to your objectives. 1026 00:55:27.320 --> 00:55:29.800 So if you have an objective today to say, listen, 1027 00:55:30.079 --> 00:55:33.039 I want to retire in five years or in three years, 1028 00:55:33.400 --> 00:55:35.679 you have no business and stops even the stocks are 1029 00:55:35.719 --> 00:55:38.760 paying more. If you're a younger person. If you are younger, 1030 00:55:38.800 --> 00:55:41.119 you just at your job you are twenty five years, 1031 00:55:41.320 --> 00:55:43.679 or you know you have an arrassy retirement things account. 1032 00:55:43.880 --> 00:55:45.920 They will ask in the arrass what fund do you 1033 00:55:46.000 --> 00:55:49.239 want to invest in? I think Fund one is equity heavy. 1034 00:55:49.599 --> 00:55:52.400 Front four is more maybe fixed income heavy. As a 1035 00:55:52.519 --> 00:55:55.119 younger person, you should be looking more at that fund 1036 00:55:55.280 --> 00:55:59.000 one because you have a longer time to compound, so 1037 00:55:59.119 --> 00:56:02.840 the more you come pound it favors equity. So this 1038 00:56:03.079 --> 00:56:06.679 is not one hundred percent rule, but overall, equities do 1039 00:56:06.800 --> 00:56:10.079 better over the long term because you can compound your returns. 1040 00:56:10.119 --> 00:56:12.559 Fixed income are more like I said, you don't lose 1041 00:56:12.639 --> 00:56:16.079 your principle, but you're getting something fixed and secured. It 1042 00:56:16.159 --> 00:56:19.039 doesn't bit inflation, but it's there for you. So again, 1043 00:56:19.199 --> 00:56:23.760 invest according to your objectives, don't invest according to what 1044 00:56:24.000 --> 00:56:25.960 you want to make limit. This is a good time 1045 00:56:25.960 --> 00:56:27.679 to talk about to go to the tariffs now? Is 1046 00:56:27.719 --> 00:56:29.679 it a good time to just because that's the elephant 1047 00:56:29.719 --> 00:56:32.960 in room now and everything we're saying here has it 1048 00:56:33.039 --> 00:56:36.519 is not going to work to one Monday. So we 1049 00:56:36.679 --> 00:56:39.400 have let me let's let me get Ts and Real 1050 00:56:39.480 --> 00:56:41.800 to just talk and then we'll go to Tarif's proper tys. 1051 00:56:41.840 --> 00:56:46.719 You've got to flow tiers, go ahead, Ts and Reef. 1052 00:56:47.119 --> 00:56:53.239 Yeah, yes you are, Yeah, thank you, thank you for 1053 00:56:53.280 --> 00:56:56.400 the opportunity to what's going to speak on this space. 1054 00:56:56.519 --> 00:56:59.239 And you only have two questions. I'm not too much a. 1055 00:57:01.440 --> 00:57:04.199 Not much than not accounting Google or something like or 1056 00:57:04.239 --> 00:57:06.280 do have working banking sect for the past six to 1057 00:57:06.400 --> 00:57:06.920 seven years? 1058 00:57:07.719 --> 00:57:10.719 I have to course. Number one is with the. 1059 00:57:13.360 --> 00:57:17.639 Amount of profit that our banks are declaring, is it 1060 00:57:17.760 --> 00:57:20.119 good for us to say that the banking or the 1061 00:57:20.840 --> 00:57:23.320 banking or the world of bankings ecadially is ripping off 1062 00:57:23.400 --> 00:57:26.920 the SB or the engine of. 1063 00:57:27.079 --> 00:57:29.559 Growth of nitarian economy. That's number one. 1064 00:57:30.039 --> 00:57:33.840 Number two is for some of us or for me personally, 1065 00:57:33.960 --> 00:57:38.199 I like am impact driven. It's not just about making 1066 00:57:38.320 --> 00:57:40.760 money because they have a lot of ways to make money, 1067 00:57:40.760 --> 00:57:45.800 bits legally and illegally. I did say banks are making 1068 00:57:45.880 --> 00:57:51.480 money legally? Should I say legally illegally? Because the way 1069 00:57:51.480 --> 00:57:54.679 they're actually making the money sometimes you feel like some 1070 00:57:55.559 --> 00:57:56.960 people actually paying for it. 1071 00:57:57.199 --> 00:57:59.400 You go to the market, a lot of shops. 1072 00:57:59.159 --> 00:58:02.679 Are closing, some companies are closing down, and then you 1073 00:58:02.800 --> 00:58:05.480 see a bank the very big, big profits. So for 1074 00:58:05.599 --> 00:58:07.719 some of us, now we impagreement. We sect of the 1075 00:58:07.760 --> 00:58:10.000 economy you think offer as it is to be in 1076 00:58:10.039 --> 00:58:14.679 terms of investment outside banking stock that does that? 1077 00:58:14.880 --> 00:58:17.639 Do ye well? Here? 1078 00:58:17.840 --> 00:58:19.960 So you know when I used to when I started 1079 00:58:20.039 --> 00:58:22.760 buying stock that actually broke out a long time ago. 1080 00:58:22.960 --> 00:58:24.760 How do I know what to buy? And he told me, 1081 00:58:25.360 --> 00:58:27.199 what do you buy with your money every day? Or 1082 00:58:27.239 --> 00:58:29.119 what is in your fridge? Or go to your house, 1083 00:58:29.159 --> 00:58:31.840 look around your house. What do you see? The biggest 1084 00:58:32.039 --> 00:58:36.559 expense for a Nigeria today the household fifty seven percent 1085 00:58:36.840 --> 00:58:41.119 is food. Fifte percent of the average expenditure of any 1086 00:58:41.159 --> 00:58:45.199 household goes to food. So anything that you can invest 1087 00:58:45.280 --> 00:58:48.320 in that is food related, whether it's the actual food, 1088 00:58:48.760 --> 00:58:51.239 the logistics to get to the food, the storage of 1089 00:58:51.320 --> 00:58:53.639 the food, or who is paying for the part of 1090 00:58:53.719 --> 00:58:55.559 the food, you are in good spot. Look at the 1091 00:58:55.800 --> 00:58:59.320 boa foods and how much they're making and all that 1092 00:58:59.639 --> 00:59:02.320 many not quota. So that's the difficulty. But look at 1093 00:59:02.360 --> 00:59:06.239 a Cooma oil right, it's gone to the moon. Look 1094 00:59:06.280 --> 00:59:09.079 at even Presco gone to the moon. There are risks there, 1095 00:59:09.559 --> 00:59:13.440 but food is a major expense, and food is recession proof. 1096 00:59:14.000 --> 00:59:16.119 It's either you eat or you don't eat. You can 1097 00:59:16.280 --> 00:59:18.400 say no, bring down the price of rice to tent 1098 00:59:18.719 --> 00:59:20.599 no no no no is that you buy the rice 1099 00:59:20.760 --> 00:59:22.639 or you don't. You can say I'm going to cut 1100 00:59:22.719 --> 00:59:25.920 off food and work the STV so food decision proof, right, 1101 00:59:26.000 --> 00:59:28.800 that's number one. What a sectors you look at. I 1102 00:59:28.960 --> 00:59:32.800 used to like petroleum, I EA the retail guys, but 1103 00:59:32.880 --> 00:59:34.920 we're waiting for Dangote because dan Is don't come in 1104 00:59:34.960 --> 00:59:37.559 and disrupt that wole space. So for now it's wait 1105 00:59:37.679 --> 00:59:40.679 and see on that avenue. You don't like banks, so 1106 00:59:40.679 --> 00:59:43.000 I was say, okay, let's leave banks out of the way. 1107 00:59:43.320 --> 00:59:46.280 What about the industrials. They were dead zone before, but 1108 00:59:46.440 --> 00:59:50.119 now you have Dangote, you have Bua, you have all 1109 00:59:50.159 --> 00:59:53.039 those guys. Do in Cement like it or not. Nigers 1110 00:59:53.079 --> 00:59:56.360 are also building homes whereas in Cement to build our roads. 1111 00:59:57.119 --> 01:00:02.000 Because of Dankoter Cement alone, the last five years or sixes, 1112 01:00:02.039 --> 01:00:05.880 I believe Niger was the highest performance stock in the 1113 01:00:06.199 --> 01:00:09.559 entire world. That Niger Index was the highest perform the 1114 01:00:09.800 --> 01:00:13.000 entire world because the returns from them to Cement alone. 1115 01:00:13.280 --> 01:00:16.440 It's not a utility stock. You buy it, you get dividends. 1116 01:00:16.559 --> 01:00:19.840 I under I suspect said, I not in that company private, 1117 01:00:20.280 --> 01:00:22.559 but I like those kind of companies. They are boring, 1118 01:00:23.079 --> 01:00:25.800 just make a profit. They pay your dividends. In Nigeria, 1119 01:00:25.920 --> 01:00:28.920 dividends are important for you because that gives you some 1120 01:00:29.159 --> 01:00:30.760 income you don't have to sell. 1121 01:00:31.079 --> 01:00:31.920 That's just my take. 1122 01:00:32.000 --> 01:00:33.239 Look that you want to do you have any other 1123 01:00:33.320 --> 01:00:34.000 sectors for him? 1124 01:00:34.679 --> 01:00:37.599 And I was a bit surprised that the banker had 1125 01:00:37.639 --> 01:00:40.719 reservations about the bank and the huge case. 1126 01:00:40.760 --> 01:00:43.000 Well, I really understand where it's come from. 1127 01:00:44.079 --> 01:00:47.199 And you know, you put need to look at the 1128 01:00:47.480 --> 01:00:48.440 function of banks. 1129 01:00:48.480 --> 01:00:54.519 They provide liquidity, the sub and mepism to as economic goods. 1130 01:00:54.800 --> 01:00:57.360 In defensive fotble, we said, you. 1131 01:00:57.440 --> 01:01:02.280 Don't just a calibration with inforation is relatively high. Econic 1132 01:01:02.320 --> 01:01:07.679 consumption policies has been inconsistent. So you see exudos or businesses. 1133 01:01:07.840 --> 01:01:11.000 You see business coming coming out and insecurity also busy 1134 01:01:11.079 --> 01:01:14.039 qu You know, you look at companies and guinners. You 1135 01:01:14.159 --> 01:01:18.400 never the insecurities is not really affected their raw materials 1136 01:01:18.480 --> 01:01:21.360 and at some points there was a correlation at that time, 1137 01:01:21.760 --> 01:01:24.239 and those stocks remain su pressful a couple of times 1138 01:01:24.639 --> 01:01:25.480 and plenty. 1139 01:01:25.159 --> 01:01:26.840 To do new stocks that you so goodman. 1140 01:01:26.920 --> 01:01:28.920 It so really even if you're willing on. 1141 01:01:28.920 --> 01:01:31.840 The fact that nagera city, look in question your access, 1142 01:01:32.000 --> 01:01:35.159 what that imagines and what you're watching because you look 1143 01:01:35.199 --> 01:01:37.360 at Nigeria stocks, you don't look at Gaian stocks like 1144 01:01:37.480 --> 01:01:39.840 invest in American stocks. The first things you look at 1145 01:01:40.199 --> 01:01:43.159 two days look at what is your eternal investment. You 1146 01:01:43.239 --> 01:01:47.320 look at the fundamental of the stock and what excites 1147 01:01:47.400 --> 01:01:47.719 the stock. 1148 01:01:47.800 --> 01:01:51.239 So for example, n you are then you give then paying. 1149 01:01:51.079 --> 01:01:54.519 Stocks really exciting vestors. Then the banking stocks. You know, 1150 01:01:54.920 --> 01:01:56.599 cash flow banking stocks. 1151 01:01:56.360 --> 01:01:57.039 Are very liquate. 1152 01:01:57.400 --> 01:01:58.840 You know, if you have wanted the older. 1153 01:01:58.920 --> 01:02:01.400 I want to cash your pack stalks, It's quite easy. 1154 01:02:01.800 --> 01:02:04.039 It's difficult in different kind of segments. 1155 01:02:04.320 --> 01:02:06.119 Then you also look at the fact that. 1156 01:02:06.360 --> 01:02:10.519 The president has been strong on energy reforms, and since 1157 01:02:10.559 --> 01:02:12.920 it came on board, you see that the energy sector 1158 01:02:13.159 --> 01:02:17.360 has impressively don't very well. So debas is that when 1159 01:02:17.440 --> 01:02:20.280 Down got the NMPs come on board, definitely are going 1160 01:02:20.320 --> 01:02:20.920 to see up chip. 1161 01:02:21.199 --> 01:02:24.440 It looks like the wors is over to dives coming 1162 01:02:24.519 --> 01:02:25.719 in good prices. 1163 01:02:25.639 --> 01:02:28.440 Coming down my way or saved that arad energy if 1164 01:02:28.519 --> 01:02:29.239 you shot made them. 1165 01:02:29.320 --> 01:02:31.599 But from the matter, it just stocks are slowly. They 1166 01:02:31.599 --> 01:02:32.679 have been asset acquisition. 1167 01:02:33.039 --> 01:02:33.760 The president has. 1168 01:02:33.679 --> 01:02:38.440 Output them low delays, so we have to increase production. 1169 01:02:38.559 --> 01:02:41.920 And he gamblises that the energy sector will be. 1170 01:02:42.159 --> 01:02:43.880 Pretty much keep up the paste. 1171 01:02:44.000 --> 01:02:45.320 So yeah, good of for sector. 1172 01:02:45.599 --> 01:02:46.559 I'm not buying. 1173 01:02:46.960 --> 01:02:47.719 I hold it. 1174 01:02:48.000 --> 01:02:50.360 Nursty has one of the best businesses. But if you 1175 01:02:50.360 --> 01:02:53.320 look at Nursty Stalk, it has been as toll as 1176 01:02:53.480 --> 01:02:56.400 he woke his meal and pretty much because air pair 1177 01:02:56.519 --> 01:02:59.760 influenced is quite low, because heir pair is really buy 1178 01:03:00.280 --> 01:03:02.639 the eavyway stocks like the Downcoda the. 1179 01:03:02.840 --> 01:03:06.559 End Nesta the ZE plot, So if you look at Ze. 1180 01:03:06.599 --> 01:03:09.880 Plot, also interestingly average powers for those that are in UK. 1181 01:03:10.000 --> 01:03:12.119 For example, if a buyer xem plats in the UK 1182 01:03:12.239 --> 01:03:12.840 are buying. 1183 01:03:12.639 --> 01:03:16.159 Forty percent that are Brited opportunity right now and I 1184 01:03:16.239 --> 01:03:20.119 think it will close at some point. So I will 1185 01:03:20.199 --> 01:03:22.960 not really as as anyone to look at food sector 1186 01:03:23.039 --> 01:03:25.280 like you're looking at pank or energy sector, because if 1187 01:03:25.320 --> 01:03:27.599 you look at performance or those talks PA's way in 1188 01:03:27.679 --> 01:03:29.000 an environment behind now. 1189 01:03:29.440 --> 01:03:31.000 It's going to be look quite risky. 1190 01:03:31.119 --> 01:03:33.960 Cligory surprisingly has done well in the last few months, 1191 01:03:34.039 --> 01:03:37.320 but it's one of the adultives. 1192 01:03:37.360 --> 01:03:39.559 So probably you need to understand the point of the 1193 01:03:39.599 --> 01:03:41.239 matter when you're investing in the stock. 1194 01:03:41.400 --> 01:03:43.800 And that's why I also say we use the investment 1195 01:03:44.079 --> 01:03:46.480 constant bookly when you put a stop brief as you 1196 01:03:46.519 --> 01:03:49.599 get mistakes, as we get the caplarity of the stock 1197 01:03:49.800 --> 01:03:52.360 and make two decisions based on your compunitive. 1198 01:03:53.280 --> 01:03:54.920 Yeah, and if you don't know what to buy, buy 1199 01:03:54.960 --> 01:03:57.400 the index. If you don't know what to buy, you 1200 01:03:57.519 --> 01:04:01.039 can buy the whole share index. We missure buying Nigeria, 1201 01:04:01.159 --> 01:04:03.000 then you go to bed Okay. If you don't want 1202 01:04:03.000 --> 01:04:04.719 to buy Nigeria, you want to drill down more on 1203 01:04:04.960 --> 01:04:07.320 you top down you can buy the money market or 1204 01:04:07.360 --> 01:04:09.239 you can buy the equity. Do it fifty fifty. So 1205 01:04:09.360 --> 01:04:12.519 you have money market, you have equity index. It's a portfolio. 1206 01:04:12.639 --> 01:04:14.679 You live it like that, or you break it down more. 1207 01:04:14.920 --> 01:04:17.639 You buy money market, you buy dollar money market, you 1208 01:04:17.760 --> 01:04:20.960 buy property, you buy equity. So force sectors but all 1209 01:04:21.039 --> 01:04:24.039 the Nigeria. So if you don't know like to do this, 1210 01:04:24.280 --> 01:04:27.840 Internet is a bit difficult. Buy the sector, close your eyes, 1211 01:04:28.079 --> 01:04:30.880 move on. If you want dividends, but there's a dividend 1212 01:04:31.280 --> 01:04:33.480 index for you that I think it's called the MOZ. 1213 01:04:33.519 --> 01:04:37.519 The name a free dividends index. Inject after index dividends 1214 01:04:37.599 --> 01:04:39.840 not doing too well. Now generally it did seven percent, 1215 01:04:40.239 --> 01:04:42.679 then it just crashed. In February and March it's doing 1216 01:04:42.800 --> 01:04:44.800 zero point seventy. But there's something there for you. 1217 01:04:45.199 --> 01:04:50.000 So when they're investing in. 1218 01:04:50.440 --> 01:04:56.760 Index and Angie reast vestventrolst, it's not as it's not 1219 01:04:56.800 --> 01:04:59.880 as weekly as words in the stuff should be. 1220 01:05:00.159 --> 01:05:02.800 Like for example, the market wacuages exposed. 1221 01:05:02.960 --> 01:05:07.920 The marketmakers that ask market efficiency here, they're buying in 1222 01:05:08.000 --> 01:05:12.000 the expanse we don't grumble, doesn't understand that you might. 1223 01:05:12.000 --> 01:05:14.000 Not get favored when I favor it may not be 1224 01:05:14.199 --> 01:05:15.119 at the price to pay for. 1225 01:05:15.440 --> 01:05:17.320 And you might not say that said, because I have 1226 01:05:17.400 --> 01:05:20.280 a couple of ideas that I really do so well, 1227 01:05:20.360 --> 01:05:22.639 but telling them I have been quite equal. 1228 01:05:22.880 --> 01:05:26.119 So for the start, as I usually describe, it's better 1229 01:05:26.239 --> 01:05:28.719 you start with things that are liquid, things that you understand. 1230 01:05:28.920 --> 01:05:31.400 When you become moreso deicated, then yeah, you can start 1231 01:05:31.800 --> 01:05:32.360 on that head. 1232 01:05:32.639 --> 01:05:34.280 And it was the one question you have to ask 1233 01:05:34.360 --> 01:05:36.679 you a pause. When do I want my money? That's 1234 01:05:36.719 --> 01:05:37.039 the point. 1235 01:05:37.079 --> 01:05:38.599 And when do I want my money? 1236 01:05:38.639 --> 01:05:41.079 If you want money in ten years, do the equities 1237 01:05:41.400 --> 01:05:44.239 that's you consider it, not do considerate if you want 1238 01:05:44.280 --> 01:05:46.519 a money two years time, don't do equities at all, 1239 01:05:46.639 --> 01:05:49.639 even if it's liquid. So when do I need my money? 1240 01:05:49.760 --> 01:05:51.639 So tis I think sort. 1241 01:05:51.519 --> 01:05:54.599 Of giving you a view? Yeah yeah, so so one does. 1242 01:05:54.679 --> 01:05:58.280 One last thing will be when ann physic good goes 1243 01:05:58.360 --> 01:05:59.519 publicly say by. 1244 01:06:00.960 --> 01:06:01.400 Performance. 1245 01:06:01.440 --> 01:06:03.440 It depends on how its structed. If it's a whole 1246 01:06:03.559 --> 01:06:06.480 that whole company is NPCE at a discount, Don't look 1247 01:06:06.519 --> 01:06:08.880 at it this way, it's n NPC at a discount. 1248 01:06:08.960 --> 01:06:12.440 As a previm. What's n NPC's asset today is the 1249 01:06:12.639 --> 01:06:17.280 oil reserves. It's not their refineries, it's their gas license 1250 01:06:17.400 --> 01:06:19.840 and so the gas Nigeria is owned by them, the 1251 01:06:19.960 --> 01:06:23.119 pipeline is owned by them, and then the reserves owned 1252 01:06:23.119 --> 01:06:26.039 by them. If I was Nigeria, I would switch its 1253 01:06:26.119 --> 01:06:30.480 company up. I would sell the pipeline company separate from NPC. 1254 01:06:30.840 --> 01:06:33.119 I would sell the oil. I would get a company 1255 01:06:33.199 --> 01:06:35.599 that would own that oil field. It doesn't have to 1256 01:06:35.639 --> 01:06:38.000 be sold. There can be something different to raise capital 1257 01:06:38.119 --> 01:06:40.960 for them. I would sell the refinery and air pains 1258 01:06:41.159 --> 01:06:43.960 different from you know ones make three or four companies 1259 01:06:44.199 --> 01:06:47.000 from the NPS you have today, quote them, list them, 1260 01:06:47.199 --> 01:06:49.639 make them a bit agile so they can then go 1261 01:06:49.760 --> 01:06:53.480 to the market and then become markets in Africa even 1262 01:06:53.519 --> 01:06:55.880 in Europe. But because that whole NPS is just too 1263 01:06:56.199 --> 01:07:00.119 big and too slow, there are some subdivisions in that 1264 01:07:00.519 --> 01:07:03.360 n npiece that if you listen today, will be multi 1265 01:07:03.440 --> 01:07:06.880 million corporation. That pains they're gonna do all the state. 1266 01:07:06.960 --> 01:07:09.360 They are very very good. But any pieces just to 1267 01:07:09.679 --> 01:07:12.400 the headquarters alone. Do they need that headquarters what they 1268 01:07:12.519 --> 01:07:12.760 need for? 1269 01:07:13.239 --> 01:07:13.400 You know? 1270 01:07:13.679 --> 01:07:16.159 So if it was the business, the privacy of the 1271 01:07:16.239 --> 01:07:19.960 business is easy by any pieces Nigerian Federation. If you're 1272 01:07:20.000 --> 01:07:22.360 touching that, you'll tell you, Oh, you're taking that money 1273 01:07:22.400 --> 01:07:24.119 that I was going to go to fuck things like that. 1274 01:07:24.599 --> 01:07:28.719 But our company should be privatized, sold completely one hundred 1275 01:07:28.760 --> 01:07:31.480 percent and just tax the company new owner, give it 1276 01:07:31.559 --> 01:07:35.760 to give it to Dangote, tax him in dollars, move on, 1277 01:07:36.920 --> 01:07:37.239 Move on. 1278 01:07:38.239 --> 01:07:46.440 They won't because I think the new management, yeah, condence, 1279 01:07:46.480 --> 01:07:47.000 you know, with. 1280 01:07:49.880 --> 01:07:52.320 All due respect to the gentleman, I don't know him. 1281 01:07:52.440 --> 01:07:55.400 With due respect to him, we've had this story before. 1282 01:07:57.679 --> 01:08:01.599 Our say they are do you respect to the guy 1283 01:08:01.880 --> 01:08:02.159 a lot? 1284 01:08:02.320 --> 01:08:02.800 Hitting him? 1285 01:08:02.920 --> 01:08:07.239 There's the difference. So the difference for me is like the. 1286 01:08:07.960 --> 01:08:12.800 The timing, the agenda and why why, I think is different. 1287 01:08:12.920 --> 01:08:15.239 So for me, I'm looking at the fact that the 1288 01:08:15.599 --> 01:08:21.720 assinable people that will definitely make for investors consider invested. 1289 01:08:22.079 --> 01:08:24.319 Because I'm looking at n IPC. 1290 01:08:24.199 --> 01:08:28.000 Fluting between five to fifteen percent, just like around Cousini. 1291 01:08:28.399 --> 01:08:30.760 I don't think they won't foot beyond dob. The kits 1292 01:08:33.199 --> 01:08:36.039 up to toxics like to be same five to nine percent, 1293 01:08:36.199 --> 01:08:36.960 you know, and. 1294 01:08:37.479 --> 01:08:41.159 I think the evaluation would definitely be on that because 1295 01:08:41.199 --> 01:08:42.359 the AMS would be quite. 1296 01:08:42.479 --> 01:08:45.319 Interesting and I think it to be attractive compared to 1297 01:08:46.720 --> 01:08:48.960 a lot A lot of people are thinking about now 1298 01:08:49.119 --> 01:08:52.960 the concerns about their business is like the they are 1299 01:08:53.199 --> 01:08:58.560 inconstancy with disinformation of information, more problems up about the industry. 1300 01:08:58.560 --> 01:09:01.479 It's like they have one of the worst communication department 1301 01:09:01.680 --> 01:09:02.600 seen on plannet. 1302 01:09:02.359 --> 01:09:07.840 It and because I don't know we have with employment 1303 01:09:07.920 --> 01:09:08.680 and strategy that. 1304 01:09:09.159 --> 01:09:13.039 I think it makes national market reporting insulting where you 1305 01:09:13.159 --> 01:09:14.640 bring in influencers. 1306 01:09:14.119 --> 01:09:16.119 And truths to pastial messages. 1307 01:09:16.159 --> 01:09:18.159 Because if you look at over the years, I think 1308 01:09:18.239 --> 01:09:24.000 an NBC has really been having problems with the Nigerian 1309 01:09:24.079 --> 01:09:27.600 populice in terms of optics, in terms of relationals, interms 1310 01:09:27.640 --> 01:09:29.399 of passing the messages and get through. 1311 01:09:30.479 --> 01:09:32.279 I think it's been arable. So I think. 1312 01:09:32.880 --> 01:09:39.000 Them right now the grip fine is that any piece 1313 01:09:39.079 --> 01:09:41.680 is fighting dan GOT and it's a wrong grip fine 1314 01:09:41.760 --> 01:09:44.279 or wrong implicating rumor issue. 1315 01:09:44.279 --> 01:09:46.039 We'll still be saying it to. 1316 01:09:47.159 --> 01:09:50.800 Their own n NPC has she hasn't done got. But 1317 01:09:50.960 --> 01:09:53.479 the equoting. 1318 01:09:54.119 --> 01:09:55.800 Piece is going to be people for now. 1319 01:09:56.199 --> 01:09:59.439 It's just that I won't hope they really Cameline of 1320 01:10:00.039 --> 01:10:03.039 I would be team because the techno class to excuse 1321 01:10:03.079 --> 01:10:07.279 this expected to will and they have support. 1322 01:10:07.399 --> 01:10:10.439 They have support that we're wove headed before. So again 1323 01:10:10.479 --> 01:10:13.520 you know Kevin was here. Kevin was here last week 1324 01:10:13.560 --> 01:10:16.880 and Kevin said, NNPC can't cross with Beni. The pipelines 1325 01:10:16.880 --> 01:10:19.960 they are taken from a Jacota to the north. They 1326 01:10:20.000 --> 01:10:22.239 haven't been able to cross the river Niger. They have 1327 01:10:22.359 --> 01:10:26.560 no Chinese financing. So NNPC is a national We shouldn't 1328 01:10:26.560 --> 01:10:31.399 be subsidizing in n NPCs were subsidizing imports. Known the 1329 01:10:31.560 --> 01:10:36.000 Nigerian people are subsidizing inn NPC subsidy is we are 1330 01:10:36.039 --> 01:10:39.319 the ones paying for NYPC in efficiency. There's no reason 1331 01:10:39.399 --> 01:10:42.000 why we shouldn't get petrol at the lower price. If 1332 01:10:42.119 --> 01:10:44.680 NPC has crude oil, they can refine. They have no 1333 01:10:44.800 --> 01:10:49.279 refineries that are working for none are working. They have pipelines, 1334 01:10:49.439 --> 01:10:53.119 the pipers are not connected in the southeast. In the south, 1335 01:10:53.239 --> 01:10:56.199 like Kevin was talking about here, we have no gas 1336 01:10:56.279 --> 01:10:58.319 in the north. They've been be Nija for how many 1337 01:10:58.399 --> 01:11:01.439 years they haven't gotten this things. We've had oil booms 1338 01:11:01.600 --> 01:11:04.640 two or three times in this period, so I'm cautiously optimistic. 1339 01:11:04.960 --> 01:11:06.039 Again, the army was there. 1340 01:11:06.399 --> 01:11:10.640 But if NNPC is around Nigeren legualified natural gas, it 1341 01:11:10.680 --> 01:11:12.920 would have been like Lema. But you don't come that 1342 01:11:13.039 --> 01:11:17.399 they had before Lemma was owned by n NPC, it crashed. 1343 01:11:17.960 --> 01:11:22.199 It crashed if foreigner came and bought it. Now Lema 1344 01:11:22.399 --> 01:11:26.520 is worth billions of dollars. It's exact same that will 1345 01:11:26.520 --> 01:11:29.359 happened to NPC. If you bring your foreigner today to 1346 01:11:29.479 --> 01:11:33.159 this same NNPC give it five years and like a RAMCO. 1347 01:11:33.680 --> 01:11:37.439 But a we say, how I know NP means like 1348 01:11:37.600 --> 01:11:43.399 I behave and so I feel like that, well might 1349 01:11:43.479 --> 01:11:45.319 look at the fact. 1350 01:11:45.079 --> 01:11:48.920 That we have troubled as if we missed the opportunities 1351 01:11:49.000 --> 01:11:52.399 they had. But look at what they are holding and quarts, 1352 01:11:52.800 --> 01:11:54.640 and then you have about this life being on. 1353 01:11:54.680 --> 01:11:58.880 Battle of you can't petty gains that you guys want 1354 01:11:58.960 --> 01:12:00.279 the higher student. 1355 01:12:00.119 --> 01:12:05.199 Gas by now, any position I've been taken day by 1356 01:12:05.279 --> 01:12:13.359 now and prilie to before befohone call who will be 1357 01:12:13.600 --> 01:12:15.399 is it made at the beginning and then befohrene call 1358 01:12:18.800 --> 01:12:22.319 who will complet? Then before the monopoly monpoly for years? 1359 01:12:22.800 --> 01:12:25.479 They have their assets. If I find oil in my 1360 01:12:25.680 --> 01:12:29.319 in my village land, it's theirs. It's there, so how 1361 01:12:29.720 --> 01:12:31.800 how are they profitable? It's my it's mine. So again 1362 01:12:31.840 --> 01:12:34.680 on the any position which I've been connecting West Africa 1363 01:12:34.760 --> 01:12:39.039 with gas with gas, so that you'll force those West 1364 01:12:39.479 --> 01:12:42.920 calls to buy gas in naira. In one full swep, 1365 01:12:42.960 --> 01:12:46.479 you have solved Nigeria's inflation problem. You've solved our better 1366 01:12:46.560 --> 01:12:50.000 deficits las. Every year, all the West Africans, all the 1367 01:12:50.039 --> 01:12:52.880 folks that are content gas will come to Nigerian banks 1368 01:12:52.960 --> 01:12:56.279 and buying naira all day by nira with dollar or sefer. 1369 01:12:56.800 --> 01:13:00.720 So every year you are getting three dollars free surfer 1370 01:13:00.840 --> 01:13:04.279 from West countries from anyone else to buy the gas. 1371 01:13:04.600 --> 01:13:06.439 You pay in naira, so it will come to g 1372 01:13:06.560 --> 01:13:10.000 TB or you being said, oh we have two million 1373 01:13:10.079 --> 01:13:12.800 dollars want to buy nira to buy Nigerian gas. So 1374 01:13:13.159 --> 01:13:17.199 every year you are just getting the subsidized dollar inflow. 1375 01:13:17.399 --> 01:13:20.640 But they haven't done it West Africa, they haven't done it. 1376 01:13:21.000 --> 01:13:25.479 Same with gas inside Nigeria, West African gas, everything anything 1377 01:13:25.520 --> 01:13:27.880 should have owned Africa owned it. 1378 01:13:29.319 --> 01:13:32.760 But let's let's you've missed the opportunities. 1379 01:13:32.840 --> 01:13:33.600 And I think. 1380 01:13:35.199 --> 01:13:36.239 That's let's get. 1381 01:13:37.640 --> 01:13:40.239 Is there, let's do briefface. 1382 01:13:41.119 --> 01:13:42.920 Sure, I don't know if you want to pivot all 1383 01:13:43.000 --> 01:13:43.560 the terrors. 1384 01:13:44.119 --> 01:13:46.399 Yeah, we're gonna do that. We're just too I mean, 1385 01:13:46.800 --> 01:13:49.760 what the heck I mean tariffs. 1386 01:13:49.840 --> 01:13:51.520 Let's do tariffs. So it's important. 1387 01:13:51.880 --> 01:13:54.279 It's important we lay tariffs before we talk about it. 1388 01:14:00.600 --> 01:14:03.399 Disclaimer, I think you know just the financial the partici 1389 01:14:03.439 --> 01:14:05.359 actual multipointics are because I. 1390 01:14:05.399 --> 01:14:09.359 Don't get politics. Yeah, I know. 1391 01:14:09.319 --> 01:14:12.439 As many poltics are because you know, I don't very compotational, 1392 01:14:12.479 --> 01:14:14.920 and you know, the space to be required because. 1393 01:14:14.920 --> 01:14:18.199 The discussure to be okay, we look at a financial pation. 1394 01:14:18.359 --> 01:14:21.960 So I don't give me if you look at if 1395 01:14:22.000 --> 01:14:23.880 you look at the market, for example, I remember when 1396 01:14:23.920 --> 01:14:26.079 you were like was it that? But I said that 1397 01:14:26.960 --> 01:14:27.720 Trump pretty or. 1398 01:14:27.760 --> 01:14:30.880 The market somewhere that night level looks ordinary and if 1399 01:14:30.880 --> 01:14:35.239 you look at data two days in the past. 1400 01:14:35.119 --> 01:14:36.560 Week, was was the nine level? 1401 01:14:37.000 --> 01:14:41.880 Yeah, you know, you cannot undermine presence Trump's economicy. 1402 01:14:42.239 --> 01:14:45.000 He has some of the start as people and he's 1403 01:14:45.039 --> 01:14:48.720 trying to realize the free market magazine. 1404 01:14:48.920 --> 01:14:51.720 It feels that Americas have been at this advantage and 1405 01:14:51.800 --> 01:14:53.640 it feels that there's a risk were. 1406 01:14:53.520 --> 01:14:55.439 Supply ches im outstandished. 1407 01:14:55.439 --> 01:14:58.000 It was like China, which I totally bad and also 1408 01:14:58.079 --> 01:15:01.199 feels like, oh, well, medal this countries has also been 1409 01:15:01.239 --> 01:15:03.600 fair to America, which largely makes sense because if you 1410 01:15:03.600 --> 01:15:05.960 look at tires to post per certain countries on America, 1411 01:15:06.159 --> 01:15:06.760 it's quite right. 1412 01:15:07.000 --> 01:15:09.640 And if you look at historical data from then the 1413 01:15:09.720 --> 01:15:13.000 Great Depression to the time with peak US Turius have 1414 01:15:13.159 --> 01:15:15.760 been pretty much new. But there are two things that 1415 01:15:15.920 --> 01:15:21.920 confuse me. First, the US is the order of result currency. Secondly, 1416 01:15:22.039 --> 01:15:25.319 the US has the most efficient markets in the world. 1417 01:15:25.720 --> 01:15:31.319 There's no there's no substitute. So this also comes as 1418 01:15:31.399 --> 01:15:31.880 a cushion. 1419 01:15:32.199 --> 01:15:35.600 Now you're trying to just arrange the other. 1420 01:15:35.720 --> 01:15:38.159 At the same time you're starting your market because. 1421 01:15:38.279 --> 01:15:40.039 Or if you really don't right now, if you look 1422 01:15:40.079 --> 01:15:43.399 at black Rock data in Q one in level Pulia, 1423 01:15:43.520 --> 01:15:45.159 do that has moved to. 1424 01:15:45.439 --> 01:15:48.960 Europe teas by America investor, you can form manayers as said, 1425 01:15:48.960 --> 01:15:51.000 America investors are moving from. 1426 01:15:50.880 --> 01:15:51.600 To the market. 1427 01:15:52.000 --> 01:15:55.439 And also you look at the fact that Tiger economies 1428 01:15:55.520 --> 01:15:58.920 are also expanded their market to receive. So my fear 1429 01:15:59.039 --> 01:16:03.119 is that if your eyes are now merging with your 1430 01:16:03.159 --> 01:16:07.720 supposed enemies, he brings in a police carisk which I don't. 1431 01:16:07.600 --> 01:16:10.479 Want to talk about, but you know, just to count 1432 01:16:10.479 --> 01:16:11.279 down the discussion. 1433 01:16:12.039 --> 01:16:14.720 My fear this week is that like I does pray 1434 01:16:14.880 --> 01:16:17.960 because I looked at my just as I was speaking 1435 01:16:17.960 --> 01:16:19.680 to you, doesn't me check it for the TA. 1436 01:16:19.800 --> 01:16:23.880 I didn't want to becrouble seven if the market, if 1437 01:16:23.920 --> 01:16:27.560 there's no news this night, card of my face that 1438 01:16:28.039 --> 01:16:29.399 was more happened in the coming days. 1439 01:16:30.680 --> 01:16:34.199 I think the president of the country, if I was president, people, 1440 01:16:34.479 --> 01:16:36.680 I think what they do should be beside me and 1441 01:16:37.119 --> 01:16:40.039 is a petual adverson. It's hardly how to rook the 1442 01:16:40.479 --> 01:16:42.039 economic project because. 1443 01:16:41.840 --> 01:16:44.680 If you look at our margers from kudos. 1444 01:16:43.960 --> 01:16:47.560 Going less day by day and the pass that I 1445 01:16:47.640 --> 01:16:51.720 couldn't shouldrop by other than dollars, we're in tip in 1446 01:16:51.920 --> 01:16:54.960 tip mess, you know, if not the trader by many 1447 01:16:55.000 --> 01:16:57.359 of these police characnomics. 1448 01:16:57.439 --> 01:17:01.319 I say Niger has to reduce that or that's the fact, like. 1449 01:17:01.359 --> 01:17:03.960 Because if you look at the fact, why like jazz 1450 01:17:05.159 --> 01:17:08.239 generation from one as we did that you just clip 1451 01:17:08.319 --> 01:17:11.439 on oil revenue has dropped, it's because they'll be short 1452 01:17:11.520 --> 01:17:14.600 forced and relying on it. But we don't have anything 1453 01:17:14.640 --> 01:17:18.159 that has given us the fings called. So that's spent country. 1454 01:17:18.600 --> 01:17:22.159 Okay, really, first, don't want you speak, but I want 1455 01:17:22.159 --> 01:17:24.359 to just give folks that are listening, it's good to 1456 01:17:24.399 --> 01:17:26.760 talk about the history of this whole thing. It's not 1457 01:17:26.880 --> 01:17:30.239 a tarret. It's not really a financial thing. Let's go 1458 01:17:30.399 --> 01:17:35.119 back to nineteen forty five. Nineteen forty five, the Second 1459 01:17:35.199 --> 01:17:39.880 World War had ended. Europe was completely destroyed. No economy 1460 01:17:39.920 --> 01:17:45.560 in Europe, Italy, Germany, France, there was nothing, literally nothing. 1461 01:17:45.960 --> 01:17:48.439 So in forty five, two things happened. In forty four, 1462 01:17:48.479 --> 01:17:51.000 two things happened. Number one the World Bank and the IMF, 1463 01:17:51.319 --> 01:17:53.520 And of course the US had gone. There was only 1464 01:17:53.520 --> 01:17:56.039 the US had the gold. So US said number one, 1465 01:17:56.239 --> 01:17:59.439 our currency would be the global reserve currency. What does 1466 01:17:59.479 --> 01:18:02.439 that mean? That means that Italy had no currency, The 1467 01:18:02.560 --> 01:18:06.720 leader was worthless. The German mark was hyperinflated, so we 1468 01:18:06.800 --> 01:18:11.439 would allow you to trade with the US dollar. So 1469 01:18:11.560 --> 01:18:14.279 what would happen is Germany. West Germany would come to 1470 01:18:14.319 --> 01:18:17.399 the US and say would want to buy oil from Nigeria. 1471 01:18:18.000 --> 01:18:22.479 West Germany would borrow dollars from the US fed pay 1472 01:18:22.640 --> 01:18:25.520 to Nigeria that US taught. But Niger will not accept 1473 01:18:25.560 --> 01:18:29.439 West German marks, they are worthless. The Niger accept nine 1474 01:18:29.960 --> 01:18:33.800 US dollars and sell crude oil to West Germany. So 1475 01:18:33.840 --> 01:18:37.399 that's how the dollar became the global currency of settlement, 1476 01:18:37.840 --> 01:18:40.520 together with the petro dollar. Because there was no dollar 1477 01:18:40.600 --> 01:18:44.279 in Europe. That was not Europe, only America. And what 1478 01:18:44.399 --> 01:18:47.279 that was the Cold War? So that's currency. What about 1479 01:18:47.399 --> 01:18:52.760 trade again, Italy, France, Island all devastated. So the US said, 1480 01:18:53.000 --> 01:18:56.720 would allow you because tariff is a tax on imports. 1481 01:18:57.359 --> 01:19:00.640 So when you tariff me and my people paint, when 1482 01:19:00.640 --> 01:19:03.560 I tarify you if people are pain, okay, US said, 1483 01:19:03.600 --> 01:19:07.840 will allow you Germany, Italy, and France to impose a 1484 01:19:08.119 --> 01:19:11.239 higher tariff on US so you can raise money and 1485 01:19:11.319 --> 01:19:14.600 build your economies. So the US will tariff France two percent, 1486 01:19:15.079 --> 01:19:18.800 but France can tariff US twenty percent. They all said 1487 01:19:18.960 --> 01:19:22.840 that's fine because France needed that money to rebuild an 1488 01:19:22.920 --> 01:19:26.760 economy that was broken. This was nineteen forty four, nineteen 1489 01:19:26.880 --> 01:19:31.560 forty five. Now we have moved on till twenty twenty five. 1490 01:19:31.880 --> 01:19:33.960 Let me read you the budget of America. This is 1491 01:19:34.000 --> 01:19:37.279 the actual, not the budget. America in twenty twenty three 1492 01:19:37.359 --> 01:19:41.720 brought in six point one trillion, sorry, brought in four 1493 01:19:41.800 --> 01:19:46.880 point four trillion. That year, America brought in four point 1494 01:19:47.079 --> 01:19:51.079 four trillion in the America's budget. And what we call 1495 01:19:51.439 --> 01:19:57.079 mandaty spending, which is social security and of course healthcare. 1496 01:19:57.880 --> 01:20:03.840 You can't touch it. Even Trump cannot touch Social Security 1497 01:20:04.479 --> 01:20:05.680 or Medicare. 1498 01:20:05.239 --> 01:20:06.359 He will lose the election. 1499 01:20:07.199 --> 01:20:10.520 No one can touch it. So anything that is going 1500 01:20:10.600 --> 01:20:14.760 for Social Security, that's going for Medicare is what we 1501 01:20:14.920 --> 01:20:20.159 call mandatory. Migratory spending America is three point eight trillion. 1502 01:20:20.600 --> 01:20:27.479 So total inflow again four point four trillion, Medicare, Medicaid, Medicare. 1503 01:20:27.560 --> 01:20:31.880 There wasn't a Medicare are three point eight trillion with 1504 01:20:32.079 --> 01:20:37.239 means that already the total revenues America receives has gone 1505 01:20:37.239 --> 01:20:42.000 to Medicare Medicaid alone. And you can't touch it. Then 1506 01:20:42.079 --> 01:20:43.920 where's a lot of money go to? Interest? 1507 01:20:44.640 --> 01:20:45.079 Interest? 1508 01:20:45.239 --> 01:20:51.520 Parents in America today are more than defense spending interest spend. 1509 01:20:51.560 --> 01:20:54.359 What is America spend to pay interest on his budget 1510 01:20:55.000 --> 01:20:58.920 is more than what it pays for the defense. I 1511 01:20:58.960 --> 01:21:01.000 will know what America is. Defense is about eight or 1512 01:21:01.039 --> 01:21:05.359 do pot three billion? America is paying more in interest. 1513 01:21:05.600 --> 01:21:10.039 So what am I saying? America is broke? America is broke. 1514 01:21:10.479 --> 01:21:12.920 And if it's your country is broke, what do you do? 1515 01:21:13.000 --> 01:21:17.079 Either cut down spending or you raise taxes. Either cut 1516 01:21:17.159 --> 01:21:20.560 down spending or you raise taxes. You can't cut spend 1517 01:21:20.600 --> 01:21:24.000 in America because you can't touch medicare. You can't touch medicaid. 1518 01:21:24.199 --> 01:21:26.039 You can't touch what they called in mandatory. 1519 01:21:26.279 --> 01:21:27.239 So what else do you do? 1520 01:21:27.439 --> 01:21:31.840 You have to raise spending. Sorry, you have to raise revenues. 1521 01:21:32.239 --> 01:21:35.039 How do you raise revenues? They are Republicans, They're not 1522 01:21:35.159 --> 01:21:36.039 going to raise taxes. 1523 01:21:36.079 --> 01:21:38.880 So what do they do? They're going after tariffs. 1524 01:21:39.119 --> 01:21:42.319 What is the tariff? A tariff is a consumption tax, 1525 01:21:43.279 --> 01:21:49.039 the same tariffs Democrats Republicans have supported it. As at 1526 01:21:49.319 --> 01:21:53.880 nineteen thirteen, America had no income tax. America's government got 1527 01:21:53.960 --> 01:21:59.720 this money from only tariffs. There was no IRS. IRS 1528 01:21:59.880 --> 01:22:03.520 was invented because the American folks said, Okay, we're going 1529 01:22:03.560 --> 01:22:06.720 to have a grand bargain, will allow you to tax 1530 01:22:06.920 --> 01:22:11.840 alcohol in return. Sorry, you are, We're going to ban 1531 01:22:12.000 --> 01:22:15.199 alcohol and to replace the revenue I're gonna lose from alcohol, 1532 01:22:15.399 --> 01:22:18.079 you can tax income. That's how they have IRUs because 1533 01:22:18.119 --> 01:22:21.840 of alcohol. Alcohol was at number one thing. They take 1534 01:22:21.880 --> 01:22:25.039 away alcohol. You can tax income. So fast forward to 1535 01:22:25.199 --> 01:22:28.600 Trump two twenty five. He has inherited an economy that 1536 01:22:28.760 --> 01:22:34.000 is broke. The economy is completely broke, So tariffs are revenues. 1537 01:22:34.239 --> 01:22:37.880 He's got to raise revenues from somewhere. So he's doing tariffs. 1538 01:22:38.399 --> 01:22:43.720 Now are they organized? Is it that we're taxing penguins. 1539 01:22:43.880 --> 01:22:46.800 We're not taxing penguins. But it doesn't take away the 1540 01:22:47.079 --> 01:22:50.239 central fact that you have to do two things. Either 1541 01:22:50.359 --> 01:22:55.600 you caught revenues or sorry, you caught expenditures, or you 1542 01:22:55.760 --> 01:22:58.960 raise revenues and both have to happen. Believe that's what's 1543 01:22:59.000 --> 01:23:00.800 going on. That's exactly what. 1544 01:23:00.960 --> 01:23:01.399 Is going on. 1545 01:23:01.720 --> 01:23:03.600 And we can I read the politics of it. 1546 01:23:04.760 --> 01:23:08.279 You're just talking about Look at the markets now, you 1547 01:23:08.359 --> 01:23:10.880 can the markets now? White? 1548 01:23:11.199 --> 01:23:14.079 Sure, sure, sure. 1549 01:23:14.279 --> 01:23:18.039 I was telling you Fad that for good to be 1550 01:23:18.359 --> 01:23:23.119 down to dollars, he's telling me that investors are equals 1551 01:23:23.239 --> 01:23:24.600 selling their age. 1552 01:23:24.760 --> 01:23:29.359 Okay, that's what I say. Give the other side the limited. 1553 01:23:29.560 --> 01:23:35.840 If stocks go down, what also goes down? What no 1554 01:23:36.479 --> 01:23:37.840 bond bonds go off? 1555 01:23:38.560 --> 01:23:39.479 When we started living? 1556 01:23:39.600 --> 01:23:41.640 If I have a hundred dollars, this is a fact 1557 01:23:41.680 --> 01:23:46.680 to olimited. If I have a one hundred dollars, you're saying, callum, 1558 01:23:46.720 --> 01:23:48.479 But what is Trum trying to do? 1559 01:23:49.159 --> 01:23:49.399 Trump? 1560 01:23:49.479 --> 01:23:53.680 They need to pay five trillion interest on five trillion. 1561 01:23:53.840 --> 01:23:56.279 They need to pay that money. How are they need 1562 01:23:56.359 --> 01:23:59.119 to pay five when interested in America at four percent 1563 01:23:59.520 --> 01:24:03.079 they can afford it. They cannot afford to pay interest 1564 01:24:03.239 --> 01:24:05.720 on the maturing debt. So what do they want to do. 1565 01:24:06.079 --> 01:24:09.119 They want to force people. They want to force people 1566 01:24:09.159 --> 01:24:12.560 like go Illuminate to sell his shares. If a Loomity 1567 01:24:12.680 --> 01:24:15.560 sells his shares to the stock market, it crashes. Why 1568 01:24:15.640 --> 01:24:17.800 doesn't limit they take his money to Lima, take his 1569 01:24:17.880 --> 01:24:19.800 money to the bond market. When they go to the 1570 01:24:19.920 --> 01:24:25.039 bond market, bond yields four, so the US government can 1571 01:24:25.159 --> 01:24:28.279 refinance their bonds at the lower That's what they're doing. 1572 01:24:28.359 --> 01:24:33.800 It's on purpose. This this get quite on purpose. Of 1573 01:24:33.840 --> 01:24:35.680 course it's working. It's a market not down. 1574 01:24:36.600 --> 01:24:42.119 Okay, it was temper I'm giving in ex spectrum now 1575 01:24:42.319 --> 01:24:45.600 because I'm looking at him expectrum car and kind of 1576 01:24:45.760 --> 01:24:48.600 saying that they're not putting money us on again, say, 1577 01:24:48.680 --> 01:24:50.000 won't take I want to. 1578 01:24:50.039 --> 01:24:51.079 Put money in good. 1579 01:24:53.239 --> 01:24:55.560 God, they don't have the off gold in the world. 1580 01:24:55.720 --> 01:24:59.239 And I was stelling with illstand you're coming from I 1581 01:24:59.399 --> 01:25:00.760 need to us pushed on. 1582 01:25:00.920 --> 01:25:03.079 Interesting Now I'm telling the optics. 1583 01:25:03.319 --> 01:25:05.439 I'm telling the contaction happening in the market. 1584 01:25:05.880 --> 01:25:07.760 Is I get what the president is doing, and I 1585 01:25:07.960 --> 01:25:13.039 understand the coalition of detaining you with defense and investors 1586 01:25:13.359 --> 01:25:13.760 and the. 1587 01:25:13.800 --> 01:25:16.199 Cost of boring, and I get you can put the 1588 01:25:16.359 --> 01:25:19.359 average with two on this space. 1589 01:25:19.720 --> 01:25:23.479 What's really concerned now is man my testars low cuticated 1590 01:25:23.960 --> 01:25:28.079 in span of itty what is really happy? And now 1591 01:25:28.520 --> 01:25:31.800 you talking about black money? Can you acated? You have age, 1592 01:25:32.640 --> 01:25:34.680 you know the most powerfuct economy. 1593 01:25:34.920 --> 01:25:36.039 You really have to problem. 1594 01:25:36.319 --> 01:25:41.319 You can't compare those someone follow all my follow one, K, 1595 01:25:41.800 --> 01:25:44.560 my ira are all invested here. They looked at them 1596 01:25:44.600 --> 01:25:46.319 and then they crashed. I'm looking at the point I'm 1597 01:25:46.359 --> 01:25:50.039 making against the sooliminated. The risk is the bigger risk 1598 01:25:50.119 --> 01:25:52.239 would have been if America said, look, let me, let 1599 01:25:52.279 --> 01:25:53.319 me make it tell you all a lot of you 1600 01:25:53.399 --> 01:25:55.760 listening there, just google what I'm telling you. Go and 1601 01:25:55.960 --> 01:26:01.439 google the correlation between the federal reserves spending money at 1602 01:26:01.479 --> 01:26:05.560 the stock market. Just google it. The most on them 1603 01:26:05.600 --> 01:26:08.600 does make this point to put number. Then the point 1604 01:26:09.880 --> 01:26:13.079 I'm not aarguing about you. I'm not aguing about your facts. 1605 01:26:13.159 --> 01:26:13.760 They are correct. 1606 01:26:14.119 --> 01:26:16.680 But the problem is that I'm telling you that this 1607 01:26:16.920 --> 01:26:18.760 is not what we are looking at in this part 1608 01:26:18.800 --> 01:26:20.600 of the world. And this is no more. 1609 01:26:23.199 --> 01:26:26.600 Of America. He's not a present Nigeria looking at. 1610 01:26:26.520 --> 01:26:28.800 The fact that wild I'm looking at the fact that 1611 01:26:29.000 --> 01:26:31.920 could like Trump drammar has. 1612 01:26:31.880 --> 01:26:37.199 Caused insented is exempted from tarist only there you. 1613 01:26:37.279 --> 01:26:40.359 Can can a letter for tires but lost them as 1614 01:26:40.520 --> 01:26:43.640 past week and you speak now it looks like he's 1615 01:26:44.119 --> 01:26:45.399 because it looks like a cat. 1616 01:26:45.359 --> 01:26:47.279 Is from me. You know what's happened to be called 1617 01:26:47.279 --> 01:26:50.640 as the people can it's nothing faster than expirity. 1618 01:26:51.439 --> 01:26:53.119 I want to let me make this point. I want 1619 01:26:53.119 --> 01:26:54.720 to let me this point. I want to put to Google. 1620 01:26:55.079 --> 01:26:59.520 I want you guys to google the Federal Reserve correlation 1621 01:26:59.680 --> 01:27:01.800 to the stock market. I've posted it from the tag 1622 01:27:01.960 --> 01:27:04.319 can possibly again. If you want to know what the 1623 01:27:04.399 --> 01:27:07.359 stock market will do tomorrow, look at what the Federal 1624 01:27:07.439 --> 01:27:10.239 Reserve will spend. There's amount of wid the Federal Reserve 1625 01:27:10.680 --> 01:27:15.159 is spending is directly correlated to the stockbas The Americans, 1626 01:27:15.439 --> 01:27:18.520 what am I saying for them is speak English. American 1627 01:27:18.640 --> 01:27:23.279 stock market used to return five six percent every year. 1628 01:27:23.359 --> 01:27:26.479 This is from eighteen hundreds, right, eighteen seventy five six 1629 01:27:26.560 --> 01:27:30.199 percent in the last I would say, fifteen years after 1630 01:27:30.319 --> 01:27:33.760 Obama or do it from Obama till date is been 1631 01:27:33.840 --> 01:27:40.960 returning fifteen twenty five eleven. What's happening Obama, bro Well, 1632 01:27:41.000 --> 01:27:45.159 call the quantitative easing, which means you simply print money. 1633 01:27:45.560 --> 01:27:48.640 When that money was printed, That's what correlates what all 1634 01:27:48.680 --> 01:27:51.760 these tech companies you see today, they got cheap financing, 1635 01:27:52.119 --> 01:27:54.720 they get chip financing. You can do it in Nvidia, 1636 01:27:55.119 --> 01:27:57.840 you can do Meta, you can do Google. Because you 1637 01:27:57.880 --> 01:28:00.960 are taking risks, you are investing in service. 1638 01:28:01.119 --> 01:28:01.279 Right. 1639 01:28:01.760 --> 01:28:06.199 So the Federar reserves free capital allowed in the American 1640 01:28:06.399 --> 01:28:11.279 economy to borrow cheaper, to take risks cheaper, and to invest. 1641 01:28:11.680 --> 01:28:16.920 If you pull the chart, direct correlation Fedruar reserves, balance 1642 01:28:16.920 --> 01:28:20.359 sheet and the stock market. All mister Trump has done 1643 01:28:20.439 --> 01:28:23.239 with Scott and they said it during the campaign. They 1644 01:28:23.479 --> 01:28:26.720 set it over and over. They have simply stopped the 1645 01:28:26.800 --> 01:28:31.079 free money. They stopped it once they stopped that free money. 1646 01:28:31.159 --> 01:28:34.039 You see the stop stop markets is reacting to the 1647 01:28:34.279 --> 01:28:37.560 outflow of the free money. But the question is I'm asking, 1648 01:28:37.720 --> 01:28:40.000 is this Nike don't want stop that was up this 1649 01:28:40.279 --> 01:28:43.479 this year this week Nike, Nike stock was over. The 1650 01:28:43.760 --> 01:28:46.640 Nikes sell more shoes or sellers shoes. 1651 01:28:46.880 --> 01:28:47.479 No change. 1652 01:28:47.960 --> 01:28:52.239 But Vietnam and the US are talking and they want 1653 01:28:52.279 --> 01:28:54.960 to do zero talent. So Ivesia are saying if there's 1654 01:28:55.039 --> 01:28:58.560 zero talents, then Nike shoes will enter America for free. 1655 01:28:58.600 --> 01:29:00.399 This is the point I'm making this talkback. 1656 01:29:00.439 --> 01:29:01.560 It's not the economy. 1657 01:29:02.239 --> 01:29:03.840 This talk is not the economy. 1658 01:29:04.760 --> 01:29:07.159 You are speaking like an American and I get. 1659 01:29:07.159 --> 01:29:11.720 It, understand to view, but we're tooking from from anibstal 1660 01:29:11.920 --> 01:29:12.960 perspective as people that. 1661 01:29:12.920 --> 01:29:17.600 Are okay as far as the market. Se Drammar has disported. 1662 01:29:17.279 --> 01:29:20.520 About that, it's not drama. He has to pay the 1663 01:29:20.600 --> 01:29:25.159 bills Nigeria. So when when when when we have Shagary, 1664 01:29:25.560 --> 01:29:29.079 When Nigeria has Shahu Shagary. Right before she Shagary, we 1665 01:29:29.159 --> 01:29:32.199 had the oil boom. We had a lot of money. 1666 01:29:32.640 --> 01:29:36.000 Then we now had Shaveho Shagary. And when Sharkane we 1667 01:29:36.079 --> 01:29:39.239 could not pay our bills. Then what happened? 1668 01:29:39.439 --> 01:29:39.880 What happened? 1669 01:29:39.880 --> 01:29:43.520 Where they cool? Because it was economic issues? The coup 1670 01:29:43.600 --> 01:29:47.199 came in so to stop that if thing happening, we 1671 01:29:47.319 --> 01:29:48.119 were having a cook. 1672 01:29:48.159 --> 01:29:50.479 We had Buhari, then we had IBB. 1673 01:29:51.119 --> 01:29:54.760 What when Nigeria suffered with IBB, Bo, Harry and Badger 1674 01:29:55.119 --> 01:29:57.359 is because we refuse to do what mister Trump is 1675 01:29:57.399 --> 01:30:01.279 doing today. We tried to keep our life style without 1676 01:30:01.359 --> 01:30:04.079 going into what we call an austerity. 1677 01:30:04.159 --> 01:30:06.960 That's what it's doing. If you don't do it, somebody 1678 01:30:07.119 --> 01:30:07.680 has to do it. 1679 01:30:08.720 --> 01:30:09.560 Somebody happened. 1680 01:30:10.159 --> 01:30:12.600 Okay, that's that's that's not having space. We have a 1681 01:30:12.640 --> 01:30:13.840 lot of that's not having space. 1682 01:30:13.880 --> 01:30:15.720 I don't want to do the image of that. 1683 01:30:16.359 --> 01:30:19.279 So I'm looking at the fact that the prices who 1684 01:30:19.439 --> 01:30:23.680 were there and mostly we can because I really cared 1685 01:30:24.359 --> 01:30:25.920 for them, not the portices behind it. 1686 01:30:26.000 --> 01:30:28.800 And I feel like this is a time for It's 1687 01:30:28.920 --> 01:30:34.680 an opportunity for Nigeria. I saw Ethiopia, I don't. I 1688 01:30:36.000 --> 01:30:38.439 saw a twitt from I saw a tweet from the 1689 01:30:38.600 --> 01:30:42.000 Ethiopian I think is a minister in Ethiopia. They are saying, Wow, 1690 01:30:42.720 --> 01:30:45.319 they're going to export to the US at ten percent, 1691 01:30:45.880 --> 01:30:49.000 Asians are going to pay thirty forty percent. So it's 1692 01:30:49.039 --> 01:30:52.800 your parents saying that they're now rejiging their economy to 1693 01:30:53.000 --> 01:30:55.319 take orders from Asia. 1694 01:30:55.680 --> 01:30:56.680 They are being smart. 1695 01:30:57.119 --> 01:30:59.760 They are saying this is an opportunity for us, because 1696 01:30:59.800 --> 01:31:03.960 I've American has a goa African growth opportunities at witness 1697 01:31:04.000 --> 01:31:07.319 that Africans can export to the US at a lower tariff. 1698 01:31:07.720 --> 01:31:11.760 Africans have it. It's your pay's only publish yourself, so 1699 01:31:12.000 --> 01:31:16.279 we we have to take an advantage. We then traded bays. 1700 01:31:16.439 --> 01:31:19.159 Whose fault is it Trump that built Calabatto base for 1701 01:31:19.279 --> 01:31:24.600 you fault? Who's fall? Did Nigeria not build up an 1702 01:31:24.640 --> 01:31:26.760 export based Whose fault is it trump sport? 1703 01:31:27.239 --> 01:31:27.640 We didn't. 1704 01:31:27.840 --> 01:31:30.439 We don't prepare ourselves. And the rey came and I said, 1705 01:31:30.439 --> 01:31:33.840 want to buy umbrella? It's your payer has got miles 1706 01:31:34.479 --> 01:31:43.119 and and it's clusters of export goods. Madagascar, it's a Rumanda, Namibia, 1707 01:31:43.399 --> 01:31:45.640 They're already what were we doing. 1708 01:31:47.880 --> 01:31:48.640 America? First? 1709 01:31:48.840 --> 01:31:55.520 I think the hokey is trying to maint country's economy because. 1710 01:31:55.279 --> 01:31:58.079 We didn't do our own work supposed the issues. 1711 01:31:58.119 --> 01:32:04.159 So the exactly the world works, Lego States has, Lego 1712 01:32:04.239 --> 01:32:06.680 State has built a deep sea port, They've built a 1713 01:32:06.800 --> 01:32:08.760 light tril, they're investing in roads. 1714 01:32:09.039 --> 01:32:10.840 So all that skid that didn't do their work and 1715 01:32:10.920 --> 01:32:13.640 not co Lego State vat. That's what the argument you 1716 01:32:13.680 --> 01:32:17.560 are making. Legos deep sea ports. Now, Legos is a 1717 01:32:17.640 --> 01:32:21.279 number one destination in West Africa for deep going to 1718 01:32:21.359 --> 01:32:23.920 cargo in the whole of West Africa. The same where 1719 01:32:23.960 --> 01:32:28.680 ITSIP has invested in Chinese built export clusters. Say with Youruanda, 1720 01:32:28.960 --> 01:32:32.760 same with Madagascar, same with Namibia, save with the Africos, 1721 01:32:33.000 --> 01:32:36.800 Tu Nichia and Morocco are exporting cars to EU. Now 1722 01:32:36.880 --> 01:32:38.800 those same are going to now export carts to the 1723 01:32:38.920 --> 01:32:42.680 US because bing W come to Morocco, do their cars 1724 01:32:42.720 --> 01:32:44.960 in Roco and export to the US. Because they have 1725 01:32:45.239 --> 01:32:49.359 built their economy over time. Nigeria did be nothing. We 1726 01:32:49.520 --> 01:32:53.199 have no railway in Nigeria from the east to the west. 1727 01:32:53.279 --> 01:32:55.720 And that we're content. We're blaming Trump. We have no 1728 01:32:55.920 --> 01:32:59.880 power supply. We have no power supply. Who's fought on 1729 01:32:59.880 --> 01:33:01.279 the We can't blame mister Trump. 1730 01:33:02.720 --> 01:33:09.319 Isn't that we should take into somebody while meaning the means, because. 1731 01:33:09.079 --> 01:33:12.840 Can't you Why why did Tiopia Why did Legos that 1732 01:33:13.000 --> 01:33:17.239 build a deep seaport? Why because of trade the full 1733 01:33:17.359 --> 01:33:20.479 sight of Legosty government over the years build a deep seaport. 1734 01:33:21.159 --> 01:33:23.319 Why has quite but not built the deep seaport? Why 1735 01:33:23.439 --> 01:33:26.720 is not that darriage? So again, only you can't blame 1736 01:33:26.800 --> 01:33:31.600 anybody but yourself. We can't blame Trump. This talent thing 1737 01:33:31.720 --> 01:33:34.159 was he has We said it since nineteen eighty seven. 1738 01:33:34.279 --> 01:33:37.159 Go back and pull mister Trump's so during the campaign 1739 01:33:37.279 --> 01:33:39.880 I watched the I watch for it. He was sending 1740 01:33:40.000 --> 01:33:41.439 there he's gonna be postcarriage. 1741 01:33:41.520 --> 01:33:47.399 Yeah, so what would argue, I don't think you let's get. 1742 01:33:48.920 --> 01:33:50.720 Don't you looking forward? 1743 01:33:51.119 --> 01:33:57.039 Sorry, let's president for trying to optimize his own economy. 1744 01:33:57.479 --> 01:34:00.520 For that to old calling to can go as selfish. 1745 01:34:01.439 --> 01:34:03.720 It should be American first, should be a GIA first, 1746 01:34:03.880 --> 01:34:06.359 according to in a gillion and should be gan first. 1747 01:34:07.520 --> 01:34:12.079 So the president or the Replican social call for all 1748 01:34:12.199 --> 01:34:14.880 jet meeting or I can tank flow, how can we 1749 01:34:15.279 --> 01:34:17.479 massimize the present reality? 1750 01:34:18.479 --> 01:34:20.760 So actually take it? What can we do? 1751 01:34:23.479 --> 01:34:28.319 Yeah, let's just go. Yes, we're spoken, Yes, we're spoken. 1752 01:34:28.560 --> 01:34:31.880 Hold up that me, mute y, see you go ahead. 1753 01:34:31.920 --> 01:34:33.600 See you got the flow. Let's let's get focus. I 1754 01:34:33.600 --> 01:34:36.520 don't mont monoplze and Mike see you got the floor ahead. 1755 01:34:37.640 --> 01:34:37.840 Yeah. 1756 01:34:38.039 --> 01:34:41.840 So I'm listening to what you know you've been saying 1757 01:34:42.039 --> 01:34:48.279 and hundred percent. So we talk about trade. I think 1758 01:34:48.319 --> 01:34:50.439 with the tirest issue in my opinion, because I've wrote 1759 01:34:50.520 --> 01:34:54.000 a lot about it in times are for two reasons 1760 01:34:54.039 --> 01:34:58.880 in one opinion, revenue raising and then protectionist policies. 1761 01:34:59.640 --> 01:35:03.079 So now the issue is, in my opinion, we've been 1762 01:35:03.119 --> 01:35:05.920 in a situation where like for me, there is. 1763 01:35:06.039 --> 01:35:07.920 Nothing I don't I don't know believe in the concept 1764 01:35:07.960 --> 01:35:11.279 of free trade because all over the world countries do 1765 01:35:11.479 --> 01:35:14.039 have trade barriers, non trade barriers, all those kind of things. 1766 01:35:14.039 --> 01:35:17.560 So that's one second, levall, why are we doing these 1767 01:35:17.600 --> 01:35:22.600 protections policies? Look at China for example, China's business model 1768 01:35:22.720 --> 01:35:26.439 or investment model is skewed towards investments. 1769 01:35:25.880 --> 01:35:27.079 Skewed towards exports. 1770 01:35:27.760 --> 01:35:30.560 So you know, the country where you have forty percent 1771 01:35:31.279 --> 01:35:35.239 of you know, consumption, in our countries like the West, you're. 1772 01:35:35.119 --> 01:35:38.199 Seeing sixty seventy percent. That's the way he then get 1773 01:35:38.279 --> 01:35:40.319 some of these trade and balances, and that is where 1774 01:35:40.319 --> 01:35:41.279 the frustration. 1775 01:35:41.000 --> 01:35:41.520 Is coming from. 1776 01:35:41.680 --> 01:35:46.079 China's exports economy has really hurts global countries and not 1777 01:35:46.199 --> 01:35:47.720 just the US as well, So that's where it is. 1778 01:35:48.119 --> 01:35:50.399 Second of all, Calora already talked, how do you talk 1779 01:35:50.439 --> 01:35:54.199 about revenue raising? If that's the case there are using 1780 01:35:54.560 --> 01:35:56.600 tires as a way to raise revenue. 1781 01:35:57.600 --> 01:36:01.000 I don't really think it's an efficient mode to raise revenue. 1782 01:36:01.039 --> 01:36:03.760 And you know that is why, for example, all these 1783 01:36:03.840 --> 01:36:07.840 things are pointing towards the extension or making the permanent 1784 01:36:07.960 --> 01:36:10.600 the tax cuts. If you look at the graph, right, 1785 01:36:10.720 --> 01:36:14.159 if you put revenues and in contaxt, if you look 1786 01:36:14.239 --> 01:36:17.520 at the revenue as a percential of GDP, it is 1787 01:36:17.800 --> 01:36:20.880 ready to be flat like flat. And if you look 1788 01:36:20.920 --> 01:36:24.199 at income tax, it's really skewed all the whale. 1789 01:36:24.439 --> 01:36:26.079 Right. I don't know if I could oppost it here. 1790 01:36:26.079 --> 01:36:28.359 I'm probably doing some other type, but that is what 1791 01:36:28.479 --> 01:36:29.159 I'm trying to say. 1792 01:36:29.159 --> 01:36:31.760 That revenue is a tire iff as revenue rate is 1793 01:36:31.800 --> 01:36:33.720 not efficient because you need to have a tire rate 1794 01:36:34.119 --> 01:36:34.600 high enough. 1795 01:36:35.479 --> 01:36:37.159 Would I do am I against tireffs? 1796 01:36:37.279 --> 01:36:37.319 No? 1797 01:36:37.560 --> 01:36:38.000 I like it. 1798 01:36:38.199 --> 01:36:40.399 I think it's good to reorder the global economy and 1799 01:36:40.479 --> 01:36:43.760 financial system. But people need to understand that if you 1800 01:36:43.800 --> 01:36:46.079 put a tariff at that rate, it's a shock. 1801 01:36:46.800 --> 01:36:51.600 It's a major supply supply and demanding balands. Right. Second 1802 01:36:51.640 --> 01:36:55.840 of all, what are the consequences of this? Right? In 1803 01:36:56.000 --> 01:36:57.720 my opinion, I look at this in two ways. 1804 01:36:58.399 --> 01:37:01.560 So if you're as this weaponize in trade, which you're doing, 1805 01:37:02.199 --> 01:37:03.840 what are these other countries doing to do they don't 1806 01:37:03.840 --> 01:37:06.000 necessarily have to Wow? 1807 01:37:06.319 --> 01:37:09.760 Okay, okay, wow, okay. Let me ask a question. The 1808 01:37:09.960 --> 01:37:13.880 US and the entire world had a meeting and passed 1809 01:37:14.000 --> 01:37:17.680 a ten percent minimum tax. Only two countries didn't sign, 1810 01:37:17.760 --> 01:37:21.239 and I praise them Ireland and Nigeria. I aware of 1811 01:37:21.319 --> 01:37:26.760 that tax, ten percent minimum tax across the border. We 1812 01:37:26.840 --> 01:37:29.760 aware of that tax. Correct, ten percent minimum time. Niger 1813 01:37:29.840 --> 01:37:33.119 did not sign. Ireland did not sign. What's the difference 1814 01:37:33.239 --> 01:37:34.920 with that tax and the tariff? 1815 01:37:36.600 --> 01:37:39.319 A tariff access and consumption tax. So what I'm what 1816 01:37:39.399 --> 01:37:40.800 I'm busy trying to see is that, now. 1817 01:37:40.720 --> 01:37:43.720 What's the difference. What's the difference with that global tax 1818 01:37:44.439 --> 01:37:47.880 and the tarret that Trump has done? That says anywhere 1819 01:37:47.960 --> 01:37:51.000 you are, That tax says anywhere you are on Earth, 1820 01:37:51.439 --> 01:37:55.720 once you manufacture a product, you would pay ten percent tax. 1821 01:37:55.840 --> 01:37:58.000 Nigerli if it's a sign, And I wrote about it, 1822 01:37:58.119 --> 01:37:59.920 because what what are you trying to do is is 1823 01:38:00.119 --> 01:38:02.920 they're want to take away the advantage of Nigeria. So 1824 01:38:03.920 --> 01:38:06.279 companies move to Nigeria and nest book Nigeria and do 1825 01:38:06.399 --> 01:38:10.039 nestling Nigeria. Make Currelak an expert to say in Mexico, 1826 01:38:10.680 --> 01:38:13.600 US comes and says, nest in Nigeria, they're going to 1827 01:38:13.760 --> 01:38:17.279 add a ten percent tax, not in addition to Nijera's tax, 1828 01:38:17.359 --> 01:38:20.000 so they will pay an extra ten percent tax with 1829 01:38:20.239 --> 01:38:22.159 me is that they now it could make the cost 1830 01:38:22.199 --> 01:38:24.439 of nest Niger to go up by ten percent, so 1831 01:38:25.640 --> 01:38:29.159 they can now compete with Nestley Houston and I just said, no, 1832 01:38:29.760 --> 01:38:32.720 only Nigeria and Ireland. If you decide, what's the difference. Now, 1833 01:38:32.800 --> 01:38:37.359 you say weaponizes every You start up by saying everybody 1834 01:38:37.439 --> 01:38:37.960 pays tax. 1835 01:38:38.760 --> 01:38:40.720 I don't know what I mean by weaponizing that the world. 1836 01:38:40.720 --> 01:38:42.279 I don't see the organizing bots. 1837 01:38:42.880 --> 01:38:46.279 Other people will say, Okay, if you're weaponizing trade with 1838 01:38:46.560 --> 01:38:48.960 also the rest of the world, you would then do 1839 01:38:49.079 --> 01:38:51.640 One of the consequences of that, in my opinion, is 1840 01:38:51.760 --> 01:38:54.239 to retaliate your stupid because the best thing to do 1841 01:38:54.439 --> 01:38:57.680 in a tiff like this is to stay come. If 1842 01:38:57.720 --> 01:39:01.159 you're retaliate, you're going to innovative real you know, raised 1843 01:39:01.199 --> 01:39:04.399 prices of good and services in your country. But long term, 1844 01:39:04.439 --> 01:39:06.239 I think the tires are going to be deflationary. 1845 01:39:06.399 --> 01:39:10.239 Okay, So I think that Trump's target is ten percent. 1846 01:39:11.640 --> 01:39:12.680 I say China to be for. 1847 01:39:14.760 --> 01:39:16.880 You know, if you if you talent, if you realiate, 1848 01:39:17.000 --> 01:39:20.439 you're not sensible because if you're in the yeah, if 1849 01:39:20.479 --> 01:39:21.359 you retaliate in. 1850 01:39:24.000 --> 01:39:29.560 Yeah, Oliver, I can argue China trying is wrong China. 1851 01:39:29.720 --> 01:39:32.560 China already has tires on the US. Then the US 1852 01:39:32.680 --> 01:39:35.239 retaliated to China. Then channel retire. 1853 01:39:35.520 --> 01:39:36.000 Where does this? 1854 01:39:36.199 --> 01:39:37.600 Who first put the tariffs on? 1855 01:39:37.720 --> 01:39:37.840 Who? 1856 01:39:37.960 --> 01:39:42.000 Let's start where we look? Who put the tariffs first? 1857 01:39:42.399 --> 01:39:44.079 If you, I can share it again, if you pull 1858 01:39:44.119 --> 01:39:48.000 off the tariffs. America was challenging China to centering America more. 1859 01:39:48.520 --> 01:39:53.000 Then America went off. Then Channa has now quote unquote retaliator. 1860 01:39:53.119 --> 01:39:57.399 But who put the talents on first? That's someone has 1861 01:39:57.439 --> 01:40:01.439 a retaliation can limit? I live in Canada? 1862 01:40:01.479 --> 01:40:04.239 Actually, who created you the first? 1863 01:40:04.760 --> 01:40:05.079 America? 1864 01:40:05.199 --> 01:40:09.640 See America createated the rules and countries who worked around 1865 01:40:09.680 --> 01:40:10.119 the rules. 1866 01:40:10.479 --> 01:40:11.760 You have the reserve currency. 1867 01:40:12.199 --> 01:40:15.960 You are the home of finals. You know, countries put. 1868 01:40:16.279 --> 01:40:19.520 Their forms into treasury like you can't all you guys, 1869 01:40:19.560 --> 01:40:21.960 Let's be honest that you can't have That's what is weak. 1870 01:40:22.119 --> 01:40:26.439 But younger, this is why, this is why, this is 1871 01:40:26.479 --> 01:40:29.359 why it started from nineteen forty four. Because many people 1872 01:40:29.399 --> 01:40:32.159 are looking at tariffs from twenty twenty five, you have 1873 01:40:32.319 --> 01:40:36.439 to go back to the genesis of how America allowed tariffs. 1874 01:40:36.840 --> 01:40:42.720 Tariffs were a subsidy to Europe. China When when when China? 1875 01:40:42.800 --> 01:40:46.560 When China hold up. When China joined w C TIGO, 1876 01:40:46.960 --> 01:40:52.079 China was quoted as a developing nation. That's why Channel 1877 01:40:52.119 --> 01:40:55.560 was allowed to tarret the US. When Tanna joined the WTO, 1878 01:40:55.840 --> 01:40:59.439 they were not as economically advanced as they are today. 1879 01:40:59.720 --> 01:41:02.720 So w trade Ovation China is listed the same way 1880 01:41:02.800 --> 01:41:07.560 Jibouti is listed developing country. So America says, no, this 1881 01:41:07.720 --> 01:41:10.800 is wrong. China is not the second Lives economy. If 1882 01:41:10.840 --> 01:41:13.920 you do PvP, they are Latin in America, you cannot 1883 01:41:14.039 --> 01:41:16.640 allow them to tariff US as a determination. 1884 01:41:17.159 --> 01:41:18.079 W T says no. 1885 01:41:18.399 --> 01:41:21.840 So America now does what they call faithboudation status and 1886 01:41:21.960 --> 01:41:25.800 they now paralyzed Channel for cursity depreciation. But we have 1887 01:41:25.960 --> 01:41:28.279 to start the story from the beginning, not from the 1888 01:41:28.479 --> 01:41:31.399 twenty five. Please go ahead, sat take it. See see 1889 01:41:32.359 --> 01:41:34.560 look how to get out to speak and see you 1890 01:41:34.800 --> 01:41:37.880 Nelson go ahead, okay, thank you very much. 1891 01:41:37.960 --> 01:41:39.640 Cando. I must thank you for thinking. 1892 01:41:39.640 --> 01:41:44.159 It depends to illucinate this history and to paint and 1893 01:41:44.319 --> 01:41:47.119 even began globbalut. Make sure what is happening to the 1894 01:41:47.279 --> 01:41:50.399 US is not using too the US. It's a general 1895 01:41:51.079 --> 01:41:54.479 stuff for the entires of Europe. It's just that the 1896 01:41:54.760 --> 01:41:59.000 government in Europe have not fasted. If you check a 1897 01:41:59.039 --> 01:42:04.920 little research, the average depths to glipirati across Europe is 1898 01:42:05.000 --> 01:42:08.840 between eighty to one twenty percent. So it means that 1899 01:42:09.039 --> 01:42:11.520 the fiscal hedroome is simply not there. And the tax 1900 01:42:11.640 --> 01:42:14.239 rate in small these countries is about thirty five to 1901 01:42:14.359 --> 01:42:16.800 even forty percent in some cases when you add both 1902 01:42:16.880 --> 01:42:18.680 state and federal taxes. 1903 01:42:19.079 --> 01:42:21.880 So what that means is that these countries are. 1904 01:42:21.800 --> 01:42:24.760 Already in debts, that marks are in debt, and they 1905 01:42:24.840 --> 01:42:28.640 don't have the apparatus to raise more money to pay 1906 01:42:28.840 --> 01:42:32.640 to meet their dept applications. US has a similar problem, 1907 01:42:32.720 --> 01:42:34.039 but not as bad as Europe. 1908 01:42:35.000 --> 01:42:35.319 Trump. 1909 01:42:35.800 --> 01:42:38.680 Yes, they have the reserve currency, but the reserve curs 1910 01:42:38.800 --> 01:42:42.199 is not helping them because the more you print, the 1911 01:42:42.439 --> 01:42:46.399 infationary region attaches up with you, and eventually, if other 1912 01:42:46.479 --> 01:42:50.359 countries choose not to use your currency, you don't. So 1913 01:42:51.159 --> 01:42:53.159 having the reserve cressy is a good thing to have, 1914 01:42:53.760 --> 01:42:56.600 but it does not protect them from the effect to 1915 01:42:56.640 --> 01:42:57.359 other stupid it. 1916 01:42:58.079 --> 01:42:59.840 Now, for those who are complain about the. 1917 01:43:01.800 --> 01:43:05.479 The stock market, let us tell us the truth that 1918 01:43:05.560 --> 01:43:08.920 we're looking at growth pass development what Trump is going after. 1919 01:43:09.039 --> 01:43:11.600 If I understand courrebly is development to. 1920 01:43:11.720 --> 01:43:16.680 Build the competitive base of the manufacturing base for the 1921 01:43:16.760 --> 01:43:20.319 country because it is currently in the hands of the enemy. 1922 01:43:20.479 --> 01:43:23.600 China's an enemy not just on a trade perspective, but 1923 01:43:23.960 --> 01:43:27.880 from a political perspective. They're not thinking the samptoms and 1924 01:43:27.960 --> 01:43:31.279 it cannot allow your enemy to build the manufacturing base 1925 01:43:31.560 --> 01:43:35.199 for your economy. Now that said, we cannot come through 1926 01:43:35.279 --> 01:43:37.600 these development option is work. 1927 01:43:37.640 --> 01:43:38.239 Can we do? 1928 01:43:39.439 --> 01:43:41.840 What should be our response? A couple of two years ago, 1929 01:43:42.119 --> 01:43:44.039 I was in career. We made a firm that was 1930 01:43:44.119 --> 01:43:48.039 willing a career friend. I was willing to bring issue 1931 01:43:48.279 --> 01:43:51.359 manufacturing facility idea to police. They were put to our 1932 01:43:51.439 --> 01:43:55.640 fifty thousand persons simply because our level is really relative, 1933 01:43:55.720 --> 01:43:58.640 but two hundred dollars by multi fay compared to what 1934 01:43:58.720 --> 01:44:01.079 you have later to four hundred dollars. 1935 01:44:01.800 --> 01:44:03.199 So the question is this, what. 1936 01:44:03.319 --> 01:44:07.199 Are we going to do to you know, if possible, 1937 01:44:07.479 --> 01:44:09.159 you know, take some of the light. 1938 01:44:09.079 --> 01:44:11.279 Manufacturing industry that the US will. 1939 01:44:11.119 --> 01:44:14.159 Never be competitive as because I don't think their goal 1940 01:44:14.760 --> 01:44:20.000 for African China is to is to start manufacturing issues 1941 01:44:20.079 --> 01:44:24.319 and the cloth in US. No, those are low hanging fruits, 1942 01:44:24.399 --> 01:44:27.239 the big ticket items as the high end industries. 1943 01:44:27.640 --> 01:44:31.079 So this whole world is an left to levers item. 1944 01:44:31.479 --> 01:44:34.039 We need to pick the low hanging fruit, which is 1945 01:44:34.079 --> 01:44:36.159 what the tap is trying to do, and that should 1946 01:44:36.159 --> 01:44:37.359 be the point of our focus. 1947 01:44:37.479 --> 01:44:39.560 And for investors, we should. 1948 01:44:39.319 --> 01:44:42.760 Find those more firms or imagine small firms you know 1949 01:44:42.840 --> 01:44:44.880 who are you know tap into that space. That what 1950 01:44:45.000 --> 01:44:47.279 ter final is a good is a good idea of 1951 01:44:47.359 --> 01:44:50.399 what naderia to focus on, not just defined patrolling itself, 1952 01:44:50.880 --> 01:44:54.720 but the other bad process of dire finery, the plastics, 1953 01:44:55.119 --> 01:44:56.920 you know, the other chemicals, which is who we are 1954 01:44:57.520 --> 01:44:59.720 a lot more valid and even be added beyond the 1955 01:44:59.760 --> 01:45:03.479 tip go Petroud. So that said, we should look beyond 1956 01:45:03.640 --> 01:45:06.439 the world. The stock markets had the stop gets responded. 1957 01:45:06.520 --> 01:45:08.920 These have propped up economies that have been. 1958 01:45:08.840 --> 01:45:09.960 Propped up for many years. 1959 01:45:10.039 --> 01:45:13.680 These talks asp us tucks have impropped up. If you 1960 01:45:13.760 --> 01:45:19.239 check the average returns as stop price, you know, you. 1961 01:45:19.279 --> 01:45:23.279 Can see that the margins show that the is just 1962 01:45:23.359 --> 01:45:24.520 because there's too much money in. 1963 01:45:24.520 --> 01:45:28.000 The economy, not because these talks are really creating more 1964 01:45:28.119 --> 01:45:28.880 value for. 1965 01:45:29.399 --> 01:45:31.760 The body share for shure that just have to appreciation. 1966 01:45:31.880 --> 01:45:34.880 So that said, it will drop, yes, but I think 1967 01:45:35.000 --> 01:45:37.520 Croop and Core are willing to pay the prize and 1968 01:45:37.720 --> 01:45:38.520 say a fair price to. 1969 01:45:38.600 --> 01:45:39.760 Pay thank you. 1970 01:45:40.359 --> 01:45:42.399 I think as well, just to make a point, stocks 1971 01:45:42.680 --> 01:45:47.119 there's Snapchat matter. They make products, they are making profit. 1972 01:45:47.199 --> 01:45:49.960 They are the economy that is fantastic. I think the 1973 01:45:50.119 --> 01:45:54.439 point that must be understood these days America is broke. 1974 01:45:55.079 --> 01:45:57.920 If you look around. They brought those to do efficiency 1975 01:45:58.159 --> 01:46:01.199 b to cut government without or as report. That's what 1976 01:46:01.279 --> 01:46:04.359 they're doing to cut the waste. This tarentt is a 1977 01:46:04.439 --> 01:46:07.199 revenue generator. And like I said, I asked gentlemen, as 1978 01:46:07.239 --> 01:46:11.319 put before, when Biden was the present, the entire world 1979 01:46:11.399 --> 01:46:15.560 got together and passed a ten percent minimum tax on 1980 01:46:15.840 --> 01:46:16.680 all nations. 1981 01:46:16.880 --> 01:46:19.479 Whether you like it or not, that was a tariff. 1982 01:46:19.640 --> 01:46:21.880 Did we sign up for it? But they passed it 1983 01:46:22.239 --> 01:46:25.760 and nobody complained the Trump I believe it's going for 1984 01:46:25.920 --> 01:46:28.359 ten percent global tariffs. That's why I think it's target 1985 01:46:28.520 --> 01:46:31.039 is the forty percent was to force food to go 1986 01:46:31.159 --> 01:46:34.159 and negotiate. I hear now Vietnam and what's in news 1987 01:46:34.239 --> 01:46:37.439 now Vietnam has come to us and said we want zero. 1988 01:46:37.920 --> 01:46:40.680 Don't give us ten give us zero percent tariffs or 1989 01:46:40.720 --> 01:46:43.640 won't charge you, you won't charge yours. Same with israel I. 1990 01:46:43.880 --> 01:46:49.239 Hear Argentina is also working to do zero zero times India. 1991 01:46:49.399 --> 01:46:51.960 India is doing zero percent. I think it's target is 1992 01:46:52.039 --> 01:46:54.399 to have ten percent across the board. 1993 01:46:54.720 --> 01:46:55.119 But if. 1994 01:46:57.119 --> 01:47:01.159 At it this way, Tea can is arguing about strong. 1995 01:47:01.359 --> 01:47:04.079 It's not trying to wake up Americans in this traditions, 1996 01:47:04.239 --> 01:47:05.520 which to me I think is lead. 1997 01:47:05.840 --> 01:47:08.359 But he's trying to make it up. But look at 1998 01:47:08.439 --> 01:47:09.239 it this week. 1999 01:47:09.600 --> 01:47:11.000 You are bullying Canada. 2000 01:47:11.600 --> 01:47:14.399 At the same time you're making the Europeans look like 2001 01:47:15.560 --> 01:47:17.479 so because see car in America. 2002 01:47:17.720 --> 01:47:19.680 You don't really know out of the. 2003 01:47:19.720 --> 01:47:23.239 Outside world is taking this. The man doesn't. 2004 01:47:23.760 --> 01:47:26.319 Doesn't you keep making this point. The man is lettered 2005 01:47:26.399 --> 01:47:29.800 by Americans. That's the point you keep from making. Well, 2006 01:47:29.880 --> 01:47:32.640 I don't like so I'm in Nigerian. So I'm in Nigerian, 2007 01:47:33.000 --> 01:47:36.600 but the guy he's elected by Americans. It's the same 2008 01:47:36.640 --> 01:47:38.640 when I Tui book came to the assays there was 2009 01:47:38.720 --> 01:47:41.399 any faisy in Nigeria. If NI book comes to the 2010 01:47:41.479 --> 01:47:43.239 unsays it wants to protect it, I will now say, 2011 01:47:43.319 --> 01:47:47.119 oh no, no, no, dolible. Let's worry about Angola and Sudan, no. 2012 01:47:48.720 --> 01:47:49.920 America and this. 2013 01:47:50.319 --> 01:47:53.720 Economic Google Eccomist built on free trade, right, and you're 2014 01:47:53.760 --> 01:47:55.800 trying to write it properly. 2015 01:47:55.880 --> 01:47:59.319 But how can free trade when everyone is turping? Just America? 2016 01:48:05.239 --> 01:48:09.640 I want the market and it's a very for me. 2017 01:48:09.800 --> 01:48:10.920 I think it's very scary. 2018 01:48:11.199 --> 01:48:15.159 Trump is a bully, he's a brush guy. He's on culture, 2019 01:48:15.239 --> 01:48:18.640 he doesn't speak well, he's all those things. I agree 2020 01:48:19.000 --> 01:48:21.720 he's not he's not very subtle. Somebody else would have 2021 01:48:21.800 --> 01:48:24.439 done the same tariffs in a very very subtle way, 2022 01:48:25.039 --> 01:48:26.039 got the same results. 2023 01:48:26.319 --> 01:48:27.560 But this is what the guy is. 2024 01:48:28.520 --> 01:48:31.560 Is anybody surprised of how he tweets? Are you surprised 2025 01:48:31.600 --> 01:48:33.920 whole that he's how twe If you're surprised and you 2026 01:48:34.039 --> 01:48:35.800 just woke up today, this is the man. 2027 01:48:36.960 --> 01:48:38.760 This is the guy, this one. I wanted to speak 2028 01:48:38.920 --> 01:48:40.720 like an American. I want I want to speak like 2029 01:48:40.760 --> 01:48:41.520 an American. Now. 2030 01:48:42.159 --> 01:48:51.039 If yes, theoretically and most likely experimentally, everything Trump is 2031 01:48:51.159 --> 01:48:53.319 doing or intends. 2032 01:48:52.880 --> 01:48:57.439 To achieve looks good, well, I don't mean to treat. 2033 01:48:57.520 --> 01:49:00.960 At anybody yeah or any busy person. Yeah is acting 2034 01:49:01.079 --> 01:49:04.479 like you know the same way we did and removed subsidies. 2035 01:49:05.199 --> 01:49:09.399 Just say subsidy is gone and it's gone. Acting. I 2036 01:49:10.039 --> 01:49:12.119 don't want to use big, big words. 2037 01:49:12.359 --> 01:49:17.199 Well, if your intention is to balance trade for America, 2038 01:49:17.720 --> 01:49:22.319 in which you know that you are going to harris 2039 01:49:22.479 --> 01:49:26.319 almost all the country in the globe, why do you 2040 01:49:26.560 --> 01:49:31.159 start by threatening Mexico Canada. 2041 01:49:31.680 --> 01:49:33.119 Now we are driving at this. 2042 01:49:33.840 --> 01:49:37.600 Mexico brings in a lot of foods into America, which 2043 01:49:37.760 --> 01:49:41.920 effectively reduce food inflection in the country. Canada and the 2044 01:49:42.000 --> 01:49:45.560 other way supplies America with a lot of real arts 2045 01:49:45.800 --> 01:49:48.880 and critic company as that powers the. 2046 01:49:48.960 --> 01:49:54.840 Industry in America. If your intention is to also. 2047 01:49:54.720 --> 01:49:57.880 Okay, based on what he said, his agenda is to 2048 01:49:58.560 --> 01:50:03.640 kind of reduce our balance trade. And then the Brook, 2049 01:50:05.640 --> 01:50:11.479 the Brook country. You know this your your your go 2050 01:50:12.279 --> 01:50:14.880 put you to achieve it. We're going to haunt people 2051 01:50:14.960 --> 01:50:20.600 because by then you start stariffing countries your consumers. 2052 01:50:20.640 --> 01:50:22.880 Like when I would pay the tariff, I like it. 2053 01:50:23.199 --> 01:50:25.279 I like to say, Okay, let's let me let let's 2054 01:50:25.439 --> 01:50:32.760 say you yes, yeah. Let's let's start with let's start 2055 01:50:32.760 --> 01:50:36.000 with take it from Let's start with Noble's comment. TBO 2056 01:50:36.439 --> 01:50:40.399 when good Luck was the president, was against subsidiary Moval 2057 01:50:40.880 --> 01:50:44.239 his sponsored support to go to Ojata. They paid them 2058 01:50:44.880 --> 01:50:48.600 and people stopped the removal of subsidy then, as the 2059 01:50:48.680 --> 01:50:52.319 president now says, subsidy is gone. Go back to Donald 2060 01:50:52.399 --> 01:50:55.479 Trump nineteen eighty eight under Oprah Winfrey. 2061 01:50:55.760 --> 01:50:56.479 He said it there. 2062 01:50:56.640 --> 01:50:59.840 What is doing today is what he said in nineteen 2063 01:51:00.079 --> 01:51:03.199 eighty eight. So the man has not changed. This is 2064 01:51:03.399 --> 01:51:05.920 just maybe the way to do it, but he has 2065 01:51:06.000 --> 01:51:08.920 not changed. That's come to to to Canada and Mexico. 2066 01:51:09.600 --> 01:51:16.319 The target in this entire tariff is China, Vietnam, Canada, Mexico, 2067 01:51:16.479 --> 01:51:21.119 they're in the way. The target is China. Now when 2068 01:51:21.159 --> 01:51:24.039 you go to Canada and Mexico, it's something called NAFTA 2069 01:51:24.159 --> 01:51:28.439 that was now made the USMCA. What China did when 2070 01:51:28.600 --> 01:51:33.439 America signed NAFTA, China was not a huge exporter we 2071 01:51:33.560 --> 01:51:36.760 have today, so they signed NAFTA perfect. They created a 2072 01:51:36.840 --> 01:51:40.920 fretrains between Mexico and Canada and America. Canada went to 2073 01:51:41.079 --> 01:51:46.359 Mexico and built factories in Mexico to then export motor 2074 01:51:46.439 --> 01:51:50.359 parts and motos into the US. So if you tariff China, 2075 01:51:50.439 --> 01:51:52.960 you're w seeing your time. They just come to Mexico 2076 01:51:53.479 --> 01:51:57.359 and a lot and maybe Canada and just import the goods. 2077 01:51:57.159 --> 01:51:57.680 Not the car. 2078 01:51:57.840 --> 01:52:01.359 Remember they make the car parts in China. Ship the 2079 01:52:01.439 --> 01:52:05.840 car pass to Mexico. Then American chassis drive on train 2080 01:52:06.159 --> 01:52:10.479 from America to Mexico, and Mexico workers assemble the Chinese 2081 01:52:10.560 --> 01:52:13.760 parts on American car, so it's on an American car. 2082 01:52:14.319 --> 01:52:16.760 This is a loophole that Trump saw and then did 2083 01:52:16.800 --> 01:52:21.600 the USMCEE. He did that USMC, but he still didn't 2084 01:52:21.600 --> 01:52:25.560 stop China. They've gone a few wrap around and they've 2085 01:52:25.600 --> 01:52:27.680 come back into the US. So now Trump is in 2086 01:52:27.800 --> 01:52:30.680 the excuse of fentanyl to say no, no, no, no, 2087 01:52:31.039 --> 01:52:34.600 we have to come back. I negotiate USMC. What I 2088 01:52:34.680 --> 01:52:37.199 want to do to ATM. The called country of origin 2089 01:52:37.560 --> 01:52:41.880 is exactly what the African Continental Pictures Zone has. Nigeria 2090 01:52:42.039 --> 01:52:46.439 refused to sign the African Contract Pictures Zone because Nigeria argued, 2091 01:52:47.039 --> 01:52:49.920 say with mister Trump that China will simply come to 2092 01:52:49.960 --> 01:52:53.520 Betary Republic, build a fat in Very Republic and put 2093 01:52:53.640 --> 01:52:56.840 goods from Benary Republic to Nigeria and kill all industries. 2094 01:52:57.119 --> 01:53:01.720 So African Contract Pictriots Zone included what they call origin. 2095 01:53:01.840 --> 01:53:04.079 Start us with me that even if I'm a factory 2096 01:53:04.159 --> 01:53:07.079 in Bennet, if you don't get the good from Benet 2097 01:53:07.239 --> 01:53:09.960 or have a high local contact from Bennett, we will 2098 01:53:10.079 --> 01:53:12.960 tax you as it's going from China. That's what African 2099 01:53:13.119 --> 01:53:16.520 pictrains all did with exactly what Trump is saying. So 2100 01:53:16.680 --> 01:53:19.640 Trump is saying, if you bring that car from Mexico today, 2101 01:53:20.600 --> 01:53:23.479 if that car is inspected, it has a certain proportion 2102 01:53:24.279 --> 01:53:28.079 higher than what you make in Canada or Mexico were 2103 01:53:28.159 --> 01:53:34.159 talifed twenty five forty percent. It's perfectly legal. Again again 2104 01:53:34.479 --> 01:53:37.000 this is I think it's let not go there. But 2105 01:53:37.640 --> 01:53:40.520 what you're saying is what olcodists are doing. You can't 2106 01:53:40.760 --> 01:53:42.960 You can't take a car to China today, and it's 2107 01:53:43.119 --> 01:53:45.000 in political Chinese. It will tire if your ass out 2108 01:53:45.039 --> 01:53:45.439 of China. 2109 01:53:46.159 --> 01:53:46.840 The same way. 2110 01:53:51.720 --> 01:53:56.840 And Korea and in our friends on. 2111 01:53:58.520 --> 01:54:02.720 All the current sport to the US, I mean yours 2112 01:54:02.760 --> 01:54:05.960 to saying what would this, what would they do there? 2113 01:54:05.960 --> 01:54:08.119 Not export? Say again, can look at the numbers. 2114 01:54:08.199 --> 01:54:11.079 When Trump says you have no cards, he's been arrogant, 2115 01:54:11.119 --> 01:54:16.079 but he's been correct. China is an export economy. Without 2116 01:54:16.319 --> 01:54:19.800 exporting to the US, the economy will not function if 2117 01:54:19.840 --> 01:54:24.119 the tariff themselves, China will out of goods to tariff 2118 01:54:24.199 --> 01:54:26.359 in America. If Americans are good to tip in China, 2119 01:54:26.640 --> 01:54:30.159 Walmart is China the entire Walmart is China. How many 2120 01:54:30.239 --> 01:54:33.920 goods are sold in China American goods? How many Boeing forward, 2121 01:54:34.239 --> 01:54:37.439 what else? So they will run out of goods first. 2122 01:54:37.840 --> 01:54:41.800 So Trump is using we call it bullying, but it's 2123 01:54:41.800 --> 01:54:43.600 the exact same way. When you go to the reply 2124 01:54:43.680 --> 01:54:45.399 and ply, I'll tell you I want to pay you 2125 01:54:45.520 --> 01:54:47.920 this and I want to resume on Monday. You have 2126 01:54:48.079 --> 01:54:51.079 no cards, so you go in first of all and 2127 01:54:51.640 --> 01:54:55.159 you it's your again again, it's your cads are Africa. 2128 01:54:55.239 --> 01:54:58.159 They're also tariffed like us. Yeah, I'm saying, listen, this 2129 01:54:58.319 --> 01:55:01.039 is ten percent, but only use this ten percent to 2130 01:55:01.159 --> 01:55:03.640 not export more to the US. We'll put a ten percent. 2131 01:55:04.079 --> 01:55:06.159 A long time ago, a guy came to Ingo States 2132 01:55:06.640 --> 01:55:10.199 and planted planning paraple in Ingo States. He's from Mexico. 2133 01:55:10.680 --> 01:55:14.319 If he exports pineapples from Mexico to EU, they tax him. 2134 01:55:14.640 --> 01:55:18.039 So he came all the way to Nigeria planted paraples 2135 01:55:18.119 --> 01:55:21.000 in Nigeria. He's exported his panaples from Nigeria to the EU. 2136 01:55:21.079 --> 01:55:21.520 No tax. 2137 01:55:22.279 --> 01:55:23.640 Exact same thing. 2138 01:55:23.600 --> 01:55:26.560 We could so for us to be arguing Trump, even 2139 01:55:26.640 --> 01:55:30.159 America live, Trump, let's talk about us. What can we 2140 01:55:30.279 --> 01:55:33.399 then do as an investors here to then take advantage 2141 01:55:33.479 --> 01:55:34.560 of what Trump has done. 2142 01:55:34.720 --> 01:55:38.840 Go ahead, sir, and so at first of all, I 2143 01:55:38.960 --> 01:55:41.560 think you're only on a lot of all the information 2144 01:55:41.720 --> 01:55:43.399 about the Chinese economy. 2145 01:55:43.479 --> 01:55:49.399 First goal, and China is no more exports the economy. 2146 01:55:51.199 --> 01:55:55.560 In fact, then someone justin talking. 2147 01:55:55.439 --> 01:55:58.880 About the numbers, and I'm really reverting. 2148 01:56:00.079 --> 01:56:03.520 I have expert at nineteen point seven percent of GDP 2149 01:56:04.199 --> 01:56:06.640 down from thirty six percent in two. 2150 01:56:06.560 --> 01:56:07.279 Thousand and six. 2151 01:56:08.239 --> 01:56:12.199 US is up eleven percent, Japardy is at twenty one 2152 01:56:12.279 --> 01:56:15.720 point eight percent. Is there at thirty point six percent, 2153 01:56:16.039 --> 01:56:18.600 EUK at thirty one point. 2154 01:56:18.560 --> 01:56:22.960 Seven Maths math, the maths, No worry, the math, the match, 2155 01:56:23.079 --> 01:56:27.279 the Maths stadium, the Mad studio. If if if the 2156 01:56:27.399 --> 01:56:31.880 Chinese economy has grown, then the GDP will fall. It's 2157 01:56:32.079 --> 01:56:37.039 Mad denominator, nominator. If your GDP was one hundred billion, 2158 01:56:38.760 --> 01:56:41.279 that is exactly what's going on. 2159 01:56:42.279 --> 01:56:45.199 The world average is twenty nine point three percent. 2160 01:56:45.640 --> 01:56:48.479 Now, that is the website that will show you that 2161 01:56:48.560 --> 01:56:50.159 it is no longer the export grogram. 2162 01:56:51.000 --> 01:56:53.079 No, it is now, I mean. 2163 01:56:54.600 --> 01:56:55.119 Techitely. 2164 01:56:57.000 --> 01:57:02.279 Secondly, you're talking about so you start your trade algument 2165 01:57:02.439 --> 01:57:04.760 or your trade history from nineteen forty. 2166 01:57:04.520 --> 01:57:09.000 Four during the Breton with A era, You of course not. 2167 01:57:09.039 --> 01:57:12.680 Talk about eighteen ninety. You won't talk about nineteen thirty. 2168 01:57:12.880 --> 01:57:17.079 What happened in those periods. You had again a Republican 2169 01:57:17.560 --> 01:57:22.520 administration in eighteen nineteen, the clearing, they brought in lots 2170 01:57:22.560 --> 01:57:23.119 of parents. 2171 01:57:23.520 --> 01:57:26.960 Within one two years they realized the whole They led. 2172 01:57:26.880 --> 01:57:31.600 To inflation and what the Republicans of course lost the 2173 01:57:31.720 --> 01:57:34.840 presidents of the House the semi in nineteen thirty because 2174 01:57:35.079 --> 01:57:38.720 they had a really bad recession in nineteen twenty nine. 2175 01:57:39.279 --> 01:57:44.159 The next year Republicans brought in a Beautie Jacob carry Free. 2176 01:57:45.119 --> 01:57:48.399 What happened, the economisan got weaker to the. 2177 01:57:48.479 --> 01:57:52.760 Extend that literally in bank Putic a lot of uitelys 2178 01:57:52.840 --> 01:57:56.720 only that would otherwise have survived if twenty bad decisions 2179 01:57:57.479 --> 01:57:57.960 actually go. 2180 01:57:58.079 --> 01:58:01.680 Bankrty our year. Let's or about about point is this. 2181 01:58:01.760 --> 01:58:05.800 Away FDA or nothing FDR actually has. 2182 01:58:06.159 --> 01:58:10.600 It's seen a lot of those times, because it's got 2183 01:58:10.680 --> 01:58:15.119 so bad that a lot of Americans experts cannot export. 2184 01:58:15.199 --> 01:58:17.520 And in your way, people, you will say that that 2185 01:58:17.680 --> 01:58:20.600 is one of the things that led Germany to the 2186 01:58:20.680 --> 01:58:24.640 hands of Nazis, because German had a lot of great 2187 01:58:24.760 --> 01:58:27.800 from more the way, and when they could no longer. 2188 01:58:27.680 --> 01:58:29.279 Say into the American market. 2189 01:58:29.720 --> 01:58:34.319 After the Sarent got it, people go radicalize in terms 2190 01:58:34.359 --> 01:58:38.640 of the politics the German economic collapse. Now you're talking 2191 01:58:38.680 --> 01:58:40.960 of nineteen forty four. By in nineteen forty four. 2192 01:58:41.840 --> 01:58:45.119 CARENT rate had already dropped slitically. 2193 01:58:44.479 --> 01:58:48.960 Because of the the life on like exchange that EDGR did. 2194 01:58:49.880 --> 01:58:54.359 Carriflge strapped within four years afterwards. This point you're making 2195 01:58:54.439 --> 01:59:00.880 about about Axis and all of that is that even 2196 01:59:01.279 --> 01:59:07.039 CARNA doesn't rese that the doing is America's attacks on 2197 01:59:07.239 --> 01:59:11.720 its stain points. If you say twenty percent, it will 2198 01:59:11.840 --> 01:59:15.319 not be able to PLoP them over two trillion dollar gap. 2199 01:59:15.520 --> 01:59:18.840 It's not we be able to raise Act two hundred 2200 01:59:18.880 --> 01:59:22.840 billion dollars out of the two trillion dollars gap that 2201 01:59:23.640 --> 01:59:26.600 jus complete is actually basic like as we're talking it 2202 01:59:26.640 --> 01:59:29.279 all about year, lets simply just saying, oh, last everything 2203 01:59:29.600 --> 01:59:32.720 on the issue of on issue of the of who 2204 01:59:33.319 --> 01:59:34.800 is protecting American jobs? 2205 01:59:35.039 --> 01:59:35.279 I know. 2206 01:59:37.399 --> 01:59:39.319 It would leads to it will lead to no Manu 2207 01:59:39.359 --> 01:59:41.520 patn and and everything. Let me give you a very 2208 01:59:41.520 --> 01:59:44.920 good example of how difficult and how work day that 2209 01:59:45.359 --> 01:59:45.960 arguing is. 2210 01:59:47.000 --> 01:59:48.760 You had so a few years ago. 2211 01:59:48.880 --> 01:59:50.840 You had gave that we had to be with it 2212 01:59:51.159 --> 01:59:52.000 for one stage. 2213 01:59:52.039 --> 01:59:54.119 I think it was from South Carolina and North Carolina 2214 01:59:54.560 --> 01:59:56.000 down to another southern state. 2215 01:59:56.399 --> 01:59:59.880 That was the right to walk. See this truble, this. 2216 02:00:05.840 --> 02:00:13.800 Almost had the idea that somehow supplanted just changed because. 2217 02:00:17.119 --> 02:00:21.239 Ye said, why would you agree that it's. 2218 02:00:21.079 --> 02:00:24.840 Not going to happen? Okay, So let's okay, Okay, we 2219 02:00:25.079 --> 02:00:29.800 have to move China. Okay, so we just can't let 2220 02:00:29.840 --> 02:00:33.119 you talk. I'll let you speak. So let's just move. 2221 02:00:33.159 --> 02:00:35.560 So lots of great points there. Let's start with the 2222 02:00:35.640 --> 02:00:38.439 first one. This s meets Harley Act in eighteen. So 2223 02:00:39.159 --> 02:00:43.800 again you're talking about eighteen. There was no China. Back then, 2224 02:00:44.159 --> 02:00:48.600 there was a Europe, there was America. The Tariff Act 2225 02:00:48.960 --> 02:00:53.720 was passed, America had the Great Recession, so you cannot 2226 02:00:53.720 --> 02:00:57.119 even see if that tariff at worked or did not work. 2227 02:00:57.439 --> 02:01:00.479 The recession came after the tarrists were passed, not before. 2228 02:01:00.840 --> 02:01:04.000 So whatever we have then, we can't measure it. Again, 2229 02:01:04.560 --> 02:01:09.000 there was no China. Go back to nineteen thirties. What 2230 02:01:09.399 --> 02:01:12.560 America is doing to China today is what America to 2231 02:01:12.720 --> 02:01:14.479 Japan in nineteen thirties. 2232 02:01:14.840 --> 02:01:16.520 Japan was a growing power. 2233 02:01:16.960 --> 02:01:20.880 America surrounded them, refused to allow them to grow. That's 2234 02:01:20.920 --> 02:01:24.079 why China invaded Maturia and we were to invade in 2235 02:01:24.199 --> 02:01:26.239 the back. Then what we call it Indusia was a 2236 02:01:26.359 --> 02:01:29.359 Dutch Indies to get their cup oil. That's why that 2237 02:01:29.439 --> 02:01:33.199 Common bombed Pearl Harbor. The point I'm making is this 2238 02:01:33.680 --> 02:01:38.640 America's DNA cs that no other country will be greater 2239 02:01:38.720 --> 02:01:42.720 than them. Trump didn't writed it's from their very very 2240 02:01:42.880 --> 02:01:47.119 very very first principle. Please allow me to speak from 2241 02:01:47.119 --> 02:01:50.920 the very very first principle that no country will be 2242 02:01:50.960 --> 02:01:56.000 allowed politically, economically, or military to get bigger than them. 2243 02:01:56.560 --> 02:02:00.359 They went after China. Sorry, they went up that pan 2244 02:02:00.920 --> 02:02:04.399 They went at a Nazi Germany, they went after Japan. 2245 02:02:04.960 --> 02:02:08.000 Now they're going after China. It's not a Trump thing, 2246 02:02:08.720 --> 02:02:11.479 not that. So let's take that SMIT Wholly team out 2247 02:02:11.520 --> 02:02:15.880 of the way. Remember what I said, income taxes are 2248 02:02:16.039 --> 02:02:19.199 brand new in America. As at nineteen oh five, there 2249 02:02:19.279 --> 02:02:23.000 are no income tax in America. Americas wanted to ban 2250 02:02:23.359 --> 02:02:28.880 alcohol because states were getting revenues from alcohol. The only 2251 02:02:28.960 --> 02:02:32.439 way they could let the states stop taxing alcohols say okay, 2252 02:02:32.479 --> 02:02:35.640 state governments, go ahead and tax income, but don't tax 2253 02:02:35.680 --> 02:02:39.119 more than three percent. Tax only at three percent. Then 2254 02:02:39.960 --> 02:02:44.840 replace tariffs with alcohol with personal income taxes. That's where 2255 02:02:44.880 --> 02:02:48.239 we get personal incompact is from the America you see 2256 02:02:48.279 --> 02:02:54.439 today was built one hundred percent by tariffs. Let's now 2257 02:02:54.560 --> 02:02:56.439 come to the point of making about you and not 2258 02:02:56.520 --> 02:03:01.119 being in a sport juggernaut. Did Chinese at economy today 2259 02:03:01.439 --> 02:03:05.720 buy PPP is larger than America. So when you say 2260 02:03:05.880 --> 02:03:10.000 sixteen percent of ten or sixteen percent of a thousand, 2261 02:03:10.479 --> 02:03:16.199 which is larger, China's economy is larger than America. It 2262 02:03:16.399 --> 02:03:21.159 is driven by export. They've got three trillion in reserves 2263 02:03:21.319 --> 02:03:25.439 in China. They buy dollars to artificially keep the yuan 2264 02:03:25.680 --> 02:03:29.439 cheap to allow them export to Walmart. Walmart is the 2265 02:03:29.520 --> 02:03:35.119 Republic of China. Any name, any company in China that 2266 02:03:35.239 --> 02:03:38.960 America sales goes to the way Walmart carries American goods. 2267 02:03:39.399 --> 02:03:43.920 Every Walmart, every store in America is a Republic of China. 2268 02:03:44.439 --> 02:03:48.640 Low income goods, shoes, socks, hungers, low income. But that's 2269 02:03:48.680 --> 02:03:51.399 not what Trump is. After Trump is like I said 2270 02:03:51.399 --> 02:03:54.279 that after the high value chips have they all stoped 2271 02:03:54.319 --> 02:03:58.000 Netherlands exporting chips to China. They have as the alcalogic 2272 02:03:58.119 --> 02:04:02.359 exportship to China. They've stopped the whole company, right from 2273 02:04:02.720 --> 02:04:06.560 the whole company, whoever, who are we arrested way in Canada. 2274 02:04:07.039 --> 02:04:10.119 So they are coming for China. All this is our destructions. 2275 02:04:10.239 --> 02:04:14.760 They want to raise revenues, but their core mission is 2276 02:04:14.840 --> 02:04:18.600 to restrict China. And where you see Canada coming, we 2277 02:04:18.800 --> 02:04:23.079 can make the agree. But China went to Canal, they 2278 02:04:23.119 --> 02:04:26.800 took Palama Canal. So Trump went there. Greenland the same thing. 2279 02:04:26.880 --> 02:04:30.319 They want to come to Greenland, same thing. Look at China. 2280 02:04:30.439 --> 02:04:33.039 This all makes sense. So let's get to where to speak. 2281 02:04:33.039 --> 02:04:34.159 So I allegedly pick out with. 2282 02:04:34.159 --> 02:04:38.960 The soy do it? So they think it's China US version. 2283 02:04:39.880 --> 02:04:41.600 Really, you can't start China at this point. 2284 02:04:42.119 --> 02:04:45.720 This is I'm not arguing for or against. I'm just 2285 02:04:45.840 --> 02:04:48.479 given a picture everything. 2286 02:04:50.640 --> 02:04:55.399 I hear you. But I'm not arguing that. I'm not America. 2287 02:04:55.439 --> 02:04:57.520 I'm not arguing that. I'm not arguing that. I'm just 2288 02:04:57.760 --> 02:04:59.880 giving color to the fact. When you come and say 2289 02:05:01.279 --> 02:05:04.319 China is an exporting juggernaut. The largest economy in the 2290 02:05:04.399 --> 02:05:08.159 world today is China. Largest export in the world today 2291 02:05:08.359 --> 02:05:12.600 is China. They are exporting economy China, Germany, these are 2292 02:05:12.600 --> 02:05:15.479 the last economies in the world. They export, that's what 2293 02:05:15.640 --> 02:05:19.479 they do. We can't change that fact by quoting GDP numbers. 2294 02:05:19.760 --> 02:05:25.800 That's what they do. That's this is your person, but 2295 02:05:25.920 --> 02:05:28.119 I'm also giving your facts. If you pull off lives 2296 02:05:28.199 --> 02:05:32.439 export is China, So there's no need to say, don't worry. 2297 02:05:32.600 --> 02:05:32.920 I think. 2298 02:05:33.119 --> 02:05:35.000 So if you pull off the lightest export that we 2299 02:05:35.079 --> 02:05:37.520 all have, Google, pull all lecens put in the world, 2300 02:05:37.680 --> 02:05:44.119 is China's China. Pull it off Google. Because the economy 2301 02:05:44.239 --> 02:05:50.359 has grown. So is the mathematics against sir. Is the 2302 02:05:50.520 --> 02:05:54.319 mathematics that I'm trying to explain, Sir. Ten percent of 2303 02:05:54.479 --> 02:05:57.880 one hundred is ten right, what is ten percent of 2304 02:05:57.960 --> 02:06:01.479 the base expands ten cent of tune and will fall. 2305 02:06:01.880 --> 02:06:04.520 So your share of export to fall not because you're 2306 02:06:04.600 --> 02:06:08.720 exporting less, but because your denominator has grown. The economy 2307 02:06:08.760 --> 02:06:12.600 of China has has tripled or quadrupled. So you can't 2308 02:06:12.760 --> 02:06:15.319 use the same numbers said because the GDP two export 2309 02:06:15.399 --> 02:06:19.520 has fallen. No again, Walmart is the largest employer of 2310 02:06:19.720 --> 02:06:22.880 labor in America. This America, Walmart. 2311 02:06:23.319 --> 02:06:23.680 The end. 2312 02:06:24.279 --> 02:06:26.479 See, you can't count the goods are not from from 2313 02:06:26.560 --> 02:06:30.439 China and Walmart. Name the corresponding country in any part 2314 02:06:30.479 --> 02:06:33.000 of the world where you have the store, where the 2315 02:06:33.479 --> 02:06:36.880 entire goods in that store are important. Name any country 2316 02:06:37.039 --> 02:06:41.279 on earth, whether any country anyone give me me. 2317 02:06:43.640 --> 02:06:50.279 As it does. 2318 02:06:50.319 --> 02:07:00.680 You have to be smart, have to work. No, my brother, 2319 02:07:01.960 --> 02:07:06.079 they have to pay five trillion this year, so it's 2320 02:07:06.159 --> 02:07:11.239 immediate they have to pay. So this whole thing, it's 2321 02:07:11.520 --> 02:07:15.600 no clear clear hold on, hold on. What they want 2322 02:07:15.640 --> 02:07:17.640 to do is to cause the market to crash so 2323 02:07:17.800 --> 02:07:20.520 that boundary will form. That's how they paid the deficit. 2324 02:07:20.680 --> 02:07:24.279 That's that different things happening. There's the tariff angle. There's 2325 02:07:24.319 --> 02:07:27.359 a stock luminous about stock markets. If the stock markets 2326 02:07:27.439 --> 02:07:30.960 come down, they yields go down, they can pay their 2327 02:07:31.079 --> 02:07:33.399 debts cheaper. That's what they are doing. Also with that, 2328 02:07:33.640 --> 02:07:39.239 let's move, let's get bonafide bonafide brand. Thanks you bonafide brand. 2329 02:07:39.319 --> 02:07:41.760 But the floor it's not ready. 2330 02:07:42.119 --> 02:07:44.920 Yeah, I really said. 2331 02:07:44.960 --> 02:07:47.840 I I enjoyed the discussion going on. 2332 02:07:49.279 --> 02:07:53.119 Where I requested the micro was that physically interests me 2333 02:07:53.319 --> 02:07:58.399 how to to capitalize the tariffs and see how we 2334 02:07:58.520 --> 02:08:02.880 can liberation and make me only or make the tariff 2335 02:08:03.079 --> 02:08:07.039 Looking at it, how it's affecting the global economy. We 2336 02:08:07.279 --> 02:08:12.159 as in Nigeria, how we can take advantage of it, 2337 02:08:13.520 --> 02:08:14.039 be able. 2338 02:08:13.960 --> 02:08:15.279 To make money again. 2339 02:08:15.560 --> 02:08:17.439 Thank you for bringing us back to to to to 2340 02:08:18.079 --> 02:08:20.199 ground floor. If you ask me, if you ask me, 2341 02:08:20.319 --> 02:08:23.079 if I was a president today, I would declare cross 2342 02:08:23.159 --> 02:08:29.640 River State, cross Riverstate a tax free, zero taxes in 2343 02:08:29.680 --> 02:08:33.760 cross River and ask them to target America zero not 2344 02:08:33.800 --> 02:08:37.600 I mean zero taxes, no state, no federal, no local 2345 02:08:37.680 --> 02:08:42.000 government on the condition is only for FDI, only for FDI. 2346 02:08:42.520 --> 02:08:44.600 Let me tell you when I Trumps close or comes 2347 02:08:44.640 --> 02:08:46.319 to say this thing has started, it's not going to 2348 02:08:46.359 --> 02:08:50.239 go away. Trump imposts tariffs on China. They bidn't take away. 2349 02:08:50.720 --> 02:08:54.680 Did Biden with the taxes? No Before Trump imposts taxes. 2350 02:08:54.760 --> 02:08:55.279 George W. 2351 02:08:55.560 --> 02:09:01.279 Bush imposts taris on China, Clinton in post talists on China, 2352 02:09:01.560 --> 02:09:05.920 Obama in post tarists on China, Trump in post tiests 2353 02:09:06.000 --> 02:09:09.880 on China, Biden in post ties on China. Trump again 2354 02:09:10.119 --> 02:09:13.319 has imposed tires on China. This is not a Trump thing. 2355 02:09:13.800 --> 02:09:17.800 They want to corral China. So if you are Nigeria, 2356 02:09:17.960 --> 02:09:21.479 you want to say, hmm, we are nearer to America. 2357 02:09:21.640 --> 02:09:24.439 We just have the Atlantic China and America wants some 2358 02:09:24.520 --> 02:09:27.239 product they don't like Mexico got all this thing with China. 2359 02:09:27.479 --> 02:09:30.720 Let us build an export state the state then they 2360 02:09:30.760 --> 02:09:33.199 get to exports. So you go and build their railways, 2361 02:09:33.439 --> 02:09:37.399 you give them gas power, you build manufacturing clusters, and 2362 02:09:37.560 --> 02:09:40.680 it's only for exports. They do intern Nigeria. So let 2363 02:09:40.800 --> 02:09:43.520 the Chinese to pull content to that export cluster. Do 2364 02:09:43.760 --> 02:09:47.079 their textiles and exports. It's not intern Nigeria. That's what 2365 02:09:47.159 --> 02:09:54.159 we we're talking about. You would employ thousands, but that's 2366 02:09:54.199 --> 02:09:56.399 what I said. Yeah, but Clinton was a president happy 2367 02:09:56.439 --> 02:10:00.159 decade ago. Clinton in post tarists on China or I'm 2368 02:10:00.359 --> 02:10:03.239 in posters on China. George blue Bush imposters on this. 2369 02:10:03.680 --> 02:10:04.920 This is twenty years ago. 2370 02:10:05.359 --> 02:10:10.199 I would personal for you so because I think as 2371 02:10:10.800 --> 02:10:13.439 people to speak, but we very being doing it. Personal 2372 02:10:13.560 --> 02:10:17.279 for me was like midiicate less about the impact thousands 2373 02:10:17.279 --> 02:10:17.880 of words. 2374 02:10:19.079 --> 02:10:21.479 Yes, I understand the fact that I know. 2375 02:10:22.359 --> 02:10:24.960 I'm not taking side, but people are listening to us 2376 02:10:25.000 --> 02:10:27.439 to say what's going on. What I'm saying is that 2377 02:10:28.800 --> 02:10:31.119 I'm talking about I'm explaining what is happening. 2378 02:10:31.479 --> 02:10:31.640 I know. 2379 02:10:32.079 --> 02:10:34.960 See, I mean I lost If I lose the ship, 2380 02:10:35.039 --> 02:10:37.960 I won't come and say, I hate that ship. Crude 2381 02:10:38.000 --> 02:10:40.000 oil is like you said, it's not one expert and 2382 02:10:40.079 --> 02:10:42.439 I we're not to understand what's going on. Crude oil 2383 02:10:42.520 --> 02:10:45.399 is also not tariff that I was scared that they're 2384 02:10:45.399 --> 02:10:47.079 going to tarift that go to it because I don't know. 2385 02:10:47.239 --> 02:10:48.720 I don't know how I would go and negotiate with 2386 02:10:48.800 --> 02:10:50.920 Trump if TOO was going to go and ship with Trump. 2387 02:10:51.159 --> 02:10:54.399 So I was very happy that Trump did not include 2388 02:10:55.039 --> 02:10:58.199 oil and gas in talent, so that these experts are 2389 02:10:58.279 --> 02:10:59.079 safe for now. 2390 02:10:59.600 --> 02:11:03.920 So I was marget that down and down like you. 2391 02:11:04.279 --> 02:11:05.640 But we knew this. Now. 2392 02:11:05.800 --> 02:11:08.439 Did we think that I could only seventy our health 2393 02:11:08.479 --> 02:11:10.520 spaces here only man, you've been a head for the 2394 02:11:10.560 --> 02:11:10.960 space here? 2395 02:11:11.000 --> 02:11:14.439 What we said, Yeah, I been, I go to fifty ever, 2396 02:11:15.119 --> 02:11:18.720 so yeah, ye can't you missed out our budget? 2397 02:11:20.199 --> 02:11:20.520 Only that? 2398 02:11:20.600 --> 02:11:22.079 What is your points that that. 2399 02:11:27.600 --> 02:11:31.039 We knew that point prices would get lower, But now 2400 02:11:31.079 --> 02:11:33.319 it's moving fast? Is multi fastal it's. 2401 02:11:33.319 --> 02:11:37.079 Your government that that is borrowing in dollars. N NPC 2402 02:11:37.239 --> 02:11:40.359 has sold forward sales of how much? How many billions? 2403 02:11:40.399 --> 02:11:42.720 Who is it from the cost that one? Your government 2404 02:11:42.800 --> 02:11:46.199 did it. They've sold the oil of tomorrow caust that 2405 02:11:46.279 --> 02:11:47.520 money today. Where's the money today? 2406 02:11:47.560 --> 02:11:47.600 What? 2407 02:11:47.800 --> 02:11:47.840 What? 2408 02:11:48.199 --> 02:11:50.279 Where's what? What is in the money for today? Show 2409 02:11:50.359 --> 02:11:52.960 me one project? Okay, what in coast star road? Should 2410 02:11:53.000 --> 02:11:54.600 you and I go to that coastal road? 2411 02:11:58.720 --> 02:11:58.840 There? 2412 02:11:59.039 --> 02:12:02.680 We it's Oopia has export clusters today they have They 2413 02:12:02.680 --> 02:12:05.319 didn't build it yesterday, they better have it today. Ethiopia, 2414 02:12:05.760 --> 02:12:13.199 Madagascar has na has so we can't blame Trump Trump 2415 02:12:13.399 --> 02:12:16.239 Trump Trump is like wind don't blow far enough, don't 2416 02:12:16.279 --> 02:12:18.560 open and that she is now open? So those are 2417 02:12:18.640 --> 02:12:21.920 not invest again and sounds why. Using Legos as an example, 2418 02:12:22.560 --> 02:12:31.239 a quie bomb has more money. You're any fun on 2419 02:12:31.520 --> 02:12:35.239 the let's companies. You are quite a quiey bomb state 2420 02:12:35.479 --> 02:12:39.680 has more cash than Lego states are quite bumped. They 2421 02:12:39.760 --> 02:12:41.479 have more cash and Legos and a quite bump state. 2422 02:12:41.800 --> 02:12:42.520 They have more cash. 2423 02:12:43.640 --> 02:12:48.760 I yes, what they have more cash and Lego state. 2424 02:12:48.840 --> 02:12:51.760 But Legos has a deep sea port I'm talking about 2425 02:12:51.840 --> 02:12:57.239 bracker deep but doesn't really have the money to build. 2426 02:12:57.279 --> 02:13:03.359 They built spaceship cathedral point giving us look, say you're 2427 02:13:03.399 --> 02:13:06.000 giving it too minutes. The point I'm making this is 2428 02:13:06.119 --> 02:13:08.720 if a quai bout today has no deep supports, who 2429 02:13:08.720 --> 02:13:11.880 are they going to blame me? Trump or themselves. They 2430 02:13:11.960 --> 02:13:16.640 are the cathedral work has cathedral church cathedral there. Why 2431 02:13:16.680 --> 02:13:18.760 didn't they do the deep report? You see in the end, 2432 02:13:18.920 --> 02:13:22.119 we have take responsibility. Like I said, go to Ethiopia. 2433 02:13:22.159 --> 02:13:25.760 They're celebrating this. There are saying an opportunity for us 2434 02:13:25.800 --> 02:13:29.000 in Ethiopiachia has oil. 2435 02:13:29.920 --> 02:13:30.479 We should. 2436 02:13:32.039 --> 02:13:34.399 Now I'm saying we should take an advantage of it. 2437 02:13:34.560 --> 02:13:37.359 We have a Goa, we have a Niger the Aspera. 2438 02:13:37.640 --> 02:13:39.800 So every night er now go to your If you 2439 02:13:39.840 --> 02:13:42.840 work in America today you say, okay, where do I work? 2440 02:13:43.039 --> 02:13:44.880 Can I go and tell them that I can do 2441 02:13:44.960 --> 02:13:47.920 manufacturing for them in Legos or in a quad, in 2442 02:13:48.039 --> 02:13:50.880 a bar or in Canoe, go to meet you said, 2443 02:13:51.520 --> 02:13:54.560 if they're giving you too more time here, come to Nigeria. 2444 02:13:54.760 --> 02:13:59.399 That's your opportunity. That's how they in Ebo land world 2445 02:13:59.439 --> 02:14:03.119 probably are here. You look for somebody that is booming 2446 02:14:03.319 --> 02:14:05.359 you brings Nigeria. Are you important? 2447 02:14:05.720 --> 02:14:05.880 Now? 2448 02:14:06.039 --> 02:14:10.119 The business is exports. Look for something that's been tarrift 2449 02:14:10.479 --> 02:14:14.199 that Americans apparented be good as expected, brings Nigera and exported. 2450 02:14:14.279 --> 02:14:15.720 We have to take advantage. 2451 02:14:16.079 --> 02:14:20.640 If you think that only the skills will come, we 2452 02:14:20.720 --> 02:14:23.439 didn't have the skills for it. We did not have 2453 02:14:23.600 --> 02:14:26.479 the skills or live there for it twenty five years ago. 2454 02:14:26.760 --> 02:14:28.920 We didn't have the skills for coding twenty five years ago. 2455 02:14:28.960 --> 02:14:32.760 Today when the second code, why can't you compare to olimited? 2456 02:14:32.840 --> 02:14:35.960 Why can't you compare? I didn't know what windows was 2457 02:14:36.000 --> 02:14:38.520 twenty five years ago. Today everybody knows what windows is. 2458 02:14:38.760 --> 02:14:42.279 Why can't we compare? If you are a serious government today, 2459 02:14:42.520 --> 02:14:46.319 you can train people on what they need to export trade. 2460 02:14:46.439 --> 02:14:48.640 We do it on this space here. There are many 2461 02:14:48.720 --> 02:14:51.520 folks that want to do exports. We can't export coco 2462 02:14:51.800 --> 02:14:57.239 to eat, mugation. Whose faults? Who's sports? You can't export to? 2463 02:14:57.880 --> 02:14:58.439 Who's fault? 2464 02:15:00.800 --> 02:15:04.159 If a guy came here and said he takes his 2465 02:15:04.439 --> 02:15:07.920 his his head yer, the head of the yam from Nigeria, 2466 02:15:08.199 --> 02:15:10.600 he goes to Ghana and plants it. So he's taken 2467 02:15:10.680 --> 02:15:13.319 Nigeria and yam. Then he exposed that year to Canada. 2468 02:15:13.840 --> 02:15:16.560 Why can't you export from Nigeria? Two things NAMA will 2469 02:15:16.640 --> 02:15:20.560 fail will fail hygiene number two high cost. So in 2470 02:15:20.720 --> 02:15:23.760 Nigeria is going taking head yam on this old space, 2471 02:15:23.800 --> 02:15:25.880 so to Ghana to plants Who's for? 2472 02:15:31.000 --> 02:15:39.920 Let's get culture let's get that's fine. That's why elness Ela. 2473 02:15:43.520 --> 02:15:46.760 We can't. We have to put the government on blast 2474 02:15:47.000 --> 02:15:48.439 to take the right decisions. 2475 02:15:48.560 --> 02:15:49.000 We can't. 2476 02:15:50.640 --> 02:15:53.319 You know that Nijeras are socieet and he's pare for 2477 02:15:53.399 --> 02:15:56.640 us who also that years, who will also be attacking like. 2478 02:15:57.800 --> 02:16:00.800 They are attacking. I'm not attacking. I've given so listen 2479 02:16:01.000 --> 02:16:04.880 here I'll be critical. But for police is the place 2480 02:16:04.960 --> 02:16:07.439 right now? So can the advisor I give is long day. 2481 02:16:07.760 --> 02:16:10.680 What I expect you to say is that what you 2482 02:16:10.760 --> 02:16:13.279 tell you every you have that's invested in the top market, 2483 02:16:13.720 --> 02:16:15.600 that energy that. 2484 02:16:18.079 --> 02:16:21.039 Has lost work in the last three months, what do 2485 02:16:21.119 --> 02:16:23.039 you think you should do for five million? 2486 02:16:24.960 --> 02:16:28.439 I have not changed my commentary. So two years ago 2487 02:16:28.560 --> 02:16:30.560 I said hold your keep a dollar's closed. I won't 2488 02:16:30.720 --> 02:16:35.840 updated that commentary. And okay, okay, they do what you 2489 02:16:35.879 --> 02:16:37.840 want to do. I'm don't say this was just me. 2490 02:16:38.040 --> 02:16:41.799 I'm it's your money. Do what you do with your money. 2491 02:16:41.959 --> 02:16:47.239 So again, that's not what number two. Remember only I've 2492 02:16:47.280 --> 02:16:52.920 had this space for three years now, every Sunday, every Sunday. 2493 02:16:53.559 --> 02:16:55.719 If I wanted to attack government, I would do it. 2494 02:16:56.319 --> 02:17:00.639 Go to my timeline. I will attack. I give solutions 2495 02:17:00.760 --> 02:17:04.920 are write, I tweet, I do spaces. I have been 2496 02:17:05.000 --> 02:17:08.920 giving advice for three years. Many of my advice have 2497 02:17:09.200 --> 02:17:13.319 seen implemented. If I want to attack, it's easy. If 2498 02:17:13.360 --> 02:17:16.120 I want to make money, it's easy. The point I'm 2499 02:17:16.120 --> 02:17:18.399 making limited. I'm just a guy in Nigeria. 2500 02:17:18.559 --> 02:17:18.719 Guy. 2501 02:17:19.319 --> 02:17:23.799 The government has the advisers. They should do better. This 2502 02:17:24.040 --> 02:17:28.559 government is the most private sector experience government we had 2503 02:17:28.639 --> 02:17:32.840 elected into office since the creation of Nigeria. This particular 2504 02:17:32.920 --> 02:17:37.559 government are the most private sector of friendly, the most educated, 2505 02:17:38.280 --> 02:17:46.639 the most sophisticated, says the creation of Nigeria. This government 2506 02:17:47.079 --> 02:17:52.479 is the most sophisticated, most privacy. No, let me learned 2507 02:17:52.959 --> 02:17:55.120 I have we forgot you in nice night. Look you 2508 02:17:55.399 --> 02:17:57.040 mean by privacy, I've got to. 2509 02:17:59.479 --> 02:18:03.959 Because I ken't get to the type property. What do 2510 02:18:04.040 --> 02:18:04.399 you mean? 2511 02:18:04.799 --> 02:18:11.079 Because the folks they have are very exposed understands the 2512 02:18:11.159 --> 02:18:17.639 gener economy. Weller was it was shot in Germ, in 2513 02:18:17.799 --> 02:18:20.639 national Germ. She came with from America. 2514 02:18:22.200 --> 02:18:24.239 I don't know that she came from America to. 2515 02:18:24.319 --> 02:18:27.399 The point, but this government also has many people like that. 2516 02:18:28.200 --> 02:18:30.559 Those guys delivered, you know, letting me finish my stents. 2517 02:18:30.879 --> 02:18:32.879 That's why if you let me finish the girl, I 2518 02:18:32.920 --> 02:18:36.040 won't going to land or doesn't your heart a good cabinet? 2519 02:18:36.520 --> 02:18:39.040 Good Luck had a good cabinet. They delivered the same 2520 02:18:39.120 --> 02:18:41.159 with these guys. These guys have to deliver. That's where 2521 02:18:41.159 --> 02:18:44.000 I'm going to do this. They have no excuse. They 2522 02:18:44.040 --> 02:18:46.159 are sophisticated, they are worldly. 2523 02:18:46.440 --> 02:18:47.120 They are perhaps not. 2524 02:18:47.200 --> 02:18:50.680 Driven the same way as good Luck's team, the same 2525 02:18:50.719 --> 02:18:53.959 way as Obs team. Those two teams delivered. These guys 2526 02:18:54.040 --> 02:18:56.680 have to deliver. We can't make excuses for them. They've 2527 02:18:56.799 --> 02:18:59.520 got to deliver. They've been caught flat footed. I can 2528 02:18:59.639 --> 02:19:01.760 pull up my tweets to the day where I ask 2529 02:19:01.879 --> 02:19:04.840 the questions, what will happen if oil goes to fifty 2530 02:19:04.879 --> 02:19:07.879 dollars in Barron and we prepared for it as today 2531 02:19:08.360 --> 02:19:12.239 we have. Yet this time last year we had four budgets. 2532 02:19:13.000 --> 02:19:19.479 Four budgets. Niger was borrowing two billion in December four 2533 02:19:20.079 --> 02:19:23.719 to implement the twent twenty four budgets. In twenty twenty 2534 02:19:23.799 --> 02:19:27.920 four December, we are borrowing two billion dollars to implement 2535 02:19:28.040 --> 02:19:32.719 the December to come on. So if this eventing happens, 2536 02:19:32.959 --> 02:19:36.159 we have to next year is elections. They will starting elections. 2537 02:19:36.959 --> 02:19:40.000 Every thing will stop in ager for elections from next year. 2538 02:19:40.920 --> 02:19:44.479 Trump is doing tariffs. That's the story of the of 2539 02:19:44.600 --> 02:19:48.639 the global economy. Have you seen anybody come out with 2540 02:19:48.799 --> 02:19:51.639 a response from this government to say, okay we have 2541 02:19:51.719 --> 02:19:52.959 saying taists, this is what we. 2542 02:19:52.959 --> 02:19:53.319 Want to do. 2543 02:19:53.559 --> 02:19:56.639 Okay, we're going to reject this. Have you seen anyone 2544 02:19:57.440 --> 02:19:57.920 you answer? 2545 02:20:00.079 --> 02:20:03.239 Really know what they missed up? 2546 02:20:03.319 --> 02:20:03.360 It? 2547 02:20:04.120 --> 02:20:07.040 That call centers is something that we can do tomorrow. 2548 02:20:07.159 --> 02:20:10.200 Call centers we speak English, would have been would have 2549 02:20:10.280 --> 02:20:12.760 a bad accent. It doesn't cost a lot of money. 2550 02:20:13.079 --> 02:20:16.559 We have lots of use in Nijera that it is substicated. 2551 02:20:16.840 --> 02:20:20.000 You can go to those abandoned warehouse and mattery. You 2552 02:20:20.239 --> 02:20:22.959 close it up, you put a c when you put 2553 02:20:23.000 --> 02:20:26.440 styling there. You have a call center. You trade this 2554 02:20:26.639 --> 02:20:29.520 kid or does the phone calls? Will you take that 2555 02:20:29.719 --> 02:20:32.879 constant based from China, from Philippines, from Thailand to Nigeria. 2556 02:20:33.200 --> 02:20:33.959 We have a good time. 2557 02:20:34.079 --> 02:20:37.440 So are we doing it? Who will teach them to 2558 02:20:37.520 --> 02:20:37.719 do it? 2559 02:20:38.040 --> 02:20:41.360 Norllingwood was clittered from tin Air government and help fainted 2560 02:20:41.520 --> 02:20:44.879 from tin Air government in help Ahmed. What has government 2561 02:20:44.920 --> 02:20:48.319 created Nigeria since you were born? What industry are located Naja? 2562 02:20:48.360 --> 02:20:50.920 Since you were born agriculture, they had not done it. 2563 02:20:51.399 --> 02:20:55.079 Fi Najera waited today. What has government done since you 2564 02:20:55.200 --> 02:20:58.079 were borned has survived even not for Nollywood in Niger today? 2565 02:20:58.239 --> 02:21:01.879 What would a GP be trade Okay targo back with 2566 02:21:01.959 --> 02:21:04.920 g SL tig off for him? But where is Niel? 2567 02:21:05.879 --> 02:21:08.399 Where is that? Where's that? On all? 2568 02:21:08.719 --> 02:21:11.479 That's just let's let's let's get us to Elvis. You 2569 02:21:11.559 --> 02:21:12.639 wonder for Elvis. 2570 02:21:13.920 --> 02:21:20.680 Elvis elis yeah, yes, yes, so I also make I 2571 02:21:20.840 --> 02:21:21.959 was gonna make at some point. 2572 02:21:22.159 --> 02:21:25.920 Right. The first is Nigeria taking advantage of the time. 2573 02:21:26.520 --> 02:21:30.200 So just as you've been arguing with d we are 2574 02:21:30.280 --> 02:21:34.239 not unfortunately as no well positions del right, we don't 2575 02:21:34.280 --> 02:21:35.959 have the infrastructures. 2576 02:21:35.719 --> 02:21:39.120 Right, policies are not predictable. 2577 02:21:39.280 --> 02:21:43.280 So even if their start with your askings, I wants 2578 02:21:43.319 --> 02:21:44.079 to continuity. 2579 02:21:44.200 --> 02:21:47.000 That's that you're exported the US. Right, he still he's 2580 02:21:47.000 --> 02:21:50.000 still gonna be afraid of your stable policies and right 2581 02:21:50.360 --> 02:21:55.159 and again if you then manufacturer, he had to expect 2582 02:21:55.200 --> 02:21:56.079 the the US. You got that. 2583 02:21:56.280 --> 02:21:59.719 The whole goal of whatever Trump is doing is I've 2584 02:21:59.760 --> 02:22:02.399 court to top top of China, right in terms of 2585 02:22:02.440 --> 02:22:06.600 straight right, So Trump at some point might still come 2586 02:22:06.959 --> 02:22:10.479 to tariff Nigeria more because he's he's had and find 2587 02:22:10.479 --> 02:22:13.559 all those proxies right that companies are moving to bring 2588 02:22:13.799 --> 02:22:16.280 us to the US. Right, so at some point you 2589 02:22:16.280 --> 02:22:18.399 will still come back to tarift and there are not 2590 02:22:18.520 --> 02:22:21.000 several factors that are make us not well. 2591 02:22:21.920 --> 02:22:25.079 Total again where they are forty percent, that's where Tartal 2592 02:22:25.159 --> 02:22:27.559 is forty percent. Yes, yeah, I know I know that, right. 2593 02:22:27.600 --> 02:22:30.280 But what I'm saying is if let's let's let's say 2594 02:22:30.639 --> 02:22:34.120 Chinese films cover an unto pogies and exports to the US, right, 2595 02:22:34.600 --> 02:22:37.680 he wouldn't find Nigeria as a new proxy, right for 2596 02:22:37.799 --> 02:22:39.079 those Chinese that sports. 2597 02:22:39.000 --> 02:22:43.440 Right like yeah right, yeah, so yeah, like we don't 2598 02:22:43.440 --> 02:22:46.360 know what we're called origin, so it favors us because 2599 02:22:46.360 --> 02:22:48.559 we're not doing what they're called origin. So China will 2600 02:22:48.600 --> 02:22:53.239 simply say we're going to put the capital. Then Nigeria's 2601 02:22:53.280 --> 02:22:59.000 will get Nigerian cotton, Nigerian power supply and building fact 2602 02:22:59.239 --> 02:23:03.079 it has more Nigerian content or would escape Vietnam's fits. 2603 02:23:03.120 --> 02:23:05.959 You see the point I'm making what America is targeting 2604 02:23:06.040 --> 02:23:08.879 is when China comes to your country and building factory 2605 02:23:08.959 --> 02:23:11.879 like in Ethiopia, it go to Ethiopia. Those factis are 2606 02:23:11.879 --> 02:23:16.159 old by the Chinese, not the Ethiopians. So in Nigeria's case, 2607 02:23:16.200 --> 02:23:17.200 the like can I said, I'm going to give you 2608 02:23:17.239 --> 02:23:19.600 guys the capital, you build it, but we're gonna use 2609 02:23:19.680 --> 02:23:23.600 Nigerian cotton, Nigerian grm Arabic to make it more of 2610 02:23:23.719 --> 02:23:28.120 higher Nigerian contest that will escape the American Chinese like 2611 02:23:28.319 --> 02:23:31.360 that's what they're looking for. They don't care about. Yeah, 2612 02:23:31.399 --> 02:23:33.280 the ones they don't want to do. 2613 02:23:34.639 --> 02:23:34.840 Yeah. 2614 02:23:35.200 --> 02:23:39.840 But again I believe that to our next time, right, 2615 02:23:40.120 --> 02:23:43.360 whatever John's doing quite is coming quite late. Right, because 2616 02:23:43.360 --> 02:23:47.319 one of the reasons why China became a major Photossian 2617 02:23:47.520 --> 02:23:50.520 One of the reasons, right, there's theveral reasons because most 2618 02:23:50.559 --> 02:23:52.120 of the most complete. 2619 02:23:51.879 --> 02:23:53.280 The pos in the US. 2620 02:23:53.159 --> 02:23:56.920 Right then left the US because liberal label cost is. 2621 02:23:56.959 --> 02:23:59.159 Most Cuba in China, right, multipy Udia. 2622 02:23:59.239 --> 02:24:01.760 Right, So that about this places where the cost of 2623 02:24:01.799 --> 02:24:05.159 liberal is much cheaper right to produce. Right, So at 2624 02:24:05.200 --> 02:24:09.479 the average American and Lucar worker, right, we'll not set 2625 02:24:09.520 --> 02:24:11.680 the sagages that China. 2626 02:24:12.200 --> 02:24:15.559 They don't work as had they don't they don't have 2627 02:24:15.719 --> 02:24:18.719 to Elvis. Again, this is the world has changed America 2628 02:24:19.120 --> 02:24:21.959 now has automation number one, so they can do the 2629 02:24:22.040 --> 02:24:26.200 same things without using humans. Automation. That's number one. Number two, 2630 02:24:26.280 --> 02:24:29.600 what does the tariff do? The talent raises the cost, 2631 02:24:30.280 --> 02:24:33.600 so it makes that label that was cheap in China, 2632 02:24:33.719 --> 02:24:36.360 it makes it irrelevant. So if you're going to make 2633 02:24:36.360 --> 02:24:38.639 a pair of socks in China, it costs you a 2634 02:24:38.760 --> 02:24:42.280 penny because you have cheap label. And when they talif 2635 02:24:42.360 --> 02:24:44.760 you for the six percent like they've done, it goes 2636 02:24:44.840 --> 02:24:48.000 to four cents. So with miss if it's four sets. 2637 02:24:48.079 --> 02:24:52.079 American Tesla mixed cars in American Aby for mixed caers 2638 02:24:52.120 --> 02:24:52.600 in America. 2639 02:24:54.319 --> 02:24:56.239 I was like, I was on this botum where like 2640 02:24:56.319 --> 02:25:00.840 there are several US business owners right, and they kept 2641 02:25:00.920 --> 02:25:03.440 saying that the reason why most of them buy from 2642 02:25:03.559 --> 02:25:07.200 China is because even with the target that Trump is imposing, right, 2643 02:25:07.680 --> 02:25:09.799 it is still more cheaper for them to import from 2644 02:25:09.920 --> 02:25:11.120 China than in the US. 2645 02:25:11.639 --> 02:25:19.559 Yes, it's they're not targeting socks. They are targeting chips. 2646 02:25:20.079 --> 02:25:23.079 They are targeting high value important. They don't care about 2647 02:25:23.159 --> 02:25:26.319 socks important China and pay your talent that's you. But 2648 02:25:26.479 --> 02:25:29.799 what their target And look at the Arizona TCMs is 2649 02:25:29.840 --> 02:25:34.319 building six billion plant in Arizona. So that's that's what 2650 02:25:34.479 --> 02:25:35.280 they're targeting. 2651 02:25:35.559 --> 02:25:35.680 Right. 2652 02:25:36.120 --> 02:25:39.760 They are not going to unshore every product to America. 2653 02:25:39.840 --> 02:25:42.399 They don't want to. They know China will still go 2654 02:25:42.479 --> 02:25:45.159 to Nigeria, to Vietnam, Vietnam. It's not it's not doing 2655 02:25:45.239 --> 02:25:47.879 zero percent. You're still China. They don't care about that. 2656 02:25:48.319 --> 02:25:51.200 You can do socks and sneakers all day long, but 2657 02:25:51.360 --> 02:25:55.879 they are still still aluminium chips. That's what they're they're 2658 02:25:55.879 --> 02:25:58.479 already focusing on. They will not let China bring in 2659 02:25:58.600 --> 02:26:00.440 steel smart. 2660 02:26:01.319 --> 02:26:02.280 There's a skill problem. 2661 02:26:02.559 --> 02:26:10.079 Like I was watching We Love Especially Bad and said, 2662 02:26:10.120 --> 02:26:12.399 I see, this is why you feel the Trumps like 2663 02:26:12.440 --> 02:26:14.879 the jobs. Like, okay, if you're trying to bring jobs, 2664 02:26:14.920 --> 02:26:17.920 where are the jobs? We are excused because this don't. 2665 02:26:20.200 --> 02:26:25.079 Excus They will train them, They will train them. 2666 02:26:26.520 --> 02:26:27.079 Said Apple. 2667 02:26:27.200 --> 02:26:31.879 He said that cheers who trained the Chinese, who trained 2668 02:26:31.879 --> 02:26:32.399 the Chinese? 2669 02:26:32.799 --> 02:26:36.600 Americans? I mean the Chin just let it Americans the 2670 02:26:36.680 --> 02:26:37.520 Chinese to build the phones. 2671 02:26:37.600 --> 02:26:41.440 Now Americans may it is the cost of live or not. 2672 02:26:41.520 --> 02:26:41.920 The training. 2673 02:26:42.319 --> 02:26:45.159 No, but again that's what talents do. The talists eliminated 2674 02:26:45.200 --> 02:26:48.239 that that advantage that China has. That's the whole idea 2675 02:26:48.760 --> 02:26:52.239 raised the cost artificially eliminate their advantage. So they go 2676 02:26:52.399 --> 02:26:56.799 to come back to America. But do you an president? 2677 02:26:56.959 --> 02:26:57.920 Did you u W? 2678 02:26:58.120 --> 02:27:01.200 The United Auto Workers president said that there is excess 2679 02:27:01.319 --> 02:27:06.399 capacity in American factories to make cars tomorrow. He said 2680 02:27:06.479 --> 02:27:09.559 immediately his words, that there's excess capus. So is it 2681 02:27:10.120 --> 02:27:12.840 from a businessman, I would not make any kind of America. 2682 02:27:13.159 --> 02:27:14.799 I would not because it costs me too much to 2683 02:27:14.840 --> 02:27:18.639 make in America. I raither go to Mexico or Nigeria 2684 02:27:18.760 --> 02:27:21.440 and bring my cars. I'll go to innocent and telling 2685 02:27:21.520 --> 02:27:25.399 to make my cars. But but it is a tariff. 2686 02:27:25.799 --> 02:27:29.399 That what's the point. They're not advantage. I come back 2687 02:27:29.440 --> 02:27:32.239 to the US and they are targeting those kinds of sectors. 2688 02:27:32.840 --> 02:27:37.360 Boeing planes, Boeing parts are middle over the world. I've 2689 02:27:37.440 --> 02:27:40.239 gone to the Boeing factory. Boil is an assembly factory. 2690 02:27:40.920 --> 02:27:43.319 Details are from Japan and Italy. You see them not 2691 02:27:43.440 --> 02:27:46.200 coming up. They fly them in here. Then they assembly 2692 02:27:46.239 --> 02:27:50.360 it's called Boeing assembly plants in Washington. They don't make 2693 02:27:50.399 --> 02:27:52.959 the part in America, they assemble them in America. 2694 02:27:54.040 --> 02:27:58.920 Soide right, so was saying that the price of oil 2695 02:27:59.159 --> 02:28:02.639 only dropping and I think this tarring the tarring on bottles, right, 2696 02:28:02.719 --> 02:28:05.079 I think it affects the price of a jobbing right 2697 02:28:05.399 --> 02:28:08.719 because if people would buy fewer cars, right, then of 2698 02:28:08.840 --> 02:28:11.360 course it means that the demand for crue good. 2699 02:28:11.280 --> 02:28:14.120 Job why would go by? Why will pull buy fewer cars? 2700 02:28:15.760 --> 02:28:16.440 Cars? 2701 02:28:16.520 --> 02:28:17.440 Cars coming into America? 2702 02:28:18.200 --> 02:28:21.399 But Americans make cars so that there will not increase there, right, 2703 02:28:21.559 --> 02:28:28.399 Americans make cars, right, Americans make Ford Chrysler GM. It's 2704 02:28:28.440 --> 02:28:30.440 all in America, so those ones will be cheaper. B 2705 02:28:31.799 --> 02:28:35.360 BMW's made America. Bm is mad in America, Message in America, 2706 02:28:35.520 --> 02:28:38.239 Kia Yu Di all mid in America. So why would 2707 02:28:38.239 --> 02:28:40.559 the price go up if the paths are expensive? May 2708 02:28:40.639 --> 02:28:44.159 bring the path to America means is exactly what Japan did. 2709 02:28:44.239 --> 02:28:48.479 Now they tied Japan. Japan keeps Americans and built plants 2710 02:28:48.520 --> 02:28:51.959 all over the South of America. Haundas in America, nicids 2711 02:28:51.959 --> 02:28:54.520 in America. So they make those Toyota it's all over 2712 02:28:54.600 --> 02:28:58.399 the place. The normal Americas in America is Toyota, Corolla, 2713 02:28:58.479 --> 02:29:01.360 Toyota Camry to that that all in America. That's not 2714 02:29:01.440 --> 02:29:06.239 important into America. They all made here, So why would 2715 02:29:06.239 --> 02:29:08.079 does costs go up? That's what Trump is saying, make 2716 02:29:08.120 --> 02:29:10.479 it here, make it here, the cost go up for 2717 02:29:10.600 --> 02:29:13.079 libor B. Then he creates jobs in America. So you 2718 02:29:13.120 --> 02:29:17.000 see how it's all tiding. Mister let me, mister osu 2719 02:29:17.159 --> 02:29:18.399 or By, you want to hire you doing, sir? 2720 02:29:18.639 --> 02:29:26.120 Welcome, Hi, ca, Hi, everybody. The conversation has gone in 2721 02:29:26.239 --> 02:29:27.920 so many directions. I don't know. 2722 02:29:28.040 --> 02:29:30.879 It's a wide topic, man, you know, I know it's 2723 02:29:30.879 --> 02:29:33.319 going to go on, but I know it's going to 2724 02:29:33.360 --> 02:29:35.360 go like this because it's wide. 2725 02:29:35.600 --> 02:29:35.799 You know. 2726 02:29:35.920 --> 02:29:38.639 Now, it's a wide topic that many things happen all 2727 02:29:38.719 --> 02:29:42.200 at once. Many things happen all like once, stock market. 2728 02:29:42.000 --> 02:29:44.520 So let me let me try to address the things 2729 02:29:44.600 --> 02:29:49.719 that my mind can can we call now the first point? 2730 02:29:51.280 --> 02:29:56.399 In order for capital to have confidence in any market, 2731 02:29:57.680 --> 02:30:02.799 there must be stability policy, stability. 2732 02:30:02.319 --> 02:30:05.079 In different physical and monetary policies. 2733 02:30:06.319 --> 02:30:09.639 Right now, America doesn't have any of those things. 2734 02:30:11.319 --> 02:30:15.920 Whatever Trump is doing now, there is no guarantee that 2735 02:30:16.399 --> 02:30:20.000 the situation will be the same in three years time, four. 2736 02:30:19.959 --> 02:30:24.479 Years time, or five years time. So as an investor, 2737 02:30:25.360 --> 02:30:29.959 why would you want to take a gamble on a 2738 02:30:30.079 --> 02:30:33.879 country that is politically and economically. 2739 02:30:33.399 --> 02:30:36.440 So for the time, let me ask you a question. 2740 02:30:36.879 --> 02:30:39.280 If you had a billion dollars to build a factory, 2741 02:30:39.280 --> 02:30:41.239 would build it in China or America? 2742 02:30:44.000 --> 02:30:48.159 To tell you the truth, with the stability in Chinese 2743 02:30:48.280 --> 02:30:52.639 economic policy, physical policy, monitory policy, they seem to be. 2744 02:30:52.719 --> 02:30:55.159 A lot more stable than the US right now. 2745 02:30:55.840 --> 02:30:58.639 But then you can you know that that's something we 2746 02:30:58.760 --> 02:30:59.040 can do. 2747 02:31:00.159 --> 02:31:03.479 Where would they build it? Where would I build it? 2748 02:31:06.840 --> 02:31:08.879 I don't I can't give you a direct answer to that, 2749 02:31:12.959 --> 02:31:14.559 but I just made an observation. 2750 02:31:15.200 --> 02:31:19.840 Look, you know, the point is you can't bully. 2751 02:31:20.760 --> 02:31:23.440 Businesses into investing in your country. 2752 02:31:24.360 --> 02:31:28.840 You've got to create the right climate and environment for 2753 02:31:28.959 --> 02:31:33.360 them to put their money in your country. You know, 2754 02:31:33.799 --> 02:31:39.360 starting a global playing war will not end well for anyone. 2755 02:31:40.040 --> 02:31:42.040 It won't end well for the US. 2756 02:31:41.879 --> 02:31:44.680 It won't end well for those that these parents are 2757 02:31:44.760 --> 02:31:48.600 being imposed on because the world is so interconnected. 2758 02:31:49.280 --> 02:31:51.360 I think Trump has this idea. 2759 02:31:51.200 --> 02:31:55.520 That he only needs to do to set things in 2760 02:31:55.680 --> 02:31:58.520 the way he would like America to be is to 2761 02:31:58.799 --> 02:32:00.639 just come with a block and. 2762 02:32:00.840 --> 02:32:05.280 Then intimidate every other nation into doing what he says. 2763 02:32:05.440 --> 02:32:08.879 And it just doesn't work that way anymore. 2764 02:32:10.000 --> 02:32:13.520 Now you are talking of American cars just now, Okay, 2765 02:32:15.120 --> 02:32:19.719 you are at won with Canada, your neighbor. The American 2766 02:32:19.840 --> 02:32:23.639 cars that you are talking about, they go between that 2767 02:32:23.799 --> 02:32:26.959 have been manufactured in the US. They go between the 2768 02:32:27.159 --> 02:32:29.639 US and Canada are seven times. 2769 02:32:29.440 --> 02:32:30.600 While they are being made. 2770 02:32:31.600 --> 02:32:36.479 And now you are imposing a tariffs on Canada. So 2771 02:32:36.719 --> 02:32:39.639 when all those parts are moving to and fro back 2772 02:32:39.719 --> 02:32:42.120 and thro you do know that they will be affected 2773 02:32:42.239 --> 02:32:46.200 by the tariffs, right, you do know that, So those 2774 02:32:46.319 --> 02:32:52.040 cars will also suffer at a price increase and the 2775 02:32:52.200 --> 02:32:54.639 people who are going to buy those things that will 2776 02:32:55.000 --> 02:32:56.200 be impacted. 2777 02:32:55.799 --> 02:32:58.680 As a result of that. And these cars are supposed 2778 02:32:58.680 --> 02:33:02.520 to be locally made. Another point I was also going 2779 02:33:02.639 --> 02:33:08.239 to make. I find it very. 2780 02:33:08.719 --> 02:33:14.799 Difficult to understand what he hopes. I mean you as 2781 02:33:14.920 --> 02:33:17.159 as as a country like. 2782 02:33:17.239 --> 02:33:20.840 You're saying that you should take advantage of the changes. 2783 02:33:22.200 --> 02:33:25.399 You know that if you want to make major investments 2784 02:33:25.520 --> 02:33:30.239 to take advantage of these changes, Ablubidy was pointing out earlier, 2785 02:33:30.760 --> 02:33:34.239 you're going to spend a couple of years positioning yourself 2786 02:33:34.600 --> 02:33:36.479 to take advantage. 2787 02:33:35.959 --> 02:33:36.840 Of that market. 2788 02:33:36.920 --> 02:33:39.360 You can't do it overnight, because you've already pointed out 2789 02:33:39.399 --> 02:33:42.760 where in the area as well we could possibly take advantage. 2790 02:33:42.760 --> 02:33:45.479 We're not ready yet. We don't have the infrastructure, we 2791 02:33:45.559 --> 02:33:46.319 don't have the man. 2792 02:33:46.719 --> 02:33:50.600 So who's thought that? So Trump should wait to be 2793 02:33:50.680 --> 02:33:52.479 ready thought. 2794 02:33:52.680 --> 02:33:53.840 Don't. Don't get me wrong. 2795 02:33:54.520 --> 02:33:55.879 Trump is doing what he. 2796 02:33:56.040 --> 02:34:01.040 Thinks will work for America even though he's wrong. But 2797 02:34:01.200 --> 02:34:05.079 I'm just saying that if you're asking Nigeria or any 2798 02:34:05.120 --> 02:34:10.159 other country to simply just turn turn the coin over, 2799 02:34:10.680 --> 02:34:14.520 I start doing what will appeal to that market. 2800 02:34:14.920 --> 02:34:19.120 That has just opened up, not knowing how stable little people? 2801 02:34:19.840 --> 02:34:22.840 Okay, and then what what was the was the other 2802 02:34:22.920 --> 02:34:24.079 outing to do? Do nothing? 2803 02:34:25.840 --> 02:34:27.799 Is America the only market in the world. 2804 02:34:27.959 --> 02:34:30.000 Name of that market you're gonna go to that is growing? 2805 02:34:30.040 --> 02:34:31.479 And give me give me the markets you can go to. 2806 02:34:31.639 --> 02:34:33.040 Give me that market you want to go to. 2807 02:34:33.680 --> 02:34:36.760 Give me that there is nowhere to export anything in any. 2808 02:34:37.159 --> 02:34:39.159 I just asked you a question. Give me, give me 2809 02:34:39.360 --> 02:34:42.120 a market that is growing that. Give me a market 2810 02:34:42.200 --> 02:34:45.079 like America. Give just give me a market, give me anyone. 2811 02:34:46.879 --> 02:34:49.120 Okay, America is the huge market. 2812 02:34:50.000 --> 02:34:54.399 That's why he's doing well. So again I get I 2813 02:34:54.440 --> 02:34:56.920 get what you're saying. I hear you, and I think 2814 02:34:56.959 --> 02:35:02.000 we're bringing personality traits into a business transaction. So many 2815 02:35:02.319 --> 02:35:06.319 CEOs in America are quote unquote Escob's, but they make 2816 02:35:06.399 --> 02:35:11.879 triple they make triple digits. Trump is a s ob. 2817 02:35:12.520 --> 02:35:15.680 We are not here to canonize Trump. Trump is a 2818 02:35:15.920 --> 02:35:22.280 narcissistic s ob. But it doesn't take away the policy 2819 02:35:22.360 --> 02:35:24.799 of what he wants to do. I've highlighted here that 2820 02:35:24.959 --> 02:35:27.879 number one he has maintains on his split. America is broke. 2821 02:35:28.239 --> 02:35:31.600 He needs to pay five trillion interest very very soon. 2822 02:35:31.920 --> 02:35:35.760 So tariff's coming. Why is the market crashing? It's on purpose. 2823 02:35:36.239 --> 02:35:39.879 If oil prices go down, luminate Americans buy gas cheaper. 2824 02:35:40.280 --> 02:35:45.120 They say, direct quasion between gas prices and America's present popularity. 2825 02:35:45.559 --> 02:35:49.600 So Trump told Saudi Arabia, remember those two two months ago? 2826 02:35:49.920 --> 02:35:54.399 Trump told Sadurbat to reduce to increase oil supply. Trump 2827 02:35:54.520 --> 02:35:58.799 told Saudi Arabia and they said, yes, google it. That's 2828 02:35:58.799 --> 02:35:59.840 why oil is coming down. 2829 02:36:00.200 --> 02:36:03.840 Trump wants google eats. 2830 02:36:04.000 --> 02:36:08.760 Don't don't know, just google, don't okay, don't just google. 2831 02:36:09.360 --> 02:36:12.959 Trump told Sarah Abat to reduce to increase production, and 2832 02:36:13.120 --> 02:36:14.959 they did. Okay. 2833 02:36:15.440 --> 02:36:18.079 So yeah, but. 2834 02:36:19.600 --> 02:36:22.000 So why we come saying it's just challenged. That's cossing. 2835 02:36:23.319 --> 02:36:33.000 Trump wants more energy prices for Americans Okay, but Trump 2836 02:36:33.200 --> 02:36:37.799 wants no gas crisis. That's the fact. So if it 2837 02:36:38.040 --> 02:36:43.280 was so, if we don't like it, export additives. I mean, 2838 02:36:43.440 --> 02:36:47.319 you've got that refinery, export your additives. So but let 2839 02:36:47.360 --> 02:36:49.479 me take you let me take a few points. I mean, 2840 02:36:50.040 --> 02:36:53.159 the America is the most stable market in the world today. 2841 02:36:54.120 --> 02:36:59.920 Today there's rule of law, and don't also Trump, there's 2842 02:37:00.319 --> 02:37:03.959 today can you suiting noble? Where can anybody suiting able 2843 02:37:04.120 --> 02:37:07.799 when something is over? Today in America, they are suing 2844 02:37:07.879 --> 02:37:12.719 Trump over the same talet states. Individuals are suing Trump 2845 02:37:12.879 --> 02:37:14.760 over this, even though it has the power to do it. 2846 02:37:15.440 --> 02:37:18.440 There's rule of law here. If you put the dollar 2847 02:37:18.520 --> 02:37:21.719 in suppose that we used to take that America. 2848 02:37:23.280 --> 02:37:25.440 God, but nothing has changed. 2849 02:37:25.559 --> 02:37:28.079 Now they are suing themand. 2850 02:37:29.639 --> 02:37:32.079 Looking at you know, look they're told you something and 2851 02:37:32.159 --> 02:37:36.399 the other you in America, you still seem to see 2852 02:37:36.479 --> 02:37:39.879 how we outside are looking at you and what is going. 2853 02:37:39.760 --> 02:37:42.600 I think you are that that's that's a fair point 2854 02:37:42.799 --> 02:37:44.840 because what I say is what I say is that 2855 02:37:45.000 --> 02:37:48.440 I'm being partisan. People are listening to the space we 2856 02:37:48.600 --> 02:37:53.120 have nearly for the people and explaining what is happening. 2857 02:37:53.639 --> 02:37:57.239 I don't have to agree. You need to look at 2858 02:37:57.440 --> 02:38:02.440 different You're not. Honestly, I don't. 2859 02:38:02.239 --> 02:38:05.680 Get your argum. Alumina's agent is this Trump is bad 2860 02:38:05.719 --> 02:38:10.559 for Nigeria, so side with Nigeria against Trump. That's a 2861 02:38:10.639 --> 02:38:11.479 luminis argument. 2862 02:38:13.000 --> 02:38:13.719 This is the argument. 2863 02:38:14.239 --> 02:38:20.000 The argument is simple that rum has just people power, 2864 02:38:20.159 --> 02:38:25.360 that national markets now in Africa, as meetings, as planning for. 2865 02:38:25.399 --> 02:38:26.399 Countries like Nigeria. 2866 02:38:27.079 --> 02:38:33.479 And I said, it's not sweeper statements, super statement, it's 2867 02:38:33.520 --> 02:38:40.200 your pays celebrating Mather Gascar celebrating South Africa has sary 2868 02:38:40.319 --> 02:38:41.200 we have fought in you. 2869 02:38:42.799 --> 02:38:47.040 It okays more trying commodity country, commodity. 2870 02:38:46.760 --> 02:38:50.200 Who's faw Okay, who's fault away? Committed country? Who's fault Trump? 2871 02:38:51.200 --> 02:38:54.159 Why would we build our factories? That's what I'm saying. 2872 02:38:54.520 --> 02:38:55.840 Can stop looking at. 2873 02:38:55.799 --> 02:38:59.840 Everything from national American a teview. 2874 02:39:00.079 --> 02:39:02.239 I'm saying, look at it from the fact that, Okay, 2875 02:39:02.520 --> 02:39:05.719 there's some things that yeah, he's trying to do, but 2876 02:39:06.040 --> 02:39:06.239 it is. 2877 02:39:06.319 --> 02:39:08.920 Harming the Dubai economy. Nobody's saying what to do is 2878 02:39:08.959 --> 02:39:09.760 no with for America? 2879 02:39:11.079 --> 02:39:16.239 Okay, ask a question. And under Biden, Biden imposed a 2880 02:39:16.399 --> 02:39:19.239 ten percent tax on Nigeria. And I just didn't vote 2881 02:39:19.239 --> 02:39:23.200 for Biden, but then imposed a ten minimum tax on Nigeria. 2882 02:39:23.559 --> 02:39:25.079 Do you agree with that tax or not? 2883 02:39:27.280 --> 02:39:31.280 Sorry, guys, I'm sorry guys. You guys were talking about 2884 02:39:31.440 --> 02:39:32.639 a GOA earlier. 2885 02:39:33.680 --> 02:39:36.479 Please, I just want to remind you guys that a 2886 02:39:36.639 --> 02:39:39.680 GOA is going to inspire in September. 2887 02:39:40.000 --> 02:39:43.639 Okay, So what that was then? So then. 2888 02:39:45.159 --> 02:39:47.040 That the guy that the guy that gave us a 2889 02:39:47.159 --> 02:39:51.239 go should go lego ship. I mean, we're blaming America 2890 02:39:51.440 --> 02:39:52.479 for our failures. 2891 02:39:53.079 --> 02:39:53.879 I'm not blaming. 2892 02:39:53.959 --> 02:39:56.680 I am just pointing out because Okay, if I go 2893 02:39:56.920 --> 02:40:00.360 not to expire, let the America, let the African go 2894 02:40:00.600 --> 02:40:03.079 and then go to America. If I go, I go 2895 02:40:03.159 --> 02:40:05.479 to inspire what an Africa is doing, let him go 2896 02:40:05.559 --> 02:40:07.239 to America negotiate. 2897 02:40:09.319 --> 02:40:09.360 That. 2898 02:40:09.520 --> 02:40:11.280 See, I know that's trumps U. 2899 02:40:12.639 --> 02:40:13.280 I think you are. 2900 02:40:14.319 --> 02:40:15.159 You are putting me. 2901 02:40:15.360 --> 02:40:21.000 I can't get that, and they can. The condos are 2902 02:40:21.079 --> 02:40:25.719 would go back to America. All connoisants quite disimple. You 2903 02:40:25.760 --> 02:40:28.440 see Astro investment. 2904 02:40:29.079 --> 02:40:33.040 You see, that's why I made That's why I was 2905 02:40:33.120 --> 02:40:36.239 talking about and you guys, and we're talking about China. 2906 02:40:36.440 --> 02:40:40.440 Look we can we're going back and forth, back and forth, 2907 02:40:40.520 --> 02:40:40.920 back and for. 2908 02:40:41.000 --> 02:40:47.840 The China China knows that America does not want to 2909 02:40:48.000 --> 02:40:51.280 see them grow in global economic stature. 2910 02:40:51.639 --> 02:40:55.799 They've already factored that into their plan for years. 2911 02:40:56.559 --> 02:41:00.600 So if you're thinking that this staris are going to 2912 02:41:00.719 --> 02:41:07.799 stop Chinese economic development and growth and the global influence, afraid. 2913 02:41:07.639 --> 02:41:13.479 But LSA, listen, look at the history. The look at 2914 02:41:13.520 --> 02:41:15.399 the history. I started when I said, that's why I 2915 02:41:15.399 --> 02:41:15.600 took it. 2916 02:41:15.680 --> 02:41:16.639 I took time to talk. 2917 02:41:16.479 --> 02:41:18.680 About the history of America. Let me meet yourself. I 2918 02:41:18.719 --> 02:41:20.920 took time to talk about the history of America. What 2919 02:41:21.120 --> 02:41:26.239 America is unity today is what the digit Japan thirty 2920 02:41:26.360 --> 02:41:29.159 or so years ago. No difference from the nineteen fourth, 2921 02:41:29.239 --> 02:41:32.280 nineteen thirties where they blocked it Japan and getting crude 2922 02:41:32.319 --> 02:41:35.239 oil to restrict his growth and it led to Pearl 2923 02:41:35.319 --> 02:41:38.520 Harbor to let to America during the war. No difference. 2924 02:41:38.879 --> 02:41:41.799 The point is that where I think we're focused on Trump, 2925 02:41:42.399 --> 02:41:49.000 this is America's policy. Obama tarot China, George W. Bush 2926 02:41:49.360 --> 02:41:56.000 tarot China, Clinton tarot China, Biden tarot China. If Trump 2927 02:41:56.200 --> 02:42:01.639 goes today, the Democrat president will tarret China. I think 2928 02:42:01.680 --> 02:42:05.000 these people are because it's Trump is easy to attack 2929 02:42:05.159 --> 02:42:07.200 America and say no No, No, he's been a bully 2930 02:42:08.000 --> 02:42:12.959 ten percent tax was implemented on every Nigerian consumer by 2931 02:42:13.120 --> 02:42:18.600 President Joe Biden and the OECD. Did any Nigerian complain? 2932 02:42:19.079 --> 02:42:21.600 Nigeria said no. That's one thing. Who Harry did the 2933 02:42:21.639 --> 02:42:24.760 accommoday for I wrote an article I held the space. 2934 02:42:25.000 --> 02:42:28.719 Did any Nigerian journalist come out here and say that 2935 02:42:29.079 --> 02:42:34.120 Biden has been a bully ten percent minimum tax imposed? 2936 02:42:34.600 --> 02:42:35.639 Did anybody complain? 2937 02:42:36.120 --> 02:42:36.159 No? 2938 02:42:36.479 --> 02:42:40.879 If Trump does it, it's bullying. Now Vietnam has come 2939 02:42:40.920 --> 02:42:44.719 to America and the negotiating. That's what Nigeria should do. 2940 02:42:45.639 --> 02:42:49.079 Go to America and say, okay, okay, what's your issue 2941 02:42:49.120 --> 02:42:51.200 with us? This issue with us? Okay, we'll have to 2942 02:42:51.280 --> 02:42:54.079 come back and renegotiate and vet them. Has said up 2943 02:42:54.120 --> 02:42:56.920 to America, hold the talents for three months, give us 2944 02:42:57.000 --> 02:43:00.280 three months, America, don't important inside for three months. Let 2945 02:43:00.399 --> 02:43:02.879 us go back to Vietnam. We will talk and will 2946 02:43:02.959 --> 02:43:05.280 come back to you. That's what I expected us to do. 2947 02:43:05.879 --> 02:43:07.959 But not to stay here if you think it's about Trump. 2948 02:43:08.440 --> 02:43:11.680 If it is about Trump, if a Democrat becomes the 2949 02:43:11.760 --> 02:43:15.200 next president, they will not run this challenge, so they 2950 02:43:15.239 --> 02:43:22.000 will not do it. Steadia America, very America before from 2951 02:43:23.239 --> 02:43:25.399 sorry or media, if you just can give me. 2952 02:43:25.440 --> 02:43:31.440 A second before Trump came. Okay, we didn't have America. 2953 02:43:31.399 --> 02:43:36.760 As well with it all we did, we did, we did. 2954 02:43:37.639 --> 02:43:40.879 Mexico imposed one head and I can I can share 2955 02:43:40.959 --> 02:43:47.559 the issue. Mexico imposed a hundred percent tax on America's 2956 02:43:48.000 --> 02:43:52.000 expert Mexico in nineteen nineteen twenty twenty two, or so 2957 02:43:52.200 --> 02:43:56.159 I can share to you. Okay, I apologize that. Let's 2958 02:43:56.200 --> 02:43:58.120 let's move on. Let's just move on, because I don't 2959 02:43:58.120 --> 02:44:01.680 also get in morality. Cando calu? 2960 02:44:01.760 --> 02:44:04.879 Please, can I just make at one point, just to 2961 02:44:05.040 --> 02:44:07.920 encourage everyone, that's let let us kind of focus on 2962 02:44:08.040 --> 02:44:11.000 what Nigeria can do. And I've had miniespeakers speak as 2963 02:44:11.079 --> 02:44:14.559 if Langeria cannot do anything. It takes average of two 2964 02:44:14.600 --> 02:44:16.440 to three is to set up their plants. And we'll 2965 02:44:16.479 --> 02:44:19.120 have free trade zones along the coast of Nigeria in 2966 02:44:20.479 --> 02:44:22.799 leaky axis, and we'll have a couple in other states, 2967 02:44:22.840 --> 02:44:25.920 including even some noted states, so we can actually set 2968 02:44:26.079 --> 02:44:28.799 up things. As I'm always involved in setting up a 2969 02:44:28.879 --> 02:44:31.840 particular one in the Nords, I can tell you that the. 2970 02:44:31.840 --> 02:44:35.319 Opportunities are actually very huge. Just to a point out. 2971 02:44:35.440 --> 02:44:41.000 Some averaged VETDAM does ninety billion dollars of after export 2972 02:44:41.079 --> 02:44:44.479 to the world ninety billion. Bangalandesh does about forty eight 2973 02:44:44.559 --> 02:44:46.520 billion channel dos a lateral assisted llion. 2974 02:44:46.959 --> 02:44:52.319 These are low hanging fruits that Langeria can label this 2975 02:44:53.159 --> 02:44:55.760 and this is where you focus on the level. 2976 02:44:55.760 --> 02:44:58.479 Were inveteras at three hundred dollars, banglas about one sixty 2977 02:44:58.520 --> 02:45:01.680 dollars in Nigeria. If you pay one hundred dollars for seins, 2978 02:45:01.719 --> 02:45:04.559 killed workers and bonds have very good. 2979 02:45:06.680 --> 02:45:09.319 Back. For example, the average apprentice. 2980 02:45:08.799 --> 02:45:11.520 We were doing a project there average. 2981 02:45:11.159 --> 02:45:13.399 Apprentice in our bus and thirty five thousand. 2982 02:45:14.159 --> 02:45:17.760 The average boss is adding average of less than one 2983 02:45:17.879 --> 02:45:19.479 hundred dollars monthly income. 2984 02:45:20.159 --> 02:45:22.639 So let's bring it home to. 2985 02:45:22.719 --> 02:45:27.840 Ask ourselves because sometimes the indoors, the average national elits 2986 02:45:28.639 --> 02:45:34.200 is a big fire removed from the senigans of industrialization 2987 02:45:34.600 --> 02:45:37.600 because we lost a good generation that has no experience 2988 02:45:37.639 --> 02:45:40.680 with manufacturing, that has the experience with you know, our 2989 02:45:40.799 --> 02:45:41.559 producing things. 2990 02:45:41.639 --> 02:45:44.000 Most of our elits doing another. 2991 02:45:44.200 --> 02:45:47.360 Body on this platform that we're bankers, who are jury 2992 02:45:47.520 --> 02:45:49.399 workers or were financial people. 2993 02:45:49.559 --> 02:45:53.120 You know, very few people have experience producing. 2994 02:45:52.760 --> 02:45:57.639 And it's so it's really that's this, that's a big 2995 02:45:57.959 --> 02:46:00.399 discussion between our past, such. 2996 02:46:00.200 --> 02:46:02.520 As what is possible and reality. 2997 02:46:02.879 --> 02:46:05.799 So that said, the opportunity for US, if you ask me, 2998 02:46:06.360 --> 02:46:08.840 is to look at the threade patterns between the US 2999 02:46:08.879 --> 02:46:12.200 and the world, but not just US Europe, because I'm 3000 02:46:12.280 --> 02:46:15.920 convinced that Europe will follow the same way that US 3001 02:46:16.040 --> 02:46:17.000 is taken. 3002 02:46:17.120 --> 02:46:21.840 Now, simple because you cannot. You cannot rely on a 3003 02:46:21.959 --> 02:46:23.120 communist states. 3004 02:46:23.920 --> 02:46:24.079 You know. 3005 02:46:24.399 --> 02:46:25.440 That's why I have that question. 3006 02:46:25.600 --> 02:46:29.680 Don't whether China is competitive or not. 3007 02:46:29.959 --> 02:46:32.680 You simply cannot rely on China just because of this 3008 02:46:32.840 --> 02:46:36.399 political makeup that said, they want to move away, and 3009 02:46:36.479 --> 02:46:37.520 they should move away. 3010 02:46:37.840 --> 02:46:38.840 The question is to go. 3011 02:46:39.680 --> 02:46:42.639 Now, if we don't take a deliberate effort, you'll be surprised. 3012 02:46:42.879 --> 02:46:46.920 Let's suto, lesuto. Those two are fifteen million dollars of 3013 02:46:47.079 --> 02:46:51.559 exports in governments and access stress to the US too, 3014 02:46:51.600 --> 02:46:55.600 and fifteen million dollars you know which industry Landinia is 3015 02:46:55.680 --> 02:46:58.079 exported to have fifteen million dollars in the world about 3016 02:46:59.479 --> 02:47:04.280 to ave that's crazy, that's increasy. 3017 02:47:04.319 --> 02:47:05.840 But that negotiating because. 3018 02:47:05.559 --> 02:47:07.319 That's my Yeah. 3019 02:47:07.360 --> 02:47:09.719 But so that's not the point. You are the point 3020 02:47:09.760 --> 02:47:13.239 and the table ship negotiate ahead. 3021 02:47:13.479 --> 02:47:16.319 But you had, you had production based to negotiate with. 3022 02:47:17.079 --> 02:47:21.040 We we have to ask ourselves were complaining Nigeria's like. 3023 02:47:21.239 --> 02:47:24.719 Economy, how much can you raise? You assassle, how much 3024 02:47:24.799 --> 02:47:27.200 can you raise? Which plants can you build? Because this 3025 02:47:27.319 --> 02:47:30.239 and the puture should be asking ourselves. Dangote has done 3026 02:47:30.280 --> 02:47:32.920 it over and over. It can be done at the 3027 02:47:32.959 --> 02:47:35.360 biggest level. So if we don't move away from this 3028 02:47:35.559 --> 02:47:39.319 mindset of analyzing to Paranoya, you know, and and you know, 3029 02:47:39.360 --> 02:47:41.920 without moving to actual concrete steps. 3030 02:47:42.079 --> 02:47:43.719 I think we jump waste our time. 3031 02:47:43.799 --> 02:47:47.680 It is a point, Nelson I gain. The point is 3032 02:47:47.719 --> 02:47:50.840 that we have to talk about what we like. I said, 3033 02:47:51.120 --> 02:47:53.760 go to the state. I don't let us. It's a 3034 02:47:53.799 --> 02:47:54.680 bit too crowded. 3035 02:47:55.399 --> 02:47:56.200 Go to good. 3036 02:47:56.239 --> 02:47:59.920 That's good, there's even buyers at those coasters. But like 3037 02:48:00.079 --> 02:48:03.680 calaber because Ge was there, Ge went there, top one 3038 02:48:03.719 --> 02:48:09.440 billion dollars something there that whole state designated no taxes, 3039 02:48:09.680 --> 02:48:17.079 special status, no federal taxes, no state taxes, no federal 3040 02:48:17.280 --> 02:48:23.360 nor states, nothing only for FDI. So if you if 3041 02:48:23.360 --> 02:48:25.959 you're even if you're in Nigeria taking money abroad bringing back, 3042 02:48:26.000 --> 02:48:28.799 go to Calabar, don't pay any tax. You have that 3043 02:48:28.879 --> 02:48:31.680 set up in Calabar. You can export one hundred percent, 3044 02:48:31.879 --> 02:48:35.280 no part duty nothing. When they come, where will their 3045 02:48:35.319 --> 02:48:37.840 workers stay? Will they not stay in Nigeria? Won't they 3046 02:48:37.959 --> 02:48:40.840 flying to Legos? Would they buy young from Candle? Would 3047 02:48:40.840 --> 02:48:44.159 they buy shoes in Nigeria? Are big but you lose 3048 02:48:44.200 --> 02:48:47.000 the taxes but you gained it? No how change did 3049 02:48:47.040 --> 02:48:48.120 it with the coust cities. 3050 02:48:48.600 --> 02:48:49.600 We have to copy. 3051 02:48:49.719 --> 02:48:53.120 Water has worked fighting and it's like Victor US said, 3052 02:48:53.120 --> 02:48:56.239 it's both ways. Even if you can't export to America. 3053 02:48:56.399 --> 02:49:01.000 Remember Chance is not buying goods from Brazil to God. 3054 02:49:01.200 --> 02:49:05.079 They're buying beef from Brazil. So when will Brazils customers 3055 02:49:05.159 --> 02:49:07.840 go to because Brazil no longer has beef to sell 3056 02:49:07.920 --> 02:49:10.920 to them, they will come to Nigeria. So the Nigeria 3057 02:49:11.000 --> 02:49:15.360 has ranches and can do hallal meat. We can also 3058 02:49:15.559 --> 02:49:18.600 export that meat. I talked on this space about and 3059 02:49:19.000 --> 02:49:24.239 what's that plant our father in Arizona. They are fighting, 3060 02:49:24.319 --> 02:49:27.680 not because our Saudis are buying land. Our father needs 3061 02:49:28.040 --> 02:49:32.280 son hot sun and water, which will have in Nigeria 3062 02:49:32.719 --> 02:49:35.920 hot sun and water. So the Saudis and the Catarists 3063 02:49:35.920 --> 02:49:37.959 are going to to buy lots of land to plant. 3064 02:49:38.000 --> 02:49:42.440 Our father just the grass, our father multimillion dollar in enterprise. Meanwhile, 3065 02:49:42.440 --> 02:49:45.200 the lot of Nigeria is lying there furlow with lots 3066 02:49:45.239 --> 02:49:48.319 of space. So if we if we look at the 3067 02:49:48.440 --> 02:49:51.520 pluggin of how the global economy works, we can plug 3068 02:49:51.600 --> 02:49:54.559 in Trump is going to be Trump tomorrow Monday, this 3069 02:49:54.639 --> 02:49:57.799 morning's going to put on that tweet to our person's 3070 02:49:57.799 --> 02:50:00.719 gonna do it tweet. Trump will be Trump. So you 3071 02:50:00.959 --> 02:50:04.120 have to negotiate and to push yourself knowing that Trump 3072 02:50:04.280 --> 02:50:07.239 is Trump. You can't be agreed that rain is bad. 3073 02:50:07.479 --> 02:50:10.399 Rain is but it will still fall. Nephini, ceasy what 3074 02:50:10.520 --> 02:50:13.520 I invite on villa not it is still fall. Let 3075 02:50:13.559 --> 02:50:15.719 me get a free boat tarks of nding with your afy. 3076 02:50:15.840 --> 02:50:22.920 What's as you said, this is a bit wide. I 3077 02:50:23.000 --> 02:50:25.319 can even I'm not sure to even touch on a 3078 02:50:25.399 --> 02:50:26.639 few questions way back. 3079 02:50:26.639 --> 02:50:30.319 We left Nigeria and investing. But I think what's the 3080 02:50:30.440 --> 02:50:33.040 last space specific for this just specific for times. But 3081 02:50:33.120 --> 02:50:35.159 I think we've did a good job with the economic review. 3082 02:50:35.200 --> 02:50:37.319 Will look agree to touch on. 3083 02:50:37.479 --> 02:50:40.200 Alson mentioned that there is opportunity in the power of 3084 02:50:40.239 --> 02:50:44.000 markets and Nigeria does need to position I think even 3085 02:50:44.040 --> 02:50:46.920 the last but Nigel does this person first policy and infrastructure. 3086 02:50:46.959 --> 02:50:52.159 I've had two separate power companies owned by Nigerian's last 3087 02:50:52.280 --> 02:50:56.360 year who settled outside. So there's a Nigela power company 3088 02:50:56.479 --> 02:50:59.639 that set up manufacturing in Morocco. They gotta found the 3089 02:50:59.760 --> 02:51:01.920 last simply because of challenges in Nigeria. 3090 02:51:02.079 --> 02:51:05.959 Wow. Another that's actually looking too based on their success. 3091 02:51:06.000 --> 02:51:08.840 They're also in Nigeria. They're gonna they're looking to move 3092 02:51:08.879 --> 02:51:11.719 Tomorrowco as well. So even the low. 3093 02:51:11.639 --> 02:51:14.719 Hanging opportunities and know some points that Nigeria is losing 3094 02:51:14.760 --> 02:51:18.760 out due to policy and under standard challenges with the market. 3095 02:51:20.280 --> 02:51:24.360 As far as the so you're saying in Nigerian companies 3096 02:51:24.479 --> 02:51:27.120 leave in Nigeria until the Morogo No. 3097 02:51:27.280 --> 02:51:28.520 In Nigeriaka they left. 3098 02:51:28.840 --> 02:51:31.239 There's a there's an Apparall company, the white label Appera 3099 02:51:31.280 --> 02:51:33.360 company produced on behalf of Zarah's one of the brands. 3100 02:51:33.360 --> 02:51:34.040 They already left. 3101 02:51:34.239 --> 02:51:37.239 They got funding and they set up in market. They're gone. 3102 02:51:39.159 --> 02:51:42.600 So this happened last year. I was on that deal, 3103 02:51:42.760 --> 02:51:46.600 so that was my experience there. But they cited challenges 3104 02:51:46.680 --> 02:51:49.600 in the markets in ninety four reasons for leaving. And 3105 02:51:49.719 --> 02:51:51.600 they have their own brand as well that was in 3106 02:51:51.760 --> 02:51:57.000 Rogue and Q They it's they really wanted to build 3107 02:51:57.079 --> 02:52:01.520 in NINJURYA, but they were also I don't want to 3108 02:52:01.559 --> 02:52:04.280 devate the conversation to as that point, but to build 3109 02:52:04.319 --> 02:52:04.520 on that. 3110 02:52:05.639 --> 02:52:10.200 Taking taking advantage of tariffs or the change of the 3111 02:52:10.319 --> 02:52:12.159 current climate is not very easy. 3112 02:52:12.520 --> 02:52:14.959 It does take a bit of time, even even to 3113 02:52:15.079 --> 02:52:18.760 give our current administration terms of flag. It's not something 3114 02:52:18.799 --> 02:52:21.200 that can easily be by entry happening. We don't even 3115 02:52:21.319 --> 02:52:25.000 have the experience or the evidence that we can do 3116 02:52:25.120 --> 02:52:27.799 it when we have a stable climate. So in this 3117 02:52:27.920 --> 02:52:30.200 kind of this current climate, I know we have to 3118 02:52:30.280 --> 02:52:33.000 do something not necessarily have, but I'm not I'm not 3119 02:52:34.040 --> 02:52:36.639 positive that they will be able to adapt. Maybe on 3120 02:52:36.719 --> 02:52:39.239 a private level, there might be pople states so as 3121 02:52:39.280 --> 02:52:40.920 you mentioned, it might be able to make some changes, 3122 02:52:41.559 --> 02:52:43.920 but as well as the country if we don't have 3123 02:52:44.079 --> 02:52:48.719 that dynamism in the office at the moment, I don't 3124 02:52:48.840 --> 02:52:50.959 just looking at the evidence, but. 3125 02:52:51.440 --> 02:52:54.000 It's that's why the tariffs have been. 3126 02:52:55.840 --> 02:52:59.639 Only critique on Film safe. It's it's a shotgun approach. 3127 02:53:00.159 --> 02:53:02.479 You have a baseline that you said, TIFFs on almost 3128 02:53:02.520 --> 02:53:06.799 all countries and then selectively higher types and certain countries. 3129 02:53:07.159 --> 02:53:09.639 And we understand YEA, they want to bring manufacturer back, 3130 02:53:09.719 --> 02:53:11.440 or it comes. 3131 02:53:11.200 --> 02:53:13.760 From the position that they feel America has been taking 3132 02:53:13.799 --> 02:53:17.159 advantage over the last decade or two decades. And you 3133 02:53:17.280 --> 02:53:20.760 can argue here then whether you think that's true. They 3134 02:53:20.799 --> 02:53:26.079 have been non tariff limitations on America. Look at China, 3135 02:53:26.200 --> 02:53:29.239 they have their limitations with certain industries that can't be 3136 02:53:29.280 --> 02:53:32.520 invested in by the US. Certain companies can't produce or 3137 02:53:32.600 --> 02:53:36.959 provide their services in China. So from the US point 3138 02:53:36.959 --> 02:53:40.639 of view, it's a constant battle. But also I don't 3139 02:53:40.680 --> 02:53:44.520 think they could be mentioned that no one knows what's 3140 02:53:44.600 --> 02:53:48.319 going to happen or whether this situation is going to 3141 02:53:48.399 --> 02:53:49.120 stay the same. 3142 02:53:49.159 --> 02:53:51.000 After he's gone in the next two years or next 3143 02:53:51.040 --> 02:53:51.520 five years. 3144 02:53:52.040 --> 02:53:57.159 But historically speaking, tariffstone they don't change the change of inverstation. 3145 02:53:57.239 --> 02:54:00.719 They tend to eat those tariffs. On my point is 3146 02:54:01.399 --> 02:54:03.719 this current climate we have isn't. 3147 02:54:03.559 --> 02:54:07.040 Going anywhere over the next decade. Promos change the ecno 3148 02:54:07.120 --> 02:54:08.879 glians landscape forever. 3149 02:54:09.120 --> 02:54:12.920 Thanks for emphasizing that point. That's the point that I'm 3150 02:54:12.920 --> 02:54:15.360 trying to emphasize that this has don't done with Trump, 3151 02:54:15.600 --> 02:54:18.559 And what I mean is when he leaves, don't think 3152 02:54:18.639 --> 02:54:20.159 this is they're going to reverse his policy. 3153 02:54:20.319 --> 02:54:24.479 This is now the reality going forward. This is the 3154 02:54:24.600 --> 02:54:25.719 this is really realguing for that. 3155 02:54:25.879 --> 02:54:28.239 It's so if you look at stortainly historicals. 3156 02:54:27.840 --> 02:54:30.879 Those those even by the starrups of the times. 3157 02:54:30.639 --> 02:54:34.760 Before Obama's stay, they didn't they didn't change. 3158 02:54:35.200 --> 02:54:38.040 They either add to them or maybe the tweak them 3159 02:54:38.040 --> 02:54:39.280 a little bit. They don't change. 3160 02:54:40.000 --> 02:54:42.360 It's it's seen as as long as it's seen as 3161 02:54:42.399 --> 02:54:42.879 some sort. 3162 02:54:42.719 --> 02:54:46.040 Of advantage that will keep them. And what that means 3163 02:54:46.120 --> 02:54:49.520 is that everyone else either has has to adapt. You 3164 02:54:49.600 --> 02:54:52.920 can fight them, most people will negotiate. 3165 02:54:53.159 --> 02:54:56.040 And how do you feel whether it's a very brutish 3166 02:54:56.079 --> 02:54:58.319 approach and it probably. 3167 02:54:58.040 --> 02:55:01.239 Does more harm in the short term, but it's played well, 3168 02:55:01.719 --> 02:55:02.159 it could. 3169 02:55:02.079 --> 02:55:04.520 Work out for it. I mean, my my criticism of 3170 02:55:04.600 --> 02:55:07.200 them is just that I don't think they explained this properly. 3171 02:55:07.600 --> 02:55:10.360 I think I get I get better explanations when from 3172 02:55:10.360 --> 02:55:12.920 the people flow they've already explained. I know they're trying 3173 02:55:12.959 --> 02:55:19.920 to be purposefully opick, but they haven't really explained to Americans. 3174 02:55:19.479 --> 02:55:22.719 Why they need to pose a tariff. 3175 02:55:23.079 --> 02:55:25.559 If you call three guys in are going to get 3176 02:55:25.600 --> 02:55:30.120 three different answers. So they have to do something very said, 3177 02:55:30.680 --> 02:55:32.760 you know, and again it's you know. 3178 02:55:33.719 --> 02:55:37.000 It's because it's been a while since it's been a 3179 02:55:37.079 --> 02:55:40.280 while since you had this tarish climate, at least to 3180 02:55:40.319 --> 02:55:41.200 the extreme. 3181 02:55:41.280 --> 02:55:43.559 Last time, the last time he was in office. But 3182 02:55:43.680 --> 02:55:46.280 prior to that, that hasn't been the means of. 3183 02:55:48.479 --> 02:55:50.399 So a lot of the new age economics don't really 3184 02:55:50.520 --> 02:55:52.639 have that experience with the climate. 3185 02:55:52.840 --> 02:55:55.920 Yeah, but so far, I would you say, do you 3186 02:55:55.959 --> 02:55:58.280 think it's working? Because I just I watched the guy 3187 02:55:58.360 --> 02:56:02.079 the the Economic Advice a scene at fifty countries want 3188 02:56:02.120 --> 02:56:04.920 to come to America and negotiate. So do you think 3189 02:56:05.000 --> 02:56:07.360 this gamble is working? Do you think it's too early 3190 02:56:07.479 --> 02:56:07.840 to call? 3191 02:56:09.000 --> 02:56:11.639 It's too early to call, because for example, if we 3192 02:56:11.719 --> 02:56:13.719 wake up tomorrow morning and the market. 3193 02:56:13.520 --> 02:56:16.440 Goes down to it's going to go down that, yeah, 3194 02:56:17.600 --> 02:56:19.600 the market is going to go down. The might is 3195 02:56:19.600 --> 02:56:21.159 gonna go down. But again a little they look at 3196 02:56:21.680 --> 02:56:22.239 I post. 3197 02:56:22.120 --> 02:56:24.559 It for you, Roberts right, I'm gonna they will have 3198 02:56:24.639 --> 02:56:25.079 a struggle. 3199 02:56:25.639 --> 02:56:28.280 I post it what's right for you, Robert Fright said, 3200 02:56:28.319 --> 02:56:30.600 the stock my face, not the economy're living there. 3201 02:56:33.719 --> 02:56:34.280 That's is true. 3202 02:56:34.879 --> 02:56:38.639 If I compose a question over if your thoughts on how. 3203 02:56:40.040 --> 02:56:47.280 Sensitive market will be potentially this week left can stay started. 3204 02:56:48.559 --> 02:56:49.200 I looked at my. 3205 02:56:51.680 --> 02:56:56.319 Mine who Individu, and I was just looky emmy emi. 3206 02:56:56.440 --> 02:57:01.239 So just on my platform was just taking and I 3207 02:57:01.360 --> 02:57:05.520 also eatchager. I just stayed again and I saw Imperium 3208 02:57:05.799 --> 02:57:09.559 at one thousand and five hundred and eighty while color 3209 02:57:09.639 --> 02:57:10.920 Space was on one thousand. 3210 02:57:11.159 --> 02:57:13.000 Everything was happening, you see. 3211 02:57:13.319 --> 02:57:17.680 I before Carlos Space, I was reading good. 3212 02:57:17.559 --> 02:57:23.159 Man Sacks, JPMorgan and Pepper and Jeffreys investment reports and 3213 02:57:23.280 --> 02:57:26.879 they said please escaped me said that each fund, guys, 3214 02:57:27.680 --> 02:57:31.360 we're going to liquid it about thirty billion dollars in 3215 02:57:31.479 --> 02:57:34.879 the comedies if President Drupe doesn't come out with a 3216 02:57:35.079 --> 02:57:37.040 positive response. 3217 02:57:36.680 --> 02:57:39.440 To the market. And I thought that, okay, maybe this. 3218 02:57:39.559 --> 02:57:43.600 Is a byside that most as well investment banks say sale, 3219 02:57:43.799 --> 02:57:44.040 you do. 3220 02:57:44.120 --> 02:57:44.920 To put it to buy. 3221 02:57:45.559 --> 02:57:49.479 But what wills kept me more was when I saw 3222 02:57:50.959 --> 02:57:55.440 a literiary reportform different fund managers say that. 3223 02:57:56.920 --> 02:57:58.959 Trump has really missed the back up. 3224 02:57:59.159 --> 02:58:02.600 You see what's happening, bitcom doing them don't give you 3225 02:58:02.799 --> 02:58:05.000 an inside if you look at this week last week. 3226 02:58:05.440 --> 02:58:07.920 But all the druma that happened, Bitcome was able to 3227 02:58:08.159 --> 02:58:11.520 hold the into two thousand and five undreds superpuly I. 3228 02:58:11.520 --> 02:58:13.879 Would really wor really why was that possible? 3229 02:58:14.000 --> 02:58:15.079 Was because black. 3230 02:58:14.959 --> 02:58:19.200 Rock has about fifty one billion what at the times 3231 02:58:19.280 --> 02:58:21.520 was about it five thousand, so they have about five 3232 02:58:21.559 --> 02:58:22.600 hundred thousand bits coins. 3233 02:58:22.799 --> 02:58:25.719 If we look at macro Strategy, they have about four 3234 02:58:25.760 --> 02:58:26.719 hundred thousand piece coin. 3235 02:58:26.920 --> 02:58:29.600 If you look at us comment they have four hundred thousand. 3236 02:58:29.719 --> 02:58:31.079 Look at Chinese government. 3237 02:58:30.840 --> 02:58:34.479 So systemic editor's own piece coins. So you expect for 3238 02:58:34.600 --> 02:58:37.959 form of stability look like the vulatity so in. 3239 02:58:38.239 --> 02:58:42.840 COVID or years back, but right now become prove blue 3240 02:58:42.959 --> 02:58:46.799 two thousand and the chat now looks like great tea. 3241 02:58:47.120 --> 02:58:49.879 So if kind of saying that okay, Trump has good 3242 02:58:49.920 --> 02:58:51.079 to be every I agree. 3243 02:58:50.920 --> 02:58:52.760 But markets right now, the market. 3244 02:58:52.559 --> 02:58:55.840 Is parableic, and you know that there's a positive condition 3245 02:58:56.120 --> 02:58:58.479 between US talks and the people. 3246 02:58:58.559 --> 02:59:04.399 Markets didn't represents something the market wants to year, we 3247 02:59:04.799 --> 02:59:07.879 might be ready to go to the village. That's my opinion. 3248 02:59:08.079 --> 02:59:11.399 But again the compact isn't that this is the plan. 3249 02:59:12.280 --> 02:59:15.479 The plan is to cause stocks to fall so that 3250 02:59:15.719 --> 02:59:19.799 funds flow to bonds and yields fall. So what you're saying, 3251 02:59:19.840 --> 02:59:22.200 you're actually seeing that that plan is working. This is 3252 02:59:22.360 --> 02:59:25.639 it is on purpose. Why this is happening. Bitcoin and 3253 02:59:25.760 --> 02:59:27.920 stocks didn't wake up. That's what we're going to fall. 3254 02:59:28.440 --> 02:59:31.239 They could have done this with letters and will know 3255 02:59:31.319 --> 02:59:33.600 about it and the market to know how falling. They 3256 02:59:33.799 --> 02:59:37.079 want the market to fall to force capitals to flow 3257 02:59:37.159 --> 02:59:40.840 to bonds. There's a stock market, there's a bond market. 3258 02:59:40.920 --> 02:59:45.520 The bond market is twenty billion trillion times bigger and 3259 02:59:45.719 --> 02:59:48.680 more important than the stock market. That's what they're basically saying. 3260 02:59:48.920 --> 02:59:53.079 But we buy stocks, so we know Tesla, we know snapchats. 3261 02:59:53.280 --> 02:59:56.280 But the bond market is the gorilla that drives the 3262 02:59:56.399 --> 02:59:59.680 global economy, the most important investment in the entire