WEBVTT 1 00:00:03.319 --> 00:00:07.120 Hey, folks, welcome to under money space with me. My 2 00:00:07.240 --> 00:00:10.279 name is carlu Ager and of course in this space 3 00:00:10.320 --> 00:00:13.039 we're talking money, the economy and finance. We had a 4 00:00:13.039 --> 00:00:15.599 bit of a technical issue a new space, so thank 5 00:00:15.640 --> 00:00:17.839 you all for migrating. I couldn't hear you, guys, and 6 00:00:17.920 --> 00:00:20.320 of course we can have a space if I can 7 00:00:20.399 --> 00:00:23.079 hear you guys. So this week, of course we're talking. 8 00:00:23.079 --> 00:00:26.679 We're gonna review the new inflation methodology that was released 9 00:00:26.719 --> 00:00:29.160 by the Nigerian Bureau of Statistics. See if you've been 10 00:00:29.280 --> 00:00:32.359 fallowing the news. The NBS came out to the news 11 00:00:32.359 --> 00:00:36.359 stats this week that says our inflation, the Nigrous co 12 00:00:36.520 --> 00:00:41.280 inflation has fallen from thirty four percent to about twenty 13 00:00:41.359 --> 00:00:44.960 four percent, So essentially we have prices to rise in 14 00:00:45.079 --> 00:00:48.880 but at a slower pace, so according to NBS, only 15 00:00:49.000 --> 00:00:51.320 rising by twenty four percent and not the very very 16 00:00:51.439 --> 00:00:55.079 high thirty four percent that we had it over the week. 17 00:00:55.359 --> 00:00:58.520 So that's gonna be our main topic this Sunday. We're 18 00:00:58.520 --> 00:01:01.759 gonna start to review our MBS was able to reduce 19 00:01:01.799 --> 00:01:04.959 the inflation number and then maybe see the impact of 20 00:01:05.040 --> 00:01:08.719 that number on the MPR called the Mantrip Policy Rate 21 00:01:09.760 --> 00:01:12.480 try to explain how that is connected and also how 22 00:01:12.519 --> 00:01:15.480 does that then affects other asset classes out there. So 23 00:01:15.519 --> 00:01:18.920 if you're doing fixed income, if you're doing equities, how 24 00:01:18.920 --> 00:01:22.040 does the fall in the interest rate affect you? Right, 25 00:01:22.480 --> 00:01:24.920 that's what we'll talk about on Sunday, but always a 26 00:01:24.920 --> 00:01:27.719 good time on Sunday to also review what's happening in 27 00:01:27.840 --> 00:01:30.599 gen economy in the past week, because I don't know 28 00:01:30.719 --> 00:01:33.640 if you tune in from the US, the UK and Canada, 29 00:01:34.079 --> 00:01:35.519 and this is one of the places where you guys 30 00:01:35.519 --> 00:01:38.680 get your information about what's happened in Nigeria. So I'll 31 00:01:38.680 --> 00:01:40.319 start to mab we give you, guess a summary of 32 00:01:40.359 --> 00:01:44.319 the key financial issues going in the country that would 33 00:01:44.359 --> 00:01:45.879 help you the show making and all that. 34 00:01:46.920 --> 00:01:48.840 So I think the main one. 35 00:01:48.719 --> 00:01:51.040 That I saw this week that I also affect my 36 00:01:51.200 --> 00:01:54.879 topic this week is mystart Iwuani. If you get the 37 00:01:54.879 --> 00:01:59.200 misstarted Juani, it's foremost economist then Nigeria. He said, Nigeria, 38 00:01:59.200 --> 00:02:03.599 we're spending about eight billion to defend the nira. Eight billion, 39 00:02:03.680 --> 00:02:07.959 that's what it would be. So essentially, how you defended 40 00:02:07.959 --> 00:02:11.360 the nira is that you're the central bank. You have 41 00:02:11.479 --> 00:02:14.759 foreign reserves, right, you can borrow foreign reserves, and you 42 00:02:14.840 --> 00:02:18.360 can end foreign reserves which means the dollar. Right, we 43 00:02:18.400 --> 00:02:21.960 can sell crude oil and end dollars, or we can 44 00:02:22.039 --> 00:02:27.000 borrow dollars from eurobond of an intentional market. So Nigeria 45 00:02:27.319 --> 00:02:30.800 has issued about a five hundred dollars dollar bond in 46 00:02:30.919 --> 00:02:33.199 Nigeria local dollar bond, which means that we came to 47 00:02:33.280 --> 00:02:37.680 Nigeria and two dollars from Nigerian's in Nigeria. We also 48 00:02:37.759 --> 00:02:41.319 have eurobonds, it should also which means we went to 49 00:02:41.879 --> 00:02:45.120 outside Nigeria and issued dollars. So we've got all this 50 00:02:45.280 --> 00:02:48.159 borrowing in dollars, right, plus we end crude oil. So 51 00:02:48.199 --> 00:02:50.879 when you end, when you end dollars and you have 52 00:02:50.919 --> 00:02:54.360 a nira currency, the Nigeria and era currency is losing value. 53 00:02:54.840 --> 00:02:56.919 If you want to defend the nira, what you do 54 00:02:57.000 --> 00:02:59.879 is that you sell dollars because anything you sell you 55 00:03:00.120 --> 00:03:02.120 have to then buy something on the other side, have 56 00:03:02.159 --> 00:03:06.080 to balance the equation. So we've sold dollars. We'll borrowed 57 00:03:06.159 --> 00:03:08.840 dollars and then sold it and then of course we 58 00:03:08.960 --> 00:03:11.639 bought nira. So when the central bank does that, the 59 00:03:11.759 --> 00:03:14.719 narra would appreciate. So when you say sold dollars to 60 00:03:14.759 --> 00:03:16.960 who to the bd cs. So if you look at 61 00:03:16.960 --> 00:03:20.719 the center, Bank has continued its policy of supporting the 62 00:03:20.759 --> 00:03:23.000 bidc market. So every week, if you look at the 63 00:03:23.039 --> 00:03:26.479 bidity market, every week there's there are new folks. There's 64 00:03:26.479 --> 00:03:29.479 always a constant supply of dollars to the burroter shage. 65 00:03:29.759 --> 00:03:31.879 The idea is that if the burder shags have got 66 00:03:32.120 --> 00:03:35.960 dollars and Nigerians believe that there's going to be dollars available, 67 00:03:36.560 --> 00:03:38.960 then there's no need to hunt dollars. Right, there's no 68 00:03:39.039 --> 00:03:41.599 need to holt dollars. I don't think the private of 69 00:03:41.639 --> 00:03:44.080 the dollars should be one four or one five. That's 70 00:03:44.120 --> 00:03:46.240 a bit too high. So why is there one for 71 00:03:46.360 --> 00:03:49.120 one five? Because lots of Nigerians do not believe that 72 00:03:49.439 --> 00:03:51.439 they will get dollars if they request on the bank. 73 00:03:51.520 --> 00:03:54.439 So when people want to apply, maybe they'll need a 74 00:03:54.479 --> 00:03:57.439 thousand dollars to do that transition, they apply for fifteen 75 00:03:57.520 --> 00:04:00.319 hundred or two thousand, just because they want to make 76 00:04:00.360 --> 00:04:03.439 sure that they can get their request. So this excess 77 00:04:03.479 --> 00:04:06.599 request is what's causing this demand pushes one of the 78 00:04:06.599 --> 00:04:10.479 reasons why this is causing the excess demand on the dollar. 79 00:04:10.560 --> 00:04:12.879 So you see, it's constantly going up because there's excess 80 00:04:12.879 --> 00:04:16.879 demand from people. There's an expectation that the nira will 81 00:04:17.079 --> 00:04:19.480 we'll waken or a dollar will strength in superlan recasing 82 00:04:19.519 --> 00:04:22.199 for that dollar. That's one big reason. The reason is 83 00:04:22.199 --> 00:04:25.160 they fall in Niger's exports of crude oil. You know, 84 00:04:25.360 --> 00:04:28.199 with now, I think the last month or so, we've 85 00:04:28.240 --> 00:04:32.120 increased our exports in crude oil. We've now surpassed the 86 00:04:32.199 --> 00:04:34.639 upper quota of one point five. We're now we're meeting 87 00:04:34.639 --> 00:04:37.040 that quota, and I think we're doing more than that quota. 88 00:04:37.360 --> 00:04:39.680 That means dollars are going to come into the country, right, 89 00:04:39.759 --> 00:04:42.199 So that's also positive for the naira very very positive 90 00:04:42.240 --> 00:04:45.720 for an error. Also, we have Dangota refinery Doglatory finding 91 00:04:45.720 --> 00:04:47.800 was supposed to be a big game changer because once 92 00:04:47.800 --> 00:04:49.920 you have a Dangoto refinery, that means you are not 93 00:04:50.279 --> 00:04:53.800 spending lots of dollars to import PMS into the country. 94 00:04:54.199 --> 00:04:56.079 So supposed to be a big game changer. 95 00:04:56.319 --> 00:05:01.000 But Danglote is importing crude oil, so the NNPC does 96 00:05:01.000 --> 00:05:03.319 not have enough crude oil to give to not just 97 00:05:03.360 --> 00:05:05.959 than go to, but the other local refiners. What that 98 00:05:06.079 --> 00:05:09.959 means is that we have just changed the name of 99 00:05:09.959 --> 00:05:13.800 the import. We are importing pms. Now we are importing 100 00:05:13.879 --> 00:05:17.360 crude oil. But in effect we are spending down our reserves. 101 00:05:17.360 --> 00:05:20.639 So as you can see, while we make money on 102 00:05:20.720 --> 00:05:23.399 the exports of crude oil and also on the boring 103 00:05:23.480 --> 00:05:26.040 of the dollar, we turn and we spend it on 104 00:05:26.279 --> 00:05:28.920 supporting and defending there. So eight billion dollars has gone 105 00:05:28.920 --> 00:05:32.879 to that and that's why Naral has maintained this strengthening 106 00:05:33.079 --> 00:05:37.319 posture for the last two months. So I listen, don't 107 00:05:37.800 --> 00:05:40.079 bank too much on the strength of the dollar because 108 00:05:40.319 --> 00:05:44.000 i e. The exchange rate terms, because the NARA might 109 00:05:44.040 --> 00:05:46.439 weaken later on. That's that's what he's saying. So that's 110 00:05:46.560 --> 00:05:50.040 very significant piece of information right there. Get like I 111 00:05:50.079 --> 00:05:52.160 told you guys in vision rate is going to has 112 00:05:52.199 --> 00:05:55.040 come down, big, big, major news that we're going to dive. 113 00:05:54.800 --> 00:05:56.079 Into our this week. 114 00:05:56.360 --> 00:05:57.680 Just on the beside, I saw it the cut of 115 00:05:57.800 --> 00:06:00.920 my eye and I saw the guys from flutter Wave. 116 00:06:00.920 --> 00:06:02.560 If they were in Afro Rock, they were going to 117 00:06:02.560 --> 00:06:06.000 be the president. They want to also list that's also material. 118 00:06:06.040 --> 00:06:09.399 Flota is one of the shouted the unicorns in Nigeria. 119 00:06:09.480 --> 00:06:12.240 Unicorn means that there are valuations over a billion dollars right, 120 00:06:12.720 --> 00:06:16.839 and where if fintech is able to present the flutter 121 00:06:16.920 --> 00:06:19.879 wave to Nigeria's stock market and to list it, that 122 00:06:19.920 --> 00:06:22.600 deepens the market, that creates more wealth, I think for 123 00:06:22.680 --> 00:06:25.040 Nigeria's because we can now buy and sell into that 124 00:06:25.360 --> 00:06:28.720 story that grows to it, which is fintech true flotter wave. 125 00:06:28.920 --> 00:06:31.360 So that's positive for Nigeria, right that we can get 126 00:06:31.360 --> 00:06:34.319 that done in record time and maybe get them listed 127 00:06:34.360 --> 00:06:38.399 under the market deepens. We're also waiting for Dangote, the 128 00:06:38.480 --> 00:06:42.040 Dangota Refineries, welso waiting for them to list. Hearing that 129 00:06:42.040 --> 00:06:44.480 they want to list this year. Let's see what happens 130 00:06:44.480 --> 00:06:46.480 if they list. That will also blow up the market 131 00:06:46.480 --> 00:06:49.759 in a positive way because then they can borrow, they 132 00:06:49.759 --> 00:06:52.480 can bring down their cost of capital and perhaps then 133 00:06:52.560 --> 00:06:56.319 fund their operations. The bulk of the process in dollars 134 00:06:56.360 --> 00:06:59.319 because they're important corude or from the US, but in 135 00:06:59.399 --> 00:07:02.839 the NAP is able to really really focus and supply 136 00:07:02.959 --> 00:07:06.959 these guy's recrude oil, then Nigene economy, my view, just 137 00:07:07.040 --> 00:07:12.040 turned around, really really for good. The way to getting 138 00:07:12.160 --> 00:07:16.480 Nigene economy to work is to get the NNPC to 139 00:07:16.480 --> 00:07:20.959 supply all the local refineries crude oil and let them 140 00:07:21.000 --> 00:07:25.000 bite in dollar, not narra in dollar. They bite in dollar. 141 00:07:25.600 --> 00:07:29.439 They're able to refine and supply local PMS to niger 142 00:07:29.600 --> 00:07:34.399 market and they do a subsidy. There is nothing wrong 143 00:07:34.439 --> 00:07:36.800 with the subsidy. The subsidy is giving the bad need 144 00:07:36.879 --> 00:07:40.959 because it's imported subsidy. When you import a product and 145 00:07:41.000 --> 00:07:44.399 you subsidize it, then you're killing yourself twice. But if 146 00:07:44.480 --> 00:07:48.319 NPT can take local Nigerian crude oil, convert it to 147 00:07:48.439 --> 00:07:52.839 local PMS and subsidize it locally, there's nothing wrong with 148 00:07:52.879 --> 00:07:55.879 that ware giving everybody Nigeria a tax break. So how 149 00:07:55.920 --> 00:07:58.800 will NNPC, because they are paying in dollars be able 150 00:07:58.800 --> 00:08:01.399 to then recover their money. Well, the by product of 151 00:08:01.439 --> 00:08:05.360 the crude oil, the aviation fuel, the bittermen, the oil, 152 00:08:05.480 --> 00:08:08.639 the fatilizer is from crude oil. They can export that 153 00:08:09.519 --> 00:08:11.759 and they can get their dollars back to them paid 154 00:08:11.759 --> 00:08:14.360 in a giant federation the dollars for the cruder were 155 00:08:14.360 --> 00:08:17.040 giving them. If we are able to have an economy 156 00:08:17.079 --> 00:08:19.000 that works like that, what would happen that the money 157 00:08:19.079 --> 00:08:21.480 Dangote is paying to the United States and orders to 158 00:08:21.519 --> 00:08:25.000 import crude oil. He can use that dollar to supply 159 00:08:25.160 --> 00:08:29.160 PMS at a cheaper price to Nigerian's. PMS should really 160 00:08:29.199 --> 00:08:31.399 really go down. It shouldn't be this one hundred dollars 161 00:08:31.480 --> 00:08:34.879 you go back back down. We should subsidize it. That 162 00:08:34.919 --> 00:08:39.159 then creates an incentive for the local SMME guys in 163 00:08:39.320 --> 00:08:42.799 Nigeria to manufacture. Even if you're in the generator, but 164 00:08:42.879 --> 00:08:45.919 you're buying diesel at five hundred nira, which is a 165 00:08:45.960 --> 00:08:49.639 subsidized diesel, but the subsidy is coming because you are 166 00:08:49.679 --> 00:08:53.759 giving Dangote crude oil and Dangote is exporting that crude oil, 167 00:08:53.799 --> 00:08:56.679 and it's able to then come back and take his 168 00:08:56.840 --> 00:08:59.320 payment to the subsidy from the crude we're giving him. 169 00:08:59.440 --> 00:09:02.000 It's a win for Dangote, it's a wind for Nigeria. 170 00:09:02.080 --> 00:09:05.240 It's a win for the ordinary Nigerian consumer. So I 171 00:09:05.919 --> 00:09:08.240 just hope those I want us to look at in 172 00:09:08.320 --> 00:09:10.879 that light. There is nothing wrong with the subsidies. If 173 00:09:10.879 --> 00:09:13.840 you come to the United States, farmers get diesel at 174 00:09:13.840 --> 00:09:16.879 a subsidized rate, right and they didn't. They won't color 175 00:09:16.919 --> 00:09:20.279 it differently because they know that food is national security. 176 00:09:20.320 --> 00:09:24.559 They give farmers subsidized diesel. Same in Europe energy subsidized. 177 00:09:24.679 --> 00:09:28.120 So Nigeria has been blessed with crudal and gas, then 178 00:09:28.159 --> 00:09:30.679 we have to use it to advantage. We can't sell 179 00:09:31.120 --> 00:09:34.360 crural and gards to Nigerian's at the same rate we 180 00:09:34.519 --> 00:09:37.159 sell to foreign us outside Nigeria, Then what's the point. 181 00:09:37.600 --> 00:09:42.080 What's the advantage? How do we attract in vessels to Nigeria. 182 00:09:42.120 --> 00:09:44.519 But if we did it this way, then you'd have 183 00:09:44.600 --> 00:09:47.159 folks from niger because there's an advantage. If Compnigia, that 184 00:09:47.279 --> 00:09:50.039 is cheap power. But if you Companigien that's expensive power. 185 00:09:50.080 --> 00:09:51.639 Why come to Nigeria. I might as well go to 186 00:09:51.720 --> 00:09:56.000 Ghana or Rwanda. So that's just my point on the NNPC, 187 00:09:56.399 --> 00:09:59.799 on the flutter wave, also on the inflation numbers that 188 00:09:59.840 --> 00:10:02.519 are talking about. So let's get right into it again. Guys, 189 00:10:02.799 --> 00:10:04.799 if you only speak requests to speak or send me 190 00:10:04.840 --> 00:10:06.519 a DM, I can read both of them. Will us 191 00:10:06.840 --> 00:10:09.320 put a quote? I can read them all. Let me 192 00:10:09.840 --> 00:10:11.559 dive right into an angle of the wall that you 193 00:10:11.600 --> 00:10:14.320 guys to hop in and make your submissions. So then 194 00:10:14.679 --> 00:10:17.840 inflation in niger a little bit welcoming literature. Nigeria is 195 00:10:17.879 --> 00:10:22.200 now twenty four percent What that means is that prices 196 00:10:22.240 --> 00:10:25.759 are going up, but they are going up at the 197 00:10:25.879 --> 00:10:30.519 rate of twenty four percent, not thirty four So how 198 00:10:30.519 --> 00:10:34.120 did the NBA has achieve this? When you measure inflation, essentially, 199 00:10:34.159 --> 00:10:36.480 what you're doing is that you take a basket and 200 00:10:36.519 --> 00:10:38.799 you put lots of things in that basket. To Niger's skid, 201 00:10:38.919 --> 00:10:41.879 you put your rent, you put mtenry charge card, you 202 00:10:41.960 --> 00:10:45.600 put in doom, you put everything, price of beer, you 203 00:10:45.639 --> 00:10:47.399 put a lot of things. I think I'm saying that 204 00:10:47.440 --> 00:10:50.200 they're almost one hundred and so items that you put 205 00:10:50.240 --> 00:10:53.000 in the basket. When you put them all in the basket, 206 00:10:53.360 --> 00:10:55.720 then you measure the rate of chin of that basket. 207 00:10:56.200 --> 00:10:58.639 So the basket prices go up by thirty four percent 208 00:10:58.720 --> 00:11:00.799 on average, and you say in flight, which is will 209 00:11:00.799 --> 00:11:06.000 called the consumer price index, has gone up by thirty 210 00:11:06.039 --> 00:11:08.720 four percent. That's basically how the major inflation the average 211 00:11:08.840 --> 00:11:11.919 movement in price of that basket. Somethings go down, some 212 00:11:11.960 --> 00:11:14.559 things go up, right, So they average that twenty four 213 00:11:14.600 --> 00:11:16.759 to thirty four percent. That's what MBAs has done the past. 214 00:11:17.559 --> 00:11:20.559 In the past, that basket was fifty one percent food. 215 00:11:21.240 --> 00:11:25.120 So your tubers, your yam, your cassava, you're planting your fish. 216 00:11:25.159 --> 00:11:28.879 Your meat make up fifty one percent of the Consumer 217 00:11:28.960 --> 00:11:33.080 Price Index CPI and the NBS tracks Now MBS has 218 00:11:33.120 --> 00:11:36.159 said that they're only that that basket food and beverage 219 00:11:36.240 --> 00:11:39.159 is going to make up only forty percent of the 220 00:11:39.240 --> 00:11:41.960 consumer Price Index. What that means is that if the 221 00:11:42.000 --> 00:11:45.240 food prices go up in Nigeria, they can only contribute 222 00:11:45.360 --> 00:11:49.519 forty percent to whatever price is in that basket. So automatically, 223 00:11:49.519 --> 00:11:51.799 if you do the mass, if before food was fifty 224 00:11:51.840 --> 00:11:54.879 one percent and food was very very volatile, and food 225 00:11:54.919 --> 00:11:58.440 contributed to the increase in inflation, if you bring down 226 00:11:58.480 --> 00:12:01.240 that food from fifty one to four, then you've brought 227 00:12:01.279 --> 00:12:03.759 down inflation. It's very very simple, and that's what they've done. 228 00:12:04.000 --> 00:12:08.759 They produced the inflity is food proportion in the CPI 229 00:12:09.000 --> 00:12:12.759 from fifty one percent to forty percent. Thus inflation has 230 00:12:12.799 --> 00:12:15.679 come down from twenty four percent to twenty four percent. 231 00:12:16.120 --> 00:12:20.080 What that tells you, guys, is the impact of food 232 00:12:20.799 --> 00:12:23.919 in Nigeria. That the price of being is the price 233 00:12:24.000 --> 00:12:27.879 of rice in Nigeria is what is driving the cost 234 00:12:28.039 --> 00:12:31.480 of your interest rate in Nigeria. It's tied. It's too direct, 235 00:12:32.000 --> 00:12:35.000 you know, most of us, and we're not most of us. 236 00:12:35.200 --> 00:12:37.559 We live in Legos, we live in Portakata, which are 237 00:12:37.559 --> 00:12:41.279 we live in the cities right, and we do citizens. 238 00:12:41.440 --> 00:12:43.600 We buy a car, we get a mortgage and all 239 00:12:43.600 --> 00:12:46.080 that kind of stuff. But we don't understand the correlation 240 00:12:46.360 --> 00:12:50.000 between what the farmers farm and how we pay for 241 00:12:50.039 --> 00:12:55.279 our rent interest. Because as long as in food is expensive, 242 00:12:55.720 --> 00:12:58.120 that whatever you do in Legos is going to be expensive. 243 00:12:58.159 --> 00:13:00.879 It's just that's It's just that it's tied in. If 244 00:13:00.879 --> 00:13:02.879 you want to borrow more to buy a house and 245 00:13:03.080 --> 00:13:06.200 beans in borrow, No, it's expensive, they're going to pay more. 246 00:13:06.559 --> 00:13:08.840 The way you bring that inflation Nigeria is to bring 247 00:13:08.919 --> 00:13:11.480 down the cost of food in Nigeria. It's so simple 248 00:13:11.480 --> 00:13:13.320 that it's mind going, well, I haven't done it. We 249 00:13:13.320 --> 00:13:16.320 haven't done it. Well, I haven't tried. The problem is 250 00:13:16.360 --> 00:13:20.159 the insurgency and the insecurity in the North. That's the problem. 251 00:13:20.480 --> 00:13:22.840 If there was no insecurity and insurgency, then there will 252 00:13:22.919 --> 00:13:25.320 be more food flow into the cities. But it's none. 253 00:13:26.159 --> 00:13:29.559 Key example Lake Rice that was Keby and Legos. It 254 00:13:29.679 --> 00:13:34.159 started off beautiful concept. Keby has subplots and Rise Legos 255 00:13:34.200 --> 00:13:36.960 have supplots in cash Legos who give kerby cash Kerby 256 00:13:36.960 --> 00:13:40.600 give Legos rise. Everybody is happy, GDP is up, hunger 257 00:13:40.759 --> 00:13:43.840 is down, boasted, make money. But now there's no rice 258 00:13:43.919 --> 00:13:48.000 flowing in the same numbers from KB to Legos. Legos 259 00:13:48.039 --> 00:13:50.039 have got the largest rice mills in the world, sorry 260 00:13:50.039 --> 00:13:52.840 in Subtan Africa, in Legos. But we have no rights 261 00:13:52.919 --> 00:13:56.360 but to make those factories run twenty four to seven. 262 00:13:56.799 --> 00:13:59.600 And that's the problem. We import gary, so's asking me, 263 00:13:59.679 --> 00:14:02.360 William Potgarry, Yes, we import carriy just Google does Nigeria 264 00:14:02.399 --> 00:14:04.399 import garry? You see the picture has seen it myself 265 00:14:04.440 --> 00:14:06.759 in the story in Abuja. We import gary from India. 266 00:14:07.360 --> 00:14:11.840 We import carbonated water, We import everything because local food 267 00:14:11.879 --> 00:14:15.440 is expensive. That's the problem. If you want to make gary, 268 00:14:16.159 --> 00:14:18.919 the total cost to get the cassava, the palm oil, 269 00:14:19.120 --> 00:14:22.200 to cook, fry, bag it, it's more expensive than if 270 00:14:22.240 --> 00:14:25.399 you just import gary from India. That's the problem. If 271 00:14:25.399 --> 00:14:28.679 you grow rising kevy, when you bag it fertilizer, it's 272 00:14:28.720 --> 00:14:31.399 taken the Legos is cheaper to simply import the rise 273 00:14:31.799 --> 00:14:35.679 from India. You can run the numbers yourself. The problem 274 00:14:35.759 --> 00:14:38.799 is the cost of local production is just too high 275 00:14:39.399 --> 00:14:43.399 for manufacturing Nigia which prints us to the MPR. The 276 00:14:43.480 --> 00:14:48.200 reason why the high dollar cost the subtly on dollar. 277 00:14:48.320 --> 00:14:51.799 We remove subsident a dollar, but it seems that's expensive. 278 00:14:51.879 --> 00:14:55.360 It's the high cost of production. It's all tiding. If 279 00:14:55.360 --> 00:15:00.960 you have expensive dollar, then it's cheaper to import because 280 00:15:01.000 --> 00:15:04.759 the cost of the petrol used in Nigeria has added 281 00:15:04.799 --> 00:15:07.600 the cost. We're not getting any savings from Dangotte. So 282 00:15:07.639 --> 00:15:10.240 to make the same rise, Diangote is important. The same 283 00:15:10.279 --> 00:15:12.480 food oil with the factory in legals to the use 284 00:15:12.559 --> 00:15:16.279 as diesel to manufacture the same food. But in America 285 00:15:16.360 --> 00:15:18.759 they don't use thisel to manufacture food, so they have 286 00:15:18.799 --> 00:15:23.559 a lower cost base than Nigeria, right, and that's a problem. 287 00:15:23.639 --> 00:15:25.960 So if you look at the title, that's a methodologist 288 00:15:26.039 --> 00:15:28.720 part we've talked about. Now, if you are investing in 289 00:15:28.799 --> 00:15:33.159 Nigeria and interest rates have gone and infession that's gone down, 290 00:15:33.919 --> 00:15:36.840 it should mean that interest rate should start to come 291 00:15:36.960 --> 00:15:39.919 down as well. Mean that if you have fixed income 292 00:15:40.240 --> 00:15:43.559 fixing come prices will start to come down, which means 293 00:15:43.600 --> 00:15:45.919 the one you are holding today is going to be 294 00:15:45.919 --> 00:15:48.679 more valuable than the ones that are going to come tomorrow. 295 00:15:48.720 --> 00:15:51.480 So that's the hint right there, what about shares? If 296 00:15:51.600 --> 00:15:54.279 interest rates are going to come down, of course that 297 00:15:54.399 --> 00:15:58.080 test equities are going to perhaps have a bigger run 298 00:15:58.159 --> 00:16:02.159 way to rise because now their competition fixed income is 299 00:16:02.200 --> 00:16:05.159 coming down, so share to have a larger runway. 300 00:16:05.320 --> 00:16:08.360 To turn around. It well limited and before you join, 301 00:16:08.440 --> 00:16:09.480 I talked about flutter. 302 00:16:09.600 --> 00:16:12.559 We've going to the assal to see the president and 303 00:16:12.720 --> 00:16:16.480 FLATA isn't the equity as a class? I'm not sure 304 00:16:16.519 --> 00:16:18.960 if you have an inkling on what you expect from that. 305 00:16:19.120 --> 00:16:21.200 Do you think that's going to be a big game changer, 306 00:16:21.279 --> 00:16:22.679 like we all think that is going to be that 307 00:16:22.759 --> 00:16:25.480 flat wave coming to this in the market will open 308 00:16:25.519 --> 00:16:28.600 the door to more fintext and deep in that market 309 00:16:28.639 --> 00:16:33.039 and create more world out for Nigerian's what's the coming 310 00:16:33.120 --> 00:16:34.919 Let me hear you out on this and also on 311 00:16:35.639 --> 00:16:36.679 our general topic. 312 00:16:36.960 --> 00:16:47.480 There you go, sir, interesting disposition, greatly space and my 313 00:16:50.399 --> 00:16:53.840 first of all, I think it's doing just like the 314 00:16:54.039 --> 00:16:59.399 lighted very busy points ahlighted than I feel that the 315 00:17:00.120 --> 00:17:02.840 opportunities coming ahead of the year and. 316 00:17:04.160 --> 00:17:05.799 Starting with floot with. 317 00:17:07.079 --> 00:17:12.720 It's one of the most popular unicorns in Nigeria, I 318 00:17:12.759 --> 00:17:15.519 think based on the latest valuation. 319 00:17:15.920 --> 00:17:19.440 It has the highest valuation by if it. 320 00:17:19.519 --> 00:17:24.960 Takes our last bookmakers put it at three bill onto us. However, 321 00:17:26.359 --> 00:17:30.240 I really didn't see any much of a bid you 322 00:17:30.440 --> 00:17:33.759 going to see, mister president. Maybe it was just more 323 00:17:33.759 --> 00:17:38.480 of a symbolic trying to crow my awareness because the 324 00:17:38.640 --> 00:17:42.240 NNGX is privately round and you also need. 325 00:17:42.119 --> 00:17:43.279 To understand that. 326 00:17:45.240 --> 00:17:48.279 There is need to impuse the president and put in 327 00:17:48.440 --> 00:17:54.079 this listen of that business on the market. One of 328 00:17:54.079 --> 00:17:57.359 the problems I have with Foot with Start, they sell 329 00:17:57.519 --> 00:18:02.000 conflictencignals a couple of times, and that has made investors, 330 00:18:02.359 --> 00:18:06.599 particularly the local space Bach concern. You know, the last 331 00:18:06.599 --> 00:18:09.079 interview they made is said that they will come to 332 00:18:09.119 --> 00:18:13.240 the market when they're profitable, and oftentimes it has always 333 00:18:13.319 --> 00:18:17.319 looked like they were going to in the usesty stock market. However, 334 00:18:18.079 --> 00:18:21.200 you know, I've always wanted them to have it to 335 00:18:21.319 --> 00:18:24.960 our listing proposition, going from the fact that if you 336 00:18:25.000 --> 00:18:27.480 look at West Playing Junior, there was the point you 337 00:18:27.680 --> 00:18:31.599 have had over one billion dollar variation. And you also 338 00:18:31.599 --> 00:18:35.960 need to understand that local perspecsion also can support the 339 00:18:36.000 --> 00:18:39.640 stock price even if the stocks is in trouble water. 340 00:18:39.759 --> 00:18:43.920 So as we speak of Jumior has a variation of 341 00:18:43.920 --> 00:18:47.000 the lesson of that, so I thought that they should. 342 00:18:47.400 --> 00:18:48.440 So it's a good thing can do. 343 00:18:48.559 --> 00:18:50.000 But that. 344 00:18:51.920 --> 00:18:55.240 Going from their body language, three billion dollar variation of 345 00:18:55.359 --> 00:19:00.599 the company at bestspiring profitable, then it's going to be 346 00:19:00.799 --> 00:19:02.119 a lot of problems. 347 00:19:02.160 --> 00:19:04.759 It's going to be a lot of problems because. 348 00:19:04.519 --> 00:19:08.160 First of all, like you have talk, investors are not 349 00:19:08.279 --> 00:19:11.119 like the Americans. We see our last that that groups 350 00:19:11.200 --> 00:19:14.680 talk and imper share price book trade away just are 351 00:19:14.720 --> 00:19:17.680 beautiful for investment backers. There are three things I know 352 00:19:17.759 --> 00:19:21.640 Nigers like you know calling my covery the stop packet. 353 00:19:21.759 --> 00:19:24.599 They want profitable business. They like to hear, they like 354 00:19:24.680 --> 00:19:27.319 to see, but like have your cash fow like games. 355 00:19:27.119 --> 00:19:28.599 Here and yeah cash iskame. 356 00:19:28.680 --> 00:19:32.279 But Niger investors want to see making more. 357 00:19:31.519 --> 00:19:33.359 A lot of fit that companies. 358 00:19:32.960 --> 00:19:36.799 Distance and Niger stop to plays radiation and they're profitable. 359 00:19:37.160 --> 00:19:39.359 So you have to do them more than just being 360 00:19:39.400 --> 00:19:42.359 beautiful or saying you have one. And they don't care 361 00:19:42.400 --> 00:19:44.319 if I wanted your customers. 362 00:19:45.000 --> 00:19:47.839 They really want to see this year buybacks. They want 363 00:19:47.839 --> 00:19:50.079 to see the world on culturers want to see crude. 364 00:19:50.119 --> 00:19:52.759 They want to see real crude and trust me, don't 365 00:19:52.839 --> 00:19:57.160 check into your books. So if you can offer that, well, 366 00:19:57.160 --> 00:19:59.440 maybe that three. But I really. 367 00:19:59.119 --> 00:20:02.559 Feel that they will need to make the volation more attractive, 368 00:20:02.640 --> 00:20:08.240 because if you're saying that that voluation has did listening 369 00:20:08.599 --> 00:20:11.440 is at these two times bigger than gits bigger than 370 00:20:11.519 --> 00:20:14.319 the BLA, you must be offering with those guys. So 371 00:20:14.799 --> 00:20:18.240 I think we have a lot of the investment bankers 372 00:20:18.279 --> 00:20:20.799 would have to do a lot to position and I 373 00:20:20.839 --> 00:20:24.039 don't know how they would attract with the perspecial but 374 00:20:24.559 --> 00:20:28.519 people them. Then another interesting thing you said, I do that. 375 00:20:28.920 --> 00:20:29.960 I also felt that. 376 00:20:30.519 --> 00:20:34.720 We should talk about like we spoke about the interest. 377 00:20:34.440 --> 00:20:37.759 Rates and the now, we spoke about certain and I 378 00:20:37.799 --> 00:20:42.400 think in the effects piece, I listened to bismark one, 379 00:20:42.519 --> 00:20:46.160 somebody I respect so much, and you know, it's one 380 00:20:46.160 --> 00:20:49.240 of the few minds that have big consistent with his 381 00:20:50.599 --> 00:20:55.559 analysis in that space, and I feel like, even if 382 00:20:55.559 --> 00:20:59.599 you don't agree with him, he deserves onions. However, I 383 00:21:00.079 --> 00:21:05.119 think the gain in generra, like you said, short term, 384 00:21:05.359 --> 00:21:10.400 but the short term seems not to be like the 385 00:21:10.480 --> 00:21:14.160 way the papers are putting it, because you know, if 386 00:21:14.160 --> 00:21:16.599 we listen to book pakers and a lot of investment 387 00:21:16.640 --> 00:21:19.359 perkers all here about then there. 388 00:21:19.200 --> 00:21:21.480 Are three conditioners they give for. 389 00:21:22.680 --> 00:21:25.880 You saw that then stability try coming to play November. 390 00:21:26.279 --> 00:21:29.440 You're going reforms by the CPM, and the fact that 391 00:21:29.480 --> 00:21:33.039 the CBA keeps giving the physical side enough time to 392 00:21:33.240 --> 00:21:38.759 make those spends around the economy as then somehow and 393 00:21:39.720 --> 00:21:44.079 I don't really think the sibling is defending it billion. Yeah, 394 00:21:44.119 --> 00:21:49.039 the cost of the cost of building fpis have been expensive. 395 00:21:49.640 --> 00:21:52.720 But with the fact that the rates are going down, 396 00:21:52.960 --> 00:21:55.960 to look at the treasury market for example, games are 397 00:21:56.000 --> 00:22:02.160 now below twenty percent to this sort and total amount 398 00:22:02.160 --> 00:22:05.119 of suction we saw in the supreme counts is about 399 00:22:05.160 --> 00:22:07.960 what they're seeing in the most recent gos. With the factors, 400 00:22:08.920 --> 00:22:11.720 it seems that our saving graces to be the stop 401 00:22:11.759 --> 00:22:17.000 market an. Unfortunately this week I so Malos and the 402 00:22:17.079 --> 00:22:21.119 giant banks act because that school still remains. I mean 403 00:22:21.200 --> 00:22:25.599 in banks is stig the many things are. So that's 404 00:22:25.599 --> 00:22:30.640 why the fact that yeah, inflation loose lower the re basing. 405 00:22:30.839 --> 00:22:34.359 So the writer is that THECIPN was wise in their 406 00:22:34.400 --> 00:22:39.119 own their own rights not to make institutions pularly the 407 00:22:39.160 --> 00:22:42.240 fact that they need to compare since then the new 408 00:22:42.359 --> 00:22:44.799 basin just to place a few days before the meeting, 409 00:22:44.839 --> 00:22:47.200 and it needs to take them to really see if 410 00:22:47.240 --> 00:22:52.000 inflation this week coming down as as they want. 411 00:22:52.680 --> 00:22:54.200 Yeah, so let me what I hear you saying. 412 00:22:54.200 --> 00:22:57.039 So if you look at the market now usually with 413 00:22:57.119 --> 00:23:01.200 the NBA to say inflation is down, then the CBM 414 00:23:01.279 --> 00:23:04.200 will then based on that report to lower its monitory 415 00:23:04.200 --> 00:23:06.400 policy rate, which you then say, listen, banks, if you 416 00:23:06.440 --> 00:23:07.839 want to borrow from us, so you're going to borrow 417 00:23:07.839 --> 00:23:10.839 at a lower rate. Then the banks will then transted 418 00:23:10.920 --> 00:23:14.640 that today's investment and say listen, if you deposit money 419 00:23:14.640 --> 00:23:17.240 with us, we're going to pay you lower. Then the 420 00:23:17.279 --> 00:23:20.359 stock market will then take dressing and say, wow, fixed 421 00:23:20.400 --> 00:23:23.480 income is paying lower. With mean that if I'm a 422 00:23:23.559 --> 00:23:26.400 stock I can do better because people will run to 423 00:23:26.440 --> 00:23:30.480 me because they want to get more risk with their returns. 424 00:23:30.920 --> 00:23:33.000 Same thing with bonds. So if you have a current 425 00:23:33.079 --> 00:23:36.680 bond paying five percent, if rates go down tomorrow, your 426 00:23:36.720 --> 00:23:38.799 new bonds will be paying three percent. So the bonds 427 00:23:38.799 --> 00:23:41.880 you have today become more valuable, so their prices go up. 428 00:23:42.400 --> 00:23:45.799 But this is now with this new change in the 429 00:23:45.920 --> 00:23:49.920 NBA's data, it's not being driven by an actual change 430 00:23:50.200 --> 00:23:53.759 of prices in the market. The NABS themselves said, prices 431 00:23:53.759 --> 00:23:56.559 have not come down. All they've done is to say, 432 00:23:56.599 --> 00:23:59.279 maybe when you have malaria, the doctor comes and measures 433 00:23:59.279 --> 00:24:02.680 your temperature, but you have madeia. Now doctor is saying 434 00:24:02.720 --> 00:24:05.759 I won't measure your temperature, but you are still sick. 435 00:24:06.559 --> 00:24:10.720 So really, in your own take, now is dearely going 436 00:24:10.759 --> 00:24:13.200 to be a market reaction because you and I know 437 00:24:14.240 --> 00:24:17.720 invesion is still twenty four percent. That's still wild because 438 00:24:17.720 --> 00:24:21.799 we've removed the whole ten business points and we're still 439 00:24:21.839 --> 00:24:25.720 at double digits starting with two. It's profound. You know, 440 00:24:25.759 --> 00:24:29.119 we've taken away ten and we are still at double 441 00:24:29.160 --> 00:24:33.640 digits with two. So yeah, yeah, Vocano paper. 442 00:24:34.480 --> 00:24:39.400 Materially, it means that Nayan stalks can really bring out 443 00:24:39.480 --> 00:24:42.039 real returns. If you look at just to see a 444 00:24:42.119 --> 00:24:44.920 loon I can give you at this forces talks that 445 00:24:45.920 --> 00:24:53.079 are trying the nanga and inflation repased on repeat value both. 446 00:24:53.319 --> 00:24:55.640 You know, it's really alighted to the fact. 447 00:24:55.440 --> 00:24:58.240 That the feelings are different from what's per se on people. 448 00:24:58.599 --> 00:25:00.799 But from an investment perspect team, like I said, the 449 00:25:00.839 --> 00:25:01.359 market has. 450 00:25:01.279 --> 00:25:04.599 Always directing you know, the grand banks. That's by the 451 00:25:04.640 --> 00:25:10.279 fact that any season's gitt assets, you be first. 452 00:25:09.960 --> 00:25:13.880 Bank if not who first bound declared, these other banks 453 00:25:13.880 --> 00:25:17.559 have not declared. The are twenty four results are usually dividends, 454 00:25:17.799 --> 00:25:20.640 so some of these who are surprised well as so. 455 00:25:21.759 --> 00:25:24.680 Some profit taking. So first of those are kind. 456 00:25:24.519 --> 00:25:27.160 Of questions like you I like it, and you know, 457 00:25:27.319 --> 00:25:31.079 we spoke about the fare tragic and used as the 458 00:25:31.240 --> 00:25:34.240 need drops transcription is not even though it was fully 459 00:25:34.359 --> 00:25:37.319 who are subscribed as usually the Grand Treasure is usually 460 00:25:37.359 --> 00:25:41.160 for subscribed, but if you want to know the amounts, 461 00:25:40.839 --> 00:25:42.359 it's really moderated. 462 00:25:42.720 --> 00:25:47.559 And you also said that it also give an advantage. 463 00:25:47.079 --> 00:25:50.119 For long term bonds, so when it's dropped, really long 464 00:25:50.200 --> 00:25:53.640 term pons at that. But card, you know, like you said, 465 00:25:54.039 --> 00:25:56.880 still the arly fice. But what I can say is 466 00:25:56.920 --> 00:26:00.720 that I don't think it's too good for dinner personality 467 00:26:01.039 --> 00:26:04.319 my own opinion, and you know, I've listened to many experts. 468 00:26:04.759 --> 00:26:09.799 For me, my perspective is that, you know, the the 469 00:26:09.920 --> 00:26:11.200 from the. 470 00:26:10.759 --> 00:26:13.519 Governments side, the advantage is that the cost of defininger 471 00:26:13.559 --> 00:26:16.400 will be less because the interests depend on their opinion 472 00:26:16.680 --> 00:26:18.519 at least on the fact that is we drop or 473 00:26:18.559 --> 00:26:19.799 really start better over. 474 00:26:20.440 --> 00:26:24.240 It means that the export from an investor perspective. 475 00:26:24.359 --> 00:26:28.039 We all know why that why the NARRAW for now 476 00:26:28.359 --> 00:26:30.599 has been doing party work. 477 00:26:30.680 --> 00:26:33.039 It's not the fact that could has been amazing. 478 00:26:33.400 --> 00:26:35.880 Let's leave those people work that they're saying they're getting 479 00:26:35.920 --> 00:26:38.279 from your empires before twenty. 480 00:26:37.839 --> 00:26:42.839 We know that it's almost like saying which hit a tutud. 481 00:26:42.599 --> 00:26:46.480 Into the economy because the unit is that distances don't 482 00:26:46.519 --> 00:26:51.319 work those by saying most things on ground and all 483 00:26:51.440 --> 00:26:53.799 investments is really tied. 484 00:26:53.599 --> 00:26:54.759 To so many things. 485 00:26:55.240 --> 00:26:58.240 And also Nigeria is not working in vacuum. We work 486 00:26:58.279 --> 00:27:01.279 relationship with different So who has been seeing a cargo 487 00:27:01.559 --> 00:27:06.319 right blow is fpis uh? You know fpis are kind 488 00:27:06.359 --> 00:27:10.680 of time and we also need to find ways. And 489 00:27:11.079 --> 00:27:14.400 my problem with this governments is that while the CPN 490 00:27:14.480 --> 00:27:21.039 has done amazingly if well in terms of funtain markets objectives, 491 00:27:21.559 --> 00:27:24.519 the fiscal side have not been just supportive because we 492 00:27:24.640 --> 00:27:28.240 still don't have an eadcon on me that can really 493 00:27:28.319 --> 00:27:32.319 sour thing what the Apex Bank has done so far, 494 00:27:32.400 --> 00:27:35.880 because if we look at the fact that we dropped inflation, 495 00:27:36.000 --> 00:27:40.079 past has blocked about something. He said the production is 496 00:27:40.279 --> 00:27:45.680 not dismissing his goal is very low. Ever since I've 497 00:27:45.680 --> 00:27:49.000 been covered with the financial markets CAGU I've never seen, 498 00:27:49.039 --> 00:27:52.359 and agricultural ministry is inactive, even I. 499 00:27:52.400 --> 00:27:53.039 Remember that. 500 00:27:54.599 --> 00:27:56.480 A lot of people criticize I've seen, you know, the 501 00:27:56.599 --> 00:28:00.839 badge the cultural ministry while doing so much. 502 00:28:01.000 --> 00:28:04.279 If a lot of it might not be it might 503 00:28:04.319 --> 00:28:08.319 not be as efficient. 504 00:28:08.079 --> 00:28:11.559 As one expected, but the amount of professionals and programs 505 00:28:11.599 --> 00:28:14.960 we saw in that space was legendary, so can My 506 00:28:15.079 --> 00:28:18.279 thing is that the core part of the economy is 507 00:28:18.400 --> 00:28:19.160 not fired up. 508 00:28:19.680 --> 00:28:22.559 However, you know, the private sector. 509 00:28:22.799 --> 00:28:26.839 Has really been on the wrong and if you look 510 00:28:26.880 --> 00:28:29.359 at results from last year, it seems. 511 00:28:29.119 --> 00:28:32.680 The worst is over, you know, And that's why you 512 00:28:32.799 --> 00:28:33.960 also look at it from. 513 00:28:34.000 --> 00:28:37.680 That perspective, especially on bull Bank reports saying that the 514 00:28:37.759 --> 00:28:41.200 reforms of the president and this administration seems. 515 00:28:40.960 --> 00:28:43.960 To be paid, which I totally agree. But the problem 516 00:28:44.079 --> 00:28:47.480 is that reforms, like you said, are just the. 517 00:28:49.440 --> 00:28:52.799 The structure that really puts a party on our pairs 518 00:28:52.839 --> 00:28:57.599 are built. But the institutions that really make the stans sustainable, 519 00:28:57.880 --> 00:29:00.119 we're not seeing it because, like you said, food it's 520 00:29:00.119 --> 00:29:00.920 still expensive. 521 00:29:01.440 --> 00:29:02.640 I did an analysis. 522 00:29:02.720 --> 00:29:05.559 I looked at almost all stocks around the world on 523 00:29:05.720 --> 00:29:08.839 determiner I tried to compare with I can't. 524 00:29:08.839 --> 00:29:12.359 See and pure water paer water. 525 00:29:13.079 --> 00:29:14.720 I'm talking of units that if you look at when 526 00:29:14.799 --> 00:29:15.599 g when Git. 527 00:29:15.799 --> 00:29:17.720 Was dis dey, when city was just dead. 528 00:29:17.880 --> 00:29:21.400 Dig stalk was more expensive than peer water. If you remember, 529 00:29:21.680 --> 00:29:23.839 if you just look at some stocks in these there 530 00:29:23.920 --> 00:29:24.480 was the time. 531 00:29:25.039 --> 00:29:26.240 The first boom first bank. 532 00:29:26.279 --> 00:29:29.519 There was the time first bank was almost as expensive 533 00:29:29.559 --> 00:29:32.920 as a cheap one in Nigeria, you know. But when 534 00:29:32.960 --> 00:29:35.359 you look at the talks compared with food, the wave 535 00:29:35.440 --> 00:29:38.359 food that has gone on, pure water is expected than 536 00:29:38.480 --> 00:29:39.319 sty percent of the. 537 00:29:39.279 --> 00:29:42.039 Stock this day. So it tells you that good food 538 00:29:42.079 --> 00:29:42.839 inflation has. 539 00:29:42.799 --> 00:29:46.880 Go past than even the unit price of an average 540 00:29:46.920 --> 00:29:47.599 packing stock. 541 00:29:47.839 --> 00:29:50.039 Also, you look at Nigeria, you look at the blue 542 00:29:50.079 --> 00:29:50.559 chip stocks. 543 00:29:50.559 --> 00:29:54.640 For example, you look at spaghetti in Europe, and every 544 00:29:54.680 --> 00:29:57.519 spaghetti and you get for one y or less, you 545 00:29:57.599 --> 00:29:59.759 know the most, even the ones that have brown flower 546 00:29:59.839 --> 00:30:02.160 you for two three rules. If I want to buy 547 00:30:02.160 --> 00:30:05.720 as basically or shell stock, I spent at this other 548 00:30:05.839 --> 00:30:08.680 times that value. But in the idea I want to 549 00:30:08.720 --> 00:30:14.039 buy spaceetical apart from hotel and probably the plant, I 550 00:30:14.079 --> 00:30:16.119 would buy any bluetube stock. 551 00:30:16.200 --> 00:30:19.039 So it really tells you that the core problem of. 552 00:30:19.279 --> 00:30:24.839 The Nigeria economy is weak, disposable income weeklystitutional lack of 553 00:30:24.920 --> 00:30:29.039 coalition between the priscal and the monetary side. However, like 554 00:30:29.160 --> 00:30:32.200 I said, you know, you can't better against Nigeria. Like 555 00:30:32.279 --> 00:30:34.799 our stock market just by different times was down glided 556 00:30:35.160 --> 00:30:38.920 by two topreating web is already firing up at over 557 00:30:39.039 --> 00:30:41.880 five percent year to take care companies are bigger than important. 558 00:30:44.359 --> 00:30:47.519 So long the just for the just question for you. 559 00:30:47.720 --> 00:30:51.920 So in your own personal expertise right this following MPR, 560 00:30:52.200 --> 00:30:55.480 is it going to affect prices of say stocks, do 561 00:30:55.559 --> 00:30:58.839 you see changing the price of safe stocks Nigeria wouldn't 562 00:30:58.839 --> 00:30:59.400 have any effect. 563 00:30:59.519 --> 00:31:01.720 It's just cosmetic, just in your own personal view. 564 00:31:02.240 --> 00:31:02.440 Yeah. 565 00:31:02.680 --> 00:31:07.519 So you know, like I said, Rety, the empsy emphasis 566 00:31:07.720 --> 00:31:09.759 Indian look at banking stops. 567 00:31:10.359 --> 00:31:14.480 It dropped, It drops slightly what their own banks you 568 00:31:14.599 --> 00:31:16.559 know we do with the drops are moldy. 569 00:31:17.039 --> 00:31:21.720 But in particularly tells you that investors were not really buying. 570 00:31:21.440 --> 00:31:24.559 Into what they go from the MPCY meeting, you know, 571 00:31:25.079 --> 00:31:26.359 but realities. 572 00:31:26.440 --> 00:31:31.880 Like I said, you know, investors react based on fundamentals 573 00:31:31.920 --> 00:31:32.839 coming up in the market. 574 00:31:32.960 --> 00:31:34.839 Let's see how results comes in play. 575 00:31:35.160 --> 00:31:38.000 But my lot of the review is that from the 576 00:31:38.119 --> 00:31:40.799 Mountry side, from an investors side. 577 00:31:41.759 --> 00:31:43.680 I like what the CPN is doing. I like the 578 00:31:43.759 --> 00:31:45.799 fact that they were didn't rush into decisions. 579 00:31:46.039 --> 00:31:49.519 I like the fact that there are many minis reading 580 00:31:49.759 --> 00:31:53.160 and based their rationality behind holding on race and the 581 00:31:53.200 --> 00:31:59.319 revisions about following UH, the drop in care physical items 582 00:32:00.039 --> 00:32:02.480 ACTI and U orthers to help. 583 00:32:02.640 --> 00:32:04.799 Yeah, he needs to love guys. But the truth of 584 00:32:04.880 --> 00:32:06.720 the matter that Calu I didn't know that. 585 00:32:08.359 --> 00:32:12.519 Inflation MPP inflational readings can as due to effect of 586 00:32:12.599 --> 00:32:13.160 food inflation. 587 00:32:13.599 --> 00:32:16.960 Like I've always argued, if I don't really want to bring. 588 00:32:19.839 --> 00:32:21.720 Hold on, go ahead. 589 00:32:22.519 --> 00:32:26.480 If cal wants to bring inflational to single tickets, he 590 00:32:26.640 --> 00:32:27.359 has to do well. 591 00:32:28.759 --> 00:32:32.359 And refinitely feel that he has to go to agricultural 592 00:32:32.440 --> 00:32:35.640 divation because agriculture whether you PAS. 593 00:32:37.799 --> 00:32:40.599 When I introduced it to I think this guy is sorry, 594 00:32:41.319 --> 00:32:42.559 Mike uh. 595 00:32:44.680 --> 00:32:51.799 To the weight of the CPI on food but is reroduced. 596 00:32:51.920 --> 00:32:54.359 One of the lesser than forty percent of the matter 597 00:32:54.519 --> 00:32:55.960 is that who is. 598 00:32:56.000 --> 00:32:57.599 The major problem facing in. 599 00:32:57.640 --> 00:33:00.559 Nigeria economy is affecting the capital can do so. 600 00:33:01.400 --> 00:33:04.440 I personally think that we need more introvation and culture. 601 00:33:04.799 --> 00:33:07.039 I think we need to talk more than culture. Can 602 00:33:07.400 --> 00:33:08.039 We really don't have. 603 00:33:08.119 --> 00:33:10.559 Programs in our culture listry. I don't want anyone that 604 00:33:10.680 --> 00:33:13.200 can say this as sure is trying to do as 605 00:33:13.240 --> 00:33:17.599 really prod as really helping people. Right now, adlands are expensive. 606 00:33:18.440 --> 00:33:23.880 FACUS is more concuted on making dollars and focusing on farmers. 607 00:33:24.759 --> 00:33:28.000 The president or the deal imports of food like them 608 00:33:28.160 --> 00:33:29.440 has not been implemented. 609 00:33:29.680 --> 00:33:31.880 Do I understand why it has not been trying to 610 00:33:31.920 --> 00:33:34.240 protect the farmers so it has the post cart costs. 611 00:33:34.559 --> 00:33:37.839 Understand that, but you know, we really need food programs 612 00:33:37.880 --> 00:33:39.319 that really elevate. 613 00:33:39.000 --> 00:33:39.759 The problems over there. 614 00:33:39.799 --> 00:33:44.160 With that you have, Okay, I hear, just could you 615 00:33:44.240 --> 00:33:46.480 get in manor, But I wanted to ask you if 616 00:33:47.240 --> 00:33:49.480 in your mind you you were you are intering to speak, 617 00:33:49.559 --> 00:33:51.920 what do you want to talk about if I have 618 00:33:52.039 --> 00:33:56.440 there for Limida and all that? Okay, So that doesn't 619 00:33:56.599 --> 00:33:59.640 be clear on what you just highlighted. So this fall 620 00:33:59.720 --> 00:34:03.160 in if we look at rates in the banks, if 621 00:34:03.200 --> 00:34:04.880 we look at it in the stock market. You said 622 00:34:04.880 --> 00:34:08.039 the stop just a slightly. Do you think that if 623 00:34:08.119 --> 00:34:11.800 we administratively bring down the price of all the cost 624 00:34:11.840 --> 00:34:14.840 of inflictient Nigeria it would have a positive effect. Because 625 00:34:14.880 --> 00:34:18.719 Bloomberg is saying the reforms are working. Would it offshore 626 00:34:19.039 --> 00:34:21.559 attract investment because they just look at the numbers. If 627 00:34:21.599 --> 00:34:24.679 you go on Nigeria's website now in the four percent, 628 00:34:25.039 --> 00:34:27.360 how they got in four percent not non. 629 00:34:27.320 --> 00:34:28.280 Lowood would dig in? 630 00:34:29.000 --> 00:34:31.840 Will the net net be positive for the niger economy 631 00:34:31.960 --> 00:34:34.679 that we're going to say incrissions coming down and we 632 00:34:34.760 --> 00:34:36.360 can sell that story to investors. 633 00:34:38.199 --> 00:34:40.519 I think, like I said, I think the. 634 00:34:42.320 --> 00:34:45.400 CBN and the Primary sept go doing a really an 635 00:34:45.400 --> 00:34:49.800 amazing job. Look atative for example, look at assets, look 636 00:34:49.800 --> 00:34:50.320 at look at the. 637 00:34:50.320 --> 00:34:52.000 Amount of delible to generate. 638 00:34:52.960 --> 00:34:55.199 We did a limited amount of time despite the fact. 639 00:34:55.039 --> 00:35:00.639 That liquidity disposible. It tells you that yeah, to see 640 00:35:00.920 --> 00:35:04.159 open the market. The major who we have. The major 641 00:35:04.280 --> 00:35:06.199 issue we have to glance to. 642 00:35:06.239 --> 00:35:08.760 The masure issue we have is we don't have continuation 643 00:35:08.920 --> 00:35:15.840 of and price stability in sense that for example, we 644 00:35:15.960 --> 00:35:18.400 look at it now and now the last year, there 645 00:35:18.519 --> 00:35:21.360 was a point where the now was going lower. 646 00:35:21.119 --> 00:35:24.239 Than one thousand there and things change and why I 647 00:35:24.400 --> 00:35:25.079 was changing. 648 00:35:25.079 --> 00:35:27.800 We're already shouting shouted about fac ad vocation for something, 649 00:35:28.079 --> 00:35:31.599 shouted about piscal discipline. We're already shouted about were still 650 00:35:31.679 --> 00:35:34.280 in government, government spending and things like that, you know, 651 00:35:34.599 --> 00:35:37.920 like what you see in America and what you're coming back. 652 00:35:38.960 --> 00:35:41.800 The major problem we have the can is from the 653 00:35:41.840 --> 00:35:42.679 fisical side. 654 00:35:42.840 --> 00:35:45.920 You know, we don't have to connect between the west, 655 00:35:46.719 --> 00:35:50.599 but north the south like you as are divided in 656 00:35:50.760 --> 00:35:56.960 terms of this flation. People don't understand that we make 657 00:35:57.079 --> 00:36:00.239 up the country, not the tribes make use you know, 658 00:36:00.559 --> 00:36:06.400 So we have no problems on that side. However, like 659 00:36:06.519 --> 00:36:09.559 I said, investors are treating and if you look at 660 00:36:09.840 --> 00:36:13.119 the stock market right now FBI per specially the stock 661 00:36:13.199 --> 00:36:14.880 market increased. 662 00:36:15.159 --> 00:36:18.679 Last quarter, increased entes that I should increase, so gradually 663 00:36:19.000 --> 00:36:22.000 fairs are coming and it's positive that yous. 664 00:36:21.760 --> 00:36:24.119 Are going down in the trading p market because can 665 00:36:24.760 --> 00:36:26.440 well with a reader you and invests. 666 00:36:26.480 --> 00:36:27.159 Look at money market. 667 00:36:27.239 --> 00:36:29.440 It was so popular last year because just put your 668 00:36:29.519 --> 00:36:32.280 money blindly twenty two percent, you get twenty to twenty 669 00:36:32.280 --> 00:36:35.039 two perp. Cardstone was giving us as twenty four percent. 670 00:36:35.159 --> 00:36:37.519 So a lot of people who felt like this is 671 00:36:37.599 --> 00:36:38.599 risky money. 672 00:36:38.360 --> 00:36:40.280 So they will not really invested. So the fact I 673 00:36:40.400 --> 00:36:45.559 use that dropping tragedy we might see are not gradually 674 00:36:45.840 --> 00:36:48.920 in the stock market. However, you know, the stock markets. 675 00:36:49.159 --> 00:36:51.960 Most of the stock stairs training are both to retire. 676 00:36:52.639 --> 00:36:53.000 Gotcha. 677 00:36:53.119 --> 00:36:55.480 So the key point is that, of course the rates 678 00:36:55.599 --> 00:36:59.599 dropping will not be so kind to the current investors, 679 00:37:00.039 --> 00:37:02.639 but it forces everyone to go look for risk. So 680 00:37:02.840 --> 00:37:04.760 risk means that the banks can start to look at 681 00:37:04.960 --> 00:37:07.119 SMEs to where they can make money. Because right now, 682 00:37:07.280 --> 00:37:09.119 as you and I know, all you have to do 683 00:37:09.199 --> 00:37:11.480 as a bank is way to collect the deposits at 684 00:37:11.559 --> 00:37:14.760 five percent and buy tretributes at twenty percent, you make 685 00:37:14.840 --> 00:37:19.159 fifteen percent risk free, risk free as a bank, which 686 00:37:19.199 --> 00:37:22.239 wouldn't be So the bank should be taking that money 687 00:37:22.360 --> 00:37:25.119 and looking for risk. I mean the cibying has said, okay, 688 00:37:25.239 --> 00:37:29.039 fifty percent CRR all that kind of stopboard. Really there 689 00:37:29.119 --> 00:37:32.159 is no the entrepreneurs at the lower end of the 690 00:37:32.280 --> 00:37:35.239 market do not get credit, and they don't get credit, 691 00:37:35.400 --> 00:37:38.039 how can they invest? How can they pay salaries if 692 00:37:38.079 --> 00:37:41.320 they get credit at twenty five percent? How can they operate? So, 693 00:37:41.679 --> 00:37:44.039 in essence, where I'm trying to go to that, even 694 00:37:44.119 --> 00:37:48.000 though I see the methodology might be flawed, I think 695 00:37:48.079 --> 00:37:50.440 the CBS should try to jump on this, you know, 696 00:37:50.559 --> 00:37:52.199 last place to them the day before we even got 697 00:37:52.239 --> 00:37:55.800 this the NPR. So the CPR toot from the NBS. 698 00:37:55.880 --> 00:37:59.559 We said, the CBN has got to change its fight 699 00:37:59.639 --> 00:38:04.519 against inflation. It's fighting a monetary fight on a supply issue. 700 00:38:04.599 --> 00:38:07.719 The problem with such naguer is food supply from the 701 00:38:07.920 --> 00:38:10.639 North and the Middle belt is not coming to the south. 702 00:38:11.159 --> 00:38:16.119 That's the problem. When you measure inflation tubers, youm tubers 703 00:38:16.440 --> 00:38:21.039 casaba tubers. That's what's driving inflation. Meat fish is not 704 00:38:21.280 --> 00:38:25.599 caused by too much money in circulation. If today there 705 00:38:25.679 --> 00:38:29.440 is zero money in circulation, the price of food will 706 00:38:29.480 --> 00:38:32.199 still not come down because there's just not enough food 707 00:38:32.719 --> 00:38:36.360 in the market. Lego sty today is doing their strategic 708 00:38:36.559 --> 00:38:39.079 reserve where they can buy food in bulk and staring 709 00:38:39.199 --> 00:38:44.519 legos and distribute. That's what decipient should really be investing 710 00:38:44.599 --> 00:38:47.320 in to get food security so they can grow food. 711 00:38:47.920 --> 00:38:51.440 But that project is a strategic project. What if all 712 00:38:51.519 --> 00:38:55.039 states did that, if all sets infectation did all legos? Instead, 713 00:38:55.039 --> 00:38:58.000 we're going to create this warehouse system where we're going 714 00:38:58.079 --> 00:39:00.639 to buy food during harvest and we're going to store 715 00:39:00.719 --> 00:39:03.519 that food during harvest, so that when in food price 716 00:39:03.639 --> 00:39:07.400 food supply goes away from that warehouse, we can supply 717 00:39:07.559 --> 00:39:11.199 of our cities and that would keep on bringing inflation down. 718 00:39:11.320 --> 00:39:15.199 They stayed to buy in Bolk, buy tomatoes, buy cassava 719 00:39:15.280 --> 00:39:18.079 in Bolk, could freeze it in the place and the 720 00:39:18.199 --> 00:39:19.280 market folks. 721 00:39:19.039 --> 00:39:21.360 Can go there and then sell from that. 722 00:39:21.559 --> 00:39:24.159 So webs is I like what they are doing if 723 00:39:24.199 --> 00:39:27.880 we can jump on it and improve the price, and 724 00:39:27.960 --> 00:39:31.119 if we simply live it at yesterday and take it 725 00:39:31.199 --> 00:39:32.159 down to ten percent. 726 00:39:32.400 --> 00:39:34.360 But you can't get rights in the market. They were 727 00:39:34.440 --> 00:39:37.760 in trouble the manual. So you want to speak, So. 728 00:39:39.320 --> 00:39:39.840 I wanted to. 729 00:39:39.920 --> 00:39:44.519 Als you the listen of the food and yournes change. 730 00:39:44.559 --> 00:39:47.559 How long does it take for the whole arguments we're completed. 731 00:39:49.039 --> 00:39:51.320 I don't think then. Okay, thanks for the question, sir, 732 00:39:51.480 --> 00:39:53.320 But I don't think the abilities. I saw them at 733 00:39:53.400 --> 00:39:55.800 Asso Rock and they were going to Asso Rock to 734 00:39:56.079 --> 00:39:58.159 tell the president that they want to list. I don't 735 00:39:58.159 --> 00:40:00.760 know why they were doing that. The market is private sector, 736 00:40:00.920 --> 00:40:03.519 it's open if you want to list, to go on list, 737 00:40:03.679 --> 00:40:04.519 you know, I'm not sure. 738 00:40:04.960 --> 00:40:09.039 Yeah, honestly, I think it's Also it's not now. You know, 739 00:40:09.199 --> 00:40:11.760 people are even doubting because you look at the thick pack. 740 00:40:11.840 --> 00:40:14.599 I think you should be aware that when you see 741 00:40:14.880 --> 00:40:17.280 him over and over, this is like the fifth times 742 00:40:17.440 --> 00:40:18.960 say that they got to this if you look at 743 00:40:18.960 --> 00:40:22.360 the people's different locations and as you come to frutation, 744 00:40:22.960 --> 00:40:28.039 it's affects the integrity, you know. Having said that one 745 00:40:28.159 --> 00:40:32.480 more standards will maybe this time they really because they 746 00:40:32.559 --> 00:40:36.440 mentioned the stock marktop market. But like you said, the 747 00:40:36.519 --> 00:40:41.679 president has did to when when other he was listed on. 748 00:40:41.760 --> 00:40:44.000 The stock market, it didn't go to see the president 749 00:40:44.079 --> 00:40:45.559 when you know, so. 750 00:40:46.199 --> 00:40:50.320 Yeah, do the president can added color to it. Let's 751 00:40:50.400 --> 00:40:52.599 be honest, because when they went to the Mendi president 752 00:40:52.760 --> 00:40:55.639 and the announced died, it was all over the dails 753 00:40:56.000 --> 00:40:59.239 that might not have been so seen. The president definitely 754 00:40:59.639 --> 00:41:02.760 added you know, but from an investment restors perspectives, you know, 755 00:41:03.400 --> 00:41:05.599 people really want to see the company really make him 756 00:41:05.599 --> 00:41:09.000 when they ow city books sost investment bankers really have 757 00:41:09.119 --> 00:41:12.760 to do a lot of working and from gosses are 758 00:41:13.360 --> 00:41:14.800 in from investment bankers. 759 00:41:15.000 --> 00:41:18.320 Nobody as singer book really people. So in reality, so 760 00:41:18.719 --> 00:41:20.360 I think I don't. 761 00:41:20.199 --> 00:41:25.239 Want to see anything yes could see maybe second, so 762 00:41:25.599 --> 00:41:28.559 I don't hope that despite it comes to futation. 763 00:41:28.719 --> 00:41:29.639 Not just for the people. 764 00:41:30.119 --> 00:41:31.880 Okay, perfect perfect response. 765 00:41:31.880 --> 00:41:34.639 There the second question to ask you look at our title, 766 00:41:35.480 --> 00:41:38.599 So stocks are there's going to be helping us. What 767 00:41:38.760 --> 00:41:41.840 about like eurobond that are in dollars, those eurobonds, does 768 00:41:41.920 --> 00:41:44.000 this have any effect on them? Will those you know, 769 00:41:44.159 --> 00:41:46.159 bond prices come down or up? I look at it 770 00:41:46.280 --> 00:41:48.599 right now, some are at the premium. Do you think 771 00:41:48.639 --> 00:41:51.480 if mpnager is going down and I have dollars and 772 00:41:51.519 --> 00:41:53.559 I want to invest, would I convert to NYRA and 773 00:41:53.679 --> 00:41:56.840 invest or just living dollars and what I'm putting on 774 00:41:56.880 --> 00:41:57.800 the what's you're taking on? 775 00:41:57.920 --> 00:41:59.239 That could. 776 00:42:00.880 --> 00:42:00.920 Like? 777 00:42:01.119 --> 00:42:05.599 Yeah, but to be listened to, having exposure and that 778 00:42:05.840 --> 00:42:07.920 a plan makes a lot of sense. 779 00:42:09.599 --> 00:42:11.320 But I'm always against. 780 00:42:11.920 --> 00:42:15.440 Training that the black market to the price at which 781 00:42:15.559 --> 00:42:17.079 the now is trading right now. 782 00:42:17.599 --> 00:42:21.719 And tends to be a more attractive My basis that 783 00:42:22.920 --> 00:42:23.199 they are not. 784 00:42:23.440 --> 00:42:26.880 There's the governments is doing in the effects market dialogue 785 00:42:26.960 --> 00:42:29.000 to are ignoring. 786 00:42:29.519 --> 00:42:31.880 You know, at some point of the year, the. 787 00:42:31.880 --> 00:42:36.159 Government is going to restrict news of the dollar in 788 00:42:36.960 --> 00:42:40.400 illegal markets. So what I mean it's like treating dollar 789 00:42:40.719 --> 00:42:43.119 outside barking in doors to better deliqua. 790 00:42:43.239 --> 00:42:46.559 You know, there's so I feel like that might give 791 00:42:46.599 --> 00:42:47.320 the nurs from. 792 00:42:47.239 --> 00:42:53.039 Saving graves and that contains fors so buying and getting 793 00:42:53.159 --> 00:42:56.039 nine percent premium might be a good age. 794 00:42:56.599 --> 00:42:58.960 Getting about nine percent premium might be a good age. 795 00:42:59.480 --> 00:43:01.480 Or if se the dollars from where you get to 796 00:43:01.920 --> 00:43:02.719 seven to eight. 797 00:43:02.599 --> 00:43:07.199 Percent, you know, for those that like free investments, you know, seven. 798 00:43:07.039 --> 00:43:09.519 To eight percent dollars, it's not really bad, you know, 799 00:43:09.920 --> 00:43:12.440 if you're looking at what the treasury market is given. 800 00:43:12.880 --> 00:43:19.119 But personally can I think I'm really looking at Nigerian companies. Personally, 801 00:43:19.840 --> 00:43:24.079 I see want to Cooper and Nasty's doing. I'm waiting 802 00:43:24.159 --> 00:43:26.119 for them to be listed on the n g X. 803 00:43:26.679 --> 00:43:30.199 Look at pres School. Preschool has done about fifty percent 804 00:43:30.400 --> 00:43:30.800 this year. 805 00:43:31.239 --> 00:43:31.840 I look at. 806 00:43:34.440 --> 00:43:38.199 So Yeah, I'm looking at businesses that we really ride 807 00:43:38.400 --> 00:43:44.760 with the Nigeria economy and personally edging with the effort, 808 00:43:45.119 --> 00:43:48.079 edging with the Europe and might be a good position. 809 00:43:48.320 --> 00:43:51.360 But I'm putting most of my position in the. 810 00:43:51.400 --> 00:43:55.360 Nigeria equity markets, particularly the fact that Nigerian bank. 811 00:43:55.480 --> 00:43:58.199 So I'm waiting for Nigerian banks to correct because I 812 00:43:58.320 --> 00:44:01.039 know after any results will be a lot of cellos 813 00:44:01.280 --> 00:44:02.119 like what you saw, you. 814 00:44:02.159 --> 00:44:05.000 Don't want you when what do you played one for? 815 00:44:06.119 --> 00:44:08.039 Was it one for twelve or one for fourteen? And 816 00:44:09.000 --> 00:44:12.159 after times I just start dropping six hours. So definitely, 817 00:44:12.360 --> 00:44:17.440 I know g ty assets you be to give. After 818 00:44:17.599 --> 00:44:20.280 the give then payout because this. 819 00:44:20.400 --> 00:44:21.440 Stocks will have to drop. 820 00:44:21.559 --> 00:44:24.159 So maybe I might look at the time and I 821 00:44:24.239 --> 00:44:26.519 look at the right time and two guys time because 822 00:44:26.639 --> 00:44:30.440 personally right now I have THENT called the stalks, but 823 00:44:30.679 --> 00:44:32.840 I want to see what these guys would really pay 824 00:44:33.880 --> 00:44:34.840 Fordian Calumny. 825 00:44:35.000 --> 00:44:37.039 So you say you are so just to again put 826 00:44:37.079 --> 00:44:37.480 in a spot. 827 00:44:37.599 --> 00:44:40.639 You are holding nira to invest in Nira, or you're 828 00:44:40.679 --> 00:44:43.320 holding dollar to invest in dollar, or you're doing dollar 829 00:44:43.360 --> 00:44:44.199 to invest in Iira. 830 00:44:45.079 --> 00:44:48.360 Quick quick question. Last year I was I was, I 831 00:44:48.559 --> 00:44:49.159 was using. 832 00:44:49.239 --> 00:44:52.360 A dollar to invest in there. Last year I was 833 00:44:52.400 --> 00:44:55.360 using I was using larger part. I changed you about 834 00:44:55.400 --> 00:44:57.840 thirty percent of my dollar picture I put. 835 00:44:57.760 --> 00:45:00.920 It in a dollar Nigeria. 836 00:45:01.039 --> 00:45:01.199 You know. 837 00:45:01.639 --> 00:45:06.280 But this year, this year, since I've gotten wild, I'm 838 00:45:06.400 --> 00:45:10.079 balancing out. When I'm balancing out, I am not changing. 839 00:45:10.679 --> 00:45:14.559 You know. I'm also trying to just manner because. 840 00:45:14.360 --> 00:45:17.440 You're not from the not because of lack of comedience, 841 00:45:17.760 --> 00:45:20.840 but the fact that avoiady achieved my. 842 00:45:22.320 --> 00:45:25.880 Objectives. You know, last year I felt that I was 843 00:45:26.000 --> 00:45:28.400 there's no how den will get to two thousand five order. 844 00:45:28.639 --> 00:45:30.519 I felt that that was an exaggeration. 845 00:45:30.639 --> 00:45:33.039 I felt that at some part as the wuty and 846 00:45:33.559 --> 00:45:37.840 my investment objective was achieved. So going forward, I'm just 847 00:45:38.079 --> 00:45:42.199 going to look for seafar use and I think the 848 00:45:43.079 --> 00:45:45.519 fixing home the parking stocks. 849 00:45:45.199 --> 00:45:48.079 Will give me that. Then I will also look for 850 00:45:48.519 --> 00:45:50.599 with for Dann Coute, danncut it does it look like 851 00:45:50.679 --> 00:45:52.880 it's going to do so soon? You know, I was 852 00:45:52.960 --> 00:45:56.079 personally more exposed. 853 00:45:55.599 --> 00:45:59.119 In amoder market because of Dancuti. So how definitely people 854 00:45:59.159 --> 00:46:03.880 with footopic comes bringing a something that might look at 855 00:46:04.440 --> 00:46:07.719 I definite thing we look for good on Aleta sc 856 00:46:08.159 --> 00:46:09.039 and uh. 857 00:46:09.639 --> 00:46:11.599 You know I wanted a business man. 858 00:46:12.000 --> 00:46:14.400 I wish I could going to real estate market the 859 00:46:14.519 --> 00:46:18.039 are I I tried it some couple of times. 860 00:46:17.760 --> 00:46:22.079 But it's not some including Nigia, its are not something 861 00:46:22.159 --> 00:46:22.639 that that with. 862 00:46:23.079 --> 00:46:26.760 How I encourage people that have depocations is good for retas. 863 00:46:26.280 --> 00:46:30.280 Does it just choose you performance? So basically I'll stick 864 00:46:30.360 --> 00:46:31.159 with equidity and. 865 00:46:34.039 --> 00:46:37.199 Question again on this the report again out the gold 866 00:46:37.400 --> 00:46:40.199 is rising in value. Many folks are scared about what 867 00:46:40.599 --> 00:46:43.159 America is going to do in terms of tariffs the dollar, 868 00:46:43.679 --> 00:46:46.639 so folks are trying to buy gold sort of hedge 869 00:46:46.840 --> 00:46:50.280 against that. There's gold, there's bitcoin. Bitcoin to me looks 870 00:46:50.320 --> 00:46:52.440 like I don't know what bitcoin does when things are bad. 871 00:46:52.519 --> 00:46:56.599 Bit coin falls when things are bad, gold rises. So 872 00:46:56.639 --> 00:46:59.440 I assure you can even list pit coin as a 873 00:46:59.599 --> 00:47:02.719 safe so someone can go and pack money. But what 874 00:47:02.880 --> 00:47:05.599 your take on on goal? And I mean if you're 875 00:47:05.599 --> 00:47:08.239 trying to buy gold, I know, I just buy barring school, 876 00:47:08.320 --> 00:47:11.360 I just buy the eating that sales goal. What's your 877 00:47:11.440 --> 00:47:13.679 take on that? Is this something I should do? I 878 00:47:13.760 --> 00:47:16.239 mean there's dollar that we usually buy and keep in 879 00:47:16.320 --> 00:47:19.559 our pocket. So we also look at commodities like gold, 880 00:47:19.920 --> 00:47:22.079 like you know, orange juice. 881 00:47:22.119 --> 00:47:22.760 What do you think of that? 882 00:47:23.960 --> 00:47:27.639 Yeah, this is a lot of sales column. Like I 883 00:47:28.039 --> 00:47:33.119 held to your fun of me, Tims, I used to 884 00:47:34.360 --> 00:47:35.239 I paded. 885 00:47:35.119 --> 00:47:38.719 Good on the sport, so I held at around two 886 00:47:38.760 --> 00:47:40.960 thousand hundred and it's been. 887 00:47:40.920 --> 00:47:44.119 For what do I got it too? And the reason 888 00:47:44.159 --> 00:47:46.760 why I bought then was just that I really wanted 889 00:47:46.800 --> 00:47:50.880 to understand how you put the car? Did you put correditions? 890 00:47:50.960 --> 00:47:54.800 Because I felt like the dollar in industries were I 891 00:47:55.039 --> 00:47:58.599 fairly high in golard lives and go shoot be at 892 00:47:58.639 --> 00:48:01.400 the place value board. What I've found out was that 893 00:48:01.519 --> 00:48:04.400 central part. But Good China was only. 894 00:48:04.320 --> 00:48:08.519 Good by his spirit, so that increased the attraction for Good. 895 00:48:08.599 --> 00:48:12.320 And you know Good also has this ornamental value among 896 00:48:12.440 --> 00:48:16.679 women and he loved so I think that also played 897 00:48:16.719 --> 00:48:17.039 in part. 898 00:48:17.320 --> 00:48:19.840 So I'm not surprise Good is at that level. 899 00:48:20.400 --> 00:48:24.360 However, you know a lot of bookmakers still argue that 900 00:48:24.639 --> 00:48:29.079 Good has more roof outside because Don Trump has lighted 901 00:48:29.159 --> 00:48:31.519 the fact that he wants us to be lower. 902 00:48:32.079 --> 00:48:33.280 You can't ignore his. 903 00:48:33.440 --> 00:48:37.239 Influence in the global economy, despite the fact that the 904 00:48:37.360 --> 00:48:40.320 US is trying to prove his independence, so at one 905 00:48:40.440 --> 00:48:42.719 point he interests really lower. 906 00:48:42.800 --> 00:48:44.639 It also gives Good more power. 907 00:48:44.960 --> 00:48:48.360 And the issue we have with bitcoin is the ecosystem 908 00:48:48.599 --> 00:48:49.400 and the fact that. 909 00:48:51.400 --> 00:48:53.360 Traditional for US has not put into it. 910 00:48:53.519 --> 00:48:56.320 You look at important for example, then like you said, 911 00:48:57.079 --> 00:49:00.920 people like you, people that are really controlled traditional finance. 912 00:49:01.760 --> 00:49:06.239 Whoever has about teller a thirty four belions in casual 913 00:49:06.360 --> 00:49:09.360 evidence and it's really not talking about bitcoins. 914 00:49:09.400 --> 00:49:14.360 So yeah, I think bitcoin is still it's still in 915 00:49:14.400 --> 00:49:19.480 the stage. But as we don't remarkably well and attracted. 916 00:49:19.119 --> 00:49:23.280 Influence strategy for adding known as macro strategy, that has. 917 00:49:23.239 --> 00:49:28.039 For belon bitcoin. His biscoinsta is almost going in close 918 00:49:28.079 --> 00:49:29.440 to February one thousands. 919 00:49:29.320 --> 00:49:33.760 So it tells you that corporate finances attracted to that 920 00:49:34.000 --> 00:49:34.559 asset plans. 921 00:49:34.639 --> 00:49:37.719 So it makes sense for someone to get you to 922 00:49:37.800 --> 00:49:39.719 expose your door. Carlo. 923 00:49:40.239 --> 00:49:42.599 Like you said, it's a very vud so you have 924 00:49:42.679 --> 00:49:46.320 to fact into concentration. But I think it really makes sense. 925 00:49:46.360 --> 00:49:51.880 And for me, orange juice, orange juice for that weather, 926 00:49:53.119 --> 00:49:56.639 what happens with Brazi really influenced Orange juice. You look 927 00:49:56.719 --> 00:50:01.480 at Lumbard the housing market because the wood place the 928 00:50:01.559 --> 00:50:05.239 major rule. But men that you anivestors don't really have 929 00:50:05.400 --> 00:50:07.320 that liquidity to put in those bets. 930 00:50:07.559 --> 00:50:10.599 So, like you said, ets and commodities makes a lot 931 00:50:10.599 --> 00:50:10.960 of sense. 932 00:50:11.239 --> 00:50:16.480 But I think another problem we have is that since 933 00:50:16.519 --> 00:50:21.159 we don't have that opportunity to invest in those kind 934 00:50:21.199 --> 00:50:22.360 of exchanges. 935 00:50:22.559 --> 00:50:24.480 Effects for example, and you don't. 936 00:50:24.519 --> 00:50:27.760 People can look at Gary Rice, you could look at 937 00:50:27.880 --> 00:50:30.400 the customer, you can look at so applex is a 938 00:50:30.480 --> 00:50:35.360 good place to really look at. Lookal commodities and you know, 939 00:50:35.639 --> 00:50:39.440 like we said, do this year commodity seems to be 940 00:50:39.599 --> 00:50:41.119 modilt and if you look at it or the five 941 00:50:41.400 --> 00:50:47.079 spectrum commodities are outdoor equities in padposters. 942 00:50:47.119 --> 00:50:48.519 You have amazing. 943 00:50:49.599 --> 00:50:52.840 The gre industries and unsurprisingly you know you look at 944 00:50:52.920 --> 00:50:57.679 presscool book, look at and took you understand what I'm saying. 945 00:50:57.840 --> 00:51:00.159 Oh yeah, have an explosion in the. 946 00:51:02.440 --> 00:51:06.719 Agriculture business is interesting, but it also requires on the 947 00:51:06.760 --> 00:51:11.760 study about the nality, liquidity and also the risk in 948 00:51:11.880 --> 00:51:13.199 thesector gotcha. 949 00:51:13.719 --> 00:51:20.599 If you have a question for for Olimdio, I my god, 950 00:51:20.639 --> 00:51:23.039 if I wanted my I wanted my economics to also 951 00:51:23.079 --> 00:51:26.719 hopping out of asking a question on this the Nigerian 952 00:51:26.840 --> 00:51:28.960 economics on my group and all that, but I wish 953 00:51:29.000 --> 00:51:31.400 it were helping. If you did have a question, you 954 00:51:31.480 --> 00:51:33.599 can speak now. If you're Olimia, I'm looking at the 955 00:51:33.800 --> 00:51:36.519 Nigerian you know, looking at the affects market like you 956 00:51:36.599 --> 00:51:39.400 talked about Coco last year was a killer cocoa and 957 00:51:39.480 --> 00:51:42.679 coffee killer. They made a lot of money. Did Nigerians 958 00:51:42.760 --> 00:51:47.880 participate in this trade? Coco here is on the on affects. 959 00:51:48.320 --> 00:51:51.199 It's not only making a profit, it's about down zero 960 00:51:51.320 --> 00:51:54.480 point three nine? Did we participate in this? In this 961 00:51:54.639 --> 00:51:59.599 cocoa gold mind that happened last year? Did Nigeria take participate? 962 00:51:59.679 --> 00:52:00.559 What you take. 963 00:52:02.119 --> 00:52:05.159 It means it was that you're part of the group 964 00:52:05.760 --> 00:52:06.239 the rally. 965 00:52:06.480 --> 00:52:09.320 Yeah yeah, then do we enjoy this? 966 00:52:09.519 --> 00:52:12.599 I mean if you look at the trade report, yeah yeah, 967 00:52:12.639 --> 00:52:13.880 well coco a little. 968 00:52:13.880 --> 00:52:16.880 But the thought that just fought like producid the world 969 00:52:17.039 --> 00:52:19.000 right behind Africas. 970 00:52:20.679 --> 00:52:23.039 But that thought is like the number one is like 971 00:52:23.239 --> 00:52:26.519 it's like fifty. They were like, well like well. 972 00:52:26.480 --> 00:52:28.440 Like to true, very true. 973 00:52:29.320 --> 00:52:32.840 Yeah, but you guys, is that you know, it's just 974 00:52:32.960 --> 00:52:36.960 unfortunately Cuckackoo is what we used to build many of 975 00:52:37.039 --> 00:52:39.000 these stitutions we founded the West. 976 00:52:39.920 --> 00:52:43.000 Look at the ground operving interesting I past. 977 00:52:43.159 --> 00:52:44.960 For example, they're doing it a lot in Cuckoa, and 978 00:52:45.199 --> 00:52:49.000 I'm very interested in seeing how they take that up. 979 00:52:49.280 --> 00:52:49.480 You know. 980 00:52:51.039 --> 00:52:55.199 But in terms of our growth exports, we are doing 981 00:52:55.519 --> 00:52:58.559 very poor as a country, even looking at from our 982 00:52:58.840 --> 00:53:02.239 visitings from our other fathers. If they wake up and 983 00:53:02.360 --> 00:53:04.559 see how far we've gone to the culture, I'm sure 984 00:53:05.599 --> 00:53:09.880 to be very very to be marked down, you know. 985 00:53:10.400 --> 00:53:13.559 So I think we are not making so much compared 986 00:53:13.559 --> 00:53:17.960 to what the presidents as US are grow economies bigger 987 00:53:18.039 --> 00:53:20.800 than Nangers oil industry. 988 00:53:20.880 --> 00:53:24.280 That tells you how invested there. Despite the fact that 989 00:53:24.400 --> 00:53:25.400 brass and which. 990 00:53:25.320 --> 00:53:27.840 Country I think One of the problems we have had 991 00:53:28.079 --> 00:53:30.800 have been sued is that the people are the cultural 992 00:53:30.960 --> 00:53:34.920 industry are not attracted people like always in the banking industry. 993 00:53:34.960 --> 00:53:37.079 So for example, look at the banking industry for example. 994 00:53:37.559 --> 00:53:39.199 You know, one of the reasons why young people go 995 00:53:39.280 --> 00:53:41.760 into bank industries is not the fact that it's just 996 00:53:41.840 --> 00:53:43.719 the servi sceptor the kind of people who see. 997 00:53:43.599 --> 00:53:45.480 The banking industry, you know, mix. 998 00:53:45.360 --> 00:53:47.320 A lot of people attracted to the accept or you 999 00:53:47.400 --> 00:53:48.000 look like they are. 1000 00:53:47.920 --> 00:53:52.000 Growing industry in America, you know by the big names. 1001 00:53:52.039 --> 00:53:55.280 You know, card you for example, you look at what 1002 00:53:55.400 --> 00:53:57.599 they playing in their cultural ac sect, or you look 1003 00:53:57.639 --> 00:54:01.840 at farmers, you know, and the supporting get yeah, we're 1004 00:54:01.880 --> 00:54:03.679 not seeing that we are don't seeing that other. 1005 00:54:03.519 --> 00:54:04.880 People are not talking about our culture. 1006 00:54:05.199 --> 00:54:07.239 And our culture for me is. 1007 00:54:07.360 --> 00:54:10.119 The key components of taking a lot that you're out 1008 00:54:10.199 --> 00:54:10.800 of property. 1009 00:54:11.239 --> 00:54:14.840 Agriculture is the highest temple of label, you know, and 1010 00:54:15.519 --> 00:54:18.760 they have shown that agricultural businesses can be more proof 1011 00:54:18.840 --> 00:54:22.280 people that even the parking Look at Press col for example, 1012 00:54:22.599 --> 00:54:24.119 Press School had the proferic before. 1013 00:54:24.239 --> 00:54:28.079 Of twenty four. I want to try four billion, you 1014 00:54:28.159 --> 00:54:32.079 know from two park that you know in four. 1015 00:54:33.679 --> 00:54:35.199 Remember again I. 1016 00:54:35.239 --> 00:54:37.320 Think one twenty five. We want trying to pour begon 1017 00:54:37.880 --> 00:54:42.079 before the preschool what they made before. You know that 1018 00:54:42.199 --> 00:54:46.920 that's amazing and your standard at people don't see these things. 1019 00:54:47.039 --> 00:54:49.960 So I think we really need and that's why one 1020 00:54:49.960 --> 00:54:51.920 of the things I'm trying to do now is push 1021 00:54:52.039 --> 00:54:54.840 the cultural companis forward. You know, be willing to see 1022 00:54:54.920 --> 00:54:58.440 that there's also money in our culture center. 1023 00:54:59.199 --> 00:55:01.760 Two governments also need to play a key role and 1024 00:55:01.920 --> 00:55:05.320 culture extention officers at their low. I try to speak to. 1025 00:55:05.880 --> 00:55:09.119 Some farmers and asked whether they gets this support form 1026 00:55:09.159 --> 00:55:11.679 and experts government. 1027 00:55:12.039 --> 00:55:14.920 They don't get these things. Sometimes these guys have to 1028 00:55:15.000 --> 00:55:16.840 go agree to low by two kids. 1029 00:55:17.119 --> 00:55:20.079 So we really need government to support and we know, 1030 00:55:20.199 --> 00:55:22.159 to be honest with you, I really can't be before 1031 00:55:22.239 --> 00:55:25.960 government because by the dress Constitution, he's playing larger roles 1032 00:55:26.000 --> 00:55:28.960 and culture and fair government. So I look at the 1033 00:55:29.079 --> 00:55:32.440 projects did by the states. They go to your project 1034 00:55:32.480 --> 00:55:35.559 and culture. But I was really impressed by diestate not 1035 00:55:35.760 --> 00:55:38.159 just increase your and culture. 1036 00:55:39.639 --> 00:55:42.039 Expenses by returns. 1037 00:55:42.239 --> 00:55:46.480 I returns from magazine had this big plus shitting on agriculture. 1038 00:55:46.559 --> 00:55:48.159 Have we seen any results from that? 1039 00:55:49.360 --> 00:55:49.800 Very true? 1040 00:55:49.920 --> 00:55:52.519 You know that we're still doing these but I'm looking 1041 00:55:52.599 --> 00:55:55.639 at where the money is going. But please don't looking 1042 00:55:55.679 --> 00:55:58.440 at returns. I think for me, the day that assure 1043 00:55:58.519 --> 00:56:01.199 returns now is do states. You know, I look at 1044 00:56:01.239 --> 00:56:04.519 press school who they're in a state, and I look 1045 00:56:04.639 --> 00:56:07.719 atwards the oilpam business in ed those states is looking 1046 00:56:07.800 --> 00:56:09.840 at and I was impressed by. 1047 00:56:09.800 --> 00:56:12.480 Once or he did in those states. You know. You 1048 00:56:12.559 --> 00:56:14.800 know some of these club state years to grew. 1049 00:56:14.880 --> 00:56:17.360 You know, they're not food clubs that we call them cash, 1050 00:56:17.400 --> 00:56:22.119 croub and coture. So they have as that for them 1051 00:56:22.159 --> 00:56:25.400 to start being. So I think for me they that 1052 00:56:25.559 --> 00:56:29.400 have really soon opticier in terms of cuckoo. 1053 00:56:29.840 --> 00:56:34.840 I look at the look at them legos. 1054 00:56:35.719 --> 00:56:40.079 We're seeing the infrastructure outside coming and playing in terms 1055 00:56:40.119 --> 00:56:40.679 of warehouse. 1056 00:56:41.039 --> 00:56:43.880 But you know, I expect much better from legals. 1057 00:56:43.920 --> 00:56:47.079 Possipuality in fish farming and rice farming. 1058 00:56:47.159 --> 00:56:48.480 I'm expected to see that, you know. 1059 00:56:48.679 --> 00:56:52.920 But the agreement is that legos iss fine to other states, 1060 00:56:52.960 --> 00:56:55.159 you know, buying farmland and investing. 1061 00:56:56.039 --> 00:56:57.519 Let me give you this number. So I looked at 1062 00:56:57.559 --> 00:57:00.159 the cocoa experts in Nigeria. This is just a wa 1063 00:57:00.280 --> 00:57:02.840 This is quarter three twenty four is the latest we have. 1064 00:57:03.320 --> 00:57:08.119 If you add superior quality coco beans and standard quality. 1065 00:57:08.159 --> 00:57:10.920 If you add both of them together, you get about 1066 00:57:11.159 --> 00:57:15.079 five hundred and seven is that million, I would say 1067 00:57:15.159 --> 00:57:20.679 billion exports from Nigeria for the quarter that's nothing. That's 1068 00:57:20.800 --> 00:57:22.920 zen It Bank makes that maybe on a week on 1069 00:57:23.039 --> 00:57:26.360 the street in Legos. That's really nothing. And that's a 1070 00:57:26.519 --> 00:57:30.480 number one export for that's a number one agricultural export. 1071 00:57:30.559 --> 00:57:33.239 So you have cocoa, you have the butter, you have 1072 00:57:33.400 --> 00:57:38.960 the standard quality, and total total is for about less 1073 00:57:38.960 --> 00:57:42.119 than five hundred billion, right so I mean, and that's 1074 00:57:42.159 --> 00:57:45.239 the largest if you if you go down cashe is 1075 00:57:45.320 --> 00:57:51.199 about forty four billion millions, it's forty four billion. That's nothing. 1076 00:57:51.280 --> 00:57:54.480 And Cashi was it was before Cocoa Surprise went off. 1077 00:57:54.559 --> 00:57:57.760 Cashi was leading. If you go down go to palm oil, 1078 00:57:57.880 --> 00:58:02.840 it's nothing four billion, four one two three four nothing. 1079 00:58:03.480 --> 00:58:07.159 You go down to Legos is doing and there's this 1080 00:58:07.440 --> 00:58:10.559 massive pond in Legos in the e but where they 1081 00:58:10.639 --> 00:58:14.159 export prons to Walmart, King prons. 1082 00:58:14.360 --> 00:58:16.000 Is in Lego, the massive place there. 1083 00:58:16.440 --> 00:58:18.519 But if you look at the export or crabs, it's 1084 00:58:18.639 --> 00:58:20.719 just six hundred and six seven million. 1085 00:58:21.199 --> 00:58:21.760 There's nothing. 1086 00:58:22.320 --> 00:58:22.480 You know. 1087 00:58:22.639 --> 00:58:26.039 Ginger Karuna has Ginger best quoting the general whole world 1088 00:58:26.239 --> 00:58:31.119 six three million, really nothing gom Arabic two point something billion. 1089 00:58:31.199 --> 00:58:33.159 This is the point is that you know, all this 1090 00:58:33.519 --> 00:58:36.000 money we're quoting, all this stuff were closing, this is 1091 00:58:36.239 --> 00:58:40.320 real export revenues and could bring in that aspires away 1092 00:58:40.320 --> 00:58:42.960 from crude oil revenues. We have about number one source 1093 00:58:42.960 --> 00:58:45.199 of about eighty five percent of the money called from 1094 00:58:45.280 --> 00:58:48.039 crude oil. And we have all this stuff. Notings really 1095 00:58:48.239 --> 00:58:51.239 going on there, you know, so I'm not sure what 1096 00:58:51.360 --> 00:58:54.159 they can do. You talk about agricultural extension, folks, but 1097 00:58:54.840 --> 00:58:58.400 cocoa last year and the entire world is nearly ten 1098 00:58:58.480 --> 00:59:03.480 thousand pattern right, coco and is doing just yeah. 1099 00:59:03.840 --> 00:59:08.400 But you know, like you said, larger is the monocle economy, 1100 00:59:08.559 --> 00:59:12.960 no argument about that. We really rely on and its visus, 1101 00:59:13.719 --> 00:59:16.840 no argument about that. But the realize is that we need. 1102 00:59:16.800 --> 00:59:19.480 To starve somewhere, you know, we need to. We need 1103 00:59:19.519 --> 00:59:21.559 to so we make a lot of sense. 1104 00:59:21.800 --> 00:59:25.280 I know, for example, all these agricultural pudos they have 1105 00:59:25.440 --> 00:59:27.159 you to impact on the that you know, I don't 1106 00:59:27.199 --> 00:59:29.800 see them up being expanse. 1107 00:59:29.519 --> 00:59:32.440 Because you're so low. They should help because you're so low, 1108 00:59:33.000 --> 00:59:33.280 that's what. 1109 00:59:33.400 --> 00:59:36.639 There's no impact but yeah, but the impact is that 1110 00:59:37.039 --> 00:59:41.360 you know, the the huge rule in our lip of force. 1111 00:59:41.559 --> 00:59:43.039 You know, the to. 1112 00:59:44.559 --> 00:59:46.639 And culture is the largest of liople. 1113 00:59:47.000 --> 00:59:50.039 So I believe that if we can expand our sectal 1114 00:59:50.559 --> 00:59:54.239 if people understand that, oh you I Group Companical make 1115 00:59:54.280 --> 00:59:57.559 one hundred billion nine and you are introduced natural you know, 1116 00:59:58.280 --> 01:00:01.079 this is an do state, this company not the girls 1117 01:00:01.119 --> 01:00:01.880 papers company. 1118 01:00:01.960 --> 01:00:05.039 You know, it really tells you that there's money to 1119 01:00:05.119 --> 01:00:08.559 be made in this country. I think I think that's 1120 01:00:08.679 --> 01:00:11.000 where we need to start setting. And that's why I'm 1121 01:00:11.000 --> 01:00:11.639 so happy. 1122 01:00:11.480 --> 01:00:15.400 About the stock market, because it's really really so many 1123 01:00:15.519 --> 01:00:19.679 companies that people really don't see opportunities in Andrea and 1124 01:00:20.159 --> 01:00:23.119 for you, I think if we can break into that culture, 1125 01:00:23.800 --> 01:00:26.639 if the president can reduce his number of ministries to 1126 01:00:26.760 --> 01:00:34.079 maybe fifty, not petty who comes more agriculture, electricity, education. 1127 01:00:34.079 --> 01:00:39.199 Held Calu by deciding he is running for election again, 1128 01:00:40.840 --> 01:00:43.760 even his critics will both you see. You know, I 1129 01:00:44.079 --> 01:00:46.239 look at the book launch, you know, even it's. 1130 01:00:46.159 --> 01:00:48.119 Not financial matter that I look at it as I 1131 01:00:48.159 --> 01:00:51.880 look at the the journeys so far, you know, not 1132 01:00:52.000 --> 01:00:54.320 something Yeah, it's not something to be happy about. 1133 01:00:55.000 --> 01:00:58.000 Were comman to speak, give you us this last. That's 1134 01:00:58.039 --> 01:01:00.480 a point where I bring on confidence. That's it's our 1135 01:01:00.559 --> 01:01:01.559 tradue to West Africa. 1136 01:01:02.159 --> 01:01:03.000 The bulk of our. 1137 01:01:03.000 --> 01:01:06.199 Tradue to West Africa is on petroleum, so crude oil 1138 01:01:06.800 --> 01:01:10.480 and all that. Then we also export electric electrical power 1139 01:01:10.639 --> 01:01:11.719 to Nizia and. 1140 01:01:11.880 --> 01:01:14.760 To to maybe the guys in the West coast. 1141 01:01:14.800 --> 01:01:17.960 So the bulk of our exports is crude oil and 1142 01:01:18.119 --> 01:01:21.440 oil petrol to West Africa. We also export power supply, 1143 01:01:21.639 --> 01:01:25.039 don't laugh. We export power supply to West Africa. Then 1144 01:01:26.159 --> 01:01:29.239 we also export coco But guess what we import from 1145 01:01:29.559 --> 01:01:33.840 West Africa. We import the same petroleum bitter men. Then 1146 01:01:33.920 --> 01:01:39.320 we import aviation fuel. Then we import cocoa powder. So 1147 01:01:39.400 --> 01:01:41.599 we used to cook powder to add as a sweetener 1148 01:01:41.920 --> 01:01:45.239 for our own cocoa. We're important Nigeria from I could 1149 01:01:45.280 --> 01:01:49.599 the world organa. It's our ted largest import from West Africa. 1150 01:01:49.840 --> 01:01:52.400 Number one is patroon bit men, which we have no 1151 01:01:52.519 --> 01:01:55.360 But two is aviation spirit which we have. That go 1152 01:01:55.599 --> 01:01:59.199 is exporting aviation fuel to the US, but we're importing it. 1153 01:01:59.679 --> 01:02:02.559 Number treat is cocoa powder. We have cocoa, but we're 1154 01:02:02.599 --> 01:02:06.519 important the powder. Number four is macrel, the fish for 1155 01:02:06.679 --> 01:02:11.239 Mamabi sism, mister Marput. We're important that fish and number 1156 01:02:11.320 --> 01:02:15.599 is our fourth largest import from West Africa. It's big 1157 01:02:15.679 --> 01:02:21.679 money's five billion, five bills five but we have the 1158 01:02:21.719 --> 01:02:23.119 fish here. Then number number. 1159 01:02:23.000 --> 01:02:23.880 Five is parm oil. 1160 01:02:27.440 --> 01:02:29.880 The part of working is this right. Everything that we 1161 01:02:30.039 --> 01:02:33.119 import from with North America is just from West Africa. 1162 01:02:33.320 --> 01:02:35.639 Everything we import from West Africa. If you add the 1163 01:02:35.679 --> 01:02:39.119 two thousands of bait from port, twenty billion, water biting 1164 01:02:39.159 --> 01:02:44.599 men evasion, a few fourteen billion, cocoa, eight billion, macrel, 1165 01:02:44.719 --> 01:02:48.159 five billion, palm oil, palm oil we import palm oil 1166 01:02:48.400 --> 01:02:51.920 four billion. If we can't even control West African treat 1167 01:02:51.960 --> 01:02:56.119 I don't see anybody important potatoes to America or orange 1168 01:02:56.159 --> 01:02:56.679 to America. 1169 01:02:56.760 --> 01:02:57.559 I mean they have enough. 1170 01:02:57.599 --> 01:02:59.960 But if we can't even break this West African tree, 1171 01:03:00.079 --> 01:03:04.800 the more important palm oil cul bit to men an 1172 01:03:04.920 --> 01:03:06.079 Imbasi spirit. 1173 01:03:09.320 --> 01:03:15.079 Like I said, our agriculture ministry and the government points 1174 01:03:15.159 --> 01:03:17.239 towards agriculture and salutation. 1175 01:03:17.920 --> 01:03:21.239 It's one of the exactly, let's get the experts there, 1176 01:03:21.280 --> 01:03:23.800 let's get confident. I think compliens is a trade complience. 1177 01:03:23.840 --> 01:03:26.000 It says you are a trader or commodity. 1178 01:03:26.679 --> 01:03:27.239 Is that what you do? 1179 01:03:27.679 --> 01:03:30.239 Getting that right or wrong confidence. 1180 01:03:30.480 --> 01:03:31.960 Yeah, thank you mister. 1181 01:03:32.559 --> 01:03:36.039 So you think I'll just apply a brief introduction if 1182 01:03:36.239 --> 01:03:40.360 I've had about ten years over a decade experience. 1183 01:03:40.000 --> 01:03:40.639 In our culture. 1184 01:03:41.000 --> 01:03:46.000 I started with technology and culture providing spray precision technology 1185 01:03:46.079 --> 01:03:49.599 drones to spray most of the largest farms in Nigeria. 1186 01:03:50.400 --> 01:03:52.480 Not to call most of the name, but any name 1187 01:03:53.079 --> 01:03:56.079 of anyone you've known, from the religious mind Africa to 1188 01:03:56.199 --> 01:03:59.159 every other person, both the Indians and the West. 1189 01:03:59.320 --> 01:04:01.239 We've sprayed the farms and. 1190 01:04:01.440 --> 01:04:03.880 Over those years, there's something that was very critical for 1191 01:04:04.000 --> 01:04:05.760 me as a farm. 1192 01:04:06.199 --> 01:04:08.800 Of one of the most popular yes we have in Nigeria. 1193 01:04:09.480 --> 01:04:12.639 They have they have our ten thousand actors in Nastraea 1194 01:04:13.400 --> 01:04:16.920 and their farm the farming of fifty paces of that 1195 01:04:17.039 --> 01:04:20.679 land and was just providing a little above ten percent 1196 01:04:21.000 --> 01:04:24.960 fit stock to their meal. So the we say having 1197 01:04:25.039 --> 01:04:26.599 issues of we weren't getting you. 1198 01:04:26.639 --> 01:04:28.199 Know, raw paddy to the meal. 1199 01:04:29.239 --> 01:04:32.440 And we had small older farmers that can actually provide 1200 01:04:32.559 --> 01:04:38.199 those paddy and increase their the milling capacity to at 1201 01:04:38.280 --> 01:04:41.960 least eighty percent. But the problem we're having in Nigeria 1202 01:04:42.159 --> 01:04:49.440 is the supply chain gap between deep processors. 1203 01:04:49.079 --> 01:04:50.159 And the farmers. 1204 01:04:50.840 --> 01:04:55.199 The farmers are two. I made that switch Intoway three. 1205 01:04:56.119 --> 01:04:59.280 I said, you know what, we're actually producing so much 1206 01:04:59.480 --> 01:05:03.960 that we are not seen because I'm working. 1207 01:05:03.840 --> 01:05:04.599 For the big guys. 1208 01:05:05.239 --> 01:05:07.519 We also have a program for these smaller guys. The 1209 01:05:07.599 --> 01:05:10.559 guys have one hector's two actors. And I will tell 1210 01:05:10.639 --> 01:05:14.719 you I got to a village in Bidder and the 1211 01:05:14.960 --> 01:05:18.159 amount of rise these guys we're farming was in the 1212 01:05:18.239 --> 01:05:22.559 excess of thirty thousand hectors. That's a combined village. And 1213 01:05:23.239 --> 01:05:27.599 they know I was the first. Should I say none, 1214 01:05:28.840 --> 01:05:33.440 Should I say a community or non individual that build 1215 01:05:34.000 --> 01:05:37.280 after the community, And I mean it got me thinking, 1216 01:05:37.480 --> 01:05:42.159 why are we wasting so much and important when we 1217 01:05:42.280 --> 01:05:43.960 have a whole lot of people that are doing this 1218 01:05:44.519 --> 01:05:47.320 on our own side, but they are nowhere to be found. 1219 01:05:47.880 --> 01:05:52.719 That's how I started continual commodity, you know, linking males 1220 01:05:52.800 --> 01:05:55.519 to the old farmers where we are more like the 1221 01:05:55.679 --> 01:05:56.119 trust in. 1222 01:05:56.159 --> 01:05:57.599 Between those two people. 1223 01:05:57.639 --> 01:06:01.880 Because they bigger guys cannot just go and the enter 1224 01:06:01.960 --> 01:06:05.559 into the UK community as out of flooding products bits rice, 1225 01:06:05.719 --> 01:06:08.320 maize and the rest so they can process. 1226 01:06:08.960 --> 01:06:09.960 They want to give help you. 1227 01:06:10.239 --> 01:06:11.800 They want to know everything by the books and the 1228 01:06:11.880 --> 01:06:12.719 Homers don't want to do that. 1229 01:06:13.079 --> 01:06:16.400 Gotcha? So question and if you're I want to ask 1230 01:06:16.480 --> 01:06:18.679 us when you come to the board, in your own 1231 01:06:18.760 --> 01:06:21.119 mind or in your own statistics, do you think the 1232 01:06:21.239 --> 01:06:23.639 food output in Nigeria is up or down? 1233 01:06:23.760 --> 01:06:25.920 But continue just want I don't want to forget that 1234 01:06:26.119 --> 01:06:26.639 question for you. 1235 01:06:27.639 --> 01:06:30.039 So the food I was putting Ninjia based on the 1236 01:06:30.119 --> 01:06:32.800 experience I've had in the last twenty four. 1237 01:06:34.199 --> 01:06:37.400 On is up. Do you know we actually have people 1238 01:06:37.760 --> 01:06:39.280 from Cameroon and they're coming to Nigeria. 1239 01:06:40.400 --> 01:06:44.199 When you said today's world we're in in February, from 1240 01:06:45.440 --> 01:06:48.719 June July August, you see so many foreigners coming in 1241 01:06:49.119 --> 01:06:52.199 trucks to be living, to go to trucks, be living 1242 01:06:52.239 --> 01:06:55.079 at the moora trucks, to be living even the water 1243 01:06:55.159 --> 01:06:59.039 on Borno trucks, be living caliber in fact. 1244 01:06:59.639 --> 01:07:02.480 So they're coming here to buy or to farm. 1245 01:07:03.159 --> 01:07:06.920 Yes, they are coming here to buy and pulling out. 1246 01:07:09.440 --> 01:07:11.840 Now we don't have and you know what these funny 1247 01:07:11.880 --> 01:07:15.320 things that these guys do. They buy our products from 1248 01:07:15.320 --> 01:07:20.239 our farmers have produced this quantity that we daily need. 1249 01:07:21.199 --> 01:07:24.679 They take it to a warehouse just within the border. 1250 01:07:25.400 --> 01:07:26.920 And guess what by the. 1251 01:07:27.000 --> 01:07:32.079 Time we reach is November December January, we come back 1252 01:07:32.159 --> 01:07:35.239 to them and start buying together closely high priced. That 1253 01:07:35.440 --> 01:07:41.280 is why we have the dry season scarsty and high prices. 1254 01:07:41.320 --> 01:07:44.000 And some Nigerian started doing it themselves. The US buy, 1255 01:07:44.440 --> 01:07:46.440 go to work and we get all those farmers you 1256 01:07:46.480 --> 01:07:49.280 know buy one million tons. They go to the wearhouse 1257 01:07:49.320 --> 01:07:52.800 and back, which they didn't Najer say, Governor last year 1258 01:07:53.239 --> 01:07:54.960 was you know, was. 1259 01:07:55.000 --> 01:07:58.360 Clamping down all of them. But now the problem is not. 1260 01:07:58.719 --> 01:08:02.519 I mean, economics is simple. Once as they demanded to 1261 01:08:02.599 --> 01:08:05.599 be a supply and people who always use the economic 1262 01:08:05.719 --> 01:08:08.960 skill at the advantage by buying the whole longer have 1263 01:08:09.239 --> 01:08:13.800 equality on their hands and wait till there's no more supply. 1264 01:08:14.280 --> 01:08:16.640 And once there is no more supply, price croket. I mean, 1265 01:08:16.880 --> 01:08:20.960 last year, with surprise of rice, go from we supplied 1266 01:08:21.079 --> 01:08:24.800 rice to most of the popular meals at funders sixty 1267 01:08:24.840 --> 01:08:28.560 thousand per pon but guess what every week it was 1268 01:08:28.760 --> 01:08:31.880 adding five percent, then it jumped to twenty percent, jumped 1269 01:08:31.880 --> 01:08:35.319 to thirty percent. Fint age, you're selling as almost nine 1270 01:08:35.399 --> 01:08:40.399 hundred thousand air pattern and it happens across all commodity train. 1271 01:08:41.279 --> 01:08:43.920 So the most important thing for us is if you 1272 01:08:44.039 --> 01:08:47.920 have to look at a major consumption. Right, we have 1273 01:08:48.119 --> 01:08:51.039 rice paddy, we have cooking oil. 1274 01:08:51.720 --> 01:08:53.119 Now, one sweet thing. 1275 01:08:53.039 --> 01:08:57.439 About cooking oil is cooking oil is also going aside 1276 01:08:57.479 --> 01:09:01.399 from bleaching palm oil. You know the there's a knots 1277 01:09:01.720 --> 01:09:04.840 for once you process the palm oil from the pank canal, 1278 01:09:05.600 --> 01:09:07.680 there's a hat shell once you can't the hat shell. 1279 01:09:07.720 --> 01:09:10.199 There's what they call it pank canal nuts. It's just 1280 01:09:10.359 --> 01:09:15.199 like coconut were small seed. They also possess that to 1281 01:09:15.359 --> 01:09:18.920 cocaine oil. There's a completely better here. Also the customer 1282 01:09:19.079 --> 01:09:23.279 us that we supply that to like with that you 1283 01:09:23.479 --> 01:09:27.439 have very low cholesterol, very good for the health. But 1284 01:09:27.800 --> 01:09:33.600 most of our palm oil supply chain is not even 1285 01:09:33.720 --> 01:09:34.439 app I mean. 1286 01:09:35.800 --> 01:09:37.760 If I don't have the food. 1287 01:09:37.560 --> 01:09:40.720 That But for example, we have let's say million hectares 1288 01:09:40.760 --> 01:09:44.039 of palm oil trees in Nigeria. We are happening let's 1289 01:09:44.079 --> 01:09:47.760 say a hundred a thousand of it. That's the tell 1290 01:09:47.800 --> 01:09:51.880 you did deficiency that we've had in the last eight months. 1291 01:09:52.399 --> 01:09:55.039 I mean then that sound is a south south and 1292 01:09:55.479 --> 01:10:04.119 I saw pump trees that are just wasting, like particularly wasting. 1293 01:10:04.920 --> 01:10:07.039 No one is coming to buy them and I'm like, 1294 01:10:07.119 --> 01:10:10.680 you know what, I don't know build the largest have 1295 01:10:10.880 --> 01:10:13.319 already finding meal. I don't own any farm because I 1296 01:10:13.319 --> 01:10:15.199 mean the the palm trees. 1297 01:10:14.960 --> 01:10:15.439 Are a lot. 1298 01:10:16.039 --> 01:10:19.840 I'll building power finding bill and tell this substenance family 1299 01:10:19.880 --> 01:10:23.439 because usually they're always owned by you know, family members 1300 01:10:23.840 --> 01:10:27.800 and community. And it's a whole lot, a whole lot 1301 01:10:28.199 --> 01:10:31.520 in most has if it was has a has a 1302 01:10:32.039 --> 01:10:37.720 land master. Let's say two hundred thousands cremator about between 1303 01:10:37.800 --> 01:10:40.680 one twenty or one ten discovered. 1304 01:10:40.239 --> 01:10:41.319 With palm trees. 1305 01:10:43.479 --> 01:10:46.720 You said you set output is off right, but the yes, 1306 01:10:46.840 --> 01:10:48.680 the end this is saying that the money we make 1307 01:10:48.760 --> 01:10:50.000 from these things are nonsense. 1308 01:10:50.000 --> 01:10:52.640 And like I also puted it figures for you quarter. Yes, 1309 01:10:53.199 --> 01:10:56.359 So where is it this connected? Quartactly? Why important this 1310 01:10:56.520 --> 01:10:57.680 part where you see black. 1311 01:10:57.520 --> 01:11:02.279 Coming to buy about out four point one four point 1312 01:11:02.359 --> 01:11:04.960 four billion work of palm oil, This is just quot 1313 01:11:05.159 --> 01:11:07.560 to be alone, just to work in Africa. 1314 01:11:08.239 --> 01:11:11.439 I'm mostly, well, so where did this connect? You said, 1315 01:11:11.439 --> 01:11:12.600 it's palm oil in the. 1316 01:11:12.680 --> 01:11:17.000 Village, but we're exporting part is expensive in the market. 1317 01:11:17.159 --> 01:11:19.000 It's all this jointed. What's going on? 1318 01:11:20.239 --> 01:11:23.760 So the problem is supply chain, right, we have a 1319 01:11:23.800 --> 01:11:24.960 whole lot of people. 1320 01:11:24.960 --> 01:11:28.560 That every day they wake up and they're seeing these 1321 01:11:28.720 --> 01:11:31.800 palm trees in front of them. And you have a 1322 01:11:31.880 --> 01:11:35.239 generation that did this as a business that the next 1323 01:11:35.319 --> 01:11:38.840 greasure has not did not even take it as a 1324 01:11:39.079 --> 01:11:45.039 very important business to actually engage in. So I'll give 1325 01:11:45.039 --> 01:11:48.760 you a community in in mostly that we started with 1326 01:11:48.880 --> 01:11:53.000 last year Inamiable in Inmo States. Do you know that 1327 01:11:53.920 --> 01:11:56.520 all the trees that they had around them, they had 1328 01:11:56.560 --> 01:12:04.119 about four thousand, had fifty palm trees each month susperma 1329 01:12:04.159 --> 01:12:07.159 tries produced every three months depending on the age and 1330 01:12:07.239 --> 01:12:10.560 the west. So doing the pig pos from now February 1331 01:12:10.600 --> 01:12:16.520 that they always have vest a minimum minimum of one 1332 01:12:16.720 --> 01:12:19.560 fifty trees maximum. 1333 01:12:19.840 --> 01:12:20.920 The highest they've ever. 1334 01:12:21.079 --> 01:12:24.920 Done, like in the last five years is. 1335 01:12:25.119 --> 01:12:26.079 One thousand and two. 1336 01:12:26.279 --> 01:12:28.159 They're out of four thousand and fifty. 1337 01:12:30.039 --> 01:12:31.960 And the question is, I mean, why are you. 1338 01:12:32.199 --> 01:12:38.880 Not investing this thing and you know, creating the wll 1339 01:12:38.960 --> 01:12:41.000 of value for yourself. I mean this money that is 1340 01:12:41.079 --> 01:12:45.920 hanging and they're like, oh, that's whenever the meal, they 1341 01:12:46.119 --> 01:12:47.920 take it to the market, local market. 1342 01:12:48.119 --> 01:12:48.720 And they sell. 1343 01:12:48.920 --> 01:12:50.920 So whenever the mail. Within the video, I say that 1344 01:12:50.960 --> 01:12:54.760 you know, fifty jerkan, which is the. 1345 01:12:54.800 --> 01:12:58.920 Maximum sometimes twenty a week, and I'm like, man, this 1346 01:12:59.159 --> 01:13:04.880 is not to work into the market oxactly. 1347 01:13:05.359 --> 01:13:07.119 I'm just hearing that, you know, I hear you just 1348 01:13:07.199 --> 01:13:09.239 when it gets Cyrus to speak, I'm you know, it 1349 01:13:09.319 --> 01:13:12.199 doesn't make sense to me how the same nation can 1350 01:13:12.359 --> 01:13:16.479 make a lot of output then export a lot, import 1351 01:13:16.560 --> 01:13:19.239 a lot and still has supply chain issues. I mean, 1352 01:13:19.279 --> 01:13:21.640 everything is It doesn't make you know, I mean number 1353 01:13:21.720 --> 01:13:24.840 some mbs so that may be more, you know, Cyrus, 1354 01:13:24.920 --> 01:13:25.680 what's your take on this? 1355 01:13:26.520 --> 01:13:26.920 Cyrus? 1356 01:13:27.279 --> 01:13:29.720 Hi, thank you so much, Calu. 1357 01:13:29.880 --> 01:13:32.399 I really I quested for the mic going you know, 1358 01:13:32.880 --> 01:13:37.279 lumited butt of the conversation around agriculture, and I do 1359 01:13:37.399 --> 01:13:38.079 acco with you. 1360 01:13:39.079 --> 01:13:40.680 It doesn't really make most sense. 1361 01:13:40.880 --> 01:13:45.560 And yes we have something a cultural put doos that 1362 01:13:45.680 --> 01:13:49.439 we have like huge outputs for example, and your had 1363 01:13:49.479 --> 01:13:53.279 any issue like in terms of cassava production in this 1364 01:13:53.439 --> 01:13:55.960 country you are the largest produce of cassava Souf South 1365 01:13:56.039 --> 01:13:59.920 Africa and other things like that tomatoes on your project 1366 01:14:00.199 --> 01:14:04.000 was even a right like our food cups right. But 1367 01:14:04.079 --> 01:14:06.279 the other things that I would say that we are 1368 01:14:06.399 --> 01:14:11.720 not doing as much as many stakeholders or even the 1369 01:14:11.800 --> 01:14:15.680 government themselves. Us belief like the rise the malid amaze 1370 01:14:16.079 --> 01:14:19.000 of the wheat so and those are details that we 1371 01:14:19.119 --> 01:14:24.159 find ourselves important of putting restitution on importation and driving 1372 01:14:24.239 --> 01:14:28.159 of price. And what it is interesting to the conversation 1373 01:14:28.439 --> 01:14:32.039 and inflation is that when the ABS came out the 1374 01:14:32.159 --> 01:14:34.720 last I think last week, and it got out a 1375 01:14:34.880 --> 01:14:39.520 new tweaked data, you know, by their own methodology, expanding 1376 01:14:39.640 --> 01:14:44.520 the indusy the indices of inflation figure to include energy, 1377 01:14:44.720 --> 01:14:48.600 to include the important food items and other things like that, 1378 01:14:49.239 --> 01:14:52.119 just to make it look moderate and stuff. I made 1379 01:14:52.159 --> 01:14:56.319 a statement and I made a comments on certain progum 1380 01:14:56.359 --> 01:14:59.279 that look, that's not our problem, and your inflation is 1381 01:14:59.359 --> 01:15:02.399 doing by two major things right first and for most 1382 01:15:02.479 --> 01:15:04.640 government ESSs spending right. 1383 01:15:05.079 --> 01:15:06.399 Nagiera has been so. 1384 01:15:06.720 --> 01:15:09.680 Used to expansive deficity to the point that we never 1385 01:15:09.760 --> 01:15:14.279 have any conversational and balance budget anymore. It may interest 1386 01:15:14.359 --> 01:15:17.399 people to know that why we're fighting the civil war 1387 01:15:17.840 --> 01:15:20.359 in this you know, in sister self states. 1388 01:15:20.119 --> 01:15:23.039 We were even we had balanced budget. 1389 01:15:23.359 --> 01:15:25.640 Right because the personal the m of our fair at 1390 01:15:25.680 --> 01:15:29.800 that point was very very fulger about you know what 1391 01:15:30.000 --> 01:15:32.960 exactly is the polity for the government and almost. 1392 01:15:32.840 --> 01:15:34.439 Be allocated for what and whatnot? 1393 01:15:34.880 --> 01:15:38.880 If you are not serious about reducing your deficity or expenditures, 1394 01:15:39.239 --> 01:15:42.680 and you're just spending as much as bringing in three 1395 01:15:42.720 --> 01:15:46.600 for example, turned to Nandia had a spot in its 1396 01:15:46.640 --> 01:15:51.039 revenue collection due to more soucidy and was it good 1397 01:15:51.399 --> 01:15:54.399 efforts evaluation? 1398 01:15:54.960 --> 01:15:57.439 Right, But that does more reflect. 1399 01:15:57.560 --> 01:16:02.199 In our deficity, our deficity spanding if you look at it. So, 1400 01:16:03.239 --> 01:16:06.960 but if you don't fix that, and while you do 1401 01:16:07.119 --> 01:16:10.239 strict the figure, you are not helping yourselven number one. 1402 01:16:10.640 --> 01:16:13.760 You are not helping the number two, which is you know, 1403 01:16:14.039 --> 01:16:17.079 doing all it can to tighten the systems that there 1404 01:16:17.079 --> 01:16:20.000 will be less money supply and will be less bugging, 1405 01:16:20.159 --> 01:16:23.279 you know, perscribe to the government. The second thing which 1406 01:16:23.319 --> 01:16:27.760 Alumeda mention, which I think it's you know, very important 1407 01:16:27.800 --> 01:16:29.159 of this conversation. 1408 01:16:29.199 --> 01:16:30.479 Is agriculture output. 1409 01:16:31.319 --> 01:16:35.279 Your alumna says something about our culture contributing about. 1410 01:16:35.840 --> 01:16:38.039 Twenty sixty seven percent our GP. 1411 01:16:38.439 --> 01:16:42.039 Absolutely, yes, that's always been that case for decades now, right, 1412 01:16:42.479 --> 01:16:46.359 But if you look at the the quarterly increase or 1413 01:16:46.399 --> 01:16:49.760 the quarterly growth of our culture, it does not exceeded 1414 01:16:49.880 --> 01:16:53.600 one point twenty percent. In other words, it's just even 1415 01:16:53.640 --> 01:16:55.720 though a lot of activities going on in the sector. 1416 01:16:56.159 --> 01:16:59.279 It is more growing. It is not as funny compared to. 1417 01:16:59.359 --> 01:17:03.079 Things like bang game service ticals and others like finance, 1418 01:17:03.439 --> 01:17:06.159 but it's contributed a lot of players. 1419 01:17:06.239 --> 01:17:08.039 They love you know, jobs, There. 1420 01:17:07.960 --> 01:17:10.479 A lot of you know informer sectors, there are whatnot. 1421 01:17:10.880 --> 01:17:11.800 But it is not good. 1422 01:17:11.920 --> 01:17:14.600 It is not you know, having any kind of good. Right, 1423 01:17:15.000 --> 01:17:17.279 so it's always around one point one one point two 1424 01:17:17.359 --> 01:17:19.119 there about good every quarter. 1425 01:17:19.319 --> 01:17:21.720 You can check it. So if the government is. 1426 01:17:21.840 --> 01:17:25.560 Serious about getting inflation, you know, moderating inflation. 1427 01:17:25.439 --> 01:17:27.600 It should not be about two king data. 1428 01:17:28.000 --> 01:17:30.159 It should be about doing what they can and us 1429 01:17:30.199 --> 01:17:35.399 an Adelian country to increase supply. We are now increasing supply. 1430 01:17:35.880 --> 01:17:38.680 Let's not deceive ourselves. Yes, and things are going on. Yes, 1431 01:17:38.760 --> 01:17:40.439 there are more players there years. There are a lot 1432 01:17:40.479 --> 01:17:43.640 of you know people participating in that sector, whether you're 1433 01:17:43.640 --> 01:17:46.680 talking about livestock or cash good or recover but whatnot 1434 01:17:47.000 --> 01:17:51.479 across evolution. But in terms of good, in terms of investment, 1435 01:17:51.560 --> 01:17:53.600 in terms of campuital have been doing to that sector. 1436 01:17:53.920 --> 01:17:56.720 It is more happening, right, So the governments need to 1437 01:17:56.840 --> 01:17:57.840 take that seriously. 1438 01:17:58.439 --> 01:18:01.640 First and foremost that you drive down food prices, to 1439 01:18:01.760 --> 01:18:04.479 drive down cost of food like which also have fact 1440 01:18:04.520 --> 01:18:08.560 on inflation. Secondly, just diversify our export and our You 1441 01:18:08.640 --> 01:18:11.840 mentioned something about the train as are playing the cocoa industry, 1442 01:18:12.159 --> 01:18:14.239 as are playing in the palm oil and others. These 1443 01:18:14.279 --> 01:18:16.800 are things that we should be taking advantage of. You know, 1444 01:18:16.960 --> 01:18:19.840 low hanging food is taken advantage of instead of focusing 1445 01:18:19.880 --> 01:18:23.000 on oil because oil is exupposed to you know, global 1446 01:18:24.319 --> 01:18:26.600 global factors, like you know, when it comes up, it 1447 01:18:26.680 --> 01:18:29.279 goes down, whatever does, whatever your doors and want. But 1448 01:18:29.760 --> 01:18:31.720 these are things that you can be taken advantage of, 1449 01:18:31.800 --> 01:18:35.000 like ghana ganna for example, Cocoa is like the primary 1450 01:18:35.119 --> 01:18:36.720 source of efforts for them, not oil. 1451 01:18:37.079 --> 01:18:39.960 So these they have more than we do each other. 1452 01:18:40.119 --> 01:18:43.960 We're forsaking that part and we're not bringing love to ensure. 1453 01:18:44.079 --> 01:18:46.640 You know that with the first for our exports. I 1454 01:18:46.760 --> 01:18:46.960 hear you. 1455 01:18:47.039 --> 01:18:50.560 But that's the question in terms of the mbs that 1456 01:18:50.760 --> 01:18:54.239 are changing for you, if you're a business model changing for. 1457 01:18:54.319 --> 01:18:57.720 You, absolutely no. I think it's a it's a noon daylight. 1458 01:18:57.920 --> 01:19:01.199 And I think it's very unfair to people who actually 1459 01:19:01.319 --> 01:19:05.640 chose them as some authority to provide, you know, some 1460 01:19:05.920 --> 01:19:10.359 kind of integrity and independence of government interferers. But to 1461 01:19:10.399 --> 01:19:14.680 what they are doing recently with all the old manipulation 1462 01:19:14.840 --> 01:19:17.079 of data. I only need to look at is that 1463 01:19:17.239 --> 01:19:19.079 even if you there are two things that you said 1464 01:19:19.079 --> 01:19:21.680 the consider in the change of in the change of 1465 01:19:22.239 --> 01:19:24.960 the figure. The first one is proximity in terms of 1466 01:19:25.119 --> 01:19:28.439 all the yeend that just regarded as the basic as 1467 01:19:28.479 --> 01:19:30.560 well as the methology they use, like what are the 1468 01:19:30.640 --> 01:19:33.239 indicators that are considers? Are the two main major things 1469 01:19:33.279 --> 01:19:36.079 that give their twenty four percent. Now if you look 1470 01:19:36.119 --> 01:19:40.119 at those two things our day, you know, our day 1471 01:19:40.199 --> 01:19:45.039 positive like as surprises drop fundamentally you say ten percent 1472 01:19:45.159 --> 01:19:47.800 right as a fundamental job from enter the port twenty 1473 01:19:47.920 --> 01:19:51.359 five right from forty five as that happened. So you 1474 01:19:51.479 --> 01:19:53.359 have to be lying to come up with that kind 1475 01:19:53.399 --> 01:19:56.520 of figure. So and the industries that you are using, 1476 01:19:56.600 --> 01:19:59.840 like energy, important, food and work most they are not. 1477 01:20:00.159 --> 01:20:04.880 They are they're not really so to speak. So they 1478 01:20:04.920 --> 01:20:06.239 have not really to those. 1479 01:20:06.119 --> 01:20:08.880 I mean the NPAH how they come up with this figure. 1480 01:20:08.920 --> 01:20:10.920 It's just a way for them to like do some 1481 01:20:11.079 --> 01:20:14.000 kind of cosgress. And one of the things I read 1482 01:20:14.600 --> 01:20:15.800 that the reason why they're. 1483 01:20:15.680 --> 01:20:20.479 Doing this is that it's one of those indices. 1484 01:20:20.119 --> 01:20:24.760 That international communities creditors and letting against is considered to 1485 01:20:25.039 --> 01:20:28.159 assess the controul that they are they are viable for 1486 01:20:28.760 --> 01:20:32.039 certain loans and credits or not, and you know maybe 1487 01:20:32.119 --> 01:20:35.119 like inflation might help them in that regard. So they 1488 01:20:35.239 --> 01:20:38.399 just want to look good, you know, to the intertional community. 1489 01:20:38.399 --> 01:20:39.960 And I don't think that we open a long gold 1490 01:20:40.279 --> 01:20:42.319 because it just want more. 1491 01:20:42.600 --> 01:20:46.520 Okay, I'm going, I'm I agree with you. They are 1492 01:20:48.000 --> 01:20:51.079 should we say cooking incess? They are massaging the books 1493 01:20:51.680 --> 01:20:54.760 to yeah, they are, but it will. 1494 01:20:54.760 --> 01:20:55.800 It will do two things. 1495 01:20:55.880 --> 01:20:58.880 First and foremost, it will make the very objective of 1496 01:20:59.039 --> 01:21:02.039 which using inflation, you know, it will make it to 1497 01:21:02.159 --> 01:21:04.920 make the government lacks Number one about you also forfeit 1498 01:21:05.159 --> 01:21:09.239 or defeat the very objective or mandate of CPR to 1499 01:21:09.359 --> 01:21:13.359 open up liquidity and your money supply keep increasing and quatrely. 1500 01:21:13.359 --> 01:21:15.239 If you look at the guys over one and something's real, 1501 01:21:15.279 --> 01:21:17.720 you now, I keep increasing that. So if this, if 1502 01:21:17.760 --> 01:21:21.199 the CIBN, you know, goes back on its mandate to 1503 01:21:21.399 --> 01:21:24.800 cope that inflation, I pleasure by you know, having a 1504 01:21:24.920 --> 01:21:28.439 Douvish view or dovis stand. It's going to affect how 1505 01:21:28.560 --> 01:21:30.680 much has been born without that going to offend money 1506 01:21:30.680 --> 01:21:32.960 supply and end up compounding inflation. 1507 01:21:33.439 --> 01:21:35.560 So they're actually doing it very very bad work. 1508 01:21:36.039 --> 01:21:38.119 All right, let's see what happens in the coming months. Right, 1509 01:21:38.199 --> 01:21:40.720 let's hang on there other. Let let's get Ilian, Ilian, 1510 01:21:40.760 --> 01:21:41.399 what's in your mind? 1511 01:21:41.479 --> 01:21:43.199 You you you are? 1512 01:21:43.600 --> 01:21:43.800 Yeah? 1513 01:21:44.960 --> 01:21:45.279 Go for it? 1514 01:21:45.439 --> 01:21:48.279 Okay, Yeah. I think I've said the several species, and 1515 01:21:48.479 --> 01:21:53.640 I've also heard cyrus alsociate it on a species. The 1516 01:21:54.840 --> 01:21:59.479 the inflation on values NBS has given us. It's not 1517 01:22:00.079 --> 01:22:04.920 corresponding to the reality on ground. And you know, for me, 1518 01:22:05.720 --> 01:22:09.760 I don't think they manipulated any figure. I feel like, 1519 01:22:09.960 --> 01:22:11.479 you know, they played a smart one. 1520 01:22:12.439 --> 01:22:16.399 They just looked at different parameters and they saw which 1521 01:22:16.439 --> 01:22:18.680 won't give them the best outcome. 1522 01:22:19.279 --> 01:22:22.319 Say in using the busy as twenty twenty four, and 1523 01:22:22.600 --> 01:22:27.560 I think on other spaces. Come to check top countries 1524 01:22:27.600 --> 01:22:28.119 in the world. 1525 01:22:28.439 --> 01:22:31.600 For example, the US system uses the busy of nineteen 1526 01:22:31.680 --> 01:22:35.840 eighty something, or it's in something it's won't. 1527 01:22:35.720 --> 01:22:38.000 Very five year. I checked Germany. 1528 01:22:38.119 --> 01:22:41.680 Germany still use this twenty fifteen as busier. France till 1529 01:22:41.760 --> 01:22:45.359 use twenty fifteen as peace. Yet several countries toill use 1530 01:22:45.960 --> 01:22:48.880 this thing as busier, and they are still in single 1531 01:22:49.000 --> 01:22:54.560 digit inflation levels. So and when I listen to those 1532 01:22:54.600 --> 01:22:57.439 people through government, people who talk, they tell you, oh, 1533 01:22:58.840 --> 01:23:01.399 this is the year twenty four was just the best 1534 01:23:01.479 --> 01:23:04.159 day if we had put it less than twenty twenty four. 1535 01:23:04.479 --> 01:23:06.319 We're coming out of COVID nineteen. 1536 01:23:06.359 --> 01:23:08.239 Now you're seeing other countries they know, go through the 1537 01:23:08.319 --> 01:23:09.960 COVID nineteen issue. 1538 01:23:10.680 --> 01:23:12.520 And some other people were. 1539 01:23:12.399 --> 01:23:15.840 Telling me that was when we singles renew Hope Man 1540 01:23:15.920 --> 01:23:19.039 did started. So twenty twenty four is like the best 1541 01:23:19.119 --> 01:23:22.640 day of selcidies were out. So that is when twenty 1542 01:23:22.720 --> 01:23:24.680 twenty four was just the best day to pick and 1543 01:23:24.800 --> 01:23:27.760 someone and so forth. It doesn't make sense to me 1544 01:23:27.880 --> 01:23:30.840 at all. It doesn't really make sense to me. And 1545 01:23:31.239 --> 01:23:34.279 instead of you're thinking of and three king figures to 1546 01:23:34.399 --> 01:23:39.600 give you the best good chances of getting over, why 1547 01:23:39.640 --> 01:23:42.239 don't you give something that is realistic so that we 1548 01:23:42.319 --> 01:23:45.640 can sit down, dig our hands and put our hands 1549 01:23:45.880 --> 01:23:48.520 together as a country and look for how best to 1550 01:23:48.640 --> 01:23:50.760 measure these inflation levels? 1551 01:23:50.880 --> 01:23:51.319 Come down? 1552 01:23:51.640 --> 01:23:55.199 Now, your inflation levels went ten percent. Your MPR is 1553 01:23:55.279 --> 01:23:57.640 no movie. Please correct me if I'm wrong, But the 1554 01:23:57.800 --> 01:24:00.319 MPR has not changed. It means that I do not 1555 01:24:00.439 --> 01:24:03.920 trust decipient does not trust the values out there. They 1556 01:24:03.960 --> 01:24:07.920 do not trust what they call it the cost of 1557 01:24:08.039 --> 01:24:11.119 food and production out there, and so on and so forth. 1558 01:24:11.560 --> 01:24:14.960 So for me, I would not believe this result until 1559 01:24:15.039 --> 01:24:18.399 I see very decisive steps by the government to cut 1560 01:24:18.479 --> 01:24:22.560 down their spendings by the government to ensure production, mainly 1561 01:24:22.760 --> 01:24:26.960 in agriculture, to ensure that you know, we are we 1562 01:24:27.079 --> 01:24:32.319 are also exporting, proving our export levels in the country and. 1563 01:24:32.479 --> 01:24:33.880 Several other parameters. 1564 01:24:33.960 --> 01:24:38.039 Recipient also making some very very strategic plans. 1565 01:24:38.119 --> 01:24:39.319 Also, even though I. 1566 01:24:39.439 --> 01:24:43.000 Must confess that they have been doing quite enough, quite 1567 01:24:43.039 --> 01:24:45.119 a lot, Sibyan as you're doing quite a lot for 1568 01:24:45.520 --> 01:24:49.800 you know, government spending agriculture is something that is having 1569 01:24:49.920 --> 01:24:52.720 problem because and I remember lastly, I would all say, 1570 01:24:52.840 --> 01:24:56.520 I remember Cargo, I told you this that I still believe. 1571 01:24:56.560 --> 01:24:58.079 I know you will not still agree with me, but 1572 01:24:58.159 --> 01:25:00.680 I told you that I still believe that we should 1573 01:25:00.720 --> 01:25:06.359 have subsidized one of these industries like the agricultural sector. 1574 01:25:07.399 --> 01:25:09.399 I help also complaining. 1575 01:25:09.039 --> 01:25:12.239 Of how in the rural areas we have familiar but 1576 01:25:12.359 --> 01:25:17.159 we're still exporting importing billions of news or is it 1577 01:25:17.279 --> 01:25:23.520 dollars of pamoil to this country. The how supply chain 1578 01:25:23.960 --> 01:25:26.920 is the issue when people look at how much it 1579 01:25:27.000 --> 01:25:29.640 will cause for you to bring it down from whoever 1580 01:25:29.920 --> 01:25:33.880 to this place to that place, you start asking yourself 1581 01:25:33.960 --> 01:25:35.800 this is worth is so? 1582 01:25:36.479 --> 01:25:36.680 Yes? 1583 01:25:36.800 --> 01:25:41.079 I know that there is this lockdowns of get into 1584 01:25:41.159 --> 01:25:43.279 the van and so on and super priss. 1585 01:25:43.399 --> 01:25:44.920 They feel like we need to work on our. 1586 01:25:45.079 --> 01:25:46.439 I agree with you, and I first agree with you 1587 01:25:46.439 --> 01:25:49.720 that we should subsidize food. We should subsidized food. There's 1588 01:25:49.760 --> 01:25:52.680 nothing see, there's nothing wrong with subsidy, just that the 1589 01:25:52.720 --> 01:25:55.279 world subsidy is now with dirty what Nigeria because we've 1590 01:25:55.319 --> 01:25:58.319 made it so. There's not a wrong in PMS subsidies. 1591 01:25:58.319 --> 01:26:00.319 There's not long in food subject. The problem that was 1592 01:26:00.399 --> 01:26:02.920 when we ran in the past we could not afford it. 1593 01:26:03.039 --> 01:26:05.960 We can't afford the food subsidy. Sorry PMS subsidy, I 1594 01:26:06.039 --> 01:26:08.600 mean we couldn't afford it. Now that we have removed 1595 01:26:08.600 --> 01:26:11.359 the subsidy on PMS, I would have thought that the 1596 01:26:11.399 --> 01:26:14.880 players just take a quarter of that money and subsidized food. 1597 01:26:14.920 --> 01:26:17.479 If he had done that, he won't be getting more 1598 01:26:17.520 --> 01:26:21.199 of this beat is getting if food. If he had 1599 01:26:21.239 --> 01:26:25.560 taken the money he got from the PMS subsidy removal 1600 01:26:25.960 --> 01:26:29.319 and just taking a quarter and just important even if 1601 01:26:29.359 --> 01:26:32.359 it's just rice alone. He imported our rice was sell 1602 01:26:32.399 --> 01:26:35.319 it for ten thousand ner a bag. He won't get 1603 01:26:35.319 --> 01:26:37.479 any blue back is getting he wouldn't but you know 1604 01:26:37.600 --> 01:26:38.359 that living. 1605 01:26:39.279 --> 01:26:43.800 Sorry and give us look so yeah, I totally agree 1606 01:26:43.800 --> 01:26:46.279 with you, but most sometimes I tried to look at 1607 01:26:46.479 --> 01:26:48.800 that type why that way? 1608 01:26:49.199 --> 01:26:50.720 So you know we're coming from it in. 1609 01:26:50.720 --> 01:26:56.439 A case where we substas etricity, substance educational with subscie FX, 1610 01:26:56.880 --> 01:27:02.640 we subcisees, pay true and now please a part in 1611 01:27:02.840 --> 01:27:05.720 some sectors that there are still talking about. And the 1612 01:27:05.760 --> 01:27:09.880 government is trying to librialize justice because the matter is 1613 01:27:09.920 --> 01:27:14.760 that first they were trying to stabilize the mirror and that. 1614 01:27:14.840 --> 01:27:17.199 Came at the cost. You know, you are forgetting that 1615 01:27:17.479 --> 01:27:18.920 the treasure us. You are getting. 1616 01:27:18.720 --> 01:27:22.800 Atpressives, we say, and this means the Borough governments is 1617 01:27:22.880 --> 01:27:27.560 boring at in perium. So we need to look at 1618 01:27:27.600 --> 01:27:31.359 the fact that we're coming from a time of mismanagement 1619 01:27:32.079 --> 01:27:35.399 and things need to be adjusted. My problem with the 1620 01:27:35.439 --> 01:27:39.399 government is that they are immune to the reforms that 1621 01:27:39.560 --> 01:27:42.159 they're created. They are created by immune to reforms they 1622 01:27:42.159 --> 01:27:44.119 are created. They don't look like they are solfaing. They 1623 01:27:44.119 --> 01:27:45.840 don't look like they are cut in their courts. They 1624 01:27:45.840 --> 01:27:50.439 don't look like they are part of the problem. And 1625 01:27:51.199 --> 01:27:54.680 also trying to shoot the nagers because you can't help someone. 1626 01:27:55.239 --> 01:27:58.479 You can't tell your child that you have eat in 1627 01:27:58.560 --> 01:28:00.680 the afternoon. And this is you that I won't buying 1628 01:28:01.319 --> 01:28:03.119 footing party, you know. 1629 01:28:03.319 --> 01:28:06.960 So that's the problem calling because there's no money anywhere 1630 01:28:07.239 --> 01:28:08.800 wherever we go to get the money for If you look. 1631 01:28:08.720 --> 01:28:10.239 At that budget, look. 1632 01:28:10.079 --> 01:28:13.560 At goodment revenue, look at wherever I look at I'll 1633 01:28:13.600 --> 01:28:14.159 looking at that. 1634 01:28:15.319 --> 01:28:17.319 I hope I able to print money to. 1635 01:28:18.960 --> 01:28:20.119 Where are they printing? Answer? 1636 01:28:20.159 --> 01:28:22.319 Were printing again? Anyway, Let's go back to the point 1637 01:28:22.359 --> 01:28:24.319 I'm making. I'm going to ask so killer, I hear 1638 01:28:24.439 --> 01:28:26.000 see you, speaker, So let me go back to the 1639 01:28:26.039 --> 01:28:29.680 point I'm making. When you remove subsidy, it's a revenue event. 1640 01:28:30.479 --> 01:28:33.720 It's a revenue event, new revenue. If you take away 1641 01:28:33.800 --> 01:28:37.079 subsidy from PMS imports, what you do. What you've done 1642 01:28:37.560 --> 01:28:39.600 is that money has flowed to CB and it's a 1643 01:28:39.720 --> 01:28:42.159 revenue event. Now what did they use the revenue for? 1644 01:28:42.239 --> 01:28:44.399 If you look at the first sharing after the after 1645 01:28:44.399 --> 01:28:46.800 the subject was removed, they took fifty percent and they 1646 01:28:46.840 --> 01:28:49.600 put in the phone it's called infrastructure of something. I 1647 01:28:49.680 --> 01:28:51.960 don't know where that money is today. Then I won't 1648 01:28:52.000 --> 01:28:55.119 discussing giving Nigerians eight thousand camera. But it was eight 1649 01:28:55.239 --> 01:28:58.880 thousand married webon discussion giving Nigerians. It was the whole 1650 01:28:59.039 --> 01:29:01.720 shout that made them say, okay, we're going to increase this, 1651 01:29:02.000 --> 01:29:04.640 do that. Then when they did not became worse, they 1652 01:29:04.680 --> 01:29:08.840 shatter became worse. They had when we had the public demonstrations, 1653 01:29:08.840 --> 01:29:11.920 they said, okay, we're going to pass asap the celebrated 1654 01:29:12.159 --> 01:29:15.199 Strategy Plan and all that. Right asap said we're going 1655 01:29:15.239 --> 01:29:18.720 to subsidize food. We're going to subsidize plane of land, 1656 01:29:18.960 --> 01:29:21.960 We're going to subsidized fertilizer. But even as we're doing that, 1657 01:29:22.199 --> 01:29:24.960 we're going to import food. This is the government's own plan. 1658 01:29:25.840 --> 01:29:28.479 We're going to import food because we understand that food 1659 01:29:28.720 --> 01:29:33.000 is fifty seven percent of the average Nigerian's households spend 1660 01:29:33.640 --> 01:29:36.600 five seven This does what nbas is going to be more. 1661 01:29:36.920 --> 01:29:39.319 How you know, a poor country, they spend more on food. 1662 01:29:39.600 --> 01:29:41.880 So the governments that are going to subsidize till today, 1663 01:29:41.960 --> 01:29:45.560 this was June of twenty twenty, they've not done it. 1664 01:29:45.960 --> 01:29:47.640 So this is the words. 1665 01:29:49.520 --> 01:29:53.760 That the fact that the soized food farmers. 1666 01:29:53.800 --> 01:29:54.760 We lose your choice. 1667 01:29:54.840 --> 01:29:58.319 But look about but today's okay, there's a farmer here. 1668 01:29:58.359 --> 01:30:00.600 I mean all of the that's this was the same 1669 01:30:00.640 --> 01:30:03.960 point that Buhari said, right, so he closed the borders 1670 01:30:04.000 --> 01:30:06.479 that said the farmer should supply food. But we all 1671 01:30:06.560 --> 01:30:10.840 know you cannot. You can't take tomato, don't deliverly brought 1672 01:30:10.960 --> 01:30:15.960 a mango processing plants named in Benue States. If you 1673 01:30:16.039 --> 01:30:19.479 go to Benue, you see mangoes on the floor wasting. 1674 01:30:20.279 --> 01:30:22.760 Don't went there and built the mango persian plant. He 1675 01:30:22.800 --> 01:30:26.199 couldn't get raw materials to make mango. No roads from 1676 01:30:26.199 --> 01:30:29.600 the village. Dan Goot has a tomato processing plant in 1677 01:30:29.720 --> 01:30:32.680 Canoe More, the largest in Southern Africa. They could not 1678 01:30:32.800 --> 01:30:35.920 get tomato. Why no roads from the village to the 1679 01:30:36.079 --> 01:30:39.439 plant in Tomato. Legos has the largest rice milling plants 1680 01:30:39.479 --> 01:30:42.880 in Southern Africa. No rice party. You can go on 1681 01:30:43.039 --> 01:30:47.319 with anywhere you see. The largest manufacturing plant is in Nigeria. 1682 01:30:47.680 --> 01:30:51.279 But no supply. There are no roads, There are no rails. 1683 01:30:51.520 --> 01:30:55.159 If you got to buy villages everywhere by village. But 1684 01:30:55.279 --> 01:30:57.359 if if you go from by village to even apart. 1685 01:30:57.439 --> 01:30:59.880 Your motcycle will go bad. These roads are not a 1686 01:31:00.159 --> 01:31:02.560 are not there. So this cost that's what it is 1687 01:31:02.680 --> 01:31:05.279 complet just to the costs to take goods. 1688 01:31:05.520 --> 01:31:08.399 From the village. Ready farmers are making the stings. 1689 01:31:08.680 --> 01:31:12.079 To the way it is processed, it's non existent. If 1690 01:31:12.119 --> 01:31:14.359 you come to the States, every farm you see a 1691 01:31:14.439 --> 01:31:18.039 silo and there's always in rail track. Where I live, 1692 01:31:18.159 --> 01:31:21.479 it's near whatever. They have a big, huge, huge farms. 1693 01:31:21.760 --> 01:31:24.359 They have a railway point there they have silo. So 1694 01:31:24.439 --> 01:31:28.960 there's a process to take output to the silos and 1695 01:31:29.119 --> 01:31:31.199 then they're trained to be processed. 1696 01:31:31.479 --> 01:31:32.640 We don't have it in Nigeria. 1697 01:31:33.359 --> 01:31:36.680 From nineteen ninety nine, we have been building the legals 1698 01:31:36.720 --> 01:31:37.960 to it bag Express Rood. 1699 01:31:37.960 --> 01:31:39.319 I just thought to you that because the. 1700 01:31:39.399 --> 01:31:42.920 Teleble has given new money to expand the road, this 1701 01:31:43.079 --> 01:31:48.000 same road from nineteen ninety nine till today twenty twenty 1702 01:31:48.079 --> 01:31:52.560 five has not been completed. Even Ghana, even Ruwanda cannot 1703 01:31:52.600 --> 01:31:56.039 take twenty five years to build. I don't know, I don't, 1704 01:31:56.079 --> 01:31:57.880 I don't. I don't want to compete there. And I 1705 01:31:57.960 --> 01:31:59.239 hear your pin that was advocates. 1706 01:31:59.279 --> 01:32:01.840 I hear you. I hope there was advocate and not 1707 01:32:01.880 --> 01:32:03.600 supporting it. I don't think there was advocate. 1708 01:32:03.920 --> 01:32:07.640 But when're moving too slow and they said they would 1709 01:32:07.640 --> 01:32:10.720 subsidize food, I didn't say it. They said they would 1710 01:32:10.720 --> 01:32:13.359 subsidize the food. They didn't subsidize the food. Go on 1711 01:32:13.479 --> 01:32:16.359 price rights. Today I was in Nigeria, a plital price 1712 01:32:16.960 --> 01:32:19.880 one is like cepher You can't understand what's going on. 1713 01:32:20.520 --> 01:32:23.880 Food is so expensive. How can you do anything if 1714 01:32:23.920 --> 01:32:28.479 you can't eat? Food? Is national security? If America today the. 1715 01:32:28.920 --> 01:32:33.520 National security it's if there's no food today, police cannot 1716 01:32:33.520 --> 01:32:34.840 stop anything that's gonna happen. 1717 01:32:34.960 --> 01:32:36.720 If people cannot eat, what would they do? Will they 1718 01:32:36.800 --> 01:32:37.319 kill themselves? 1719 01:32:38.880 --> 01:32:43.199 It's a market, Like I said, I was telling to 1720 01:32:43.199 --> 01:32:45.399 my friends that if you spend. 1721 01:32:45.640 --> 01:32:49.600 Less of food the CAPT market, leave for investors for 1722 01:32:50.119 --> 01:32:52.880 the CAPT market to improve, because. 1723 01:32:53.920 --> 01:32:57.000 Your spends on food with your food cal. 1724 01:32:58.520 --> 01:33:02.680 That's a looney. 1725 01:33:02.960 --> 01:33:03.119 Look. 1726 01:33:03.119 --> 01:33:05.920 There's there's the reason White post petitioners give rise and 1727 01:33:06.119 --> 01:33:08.960 not books to elections. There's the reason why they keep 1728 01:33:09.079 --> 01:33:11.000 they give rise and America don't won't give you a rise, 1729 01:33:11.000 --> 01:33:13.079 they give you a phone, they give you whatever. Because 1730 01:33:13.119 --> 01:33:14.800 here it's not food. 1731 01:33:15.319 --> 01:33:15.479 YEA. 1732 01:33:15.880 --> 01:33:19.319 The government that arguing that they have reduced because for example, 1733 01:33:19.399 --> 01:33:22.239 the bag of things right now, I. 1734 01:33:22.279 --> 01:33:26.000 Think because of harvest of harvests got the of. 1735 01:33:26.000 --> 01:33:28.359 Course, of course, but they don't tell people that. 1736 01:33:28.600 --> 01:33:32.680 They're just printing that, oh, this is our renewed whatever 1737 01:33:32.880 --> 01:33:35.159 that has blots, the bag of flies and so on 1738 01:33:35.319 --> 01:33:35.760 and supper. 1739 01:33:36.159 --> 01:33:38.920 So I just hoped mys are smart enough to see 1740 01:33:38.920 --> 01:33:39.119 all this. 1741 01:33:39.640 --> 01:33:41.720 Okay, let's let me get kill a killer. You gotta 1742 01:33:41.760 --> 01:33:46.119 have the killer, please go ahead, killer clear, that's clear? 1743 01:33:47.319 --> 01:33:49.079 Thank you, okay, thank you. 1744 01:33:49.640 --> 01:33:53.800 Look, so I'm quickly want to touch on certain things 1745 01:33:53.840 --> 01:33:54.479 that people. 1746 01:33:54.399 --> 01:34:03.640 Have I've touched on unusual about the rebasing methodology and whatnot. 1747 01:34:05.479 --> 01:34:09.199 I would disagree that it actually makes us. 1748 01:34:09.239 --> 01:34:14.720 Look better, per see, because come on, at twenty four percent, 1749 01:34:15.680 --> 01:34:16.319 it means. 1750 01:34:16.119 --> 01:34:19.199 That prices that are doubling what every three years? 1751 01:34:20.600 --> 01:34:23.800 Yes, at thirty six, thirty five, at six percent, it 1752 01:34:23.880 --> 01:34:29.079 means prices were doubling every two years or so. So 1753 01:34:29.319 --> 01:34:34.000 the thing is it's, yes, from thirty six to twenty 1754 01:34:34.000 --> 01:34:38.960 four percent looks like a drop, but in reality it 1755 01:34:39.119 --> 01:34:42.279 means that your iry is being devalid every three or 1756 01:34:42.319 --> 01:34:42.760 two years. 1757 01:34:43.439 --> 01:34:47.000 So the thing is, it really does need to make 1758 01:34:47.119 --> 01:34:48.760 us look good. 1759 01:34:51.279 --> 01:34:53.319 Now, of course, when you. 1760 01:34:53.319 --> 01:34:54.399 Look at the waiting. 1761 01:34:55.079 --> 01:34:58.920 It clearly doesn't make sense that you are putting as 1762 01:34:59.039 --> 01:35:01.039 got chat what is not so important and five percent 1763 01:35:01.119 --> 01:35:02.520 of the opportunity. 1764 01:35:02.239 --> 01:35:04.880 It's it's it was us. It's also ridiculous. 1765 01:35:04.920 --> 01:35:10.560 If you look at empirical studies done by both loan companies, 1766 01:35:11.520 --> 01:35:15.239 academics and whatnot in Nigeria, you find out that Nigers 1767 01:35:15.239 --> 01:35:19.800 spend sixty sometimes it wills over sixty percent of the income. 1768 01:35:20.119 --> 01:35:23.039 I know you're saying fifty seven percent is even more 1769 01:35:23.399 --> 01:35:25.520 more more the blowing. 1770 01:35:26.640 --> 01:35:30.159 Studies I've seen, it's it's closer to about sixty percent. 1771 01:35:30.520 --> 01:35:31.319 Or even more than that. 1772 01:35:31.520 --> 01:35:34.600 The nigron are spending on full the loan. So the 1773 01:35:34.760 --> 01:35:37.399 question I ask yourself is how do you use them 1774 01:35:37.520 --> 01:35:41.960 as a country or as a government. Then with the 1775 01:35:42.560 --> 01:35:47.479 basket of goods that the typical ndum pies and put 1776 01:35:47.720 --> 01:35:51.279 like a third of the waiting on, it just just 1777 01:35:51.439 --> 01:35:54.439 smacks of being unrealistical. And everything is like the same 1778 01:35:54.520 --> 01:35:58.880 thing with the unemployment statistics, where somebody working is there. 1779 01:35:58.840 --> 01:36:02.439 Not world one one one hour a week? You're employed. 1780 01:36:03.560 --> 01:36:06.640 Exactly when I with you are employed. 1781 01:36:07.039 --> 01:36:10.960 So basically that means that if my manner tells me 1782 01:36:11.079 --> 01:36:15.560 that as you look at his at his show every afternoon, 1783 01:36:15.600 --> 01:36:18.039 so that he goes to pick his child from from 1784 01:36:18.119 --> 01:36:20.640 public school. It means that I'm employed. That's literally what 1785 01:36:20.720 --> 01:36:24.520 they're trying to say. So so, and of course it 1786 01:36:24.560 --> 01:36:27.079 would despire that you still see that our unemployment is 1787 01:36:27.159 --> 01:36:31.760 worth five percent. If if five percent of the population 1788 01:36:32.279 --> 01:36:33.840 cannot get one hour of. 1789 01:36:33.960 --> 01:36:36.600 Paid work, you have a crisis going on. 1790 01:36:37.000 --> 01:36:41.359 And I bet it if they adjust into the previous methodology, 1791 01:36:41.520 --> 01:36:46.760 which makes more sense, you probably get unemployment of twenty 1792 01:36:47.119 --> 01:36:50.359 thirty percent, which is which which is crisis level, which 1793 01:36:50.399 --> 01:36:51.239 I explains a lot of the. 1794 01:36:51.239 --> 01:36:52.880 Insecurity we have today. 1795 01:36:53.399 --> 01:36:57.000 You can put as many police officers as you want. 1796 01:36:57.720 --> 01:37:00.520 If a lot of young people don't have jobs, there 1797 01:37:00.520 --> 01:37:02.640 will be a lot of crime and socio economic problems 1798 01:37:02.920 --> 01:37:03.319 going on. 1799 01:37:03.720 --> 01:37:06.239 And of course we have seen how that is playing 1800 01:37:06.279 --> 01:37:08.279 as in the country with. 1801 01:37:08.279 --> 01:37:10.399 The drugs crisis and the other things that are getting 1802 01:37:10.640 --> 01:37:14.039 So the thing is it just marks of a lot 1803 01:37:14.119 --> 01:37:16.680 of funny, anky pankey. 1804 01:37:16.479 --> 01:37:19.520 Games that the government is playing on that end. 1805 01:37:19.880 --> 01:37:24.359 Now, on the issue of agriculture itself, the thing is, 1806 01:37:25.279 --> 01:37:29.079 as the agriculture trade has said, and I think he 1807 01:37:29.199 --> 01:37:32.079 actually hits the mela because you always hear this narative 1808 01:37:32.119 --> 01:37:35.760 of the problem with the Alcotto system. That is because 1809 01:37:35.800 --> 01:37:39.079 of insecurity and institute. You always hear this thing in 1810 01:37:39.199 --> 01:37:42.560 separating in security is the problem. Yes, insecurt is the problem, 1811 01:37:42.640 --> 01:37:45.359 but it is not the major problem. If you look 1812 01:37:45.439 --> 01:37:49.560 at the numbers, Nigeria actually does not produce enough food. 1813 01:37:50.640 --> 01:37:56.640 So you look at numbers like milk numbers, like of 1814 01:37:56.760 --> 01:37:58.279 the tomato production, you. 1815 01:37:58.319 --> 01:38:00.359 See even things things that have to do with the 1816 01:38:00.640 --> 01:38:04.279 meat meat production. If you divide it by the country, 1817 01:38:04.359 --> 01:38:09.479 so capita production, you see that Nigeria actually doesn't produce 1818 01:38:09.520 --> 01:38:11.920 so much. Now, despite the fact that we don't produce 1819 01:38:12.239 --> 01:38:14.760 as much, especially when you compare with a lot of 1820 01:38:14.800 --> 01:38:17.159 African countries, and when I mean African roger, I'm not 1821 01:38:17.239 --> 01:38:20.319 even talking of let's start Africa, which is like times 1822 01:38:20.399 --> 01:38:23.439 three times four on average. When it comes to capital 1823 01:38:23.600 --> 01:38:27.239 production of food, we're we're talking of places like Ghana, Granda. 1824 01:38:27.319 --> 01:38:31.359 That is give or take about our income by head 1825 01:38:31.439 --> 01:38:33.600 or let's say about twice our income bare head. Now, 1826 01:38:33.680 --> 01:38:36.439 because of the evolution and whatnot, you still see that 1827 01:38:36.600 --> 01:38:39.000 Nigeria to produced sees. 1828 01:38:39.039 --> 01:38:40.680 Less than them the capital. 1829 01:38:41.319 --> 01:38:43.920 And despite that fact that we produce less than them 1830 01:38:44.159 --> 01:38:46.159 the capital, we waste them. 1831 01:38:47.159 --> 01:38:49.239 So that is part of what is causing the problem. 1832 01:38:49.560 --> 01:38:54.239 Now, we should not forget that the federal government got 1833 01:38:54.319 --> 01:38:55.119 into the game. 1834 01:38:55.039 --> 01:38:58.039 Of giving subsidies. The Anco Borra program. 1835 01:38:58.439 --> 01:39:01.000 Was a subsidy, was sort of like a shorta in 1836 01:39:01.039 --> 01:39:04.640 the arm of investment in the cultural sector. The problem 1837 01:39:04.760 --> 01:39:07.760 that we're having is that we launch a lot of 1838 01:39:07.840 --> 01:39:13.119 these subsidy programs and they never really reach the intended public. 1839 01:39:13.439 --> 01:39:17.680 It's either that, of course, maybe somebody gets. 1840 01:39:17.479 --> 01:39:19.039 It and uses it to go and buy. 1841 01:39:19.359 --> 01:39:21.520 Cars or packs some other things. 1842 01:39:21.760 --> 01:39:25.399 So the fact that we're going printing money to invest 1843 01:39:25.560 --> 01:39:30.479 in agriculture, it's not increasing supply, and so of course 1844 01:39:30.560 --> 01:39:34.199 we're getting inflation. We're all getting food inflation. We're getting 1845 01:39:34.279 --> 01:39:37.520 inflation and cementtally. I always tell people that I think, 1846 01:39:37.840 --> 01:39:41.239 if you have to summarize my jazz economy, nigraas economy 1847 01:39:41.319 --> 01:39:43.439 is essentially a shortage economy. 1848 01:39:44.600 --> 01:39:48.439 We have so much money flying around but literally. 1849 01:39:48.159 --> 01:39:51.359 In the work food toption of real goods and services, 1850 01:39:51.359 --> 01:39:53.880 which is what is leading to the inflation problem, the 1851 01:39:54.039 --> 01:39:58.079 range problem, the rent crisis that we're facing, the food crisis. 1852 01:39:58.039 --> 01:39:58.119 The. 1853 01:40:00.000 --> 01:40:03.920 The inflation in cars, inflation in almost everything. You can 1854 01:40:04.000 --> 01:40:08.680 talk about even inflation education because every single thing will 1855 01:40:08.720 --> 01:40:09.079 bring a. 1856 01:40:09.079 --> 01:40:11.600 Lot of money, but we're not expanding supply. 1857 01:40:11.680 --> 01:40:17.199 To go then as the agricultural as the agricultural trader said, sorry, does. 1858 01:40:17.159 --> 01:40:18.800 Give me a minute our soon wrapper. 1859 01:40:19.520 --> 01:40:23.640 We also do not have an integrated supply team of 1860 01:40:23.760 --> 01:40:26.560 a lot of given these goods in our economy. 1861 01:40:26.680 --> 01:40:30.239 So for instance, you have lots of palm camel or 1862 01:40:30.279 --> 01:40:31.119 a lot of palm. 1863 01:40:30.960 --> 01:40:35.359 Trees in inmost states in then you goop and the like. 1864 01:40:35.800 --> 01:40:40.000 But the damas streams, there isn't a. 1865 01:40:40.119 --> 01:40:40.520 Lot of. 1866 01:40:42.359 --> 01:40:45.119 Supply as in the supply team. The valuting is broken 1867 01:40:45.560 --> 01:40:48.079 in many many ways, and that is why you have 1868 01:40:48.520 --> 01:40:52.680 a tangote downwaded tomato aldis rossing. 1869 01:40:52.920 --> 01:40:55.279 Last week, I think it was Business Day that that 1870 01:40:55.399 --> 01:40:58.079 talked about it. Think it was Business or our Metrics. 1871 01:40:58.079 --> 01:41:03.239 I was talking about the Tamwote a tomato factory that 1872 01:41:03.319 --> 01:41:05.520 is basically more open at this point, and you talked 1873 01:41:05.520 --> 01:41:06.600 about the illuminating. 1874 01:41:06.840 --> 01:41:11.199 It goes from this from one the good to the 1875 01:41:11.239 --> 01:41:12.359 other goods to the good. 1876 01:41:12.560 --> 01:41:15.000 So that is part of what we are having as 1877 01:41:15.119 --> 01:41:15.960 as a problem. 1878 01:41:16.279 --> 01:41:19.119 We are not investing. We just do subsidy. The subsidy 1879 01:41:19.239 --> 01:41:22.399 just goes to people buying cars, all people using it. 1880 01:41:22.479 --> 01:41:25.840 To grand flex in legos in one curb some way. 1881 01:41:26.439 --> 01:41:28.119 This literally happens in the country. 1882 01:41:28.560 --> 01:41:33.039 So of course only you you investor you launch a 1883 01:41:33.199 --> 01:41:37.319 cultural program or investment programming in certain sectors, you just 1884 01:41:37.479 --> 01:41:40.479 will see it in the production numbers because people are 1885 01:41:40.520 --> 01:41:43.199 not doing it, or they're not and getting in production, 1886 01:41:43.520 --> 01:41:45.920 or if you don't and getting production then and getting. 1887 01:41:46.159 --> 01:41:49.920 Low value added production. People still using courtlers. 1888 01:41:50.920 --> 01:41:55.520 To do agriculture when we could be investing in tractors, 1889 01:41:55.800 --> 01:42:00.520 compound harvestors, import signings and the like. Well, these are 1890 01:42:00.520 --> 01:42:03.079 some of the issues that that that that is that 1891 01:42:03.279 --> 01:42:05.359 is costing a lot of the infusion that we're going 1892 01:42:05.439 --> 01:42:09.039 down that we're experiences. So why would we say, oh, 1893 01:42:09.199 --> 01:42:11.760 we're printing money. See, printing money is not necessarily a 1894 01:42:11.880 --> 01:42:14.640 problem if you are expanding the supply. 1895 01:42:14.439 --> 01:42:15.640 Of goods and services. 1896 01:42:16.000 --> 01:42:18.159 That is what we are not doing when I'm expanding 1897 01:42:18.199 --> 01:42:20.880 the supply of contoun services in the Nigernic and and 1898 01:42:20.960 --> 01:42:24.319 so of course everything is coming out with inflation of 1899 01:42:24.520 --> 01:42:25.840 every day good to an services. 1900 01:42:26.399 --> 01:42:26.680 Thank you. 1901 01:42:27.039 --> 01:42:29.600 Yeah, I completely agree with all the comments. Completely agree. 1902 01:42:29.640 --> 01:42:32.199 I mean it's a supply issue, right. The general economy 1903 01:42:32.279 --> 01:42:34.840 is not supplying enough. We have no power to supply. 1904 01:42:35.039 --> 01:42:37.880 So the cocoa we're saying we're important, well, when we 1905 01:42:37.960 --> 01:42:40.319 are talking about presco, we have the cocoa gays all 1906 01:42:40.359 --> 01:42:43.600 over I bad, you know. But to produce that cocoa 1907 01:42:43.720 --> 01:42:47.199 paste needs diesel. If you add the cost of diesel 1908 01:42:47.239 --> 01:42:50.159 to your cost of pre cocoa, it goes up. So 1909 01:42:50.239 --> 01:42:53.279 it's cheaper than important that cocoa from a country that 1910 01:42:53.359 --> 01:42:56.359 doesn't have generator power. Maybe it's just public power, it's 1911 01:42:56.479 --> 01:42:58.920 just that simple. Same with all of that stuff we 1912 01:42:59.000 --> 01:43:02.600 make here is so expensive to presonature, and we've got 1913 01:43:02.640 --> 01:43:05.600 to bring that cost down so that we can do 1914 01:43:05.800 --> 01:43:10.800 import substitution to avoid the dollar economy otherwise where it's 1915 01:43:10.840 --> 01:43:14.239 going in a circle. Right, we subsidize, but the subtsn't 1916 01:43:14.279 --> 01:43:18.800 work that we import and all that final look, let 1917 01:43:18.880 --> 01:43:24.640 me look, let me look night right, Yes, welcome to 1918 01:43:24.720 --> 01:43:27.119 the party to hi. 1919 01:43:27.520 --> 01:43:30.079 Ill know how you guys doing very well? How are 1920 01:43:30.119 --> 01:43:33.319 you nice to hear you guys voice again? Here we 1921 01:43:33.439 --> 01:43:37.079 come again Nigeria, Nigeria and Nigeria. Please let me start 1922 01:43:37.119 --> 01:43:38.119 by saying one thing. 1923 01:43:39.640 --> 01:43:39.920 I think. 1924 01:43:40.039 --> 01:43:43.159 I think for the first time you guys are talking 1925 01:43:43.960 --> 01:43:47.159 exactly what I've always been saying. But the only problem 1926 01:43:47.199 --> 01:43:49.399 I have with it is that we are so let 1927 01:43:49.439 --> 01:43:52.479 it only to the federal government. Yes, the government has 1928 01:43:52.560 --> 01:43:57.439 the capacity for the physical side, but honestly speaking, if 1929 01:43:57.520 --> 01:44:00.920 these things are not being handled by this or region hours, 1930 01:44:01.479 --> 01:44:04.079 it's a joke. But I will tell you why you 1931 01:44:04.560 --> 01:44:08.880 say subsidiy is not bad. Subsidiary food should be subsidized. 1932 01:44:10.000 --> 01:44:14.239 And at the same this deright from last year. From 1933 01:44:14.279 --> 01:44:18.159 the beginning of last year, I said, states that cannot 1934 01:44:18.199 --> 01:44:22.600 pay thirty thousand salary all of a sudden, they can 1935 01:44:22.720 --> 01:44:27.439 pay seventy five eighty five thousand ERA many one wage. 1936 01:44:28.279 --> 01:44:32.359 But that same state finds difficult to spend a billion 1937 01:44:32.520 --> 01:44:35.920 ERA every month from all the billions they get from 1938 01:44:36.000 --> 01:44:40.640 the Center for the increments for the removal of subsidy 1939 01:44:41.119 --> 01:44:45.800 to subsidize food from the state level, whether we like 1940 01:44:45.920 --> 01:44:49.239 it or not, if the food is not being subsidized 1941 01:44:49.279 --> 01:44:52.560 from the state, rather than allowing us to be looking 1942 01:44:52.640 --> 01:44:56.159 at the state with the kind of money there're spending now, 1943 01:44:57.319 --> 01:45:01.399 For instance, state are building fly over when it's not needed. 1944 01:45:02.720 --> 01:45:05.840 They're investing into something that cannot bring retaught. 1945 01:45:06.439 --> 01:45:09.720 I have not seen any state building. 1946 01:45:09.479 --> 01:45:15.079 A casava plant, casava factory that can make cassava into 1947 01:45:15.159 --> 01:45:18.199 finished product. I have not seen any state that is 1948 01:45:18.279 --> 01:45:21.479 building a plant that can make late. I have not 1949 01:45:21.600 --> 01:45:25.760 seen any state that can even produce juice like Benwell 1950 01:45:25.840 --> 01:45:28.399 you say, I have not seen any state that can 1951 01:45:28.479 --> 01:45:32.840 make a yam a finished product. And for me, that 1952 01:45:33.159 --> 01:45:36.199 alone shows that the people that are in the ms 1953 01:45:36.239 --> 01:45:39.520 of affairs in our states, they lacked the understanding of 1954 01:45:39.600 --> 01:45:41.960 the fact that they are CEOs of the company, not 1955 01:45:42.159 --> 01:45:45.920 the states. And for me, if we continue to think 1956 01:45:46.000 --> 01:45:49.319 that the entire time had to be run by federal government, 1957 01:45:49.640 --> 01:45:53.199 they were far from it. Again from the beginning, from 1958 01:45:53.239 --> 01:45:57.359 the beginning of this year, local governments are getting their 1959 01:45:57.479 --> 01:46:00.760 funds that wreck from the federal government no longer coming 1960 01:46:00.800 --> 01:46:01.720 to the state government. 1961 01:46:02.079 --> 01:46:07.479 You know what they were doing the statement when they 1962 01:46:07.560 --> 01:46:10.800 finished the local government election, ask the local government chman 1963 01:46:10.880 --> 01:46:12.039 to bring the money back to them. 1964 01:46:12.520 --> 01:46:15.359 Non agerian is saying anything to this, because if. 1965 01:46:15.279 --> 01:46:17.960 This local government is working, it means that those health 1966 01:46:18.079 --> 01:46:19.560 centers that are having. 1967 01:46:19.439 --> 01:46:20.760 Issues, they will be dealt with. 1968 01:46:21.439 --> 01:46:25.680 Those little too farming probunity, the local government will be 1969 01:46:26.520 --> 01:46:27.479 to finance them. 1970 01:46:27.680 --> 01:46:31.199 You'll be able to cover the food inflation from the 1971 01:46:31.279 --> 01:46:34.399 local level. Nobody is saying anything about it. And that's 1972 01:46:34.439 --> 01:46:38.079 why I always say that sometimes we pay too much 1973 01:46:38.119 --> 01:46:42.640 attention to the center. Again, let me go back to 1974 01:46:42.760 --> 01:46:46.720 the rebasing. Somebody said that the rebasing. 1975 01:46:46.359 --> 01:46:46.840 Is just this. 1976 01:46:47.399 --> 01:46:49.239 France has not done it, Jermany has not done it, 1977 01:46:49.680 --> 01:46:51.800 Us had not done it. I have said this thing 1978 01:46:51.920 --> 01:46:54.119 sometimes that you as we leave in your varya, what 1979 01:46:54.279 --> 01:46:56.399 do you compare yourself to people that are far ahead 1980 01:46:56.399 --> 01:46:58.560 of you. They don't have the kind of problem we have. 1981 01:46:58.720 --> 01:47:02.640 Our own problem is peculiar. In some years back when 1982 01:47:02.680 --> 01:47:05.439 Occudi you're a well I did it? Everybody call her 1983 01:47:05.600 --> 01:47:09.079 magic san from two hundred dollars for two on the 1984 01:47:09.159 --> 01:47:13.359 front hundred and something billion economy. When they repays that 1985 01:47:13.439 --> 01:47:16.039 time we went to five hundred billion. It was a 1986 01:47:16.119 --> 01:47:18.720 good thing that time. Everybody was clapping for her. We 1987 01:47:18.840 --> 01:47:21.840 are doing well at that time. But again it's being 1988 01:47:21.880 --> 01:47:24.720 retorne now. Perhaps we don't like the government in power, 1989 01:47:25.000 --> 01:47:26.560 and then we make it sound like they were not 1990 01:47:26.640 --> 01:47:27.640 doing the appropriate thing. 1991 01:47:28.359 --> 01:47:30.359 I think for me, I agree completely with. 1992 01:47:30.439 --> 01:47:31.359 What Olibi they said. 1993 01:47:31.399 --> 01:47:33.439 There are certain things we need to work on, and 1994 01:47:33.680 --> 01:47:36.039 just like all you said in the state, in the country, 1995 01:47:36.359 --> 01:47:38.760 part of the world you leave, you could see how 1996 01:47:38.840 --> 01:47:40.840 they moved production of farming. 1997 01:47:40.920 --> 01:47:43.880 And that again goes back to what I'm saying state. 1998 01:47:44.640 --> 01:47:45.640 If legostates can. 1999 01:47:45.640 --> 01:47:48.439 Deal with a reserve who doesn't have the land, it 2000 01:47:48.520 --> 01:47:50.199 means that they're going to buy from those states. 2001 01:47:50.479 --> 01:47:51.720 They've invested into. 2002 01:47:51.600 --> 01:47:56.279 Minna, into Niger states, They've invested into KB Again. Remember 2003 01:47:56.399 --> 01:47:59.600 the biggest rights plant is in legals. Again, they don't 2004 01:47:59.640 --> 01:48:01.880 have PART. I think we should have gotten the waver 2005 01:48:02.000 --> 01:48:04.880 from federal government to bring in party from abroad so 2006 01:48:04.960 --> 01:48:07.359 that that way they can reduce the cost of rise. 2007 01:48:07.920 --> 01:48:12.039 If we are not calling Golod state into order, no 2008 01:48:12.199 --> 01:48:14.960 matter what the federal do, it will just be a 2009 01:48:15.159 --> 01:48:21.000 surface scratching until the other sub regional's state start performing 2010 01:48:21.079 --> 01:48:24.600 the same way. Not even then, I don't even do that. 2011 01:48:24.680 --> 01:48:26.800 I'm not even do one hundred percent. I don't do 2012 01:48:27.079 --> 01:48:30.319 fifty or sixty percent of what the center is doing 2013 01:48:30.560 --> 01:48:32.399 and then let local government do thirty. 2014 01:48:32.880 --> 01:48:36.520 I am telling you, if we do that consistently for 2015 01:48:36.760 --> 01:48:38.880 six for two years. 2016 01:48:39.159 --> 01:48:43.239 This food inflation, I can actually show you that it 2017 01:48:43.319 --> 01:48:44.760 will go back to a single ticket. 2018 01:48:45.079 --> 01:48:47.319 But as long as we continue to think that the 2019 01:48:47.359 --> 01:48:49.520 food problem in Nageria can only be solved by the 2020 01:48:49.640 --> 01:48:51.600 federal I mean, we'll be shutting security. 2021 01:48:51.880 --> 01:48:54.479 Let's be honest to ourselves. Security is down now, whether 2022 01:48:54.560 --> 01:48:57.079 we like it or not. Security is not as crazy 2023 01:48:57.159 --> 01:48:59.079 as it used to be going. 2024 01:48:58.920 --> 01:48:59.600 Back to fund. 2025 01:49:00.159 --> 01:49:03.159 Come on, man, come on man, I live in Nigeria. 2026 01:49:03.319 --> 01:49:06.520 Come on man, come on in Nte? Do you what 2027 01:49:06.800 --> 01:49:08.920 did you live in? What did do you live in? 2028 01:49:09.479 --> 01:49:11.880 A can you? 2029 01:49:12.720 --> 01:49:15.680 I hear you? Can you go and live in in 2030 01:49:15.920 --> 01:49:19.000 Kebby and for a week and then let's say if 2031 01:49:19.159 --> 01:49:22.840 Keby or whatever the bandits are security is down. But Bo, 2032 01:49:23.000 --> 01:49:25.439 you're making it your meaning. That's a casual statement. 2033 01:49:25.600 --> 01:49:25.760 Man. 2034 01:49:25.840 --> 01:49:29.640 There are two bandits in general they're still on that kidnap. 2035 01:49:29.720 --> 01:49:32.239 Thet's take the general. I can finish story with you. 2036 01:49:34.000 --> 01:49:36.640 In America, they are killing people, would gone. 2037 01:49:37.840 --> 01:49:40.079 What are you American about Nigeria? 2038 01:49:40.199 --> 01:49:44.600 What are you talking about Nigeria? There are three New 2039 01:49:44.720 --> 01:49:47.520 York people in America part capital. How many purl gone 2040 01:49:47.520 --> 01:49:50.760 in America compare to Nigeria. Finish, Let me finish, Let 2041 01:49:50.800 --> 01:49:53.359 me finish what I'm saying. Let me finish. Let me finish. 2042 01:49:54.640 --> 01:49:55.560 If you say that. 2043 01:49:57.119 --> 01:50:00.279 Security in Nigeria had not reduced and you are not 2044 01:50:00.319 --> 01:50:03.760 being honest. Ask people that are living two years ago. 2045 01:50:03.880 --> 01:50:07.279 You cannot drive from the issue and not. 2046 01:50:08.760 --> 01:50:11.319 The issue is about let's just writing. 2047 01:50:11.560 --> 01:50:15.640 I was talking about agriculture, right, so food inflation MPR. 2048 01:50:16.079 --> 01:50:22.000 So let me say you I do, I do your business. 2049 01:50:22.439 --> 01:50:25.560 I bring, I get yams from the local, from the villages. 2050 01:50:26.159 --> 01:50:29.199 I get yam every week. I am telling you what 2051 01:50:29.439 --> 01:50:33.159 I know. People are going back from the secure. 2052 01:50:33.199 --> 01:50:35.640 I'm not saying the security is on hundred percent, but 2053 01:50:35.760 --> 01:50:38.760 the security is not as volatile as it used to 2054 01:50:38.840 --> 01:50:42.279 be Get me, well, I'm not saying it is undred 2055 01:50:43.119 --> 01:50:44.800 represent perfect, but. 2056 01:50:44.920 --> 01:50:48.399 I am telling you we're far better now than what 2057 01:50:48.560 --> 01:50:49.039 we are. 2058 01:50:49.000 --> 01:50:50.319 Two years, three years ago. 2059 01:50:53.479 --> 01:50:55.359 So so we have to speak. 2060 01:50:57.319 --> 01:51:01.119 But the thing is that given the we're talking about, 2061 01:51:01.359 --> 01:51:03.159 you want as bad as it was before. 2062 01:51:03.560 --> 01:51:05.319 Do you understand I said, we don't want to. 2063 01:51:05.520 --> 01:51:07.319 We don't want to blanket everything. 2064 01:51:08.479 --> 01:51:10.359 So so I want to let me make Let me 2065 01:51:10.399 --> 01:51:12.880 make this point I'm making again and I'm very specific. 2066 01:51:13.199 --> 01:51:17.479 The issue is food. The issue is food insecurity. Food 2067 01:51:17.640 --> 01:51:21.840 drives inflation. The point I am making is that there's 2068 01:51:22.000 --> 01:51:26.239 still insecurity in the food growing areas in Nigeria, whether 2069 01:51:26.319 --> 01:51:31.000 it's southern, whether is Benue and Plateau, Plateau. Where is 2070 01:51:31.039 --> 01:51:35.000 a bandit in in Kirby that there's still icis in 2071 01:51:35.119 --> 01:51:37.840 Borno if you look, if you google the report, if 2072 01:51:37.840 --> 01:51:40.840 you just go to Google, there's not an Ami general. 2073 01:51:41.279 --> 01:51:43.000 No hold on, don't hold on. 2074 01:51:43.239 --> 01:51:44.680 You know we're talking of that. 2075 01:51:44.760 --> 01:51:49.520 We are saying, very listen, I don't want to meet you. 2076 01:51:49.720 --> 01:51:52.960 You talk, I talk please. I am making this point 2077 01:51:53.039 --> 01:51:56.279 for food. I not interrupted you. But when you say that, 2078 01:51:56.560 --> 01:51:59.159 you have to be very When you say this insecurity 2079 01:51:59.279 --> 01:52:01.760 is down you that you live in a b They 2080 01:52:01.920 --> 01:52:06.079 still keipnapped an army general in the same location you're 2081 01:52:06.079 --> 01:52:10.119 speaking about. There's still isis in the Borno access they 2082 01:52:10.159 --> 01:52:12.720 are still bandits in and that's what's causing the food 2083 01:52:12.760 --> 01:52:16.399 supply to be shaky. They just banned open mining in 2084 01:52:16.560 --> 01:52:20.079 Plateau to go just yes, just banned is a complete 2085 01:52:20.520 --> 01:52:21.880 band on mining. 2086 01:52:22.000 --> 01:52:24.319 But yeah, it's so. 2087 01:52:24.960 --> 01:52:26.439 You can't say that god to Google. Where do you 2088 01:52:26.439 --> 01:52:27.800 get where do you get the news from? You go 2089 01:52:27.920 --> 01:52:30.000 to all the city Nigeria. You can't say you go 2090 01:52:30.039 --> 01:52:30.800 to this Nigeria. 2091 01:52:31.079 --> 01:52:34.079 But the times what he's saying, what I'm saying there 2092 01:52:34.239 --> 01:52:35.840 is a better than what. 2093 01:52:36.000 --> 01:52:36.640 It used to be. 2094 01:52:36.800 --> 01:52:37.399 I agree with it. 2095 01:52:37.680 --> 01:52:41.439 I'm saying I agree with farm I don't tell you 2096 01:52:41.560 --> 01:52:43.760 now I agree with better. 2097 01:52:43.800 --> 01:52:45.800 I think that's but I think you're missing what we 2098 01:52:45.880 --> 01:52:49.119 are saying. Also that the fact that and still pay 2099 01:52:49.600 --> 01:52:54.159 levies because you know, there's a story I was working 2100 01:52:54.239 --> 01:52:58.119 on and I was trying to understand why farmers VP 2101 01:52:58.399 --> 01:53:01.520 access because I know if I notch farmers access and 2102 01:53:01.520 --> 01:53:03.479 to the farmer I was so I was trying to 2103 01:53:03.680 --> 01:53:08.159 understand the black eyes worked and that percentage of farmers 2104 01:53:08.199 --> 01:53:11.960 play taxes, you know. And yeah, you could argue that 2105 01:53:12.760 --> 01:53:16.079 there have been some winds from the military in terms 2106 01:53:16.119 --> 01:53:26.000 of bandits, but from the discussion as the cost of 2107 01:53:26.079 --> 01:53:30.239 food which used relatively in Nigeria in terms of uh 2108 01:53:31.600 --> 01:53:38.159 from from the macro side, yes, micro side, No, why no, 2109 01:53:38.920 --> 01:53:43.159 because the cost effective is not type Now that's why I. 2110 01:53:43.159 --> 01:53:43.880 Did any tweets. 2111 01:53:43.920 --> 01:53:45.479 There was a there was a tweet I made some 2112 01:53:45.600 --> 01:53:47.800 time ago I said the courst of rise has reduced. 2113 01:53:48.239 --> 01:53:51.279 It was that I wasn't correct, But was it proportional 2114 01:53:51.760 --> 01:53:53.159 the places where I was reduced? 2115 01:53:53.239 --> 01:53:57.600 For example, I did sample was so it doesn't. It 2116 01:53:57.880 --> 01:54:00.640 hasn't been uniform. So we have some like change issues. 2117 01:54:00.920 --> 01:54:05.119 We are totally right. We have transportational issues and most. 2118 01:54:04.920 --> 01:54:07.680 Importantly I still feel that agricultures on. 2119 01:54:07.800 --> 01:54:10.760 That is under invested. How can they state that cano. 2120 01:54:10.760 --> 01:54:15.079 For example having project of less find you on agriculture 2121 01:54:15.840 --> 01:54:18.600 that is a domination. You know, I look at agricultures 2122 01:54:25.920 --> 01:54:29.600 the payer government as a rule. That is not also 2123 01:54:29.720 --> 01:54:30.560 fortunate because. 2124 01:54:30.359 --> 01:54:34.399 See we we can agreement. 2125 01:54:34.560 --> 01:54:35.880 I think not. 2126 01:54:36.079 --> 01:54:39.520 Showing we cann look at this drink op just era. 2127 01:54:40.439 --> 01:54:47.239 During the past leaders, we had a group. There's always 2128 01:54:47.760 --> 01:54:50.600 even though we know that some propaganda. We have one 2129 01:54:50.720 --> 01:54:51.399 food policy. 2130 01:54:51.439 --> 01:54:57.359 Pa oh the biase tell me one media the popular 2131 01:54:57.479 --> 01:55:02.479 Nagiera that people are aware of that Holily Oliver. 2132 01:55:03.000 --> 01:55:04.760 This is this is a story from the Punch. This 2133 01:55:04.960 --> 01:55:08.880 is dated January the seventh, January the seventh. This is 2134 01:55:08.960 --> 01:55:13.199 let me quote the headline Niger States asks villagers to 2135 01:55:13.399 --> 01:55:18.039 suspend farming over bandits explosives. That's I ed, so the 2136 01:55:18.159 --> 01:55:20.560 governor of Niger State. We don't talk about ntate where 2137 01:55:20.560 --> 01:55:23.239 he said, do I do I spending money on agriculture 2138 01:55:23.560 --> 01:55:23.920 and all that. 2139 01:55:24.039 --> 01:55:25.159 Neither we want to talk about them. 2140 01:55:25.520 --> 01:55:29.399 The governor asked the farmers and shi rural local governments, 2141 01:55:29.439 --> 01:55:33.279 you have to suspend farming because the bandits have put 2142 01:55:33.479 --> 01:55:38.560 I eds and the farms. This is January seven five. 2143 01:55:38.800 --> 01:55:42.239 I agree in security is done. Well, let's not paper this. 2144 01:55:42.359 --> 01:55:47.840 This is January with all I can't so yeah, but 2145 01:55:47.960 --> 01:55:50.920 when that's why I collected you. Now you are saying 2146 01:55:51.000 --> 01:55:53.680 Google they even like this is this is this is 2147 01:55:53.960 --> 01:55:57.880 this is the largest of the largest land side in Nigeria. 2148 01:55:58.039 --> 01:56:00.640 This guy is into agriculture and like I share the 2149 01:56:00.720 --> 01:56:01.960 che if you want to take a seat, like what 2150 01:56:02.119 --> 01:56:04.399 you punch, I. 2151 01:56:04.439 --> 01:56:05.279 Have all those things. 2152 01:56:05.560 --> 01:56:06.119 I have them. 2153 01:56:06.439 --> 01:56:11.159 What I'm saying is that again, if states and please 2154 01:56:11.600 --> 01:56:14.760 get me what I'm saying, if there are states that 2155 01:56:14.880 --> 01:56:17.399 are having they don't have as much as security they 2156 01:56:17.439 --> 01:56:20.640 have in other states, but yet they don't do agricultural 2157 01:56:21.119 --> 01:56:22.520 what you did do with their money. 2158 01:56:22.880 --> 01:56:27.399 They build fly over US build stadiums. Who who build. 2159 01:56:27.159 --> 01:56:29.399 Stadiums when you're having food crisis. 2160 01:56:30.199 --> 01:56:30.960 That's my point. 2161 01:56:31.640 --> 01:56:34.560 There are things we should prioritize. Now, let's agree. I 2162 01:56:34.640 --> 01:56:36.680 feel that Covet is not doing undred persode what they're 2163 01:56:36.720 --> 01:56:39.880 supposed to do. But you state you're getting more money. 2164 01:56:39.960 --> 01:56:40.720 Now, I think. 2165 01:56:41.199 --> 01:56:45.159 Subsidizing food, putting more money in agriculture wouldn't. 2166 01:56:44.800 --> 01:56:47.039 Be it by the idea. That's just my stand. Thank 2167 01:56:47.079 --> 01:56:47.600 you very much. 2168 01:56:48.439 --> 01:56:51.439 All right, fantastic And again insecurity is down. 2169 01:56:51.760 --> 01:56:53.840 I mean we don't have book on flight and the 2170 01:56:54.000 --> 01:56:56.680 local government AIA, we don't have these things that like 2171 01:56:56.760 --> 01:56:59.680 they were in the past years. But the problem, the 2172 01:57:00.159 --> 01:57:03.119 know what in plature Nigeria is food and the issue 2173 01:57:03.159 --> 01:57:05.680 with food in Nigeria is someone has to supply wor'll 2174 01:57:05.680 --> 01:57:08.399 supply chain break it down to its basic elements. Is 2175 01:57:08.479 --> 01:57:11.319 that farmers cannot even go to their farms to produce. 2176 01:57:11.359 --> 01:57:14.239 You see report and not report here farmers are paying 2177 01:57:14.399 --> 01:57:17.680 bandits tax to go and harvest their crops. So if 2178 01:57:17.720 --> 01:57:19.800 imas are paying tax to going crops, you know what 2179 01:57:19.880 --> 01:57:22.079 I means. We'll have a family here called am I 2180 01:57:22.279 --> 01:57:23.359 to call him from northeast. 2181 01:57:23.680 --> 01:57:24.359 He will give you to. 2182 01:57:26.359 --> 01:57:31.600 Although you've dropped, you've dropped the mic. You've dropped the 2183 01:57:31.640 --> 01:57:34.199 mic so that I'm not I guess I'm not trying 2184 01:57:34.239 --> 01:57:38.800 to say the federal governments in charge of security. The 2185 01:57:38.960 --> 01:57:42.039 states have to fold the federal government's leader with vigilantes. 2186 01:57:42.359 --> 01:57:44.399 But again the states, I'm not spending. The point you 2187 01:57:44.479 --> 01:57:47.479 made about the states not spending in a line where 2188 01:57:47.479 --> 01:57:50.479 the government is also material and key. The states governments 2189 01:57:50.520 --> 01:57:53.600 have got to also look at food and invest in food. 2190 01:57:53.800 --> 01:57:58.000 That's just the true limited palm that Bandits went to 2191 01:57:58.199 --> 01:58:00.800 Kumo that the white guy had to they do cool, 2192 01:58:06.760 --> 01:58:10.159 so they have this is a quoted company, yeah, a 2193 01:58:10.239 --> 01:58:13.760 quoted company, but they are habitation because so who provides 2194 01:58:13.760 --> 01:58:14.479 to use for that guy? 2195 01:58:14.800 --> 01:58:17.039 So I needed to do so. 2196 01:58:17.079 --> 01:58:19.760 I don't want to expose our laundry and popular woman 2197 01:58:20.000 --> 01:58:20.640 because I know what. 2198 01:58:21.479 --> 01:58:24.239 Serious secret even the fact that we can't see that 2199 01:58:24.399 --> 01:58:25.920 you still a serious problem. 2200 01:58:26.239 --> 01:58:28.600 Like I've always said, if you want some of the 2201 01:58:28.720 --> 01:58:33.159 niger consumant good sector, particularly all the flour meal, and 2202 01:58:33.359 --> 01:58:35.359 you know you want them nested to do very well, 2203 01:58:35.600 --> 01:58:37.720 if you want them to do very well, because I 2204 01:58:37.880 --> 01:58:41.800 remember those times when Kness, you know, many of these 2205 01:58:43.159 --> 01:58:47.359 manufacturing companies on culture to produce when Branded took over, 2206 01:58:47.560 --> 01:58:51.720 and it had an effect on stock market investing also 2207 01:58:51.800 --> 01:58:54.119 in that sector. So I don't really agree with you 2208 01:58:54.239 --> 01:58:56.920 that yes, even though if my dad wanted it, in 2209 01:58:56.960 --> 01:59:00.640 a lot of policy man, because branded the course will 2210 01:59:00.880 --> 01:59:04.680 be transferred to the consumer farmers who don't expect from 2211 01:59:04.720 --> 01:59:08.439 us to watch charity. And also most importantly, I also 2212 01:59:08.439 --> 01:59:12.439 applied Chase are awful. How many agricultural companies are listed 2213 01:59:12.640 --> 01:59:17.600 in the general stock market less than let's doesn't Let's 2214 01:59:17.760 --> 01:59:21.319 have it doesn't to be fair free and your accomplis doesn't. 2215 01:59:21.560 --> 01:59:24.840 I know the first the ones that are doing very well. 2216 01:59:25.279 --> 01:59:28.640 So what's the incentive for government not to encourage more? 2217 01:59:29.000 --> 01:59:31.680 That is what pays me more because look at Press. 2218 01:59:33.079 --> 01:59:37.279 For example, they do better than many all issurance talks, 2219 01:59:37.359 --> 01:59:40.239 all insurance companies the JA. There's no insurance company that 2220 01:59:40.560 --> 01:59:44.279 is giving you on getting beyond there perfect before taxance 2221 01:59:44.319 --> 01:59:45.800 company you. 2222 01:59:45.840 --> 01:59:49.199 Know are your story there? This is first time story. 2223 01:59:49.279 --> 01:59:51.439 Let me give you first time story. There's a guy 2224 01:59:51.880 --> 01:59:54.960 I know, big Man. He wanted to start up a 2225 01:59:55.039 --> 01:59:58.800 tomato plant in Borno State, right it born what I think. 2226 02:00:00.359 --> 02:00:04.560 He went and got investors from Canada, mass. I don't 2227 02:00:04.560 --> 02:00:06.920 know if I can mention all the company, but that 2228 02:00:07.039 --> 02:00:09.560 Tomato Canyon company you see on your shelves when you 2229 02:00:09.600 --> 02:00:14.279 travel abroad, that company they came to Nigeria. They imported 2230 02:00:14.479 --> 02:00:18.199 all the goods sold the in continents. They imported everything 2231 02:00:18.239 --> 02:00:20.520 to Nigeria. They man had the farm who was going 2232 02:00:20.560 --> 02:00:23.000 to open up a tomato person farm. This farm was 2233 02:00:23.279 --> 02:00:26.479 uscated tomatoes, dye sit put it in the cans and 2234 02:00:26.600 --> 02:00:29.000 send to Canada to be packaged i e. With the 2235 02:00:29.159 --> 02:00:33.119 same label, the same overseas label. But we said package 2236 02:00:33.159 --> 02:00:35.279 in Nigeria to be sold in Canada. It was a 2237 02:00:35.560 --> 02:00:40.960 total FDI. They came to Nigeria, the containers were there. 2238 02:00:41.279 --> 02:00:45.079 All the sexties from Canada flew to Nigeria and were 2239 02:00:45.359 --> 02:00:47.520 they were to go onto the opening ceremony next day 2240 02:00:47.920 --> 02:00:50.039 he said it. Next day the army guy came and 2241 02:00:50.119 --> 02:00:52.680 told them, listen, we there some amor robbers in the 2242 02:00:52.840 --> 02:00:54.880 Boros too. They don't want the white guys to go there. 2243 02:00:54.920 --> 02:00:56.760 That don't want to send to an army operation. This 2244 02:00:56.880 --> 02:00:59.439 is am robbers. So they went back to that hotel. 2245 02:01:00.039 --> 02:01:03.039 I was the start of Mukoharam. So the next thing 2246 02:01:03.039 --> 02:01:06.720 they were seeing fighter jets bombing, fighter jets bombing this 2247 02:01:07.119 --> 02:01:10.720 so called place where they had armed robbers. The guide 2248 02:01:10.920 --> 02:01:13.760 stayed one day, two days. They had to go back 2249 02:01:13.800 --> 02:01:16.560 to Canada. But they've seen everything that was so for 2250 02:01:16.640 --> 02:01:18.600 the next three years, that guy did not go back 2251 02:01:18.600 --> 02:01:22.520 to that farm. The continents were still there. When he 2252 02:01:22.640 --> 02:01:27.079 went back. Miraculously, the continents were still there. On opened 2253 02:01:27.600 --> 02:01:29.560 the farmers that were there were farming. They will show 2254 02:01:29.600 --> 02:01:32.760 him sea bomb on exploded minissions from the air from 2255 02:01:32.760 --> 02:01:35.159 the Air force all over the field. So this is 2256 02:01:35.279 --> 02:01:39.000 like this guy, I will starts commenting. This guy wrote 2257 02:01:39.000 --> 02:01:41.199 to the Canadians and returned their money the FDR that 2258 02:01:41.239 --> 02:01:43.560 they gave him. He returned the money back to them. 2259 02:01:43.640 --> 02:01:45.720 They said no, no, no, this is first major who 2260 02:01:45.760 --> 02:01:49.640 were there. They said no, he returned their dollars back 2261 02:01:49.720 --> 02:01:51.960 to them. That the teen has not worked. He's still there. 2262 02:01:52.039 --> 02:01:53.439 I don't know if I can mentioned you guys, but 2263 02:01:54.640 --> 02:01:59.039 this insecurity. Agriculture is tight at the hip. It's tired 2264 02:01:59.079 --> 02:02:01.520 at the heap. With Nigeria, the largest employer of Leger 2265 02:02:01.600 --> 02:02:05.680 Najia are its agriculture and they are subsistence farmers. We 2266 02:02:05.760 --> 02:02:08.000 don't do mechanize family Nagia. We have one or two, 2267 02:02:08.439 --> 02:02:11.560 but the bulk of the family don't mechanize by subsistence farmers. 2268 02:02:11.640 --> 02:02:15.119 And those guys live in small hamlets. They don't see 2269 02:02:15.159 --> 02:02:17.680 any government, they don't see any fetializers. They don't see 2270 02:02:17.680 --> 02:02:20.279 anything that we're talking on Twitter. It's just the farm. 2271 02:02:20.359 --> 02:02:24.399 There are twenty plots. They get ten bags of maize. 2272 02:02:24.640 --> 02:02:27.239 That's their currency for the next year. If don't marry, 2273 02:02:27.279 --> 02:02:30.039 they give you maize. If don't buy moscaco, they give 2274 02:02:30.079 --> 02:02:32.199 you maize. They don't use nayra, they don't use. That's 2275 02:02:32.239 --> 02:02:37.000 basically subsistence farming. Anything that destroys that living, that's living. 2276 02:02:37.119 --> 02:02:39.359 It affects us in Legos because the things we are 2277 02:02:39.399 --> 02:02:41.880 facing Negos that those guys are operating the beans or 2278 02:02:41.920 --> 02:02:44.279 the yam or the meat to send down to us 2279 02:02:44.319 --> 02:02:46.680 in Legos for us to consume. That's what's going on. 2280 02:02:47.199 --> 02:02:49.880 Dang Gote, I've told you to google it. Doan go 2281 02:02:49.920 --> 02:02:54.159 to tomato factory in Canno cannot get tomato e lumelus 2282 02:02:54.880 --> 02:02:58.520 mango president plant in benwe cannot get mango. The legal 2283 02:02:58.600 --> 02:03:01.359 service in Legos can not get rice milk. You can 2284 02:03:01.479 --> 02:03:05.640 go around everywhere. Once you see largest rice mill, it's 2285 02:03:05.840 --> 02:03:08.920 always in Nigeria. They do three biggest rice milks in 2286 02:03:09.560 --> 02:03:15.199 Southern Africa, Legos, Kogie, Wear Canoe. They are all Nigeria largest, 2287 02:03:15.279 --> 02:03:19.760 Tomato Nigeria largest and mm allergy Nigeria largest, cement plan. 2288 02:03:19.880 --> 02:03:23.800 Everything is largest, but our prices are also the largest. 2289 02:03:24.159 --> 02:03:27.199 There's a disconnect somewhere. There's something that Nigeria is not 2290 02:03:27.359 --> 02:03:31.720 driving where we have all this massive industrialization, but we 2291 02:03:31.840 --> 02:03:35.239 are still subsistence farming. It there's no rain, we can't 2292 02:03:35.279 --> 02:03:38.279 farm for that year there's no rain. It rain does 2293 02:03:38.359 --> 02:03:43.039 not fall, we can't farm. No no irrigation, no drip irrigation, 2294 02:03:43.279 --> 02:03:46.000 nothing about it. That the largest economy in Africa is 2295 02:03:46.079 --> 02:03:48.960 waiting for rain to fall so they can to farm. 2296 02:03:49.000 --> 02:03:51.640 So it bring is delayed. No farming past the o 2297 02:03:51.760 --> 02:03:54.840 that you hear tomatoes are expensive. Why that that little 2298 02:03:54.960 --> 02:03:59.000 insect that goes so cannot and destroys the old tomato farms. 2299 02:03:59.119 --> 02:04:02.119 The little insect the tangle was no that I wrote 2300 02:04:02.119 --> 02:04:04.479 about it one time with till today. We're not doing 2301 02:04:04.880 --> 02:04:09.159 in inland was a greenhouse farming of tomatoes. We're not 2302 02:04:09.279 --> 02:04:12.359 doing it. When I used to go to Bauchi. If 2303 02:04:12.399 --> 02:04:14.039 you ent a Baucher you cities, I think it was 2304 02:04:14.119 --> 02:04:17.439 your school. They had greenhouses. When this formative form a 2305 02:04:17.560 --> 02:04:19.880 PDP guy that was the back PID was the governor 2306 02:04:20.439 --> 02:04:23.560 was the chage of butchested. I saw those things, greenhouses 2307 02:04:23.600 --> 02:04:26.239 for tomatoes, they were there. I went back to Bauchi 2308 02:04:26.680 --> 02:04:29.920 maybe a few years ago to all tatted, all tatted 2309 02:04:30.960 --> 02:04:35.279 you no same thing talking in h in itadon the 2310 02:04:35.560 --> 02:04:39.359 only cocoa factory that was able to process cocoa into 2311 02:04:39.439 --> 02:04:42.199 cocoa peas and rest it closed down. They were only 2312 02:04:42.199 --> 02:04:45.159 in banks. They closed down and it wasn't that the 2313 02:04:45.359 --> 02:04:48.279 armc and also took them over. That's a strategic industry 2314 02:04:48.279 --> 02:04:51.439 should have been saved, which have no giving them money 2315 02:04:51.680 --> 02:04:53.239 to save the boys closed down. 2316 02:04:54.720 --> 02:04:55.439 Or they. 2317 02:04:56.960 --> 02:05:00.119 Power are planted a robbers have gone there. So so 2318 02:05:01.119 --> 02:05:03.359 it's difficult to Nigeria. It's a difficult place to do 2319 02:05:03.439 --> 02:05:06.600 business and we just need to focus on ourselves. We 2320 02:05:06.840 --> 02:05:09.920 can't do everything in this country, but it's difficult. That's 2321 02:05:09.960 --> 02:05:12.199 the point. We do a lot of talking. We love 2322 02:05:12.199 --> 02:05:14.319 to ware chatting the binance. We do a lot of 2323 02:05:14.439 --> 02:05:18.800 talking early flashy things, but dignitty gritty. They're making sure 2324 02:05:18.920 --> 02:05:22.239 our hometowns are secure. We see not have a hand 2325 02:05:22.279 --> 02:05:24.680 on it. I saw them moving against the other terrorist 2326 02:05:24.720 --> 02:05:26.479 group because they were foreign US, but. 2327 02:05:26.600 --> 02:05:29.680 Their local bandits still here. They're not worth not reradicate them. 2328 02:05:29.720 --> 02:05:32.800 How how sophisticated are those bandits that we cannot even 2329 02:05:32.840 --> 02:05:36.000 if we have to employ medsinaries to deal with these guys. 2330 02:05:36.159 --> 02:05:38.640 We should have done a long time ago, getchured of them. 2331 02:05:38.960 --> 02:05:42.279 Then the president can implement its planed clear land so 2332 02:05:42.399 --> 02:05:44.760 these farmers can go from subsistence to at least minimal 2333 02:05:44.840 --> 02:05:49.720 mechanization to even grow food. We can't be important Gary. 2334 02:05:50.279 --> 02:05:53.720 How can Niger be importing Gary is absurd? And if 2335 02:05:53.760 --> 02:05:56.000 you think I'm lying, Google its Nigers and putting Garrey 2336 02:05:56.079 --> 02:05:58.880 from India. You see the pack red pack is sold 2337 02:05:58.920 --> 02:05:59.960 in Abuja store. 2338 02:06:00.159 --> 02:06:00.520 Google it. 2339 02:06:00.600 --> 02:06:03.439 Don't talk about for it. You see that financial engineering 2340 02:06:03.520 --> 02:06:08.560 hiding sir, you got the floor paras engineering. I've got 2341 02:06:08.600 --> 02:06:12.359 to about cyrus. Paracial cyrus don't happen before fancial journey 2342 02:06:12.399 --> 02:06:14.359 hits cyrus. What's one? 2343 02:06:15.760 --> 02:06:18.159 Yeah, thank you very much. I just like know when 2344 02:06:18.279 --> 02:06:20.840 we have conversations, we have to put this in contest. 2345 02:06:20.960 --> 02:06:24.000 And the last speaker some of the things that he said, 2346 02:06:24.159 --> 02:06:27.800 we're out of contest. I was talking about the Bass 2347 02:06:28.239 --> 02:06:31.800 Digital Administration and if you look at the re based 2348 02:06:31.840 --> 02:06:35.680 efforts and the metology that was adopted by the NBAS 2349 02:06:35.840 --> 02:06:38.319 and compared to what we have today, you know that 2350 02:06:38.640 --> 02:06:42.479 is campaign opposed with Orienties, totally campaign opposed with Orienties. 2351 02:06:42.880 --> 02:06:45.319 And I just think I actually know we should point 2352 02:06:45.359 --> 02:06:52.000 that out. One of the things that one of the whole. 2353 02:06:52.960 --> 02:06:54.800 One of the things that the NBA did at that 2354 02:06:55.039 --> 02:06:58.800 point was to look at the basis two betures maintain 2355 02:06:59.439 --> 02:07:02.640 you know, even the business was done, does not fourteen 2356 02:07:03.239 --> 02:07:07.720 and just because of the change in economy, activity and 2357 02:07:07.840 --> 02:07:09.640 economic management in the country. 2358 02:07:09.960 --> 02:07:12.159 So they were more booming in those trees like. 2359 02:07:12.159 --> 02:07:16.920 The information sector, information, communial secretory, service sectory to real 2360 02:07:17.079 --> 02:07:21.600 estate was booming and so he puts activities and really 2361 02:07:21.600 --> 02:07:25.319 people in people in theres were economy changed drastically and 2362 02:07:25.560 --> 02:07:28.279 that have to be considered in the GDP, you know, 2363 02:07:29.119 --> 02:07:33.920 calculation of the country. Now when this government wanted, not government, 2364 02:07:33.960 --> 02:07:37.119 when the NBAS wanted to do their only basin, but 2365 02:07:37.279 --> 02:07:40.279 are than going back to three years to look at 2366 02:07:40.439 --> 02:07:43.600 price movement, which would have even made sense, like to 2367 02:07:43.800 --> 02:07:47.720 determine how people, you know, interact with prices in the market. 2368 02:07:48.159 --> 02:07:51.680 They went back twenty four and what they said that 2369 02:07:51.800 --> 02:07:55.520 the price has dot froms not twenty four two twenty five, 2370 02:07:55.880 --> 02:07:59.199 you know month or month two in a year by 2371 02:07:59.319 --> 02:08:02.960 ten percent, which is not true. There's no there's no 2372 02:08:03.119 --> 02:08:06.239 fundamentals to that. So when you talk about these things, 2373 02:08:06.279 --> 02:08:08.560 you have to put this in proper contexts. You can't 2374 02:08:08.720 --> 02:08:10.359 just both suk things and said. 2375 02:08:10.359 --> 02:08:15.199 Oh, I know I did it, or NBA is doing 2376 02:08:15.520 --> 02:08:16.520 n O, I p R did it. 2377 02:08:16.720 --> 02:08:21.920 Even though the proximity was four years difference, yours were 2378 02:08:22.079 --> 02:08:24.920 just one year different. And indicators that you put in 2379 02:08:25.159 --> 02:08:28.920 let's look at indicators, right, you said, if the objective 2380 02:08:29.000 --> 02:08:31.960 for the basin is to check people's behavior, you know, 2381 02:08:32.239 --> 02:08:34.119 as limited to prices. 2382 02:08:34.079 --> 02:08:36.079 Right as things change as they have. 2383 02:08:36.119 --> 02:08:39.479 Been order, you know, secretary to reduce you know what 2384 02:08:39.640 --> 02:08:42.600 are people buying, are selling and whatnot? You input, you 2385 02:08:42.760 --> 02:08:46.039 brought in important food in these you brought in goods 2386 02:08:46.119 --> 02:08:48.840 in disease, you brought in farm produce in this is 2387 02:08:49.199 --> 02:08:54.079 our All of these things different from food. So you 2388 02:08:54.279 --> 02:08:56.880 have to you have to just look at it from 2389 02:08:56.920 --> 02:09:00.359 a very objective view point as a point to cost 2390 02:09:00.439 --> 02:09:03.640 dressing and for the fact that oh we're just we're 2391 02:09:03.680 --> 02:09:06.279 trying to look good for the global com It's not 2392 02:09:06.399 --> 02:09:07.359 about looking good. 2393 02:09:07.920 --> 02:09:10.359 If you want to if we request a loan for 2394 02:09:10.439 --> 02:09:12.479 the example, you know from. 2395 02:09:12.399 --> 02:09:16.159 Infertional creditors, which defraglement is moving and pharraglement is you 2396 02:09:16.279 --> 02:09:19.039 know at the are trying to get seven and fifteen 2397 02:09:19.039 --> 02:09:23.359 million dollars loan from for the lower education which doing 2398 02:09:23.439 --> 02:09:26.920 engineer trying to the remaining one perfect billion loan from 2399 02:09:26.960 --> 02:09:29.279 more Bank and all and not like that. One of 2400 02:09:29.319 --> 02:09:31.119 the things that they look, all of the interest that 2401 02:09:31.159 --> 02:09:34.359 they look is your inflation figures. Right, all the economic 2402 02:09:34.399 --> 02:09:37.279 industries are determine whether you are you have the credit 2403 02:09:37.359 --> 02:09:39.319 wordiness to secure the loan or not. 2404 02:09:39.840 --> 02:09:41.199 So all of these is matter. 2405 02:09:41.279 --> 02:09:44.840 It doesn't matter to read reading agencies that leads you 2406 02:09:44.960 --> 02:09:47.359 whether you have in whether your book is good or not. 2407 02:09:47.520 --> 02:09:52.520 So you look allgator that you're supposedly independent data injency 2408 02:09:52.640 --> 02:09:53.399 provide to. 2409 02:09:53.560 --> 02:09:55.640 Determine whether you can get this or not. 2410 02:09:56.000 --> 02:09:59.359 When DEFRA government has been fighting inflation and eighting so 2411 02:09:59.439 --> 02:10:00.560 so that I we having the. 2412 02:10:00.560 --> 02:10:02.039 Stop divisional I used to go down. 2413 02:10:02.319 --> 02:10:04.880 So one of the best with the child they could 2414 02:10:04.920 --> 02:10:07.960 do it was to bring it artificially to appeal to 2415 02:10:08.039 --> 02:10:08.439 all of this. 2416 02:10:08.880 --> 02:10:11.319 Know all of these authorities. 2417 02:10:11.399 --> 02:10:13.960 So for me, I think I just caused dressing and 2418 02:10:14.039 --> 02:10:15.840 it should not be in any way compared to what 2419 02:10:15.960 --> 02:10:17.239 app only twenty fourteen. 2420 02:10:18.439 --> 02:10:20.960 It's a difficult one to do, really because I get 2421 02:10:21.000 --> 02:10:22.399 what they're trying to do, and in a way I 2422 02:10:22.479 --> 02:10:25.640 kind of support it. I just wish that it just 2423 02:10:25.840 --> 02:10:27.720 it's I don't know because of what they did with 2424 02:10:27.760 --> 02:10:30.399 the unemployment number. This one's sort of roughly the wrong 2425 02:10:30.439 --> 02:10:32.800 way because the un employment about me was just absolutely 2426 02:10:32.840 --> 02:10:34.920 just doesn't make sense to say if you work for 2427 02:10:35.039 --> 02:10:37.359 one hour in a week you employed who? Who would 2428 02:10:37.399 --> 02:10:37.640 say that? 2429 02:10:37.760 --> 02:10:37.880 You know? 2430 02:10:37.960 --> 02:10:38.479 Imagine if you. 2431 02:10:40.600 --> 02:10:42.000 Listen as you want for one hour. 2432 02:10:42.319 --> 02:10:45.159 In the US and other places, the minimum were just 2433 02:10:45.239 --> 02:10:49.199 calculated our lead in Anginea, a minimum were just calculated monthly. 2434 02:10:49.600 --> 02:10:52.960 The very purpose of unemployment figure is to determine the 2435 02:10:54.640 --> 02:10:58.680 the was it called the incompact capital of the cities 2436 02:10:58.720 --> 02:11:02.640 in right, I mean I hourly If. 2437 02:11:04.000 --> 02:11:05.439 It doesn't make sense if you. 2438 02:11:05.560 --> 02:11:09.039 Have hourly employment figure to determine. 2439 02:11:08.560 --> 02:11:12.439 Who and what so sartus even even they do that 2440 02:11:12.600 --> 02:11:15.439 cyrus can they say if you work for five hours 2441 02:11:15.640 --> 02:11:18.119 or twenty hours, that would make more sense. You work 2442 02:11:18.159 --> 02:11:22.840 for ten hours a week, but the hour hour in language. 2443 02:11:22.920 --> 02:11:27.039 There you can have a symmetrical in this season of 2444 02:11:27.119 --> 02:11:30.760 calculating and employment hourly, if you have a monthly minimum, 2445 02:11:31.000 --> 02:11:33.600 it doesn't make any sense to have an hourly calculation 2446 02:11:33.720 --> 02:11:36.560 of employment because the hourly does not take you uniting 2447 02:11:37.359 --> 02:11:39.680 you know what people in terms of what people, and 2448 02:11:39.800 --> 02:11:40.359 it doesn't tell you. 2449 02:11:40.319 --> 02:11:42.399 Anything, So that's a quick question for you again. 2450 02:11:42.479 --> 02:11:45.079 Right, so do you think investors that read your articles 2451 02:11:45.159 --> 02:11:47.760 or read Nigal articles are going to adopt this twenty four? 2452 02:11:47.920 --> 02:11:49.239 This is going to be a good cell. 2453 02:11:49.319 --> 02:11:51.439 Will they all say there's the numbers, we're going to 2454 02:11:51.520 --> 02:11:53.319 run with it or would they put twenty four with 2455 02:11:53.399 --> 02:11:54.119 an asteris? 2456 02:11:54.479 --> 02:11:59.520 What's your takeact the way so far donating that investment 2457 02:11:59.600 --> 02:12:03.760 interest in his amputies and depth stocks inventors, investors have 2458 02:12:03.920 --> 02:12:08.279 been a lonely way from their economy for two major 2459 02:12:08.399 --> 02:12:10.319 business security in security. 2460 02:12:10.399 --> 02:12:13.560 Forget what we are saying on these spaces, intends after 2461 02:12:13.720 --> 02:12:17.479 being appointed on Bloomberg, on wawriters and financial trends and whatnot, 2462 02:12:18.000 --> 02:12:20.640 and applation to any kind of person as signed to 2463 02:12:20.680 --> 02:12:23.560 bring this huge capital adn't mon to this country, right 2464 02:12:23.920 --> 02:12:26.840 the primarily in security. So he's seen Nia as the 2465 02:12:26.960 --> 02:12:30.520 lowest FDI influence to the country for the past I 2466 02:12:30.600 --> 02:12:33.199 think nineteen is also it was twenty nine. It's nine 2467 02:12:33.319 --> 02:12:35.920 million dollars nine for nine million dollars as of top 2468 02:12:36.000 --> 02:12:40.239 quarters twenty four. Right, so people, people are trually going 2469 02:12:40.239 --> 02:12:45.359 away from Nanga market because number one in security, hastead 2470 02:12:45.399 --> 02:12:47.199 of your life right the head of the life of 2471 02:12:47.239 --> 02:12:50.039 Pier bringing to the country, look at what the binans die. 2472 02:12:50.279 --> 02:12:53.720 And the second leasing is corruption. N Your governments have 2473 02:12:53.880 --> 02:12:56.640 a very very bad reputation in terms of you know, 2474 02:12:57.680 --> 02:13:00.520 business doing business with them, and I think those tudis 2475 02:13:00.560 --> 02:13:02.479 have been like the major issue person needs that are 2476 02:13:02.520 --> 02:13:03.119 going out there. 2477 02:13:03.560 --> 02:13:05.600 So all this one they are doing. You know, you 2478 02:13:05.720 --> 02:13:09.000 talk about Gua Cola, you talk about all these other 2479 02:13:09.039 --> 02:13:09.960 people are talking about. 2480 02:13:10.600 --> 02:13:12.880 Nobody's bringing their money to this concert because they see 2481 02:13:12.920 --> 02:13:16.399 security and it's a corruption and those tuties are deal 2482 02:13:16.479 --> 02:13:18.760 to it. I don't think anybody's gonna take this, and 2483 02:13:18.880 --> 02:13:20.199 it is gonna be in a young market. 2484 02:13:20.479 --> 02:13:21.840 I'm talking about the reset. 2485 02:13:21.560 --> 02:13:23.479 And you know, trying to get big our money and 2486 02:13:23.920 --> 02:13:27.399 you know, to this to the following for Fulio investment, 2487 02:13:27.439 --> 02:13:30.720 I'm talking about actually plant in a building, plant in 2488 02:13:30.840 --> 02:13:33.520 those trees, bringing your people to work with you at all. 2489 02:13:34.279 --> 02:13:36.319 Nobody is going to touch job with the long boat. 2490 02:13:37.119 --> 02:13:39.800 You know that's that's not very happy or not, but 2491 02:13:39.920 --> 02:13:41.680 that's not very very nice thing to hear. 2492 02:13:41.840 --> 02:13:45.359 You say, yeah, yeah, because it's been honest, you know, 2493 02:13:45.760 --> 02:13:49.520 and that's the why when somebody as if I. 2494 02:13:51.920 --> 02:13:55.359 If I, if I whether. 2495 02:13:57.239 --> 02:14:01.279 I said that, I spoke about investing almost everything in 2496 02:14:01.399 --> 02:14:05.840 money market or the capital market, and the reason was simple. 2497 02:14:06.199 --> 02:14:09.079 You know, we all know that business is one of 2498 02:14:09.159 --> 02:14:13.399 the best way to prosperity in terms of employment, inequity, 2499 02:14:13.960 --> 02:14:18.119 were revenue for government, but there is that you know 2500 02:14:18.560 --> 02:14:21.159 I was doing in Soviet Nigera stocks we have about 2501 02:14:21.239 --> 02:14:25.199 one and let this Nigeran stock market and more than 2502 02:14:25.560 --> 02:14:28.880 sixty percent or pretty legals. Yeah, you can argue that 2503 02:14:29.119 --> 02:14:31.640 they are out over the part of the country, but 2504 02:14:32.359 --> 02:14:35.600 most of the revenue and income come from legos. 2505 02:14:36.079 --> 02:14:38.760 But when you look at America, for example, America. 2506 02:14:38.479 --> 02:14:43.000 Future States, yes you can argue that also California, Texas 2507 02:14:43.279 --> 02:14:47.720 and New York is responsible for the total of economic activity, 2508 02:14:47.920 --> 02:14:50.880 but it's not as concentrated as what we see in 2509 02:14:51.279 --> 02:14:55.640 ninety years. So I feel like the for government and states, 2510 02:14:55.920 --> 02:15:00.840 they really need to take economic foru US, not just 2511 02:15:01.000 --> 02:15:05.720 creating conferences implementing those conferences, what they really actually we 2512 02:15:05.800 --> 02:15:08.079 really need to have a state for agriculture. 2513 02:15:08.119 --> 02:15:10.760 We need to have a state known for the sector. 2514 02:15:10.840 --> 02:15:14.239 We need to have a stateroom for you know, silicon 2515 02:15:14.640 --> 02:15:17.600 or whatever AI or things like that. 2516 02:15:17.800 --> 02:15:22.600 We really need to diversify because Carlo ditot about the 2517 02:15:22.680 --> 02:15:24.840 problem I have with many states in the gas. 2518 02:15:24.600 --> 02:15:28.159 That did just copy and sometimes they feel the objective 2519 02:15:28.239 --> 02:15:29.279 of going. 2520 02:15:29.119 --> 02:15:32.119 To business school because some of these governors are business 2521 02:15:32.159 --> 02:15:35.720 school trade and I came to wonder, why is it 2522 02:15:35.840 --> 02:15:41.000 that in states, the states that has at least twenty 2523 02:15:41.079 --> 02:15:46.239 local government and as it's reger, the amount of people 2524 02:15:46.760 --> 02:15:53.000 that understand economics cannot generate are thousand dollars per water 2525 02:15:53.640 --> 02:15:57.359 making excuse that everything that illegals. You know, I've listened 2526 02:15:57.399 --> 02:16:00.439 to many One of the problems I have in states 2527 02:16:00.840 --> 02:16:05.479 economy places that we keep making cheap excuses, you know, 2528 02:16:06.359 --> 02:16:12.479 investments in agriculture horrible, investments in education horrible. And if 2529 02:16:12.479 --> 02:16:14.760 you look at the type of cas they get, the 2530 02:16:14.920 --> 02:16:17.199 type of looks really take in Europe in. 2531 02:16:17.239 --> 02:16:20.640 America with all the excuses, they still take private. So 2532 02:16:21.000 --> 02:16:25.159 the question goes down to is the interest in the 2533 02:16:25.319 --> 02:16:27.079 country in the interest. 2534 02:16:26.880 --> 02:16:30.119 Of the at their arts or just for their family 2535 02:16:30.199 --> 02:16:33.000 and plans. I think we really need leaders that look 2536 02:16:33.079 --> 02:16:36.479 at national interest in Chinese just by the Chinese at 2537 02:16:36.760 --> 02:16:39.799 their corps. It's not that they're saying sports an average 2538 02:16:39.879 --> 02:16:43.760 Chinese is pathotic. Anotherage Chinese wants imptalment of his country 2539 02:16:43.920 --> 02:16:48.239 at average Chinese, we definitely have something for China. That 2540 02:16:48.479 --> 02:16:51.360 is how deep system has been programmed. So you've got 2541 02:16:51.440 --> 02:16:54.120 justice someone that is corupted in China. You see that 2542 02:16:54.399 --> 02:16:57.719 he also he has his lead to. 2543 02:17:00.040 --> 02:17:02.959 First in China. You know in Nigeria, it's almost different. 2544 02:17:03.079 --> 02:17:05.719 Any which boy you see in Nigeria is telling you 2545 02:17:05.840 --> 02:17:07.399 that you see if you call me that, like you 2546 02:17:07.479 --> 02:17:10.280 talk about stop market, you are you know, really. 2547 02:17:10.120 --> 02:17:13.040 Brilliant, brilliant enemies. And every time you do that, stock 2548 02:17:13.079 --> 02:17:16.760 market is used. But you don't want to disagree as 2549 02:17:16.920 --> 02:17:18.600 that he has a lot of money. It's reversed in 2550 02:17:18.760 --> 02:17:21.360 US once he has a lot of money, diversity and 2551 02:17:21.719 --> 02:17:22.120 u reality. 2552 02:17:22.719 --> 02:17:25.920 What you see you find out is that is the 2553 02:17:26.000 --> 02:17:29.559 level of understandard of investing is limited because even aduce market, 2554 02:17:29.920 --> 02:17:34.159 you need setting advantages political, economic, social culture. 2555 02:17:33.920 --> 02:17:37.399 To really break to the legs. And we really need 2556 02:17:37.440 --> 02:17:39.200 to change that economic person that. 2557 02:17:39.440 --> 02:17:42.920 Yeah, America is important, Frans, it's important. UK is important, 2558 02:17:43.239 --> 02:17:45.000 but the best way we can build our world is 2559 02:17:45.040 --> 02:17:48.760 our country. We need leaders that are not snapping on 2560 02:17:48.879 --> 02:17:52.280 TikTok because of the weds return, because they are driving 2561 02:17:52.559 --> 02:17:56.280 the cls or driving rule weally need as that understand 2562 02:17:56.360 --> 02:17:59.280 that there are selling places that when we are buried 2563 02:17:59.559 --> 02:18:02.520 they are names, will still remember a pat instead as 2564 02:18:02.600 --> 02:18:06.319 if Newting, Michael and fire the nobody remembers their network. 2565 02:18:06.559 --> 02:18:10.479 We all remember their inventions, their laws. You know this happens. 2566 02:18:10.520 --> 02:18:13.959 We need calu okay omit, I'm a reading the story here. 2567 02:18:14.079 --> 02:18:17.760 Ogon state, it's looking at getting about two point five billion, 2568 02:18:17.920 --> 02:18:22.319 that's dollars two point five billion dollars through the GBS 2569 02:18:22.360 --> 02:18:26.319 of Brazil. So JBS wants to invest two point five 2570 02:18:26.520 --> 02:18:29.600 in Ogo state that they're doing cattle ranching, so they're 2571 02:18:29.600 --> 02:18:34.000 going to have cattle ranches and all that. And being Ogon, 2572 02:18:34.079 --> 02:18:37.600 they're looking at a bell cut also sixteen thousand square 2573 02:18:37.719 --> 02:18:42.879 kilometers and then and all that. Yeah, impressed. 2574 02:18:43.959 --> 02:18:46.239 State is my state of origin, you know, And I'll 2575 02:18:46.239 --> 02:18:47.399 tell you that I want problems. 2576 02:18:48.079 --> 02:18:50.319 If you look at New York and New Jersey, if 2577 02:18:50.360 --> 02:18:52.680 you look at Paris and me on, if you look 2578 02:18:52.719 --> 02:18:57.799 at London and Edinburgh, you see gegles for example, if 2579 02:18:58.479 --> 02:19:02.399 we turned their route nets. You know, we're not being dismissed. 2580 02:19:02.559 --> 02:19:06.040 Can in fact, property evaluations are going. This is the 2581 02:19:06.200 --> 02:19:10.120 law of opportunities that we becouse have been created. If 2582 02:19:10.200 --> 02:19:14.879 we understand comparative advantage and see put things in the economy, 2583 02:19:15.000 --> 02:19:17.879 we don't really need to rocket size or just for example, 2584 02:19:18.399 --> 02:19:22.040 yes we you can't just put it is the gateway 2585 02:19:22.559 --> 02:19:23.280 like they say. 2586 02:19:23.760 --> 02:19:26.639 But we're not where we should be, you know, in 2587 02:19:26.760 --> 02:19:30.000 terms of development. You know, look at the developments. Look 2588 02:19:30.040 --> 02:19:30.440 at your. 2589 02:19:30.760 --> 02:19:36.600 Area, the the that industrial when it was built at 2590 02:19:36.600 --> 02:19:40.040 that time, the argument was that open. 2591 02:19:39.879 --> 02:19:41.360 Stage would definitely. 2592 02:19:41.079 --> 02:19:45.159 At some point be producing a total economic activity outside 2593 02:19:45.200 --> 02:19:48.639 becose outside in the southwest, look at it. Look at 2594 02:19:48.799 --> 02:19:54.399 your two almost the dominant manufactioning house biscuits. Many of 2595 02:19:54.479 --> 02:19:58.440 the biscuits that the country consumed was BA. Now if 2596 02:19:58.440 --> 02:20:00.840 you look at things that it's not like look at 2597 02:20:00.879 --> 02:20:05.440 the east, look at the east. The average about things 2598 02:20:05.479 --> 02:20:09.040 are not as industrie the skill which I am bed 2599 02:20:09.079 --> 02:20:12.639 by now and a Certifrica should learn the Abatman shoe. 2600 02:20:12.760 --> 02:20:15.799 We have got to that devil, so can you. You 2601 02:20:15.879 --> 02:20:16.920 can't argue about. 2602 02:20:19.879 --> 02:20:19.920 You. 2603 02:20:20.959 --> 02:20:22.399 What's your take? This is impressive? 2604 02:20:22.559 --> 02:20:24.200 Is still here? I don't think it's here again. So 2605 02:20:24.360 --> 02:20:27.360 think two point five billion going to Orgon for cattle. 2606 02:20:27.520 --> 02:20:30.280 That that's pretty good. Let's see what will happen if 2607 02:20:30.360 --> 02:20:33.040 that flows into Nigeria and crazy jobs and there's less 2608 02:20:33.120 --> 02:20:36.079 cattle walking from the north to the south, that's a 2609 02:20:36.159 --> 02:20:37.680 very strategic investment. 2610 02:20:37.799 --> 02:20:40.159 Financial engineer, how do you want you're ready to speak? 2611 02:20:40.200 --> 02:20:43.360 Are you here now? Fan engineer? Everyone, how are you doing? 2612 02:20:44.639 --> 02:20:45.079 I'm fine? 2613 02:20:45.159 --> 02:20:45.360 Nice? 2614 02:20:45.399 --> 02:20:49.559 Everything well? Logo to you doing on this platform? 2615 02:20:50.520 --> 02:20:54.719 My bras so Yes, I think we have to madior 2616 02:20:54.760 --> 02:20:57.879 problem in Nigeria, the problem of insecurity and the problem 2617 02:20:57.959 --> 02:21:02.479 of we lack accountability of any country accountability. 2618 02:21:02.639 --> 02:21:03.920 It leads to correction. 2619 02:21:04.520 --> 02:21:07.239 But listening to Trump in recent times, Trump, we're always 2620 02:21:07.559 --> 02:21:11.760 alas we have your country to save John passion and 2621 02:21:11.879 --> 02:21:14.879 that desires just like okay, we have America to say. Now, 2622 02:21:15.040 --> 02:21:17.879 let me give you an instance. Sometimes okay should be 2623 02:21:17.959 --> 02:21:20.559 last year. If I go and put it out there 2624 02:21:20.600 --> 02:21:23.159 that they ordered in the road a contract that is 2625 02:21:23.280 --> 02:21:27.680 cardunal to a contract to Julius Burger, and he said. 2626 02:21:28.280 --> 02:21:30.879 I stand the chance to be to be corrected. 2627 02:21:31.200 --> 02:21:33.760 If I have a message you will be awarding twenty billion, 2628 02:21:34.040 --> 02:21:37.000 never monthly to Julius Burger to do with. 2629 02:21:37.079 --> 02:21:38.360 The construction of the road. 2630 02:21:38.879 --> 02:21:42.440 Deserve No, I'm. 2631 02:21:44.200 --> 02:21:47.760 Twenty billion, never monthly. I stand to be corrected. See 2632 02:21:47.799 --> 02:21:51.079 I monely thought that in body issues that do we 2633 02:21:51.200 --> 02:21:55.360 have independent bodies Dampa che meeting these people. 2634 02:21:56.680 --> 02:21:57.440 That is my question. 2635 02:21:57.520 --> 02:22:00.520 I would like some probably put you just speak as 2636 02:22:00.799 --> 02:22:03.719 big as that. So another thing is that you know 2637 02:22:03.799 --> 02:22:06.760 in Nigeria related that the governor is doing well the 2638 02:22:06.879 --> 02:22:10.079 investing infrastructure. Now I'm from Choire States. I was in 2639 02:22:10.159 --> 02:22:12.920 my states last month. I was in my state December. 2640 02:22:13.079 --> 02:22:15.879 I spent not in less than fifty five days there 2641 02:22:16.559 --> 02:22:18.760 and I could see that inquired. They are just building 2642 02:22:19.000 --> 02:22:22.079 bridges and as they look until the other man that's upset. 2643 02:22:23.200 --> 02:22:27.399 You only don't notice in some states what they should. 2644 02:22:27.200 --> 02:22:29.040 Invest right now should be agriculture. 2645 02:22:29.680 --> 02:22:30.280 There a lot of. 2646 02:22:30.440 --> 02:22:34.920 Lands in Quira, like I was traveling to Quira and 2647 02:22:35.040 --> 02:22:38.639 from Europe, there are a lot of lands like bushes 2648 02:22:38.840 --> 02:22:44.440 are read by governments can invest in agriculture. When Navid 2649 02:22:44.840 --> 02:22:46.399 I an Avid man in the States, you see the 2650 02:22:46.479 --> 02:22:49.360 building filling station, building bridges. 2651 02:22:49.639 --> 02:22:50.559 What the people do you know? 2652 02:22:50.639 --> 02:22:53.959 Even they building building choir the tank beverage right now 2653 02:22:54.239 --> 02:22:55.360 if they're not using. 2654 02:22:55.239 --> 02:22:55.680 It right now? 2655 02:22:56.000 --> 02:22:59.840 They said they said the bridges so standard. So this 2656 02:23:00.120 --> 02:23:01.639 all of this baff with me. 2657 02:23:01.879 --> 02:23:03.159 And want to speak on the game. 2658 02:23:03.239 --> 02:23:06.799 Is that I ready use any I'm sorry this mark 2659 02:23:06.920 --> 02:23:09.799 Rani said, And if I have got many defended in 2660 02:23:09.879 --> 02:23:13.559 her it's eight billion dollar approximately to a point, it's 2661 02:23:13.680 --> 02:23:17.440 chillion just to defend in air by believing air was floated. 2662 02:23:17.639 --> 02:23:19.360 So why should we defend it again? 2663 02:23:19.559 --> 02:23:22.000 It pustion of money, that's the question. 2664 02:23:22.280 --> 02:23:24.559 I mean for me, let me just speak clear. I 2665 02:23:24.719 --> 02:23:28.639 defend the floated ira because we couldn't afford five hundred 2666 02:23:28.760 --> 02:23:31.760 era to the dollar. We couldn't afford that peg. But 2667 02:23:32.000 --> 02:23:34.879 now when the dollar has gone to fifteen hundred, you know, 2668 02:23:34.920 --> 02:23:36.879 and that work, can't defend it to bring it down. 2669 02:23:37.200 --> 02:23:39.760 Now allow the thing to float. The world will happen 2670 02:23:39.920 --> 02:23:42.479 that folks that I think we can't afford, we will 2671 02:23:42.559 --> 02:23:44.760 drop it. Because what's going is that when you defend 2672 02:23:44.799 --> 02:23:50.760 an error, you are subsidizing lifestyle. People want it's floated, yeah, 2673 02:23:50.799 --> 02:23:53.040 but only if we defend it. People want to send 2674 02:23:53.040 --> 02:23:55.879 their kids abroad, right let them pay the fifteen hundred. 2675 02:23:56.360 --> 02:23:58.799 But right now, when you defend it, then people can 2676 02:23:58.920 --> 02:24:01.200 accept them. Can have four to send our kids abroad. 2677 02:24:01.280 --> 02:24:04.440 But when you cannot send your kids abroad by force, 2678 02:24:04.520 --> 02:24:07.959 will face feder Goments College and say let's make that school. 2679 02:24:08.719 --> 02:24:12.159 Report, and there some careers to be honest, because I 2680 02:24:12.239 --> 02:24:14.879 think when he was talking about depending, I think people 2681 02:24:15.760 --> 02:24:18.040 I'm trying to assume that the fact that he was 2682 02:24:18.079 --> 02:24:20.280 talking about the cost, and I know. 2683 02:24:20.360 --> 02:24:23.879 It was he was very clear. He was very clear. 2684 02:24:23.959 --> 02:24:26.920 He spoke about the reserves, he spoke about the good 2685 02:24:27.000 --> 02:24:27.600 and the guard. 2686 02:24:27.799 --> 02:24:30.319 Then he said eight billions. I put video on. 2687 02:24:31.040 --> 02:24:31.639 It's not clear. 2688 02:24:31.879 --> 02:24:35.120 Calm you know, I said, it's not clear how it's 2689 02:24:35.159 --> 02:24:39.239 been off from forwards, diety diversion. I had not say 2690 02:24:39.280 --> 02:24:43.479 diety diversion on that I do. So this is are clear. 2691 02:24:43.559 --> 02:24:45.559 You don't even need to you don't need to waste 2692 02:24:45.600 --> 02:24:47.879 time on I was going to clear a. 2693 02:24:47.959 --> 02:24:55.200 Version he say cooking through debt through different And look 2694 02:24:55.239 --> 02:24:59.440 at this way, right, if ciby and borrows four billion 2695 02:24:59.559 --> 02:25:02.760 dollars but does not spend it on that intervention, is 2696 02:25:02.840 --> 02:25:03.799 that defending an IRA. 2697 02:25:04.000 --> 02:25:10.440 It's four billion sitting recipients for reserve exactly, so they 2698 02:25:10.479 --> 02:25:13.200 don't need to give that money to b DC. If 2699 02:25:13.680 --> 02:25:15.879 what is what is Narra's strength. If I am a 2700 02:25:16.040 --> 02:25:18.440 trader and I look at the Japanese year and the 2701 02:25:18.600 --> 02:25:22.840 charity Chinese year, they have three trillion, three trillion dollars. 2702 02:25:22.920 --> 02:25:25.879 You can't go and harass Yen. You lose money. So 2703 02:25:26.079 --> 02:25:27.639 if I come to Niger and I said they have 2704 02:25:28.000 --> 02:25:31.319 thirty two billion, I can raise the two point one afternoon, 2705 02:25:31.440 --> 02:25:33.159 shot the naira and make a killing. 2706 02:25:33.479 --> 02:25:36.280 So, but when you have forty forty five billion, nobody's 2707 02:25:36.319 --> 02:25:38.360 going to shot you. So I don't think. 2708 02:25:38.760 --> 02:25:40.959 But when you brought that four billion, how do you 2709 02:25:41.040 --> 02:25:43.879 brow the four billion? Your pain interest? So I think 2710 02:25:43.920 --> 02:25:48.600 it's saying that the total expenditure, the total choose the 2711 02:25:48.799 --> 02:25:51.200 army that is fighting to kill a narra at fourteen 2712 02:25:51.319 --> 02:25:54.200 hundred is eight billion. Doesn't mean agree it's going to 2713 02:25:54.239 --> 02:25:59.000 be diseased. But we're covering a total outter the exposure 2714 02:25:59.159 --> 02:26:02.479 of eight billion to keep a narr at for fourteen hundred. 2715 02:26:02.760 --> 02:26:04.280 That's I guess what he's gonna say. 2716 02:26:05.079 --> 02:26:07.520 I think it's arguable, but I think for me, I 2717 02:26:07.639 --> 02:26:10.559 think the problem we were coming from. I think it 2718 02:26:10.680 --> 02:26:12.399 wasn't impad but I don't think it's. 2719 02:26:12.319 --> 02:26:15.600 Up to because why are we doing it? I mean, 2720 02:26:15.680 --> 02:26:18.479 if you floated, why are you going back to you? 2721 02:26:18.879 --> 02:26:21.600 This isn't managed to flut right, This is the dogment. 2722 02:26:21.319 --> 02:26:24.239 Of card so and you know that's why I said 2723 02:26:24.239 --> 02:26:26.760 that we needed to do were coming from last year. 2724 02:26:26.879 --> 02:26:30.079 Dinner was very parabolic. In fact, at some point dinner 2725 02:26:30.120 --> 02:26:32.799 it was more for that doubt than bits coin, you know. 2726 02:26:33.520 --> 02:26:38.280 And we may have effects from our major source collar, 2727 02:26:38.840 --> 02:26:43.159 you know. And it was his new administration, so I 2728 02:26:43.280 --> 02:26:45.079 felt like other the new CPI. 2729 02:26:45.639 --> 02:26:50.000 The first thing he was to get from the vestper community. 2730 02:26:50.120 --> 02:26:52.760 And now you get from the investment community, you make 2731 02:26:53.159 --> 02:26:57.319 your currency attractive. So he plays a pillion and yeah, 2732 02:26:57.559 --> 02:27:01.000 FPI has got the key at this time, meaning that 2733 02:27:01.159 --> 02:27:04.360 brought in some form of stability at some point. 2734 02:27:04.760 --> 02:27:07.719 And that's when people are saying, oh, I interested. It 2735 02:27:07.879 --> 02:27:08.680 was not of inflation. 2736 02:27:08.879 --> 02:27:11.200 I was telling him that we also forgot that we 2737 02:27:11.280 --> 02:27:15.840 had the problem of a very latile. 2738 02:27:15.840 --> 02:27:17.600 From the same market, because you. 2739 02:27:17.639 --> 02:27:24.040 See, if you cannot fight inflation and you cannot ensure financial. 2740 02:27:23.639 --> 02:27:26.200 And tebrity when your influence market is doancing like the 2741 02:27:26.280 --> 02:27:26.799 real coin. 2742 02:27:27.399 --> 02:27:29.680 So the fact that he has solved that, we need 2743 02:27:29.719 --> 02:27:31.639 to give him credit for that, because that was a 2744 02:27:31.719 --> 02:27:35.360 very difficult job to studients, uh the former acts and 2745 02:27:35.920 --> 02:27:38.680 try differen style. It is also we need to give 2746 02:27:38.760 --> 02:27:41.719 him credit for that. However, we all know that it 2747 02:27:41.840 --> 02:27:45.399 comes at the premium, which everybody is saying, so uh 2748 02:27:46.799 --> 02:27:50.079 as it is going down, the user going down and 2749 02:27:50.799 --> 02:27:53.079 they are finding is that's why it's coming out with 2750 02:27:53.159 --> 02:27:55.639 different reforms. We look at fs code, you look at 2751 02:27:56.200 --> 02:27:59.159 trading through their time, now look at it's coming his 2752 02:27:59.280 --> 02:28:03.559 opinion up. The CIBA recearch tive are working with all cylinders. 2753 02:28:04.040 --> 02:28:07.879 My fear is just that these guys are doing so much, 2754 02:28:08.399 --> 02:28:12.159 but the physical side it's just sitting down on the couch. 2755 02:28:12.399 --> 02:28:14.840 You know, they're not seeing there working supporting. 2756 02:28:14.920 --> 02:28:18.319 Because if the physical side is even doings as what 2757 02:28:18.639 --> 02:28:23.200 the Cybyan is doing by now, then stability is commidence. 2758 02:28:24.079 --> 02:28:26.520 We can say that this year because to be honest 2759 02:28:26.520 --> 02:28:29.559 with you, the now has all it takes to maintain 2760 02:28:29.600 --> 02:28:35.440 stability from the President Marcross. First, demand has not increased 2761 02:28:35.799 --> 02:28:38.360 like we saw in previous quarters. 2762 02:28:38.559 --> 02:28:43.920 You know, all production has gone. I had at one 2763 02:28:43.920 --> 02:28:44.959 point for million biots. 2764 02:28:45.159 --> 02:28:47.079 The argument is that the country can push it to 2765 02:28:47.159 --> 02:28:50.920 one persons close to the fer government project all is 2766 02:28:51.000 --> 02:28:54.879 still a bit is higher than sul Pyo, you know, 2767 02:28:55.319 --> 02:28:58.639 so we still have some things working for us. The 2768 02:28:58.719 --> 02:29:01.920 only problem is is that a distance sustainable we all 2769 02:29:02.120 --> 02:29:06.600 is not sustainable. So how soon can befare government get asked. 2770 02:29:06.920 --> 02:29:09.760 That's the argumable. I don't think I do. So the 2771 02:29:09.840 --> 02:29:13.079 CPN you did a fantastic I think they did. 2772 02:29:13.000 --> 02:29:17.479 A fantastic job really assurance the ability in the FX market. 2773 02:29:18.120 --> 02:29:20.559 Perfect. Let me get together. I want to speak and 2774 02:29:21.760 --> 02:29:26.799 I think I've dropped off, Sir, Sirlnkos Salinkos. 2775 02:29:29.239 --> 02:29:30.360 Yeah, yeah, beliving sir. 2776 02:29:30.760 --> 02:29:35.600 Yeah, my name is Collins actually and that name is 2777 02:29:35.680 --> 02:29:39.079 said there is a colleens go from the back. Yes, 2778 02:29:40.440 --> 02:29:42.760 thank you so much for the opportunity. I don't know 2779 02:29:42.879 --> 02:29:45.799 if I'm a liable. Are people listening to every room? 2780 02:29:46.000 --> 02:29:46.159 Yes? 2781 02:29:47.799 --> 02:29:53.879 Good, I'm listening from Eula Adamo State, not the East. 2782 02:29:55.000 --> 02:29:58.600 And you guys has really talked about quite a number 2783 02:29:58.680 --> 02:30:01.280 of things. These are some of the things that are 2784 02:30:01.319 --> 02:30:06.520 giving us a kind of a Similius Knight. Now, natural 2785 02:30:06.760 --> 02:30:12.799 is blessed actually with everything everything we have, the human resources, 2786 02:30:13.520 --> 02:30:17.840 we have, the atmospheric resources, we have the natural resources. 2787 02:30:18.399 --> 02:30:22.120 So everything you think of this country health. The only 2788 02:30:22.200 --> 02:30:24.760 thing we're going to talk about is we look at 2789 02:30:25.360 --> 02:30:28.120 the actions of our leaders. I don't really think in 2790 02:30:28.239 --> 02:30:31.079 the way the way we in this very popular group 2791 02:30:31.120 --> 02:30:34.719 are thinking, are just seeing what we're seeing and when 2792 02:30:34.760 --> 02:30:37.159 we look at who are the people going in us today, 2793 02:30:37.600 --> 02:30:40.559 look at that these are people from the ancient. They 2794 02:30:40.600 --> 02:30:44.000 are thinking like backwards. But we that we look into 2795 02:30:44.079 --> 02:30:46.559 the future, we've seen a lot of things that they 2796 02:30:46.600 --> 02:30:51.000 don't see. Unfortunately, they are the ones that are always 2797 02:30:51.680 --> 02:30:54.559 on the helm of all a fears, so they control things. 2798 02:30:55.399 --> 02:30:58.959 You know, when you talk about the Dangote Tomatos farm, 2799 02:31:00.000 --> 02:31:02.319 my father is the first manager of the every particular 2800 02:31:02.399 --> 02:31:05.600 farm in Carno State. So he walks there for three 2801 02:31:05.680 --> 02:31:10.000 years and his start. He has been an agronomist for 2802 02:31:10.120 --> 02:31:13.520 the past forty five years, close to fifty years. So 2803 02:31:13.639 --> 02:31:16.559 when we talk about the future of Nigeria, I would 2804 02:31:16.600 --> 02:31:21.639 tell you that the future of Nigeria is agriculture, renewable 2805 02:31:21.799 --> 02:31:28.600 energy and information technology. If our leaders can exclude these 2806 02:31:28.760 --> 02:31:33.399 three angles, Nigeria can fit the whole of Africa. Now 2807 02:31:33.559 --> 02:31:36.680 you make mention of you've never seen any state government 2808 02:31:37.559 --> 02:31:42.959 producing all a kind of establishing industries that can be 2809 02:31:42.959 --> 02:31:45.159 able to bring money into the country. 2810 02:31:45.760 --> 02:31:50.360 Yes, it's true, you are right. Now you make mention 2811 02:31:50.559 --> 02:31:51.079 of you. 2812 02:31:51.159 --> 02:31:56.239 See Ocean states or gund States, Talaba State, Benue states. 2813 02:31:57.200 --> 02:32:01.000 I did some studies some years back that state you know, 2814 02:32:01.040 --> 02:32:04.959 when you're talking about the importation of Ugary, when we 2815 02:32:05.079 --> 02:32:08.239 look at these very particular states, how about thinking of 2816 02:32:08.440 --> 02:32:15.440 having an eternal refinery in this country of the edward 2817 02:32:15.520 --> 02:32:17.680 Internet that is we are using in this country is 2818 02:32:17.760 --> 02:32:22.120 important from Brazil, from US and from other countries till 2819 02:32:22.159 --> 02:32:25.760 today starts, I start to be corrected. Since nineteen forty five, 2820 02:32:26.479 --> 02:32:32.520 Statu has been imported in Nigeria. But yet Nigeria, if 2821 02:32:32.520 --> 02:32:36.200 I'm not mistaken, is that in the third largest producer 2822 02:32:36.200 --> 02:32:38.479 of cassava in the whole world, and the fours in Africa, 2823 02:32:39.479 --> 02:32:42.920 but none of them has ever think of establishing within 2824 02:32:43.040 --> 02:32:43.680 this zoo. 2825 02:32:44.239 --> 02:32:44.840 Any of this. 2826 02:32:45.680 --> 02:32:46.879 The government can. 2827 02:32:48.360 --> 02:32:52.799 Establish the enabled environment and covered with the private sector. 2828 02:32:53.840 --> 02:32:57.520 Let this very particular institution become like the SPV especial 2829 02:32:57.639 --> 02:32:58.360 purposed VII. 2830 02:32:59.319 --> 02:33:02.079 Okay, I can be used as a going to establish 2831 02:33:02.200 --> 02:33:03.120 list because. 2832 02:33:03.000 --> 02:33:06.159 Anything you left it only only on the hands of 2833 02:33:06.239 --> 02:33:09.399 coveying is going to be spoiled. But the goal has 2834 02:33:09.520 --> 02:33:14.639 at least like forty percent or thirty percent if a 2835 02:33:14.799 --> 02:33:17.639 good step or shoe stage stage tabus. 2836 02:33:17.879 --> 02:33:20.280 Yeah, all the run to get to lund the ship. 2837 02:33:20.399 --> 02:33:26.879 Yeah all right, okay, so and and I have actually 2838 02:33:26.959 --> 02:33:30.200 a lot to talk about. Understand, I have actually virtually 2839 02:33:30.319 --> 02:33:33.040 in all those things you talk about, and virtually like 2840 02:33:33.159 --> 02:33:37.120 even when you talk about the ministry of livestock, you 2841 02:33:37.239 --> 02:33:41.559 see not up to three or four this I established 2842 02:33:41.559 --> 02:33:45.000 a particular proposal or livestock. And how is a factory. 2843 02:33:45.799 --> 02:33:47.520 What I'm going to tell you now somebody I can 2844 02:33:47.639 --> 02:33:49.159 give it for free, anybody can use it. 2845 02:33:50.040 --> 02:33:54.360 And how is a factory. I designed a proposal wherever 2846 02:33:54.479 --> 02:33:58.040 you can have a zero waste or get a machine that. 2847 02:33:58.120 --> 02:34:02.680 Can slow down the power can be collected divery particular 2848 02:34:02.879 --> 02:34:06.520 bloats in divary particula all from more than Abata if 2849 02:34:06.600 --> 02:34:08.520 any of the states in other monster we have the 2850 02:34:08.680 --> 02:34:12.879 largest you know at Thatto market because of our prosumity 2851 02:34:13.280 --> 02:34:15.760 between those and Cameroon you talk about movie, you talk 2852 02:34:15.799 --> 02:34:18.520 about pen You look a government now when we have 2853 02:34:18.719 --> 02:34:21.840 any other state can have that. Under the lifestyle. Now 2854 02:34:21.920 --> 02:34:27.000 you see when you pick a cow, the blots can 2855 02:34:27.079 --> 02:34:31.840 be used for feet and companies, pharmaceutical companies needed to 2856 02:34:32.000 --> 02:34:36.120 make beauty creams and the rest of them. The horfs 2857 02:34:36.200 --> 02:34:39.520 of the cow can be used to make a headsive goal. 2858 02:34:41.159 --> 02:34:44.799 The skin someone who was talking about shoe factories, the 2859 02:34:44.920 --> 02:34:46.799 skin can be used to make this we have. 2860 02:34:47.040 --> 02:34:49.719 The meat is there. When we look at also the 2861 02:34:49.879 --> 02:34:50.399 wastes in. 2862 02:34:50.479 --> 02:34:53.959 The cow, we can convert it to organic manure. We 2863 02:34:54.079 --> 02:34:55.840 can also use it to biographs. 2864 02:34:56.479 --> 02:34:59.879 Now the act itself, it's sick because of. 2865 02:34:59.879 --> 02:35:04.440 The activities of my kind Google lander Ship. Yeah yeah, 2866 02:35:05.760 --> 02:35:10.079 all right, it's okay, you're good. So in essence, in essence, 2867 02:35:10.120 --> 02:35:12.600 I will run it all. In essence if we have 2868 02:35:12.719 --> 02:35:14.520 opportunities to talk to our leaders. 2869 02:35:15.120 --> 02:35:19.600 We don't now three things only remain on earth on Nigeria, 2870 02:35:20.200 --> 02:35:25.200 renewable energy, agriculture and information and communication technology. 2871 02:35:26.040 --> 02:35:29.559 If we can harness this, believe me, we can. We 2872 02:35:29.680 --> 02:35:32.600 can achieve everything. Lastly, for two minutes. 2873 02:35:33.360 --> 02:35:37.079 It study has been done by Raina in the northern Nigeria. 2874 02:35:39.440 --> 02:35:42.719 The song that we have can generate it eight point 2875 02:35:42.840 --> 02:35:43.840 seven giga wytes. 2876 02:35:45.040 --> 02:35:45.840 I brought in Cha. 2877 02:35:46.000 --> 02:35:49.079 I brought in Chinese investors not less than trobles from 2878 02:35:49.120 --> 02:35:49.520 Hong Kong. 2879 02:35:50.920 --> 02:35:53.319 China is shifting away from the using of sola panet. 2880 02:35:53.360 --> 02:35:54.040 They're using dish. 2881 02:35:54.840 --> 02:35:58.200 They ask me, get any other institutions where are going 2882 02:35:58.280 --> 02:36:00.360 to put all these things for the off free to 2883 02:36:00.399 --> 02:36:03.440 see how effectivity is Now once you can be able 2884 02:36:03.479 --> 02:36:08.399 to address the cost of power, inflation and the course 2885 02:36:08.479 --> 02:36:10.239 of production is going to reduce at. 2886 02:36:10.239 --> 02:36:14.360 Least by fifty percent. Thank you. I hope to get 2887 02:36:14.399 --> 02:36:16.479 another time to talk to you. Guys are lost that 2888 02:36:16.559 --> 02:36:17.120 we need to talk. 2889 02:36:17.280 --> 02:36:20.600 Thank you, sir, anytime, anytime, sir. You just hope a 2890 02:36:20.719 --> 02:36:24.120 fantastic comments sort of room. What you said from your. 2891 02:36:24.120 --> 02:36:29.040 Love Yes, I'm talking to you directly, not from your loa. 2892 02:36:29.479 --> 02:36:32.360 How is how is it when you guys are Yeah? 2893 02:36:32.399 --> 02:36:35.959 But when is there? But when is there? Tomorrow we're 2894 02:36:36.000 --> 02:36:36.680 going to a Buja. 2895 02:36:36.719 --> 02:36:39.840 I'm going to make a presentation concerning the ecological factors 2896 02:36:39.879 --> 02:36:42.799 in Nigeria at the office of the SGO, you know, 2897 02:36:42.959 --> 02:36:44.920 addressing these things we are talking about. 2898 02:36:45.440 --> 02:36:47.680 So that was it was so interesting for me to 2899 02:36:47.879 --> 02:36:49.040 sit down and listen to it. 2900 02:36:49.760 --> 02:36:51.799 Thank you, sir, appreciate that, sir. Thanks for hopping it. 2901 02:36:51.959 --> 02:36:53.719 We do early up shich you think at that time 2902 02:36:53.840 --> 02:36:58.799 to speak to us? Yeah, let me look at your back. 2903 02:36:58.920 --> 02:37:01.600 What's what's in your mind? You have someone just what 2904 02:37:01.680 --> 02:37:03.559 I was talking about? Your submission? Do you want say 2905 02:37:03.600 --> 02:37:04.120 anything else on that? 2906 02:37:04.280 --> 02:37:04.319 No? 2907 02:37:04.399 --> 02:37:07.159 No, no, I think I think the last speaker just 2908 02:37:07.319 --> 02:37:08.319 killed it again. 2909 02:37:08.840 --> 02:37:11.760 There are many things the States can invest in just 2910 02:37:11.879 --> 02:37:14.239 like he said, I know in that part of Nigeria 2911 02:37:14.319 --> 02:37:17.319 also they have a lot of cottings there Indamara, but 2912 02:37:17.399 --> 02:37:20.399 they do nothing about it. So just to pop like that, 2913 02:37:21.040 --> 02:37:25.040 let's allow let's make our states viable. That way we 2914 02:37:25.120 --> 02:37:28.600 can drop all the costs of inflation and food. 2915 02:37:28.799 --> 02:37:32.360 Thank you, perfect perfect kill you clu too. 2916 02:37:35.079 --> 02:37:36.639 Yes, so I. 2917 02:37:38.200 --> 02:37:41.719 Want to say certain things which I think Nigeria's need 2918 02:37:42.440 --> 02:37:45.040 to hear, and we don't like to hear this because 2919 02:37:45.079 --> 02:37:49.600 we think our countries somehow the land of milk and honey. 2920 02:37:50.079 --> 02:37:55.239 It prove is that Nigeria is not blessed with everything. 2921 02:37:55.840 --> 02:38:00.200 We're not even remotely close to being blessed with every thing. 2922 02:38:01.200 --> 02:38:04.840 Do we have good land, yes, we do, very fur 2923 02:38:05.000 --> 02:38:09.479 our land. But if you look at natural resources outside 2924 02:38:10.639 --> 02:38:19.600 oil and gas, especially gas, limestone, oh, all the other 2925 02:38:19.840 --> 02:38:25.159 minerals are hear that Nigeria has, they are in small quantities, 2926 02:38:26.840 --> 02:38:32.159 very small quantities. So let us stop thinking we have everything. 2927 02:38:32.360 --> 02:38:35.120 If you look at human resources, we have the population 2928 02:38:35.879 --> 02:38:40.360 work two thirty million now, but what is the percentage 2929 02:38:40.399 --> 02:38:45.040 of that population that can actively read and write and 2930 02:38:45.399 --> 02:38:56.639 understand complex concepts and put them out or actually explain 2931 02:38:57.319 --> 02:39:01.280 those complex concepts. It is a very miniskilling number. It's 2932 02:39:01.360 --> 02:39:04.760 not a huge number. It's probably between forty to maybe 2933 02:39:04.840 --> 02:39:09.040 fifty five percent. Fifty five is pushing it, really, So 2934 02:39:09.319 --> 02:39:10.840 let us stop thinking. 2935 02:39:10.559 --> 02:39:14.639 That we have these and we have everything. We don't 2936 02:39:14.719 --> 02:39:15.280 have everything. 2937 02:39:15.360 --> 02:39:17.840 That is one of the reasons why certain kinds of 2938 02:39:17.920 --> 02:39:20.639 manufacturing cannot happen in Nigeria. 2939 02:39:21.159 --> 02:39:24.639 But the last question, our situation can That's the question, 2940 02:39:25.040 --> 02:39:27.360 do you think we have the potential to have everything? 2941 02:39:27.840 --> 02:39:29.840 I don't have A body don't. 2942 02:39:30.319 --> 02:39:31.280 No, we don't, we. 2943 02:39:31.399 --> 02:39:33.840 Don't, we don't. The thing is it is for us 2944 02:39:33.920 --> 02:39:37.280 to reach that level. When we have the so called 2945 02:39:37.280 --> 02:39:42.559 potential to to to have everything, we need to invest. 2946 02:39:43.239 --> 02:39:44.639 See I keep on seeing this. 2947 02:39:46.000 --> 02:39:50.559 China invested words forty percent of its still investing forty 2948 02:39:50.639 --> 02:39:55.840 percent of its economy after almost fifty years of its reforms. 2949 02:39:56.600 --> 02:39:56.840 See. 2950 02:39:57.079 --> 02:39:59.280 The problem is that in general, we want to think, 2951 02:40:00.200 --> 02:40:02.760 which is what this current government is doing. They want 2952 02:40:02.799 --> 02:40:06.879 to think, oh, let's us do price liberalization, but not 2953 02:40:07.040 --> 02:40:11.479 doing the heavy work of development, which involves high levels 2954 02:40:11.719 --> 02:40:17.840 of investments. High levels of investment both in physical infrastructure 2955 02:40:18.159 --> 02:40:23.600 are more importantly human infrastructure. China has points, but if 2956 02:40:23.639 --> 02:40:27.280 you do it for capital, a distribution of its oil reserves, 2957 02:40:27.319 --> 02:40:31.280 it's not so much. China produces more old than us 2958 02:40:31.319 --> 02:40:35.479 per day. Now China doesn't have very much arable land 2959 02:40:35.600 --> 02:40:39.360 compared to US. But guess what's because of the problems 2960 02:40:39.399 --> 02:40:42.280 they faced in the nineteen fifties nineteen sixties. They invested 2961 02:40:42.399 --> 02:40:45.639 in lots in agriculture, but that is not even where 2962 02:40:45.639 --> 02:40:48.879 they invested in most They invested in lots in the 2963 02:40:49.120 --> 02:40:52.719 manufacturing sector. You and I can remember in twenty eighteen, 2964 02:40:52.719 --> 02:40:54.959 twenty nineteen, how many of us here we're talking about 2965 02:40:55.040 --> 02:40:59.559 Chinese cars today in legal syste chang Dankas China is 2966 02:40:59.559 --> 02:41:02.479 the large export cars in the world. Now they export 2967 02:41:02.559 --> 02:41:06.280 more cars and Japan or my Japan. It is based 2968 02:41:06.319 --> 02:41:09.200 on the investments that they don't. Why is it that 2969 02:41:09.280 --> 02:41:13.040 the property secty is collapsing and now the tech sectory 2970 02:41:13.079 --> 02:41:14.639 is pulling is because. 2971 02:41:14.920 --> 02:41:18.959 Around that of its their period, they switched the. 2972 02:41:19.520 --> 02:41:23.680 Economic model from investing in fixed capital investment, which which 2973 02:41:23.760 --> 02:41:28.040 is essentially real ested into high tech sectors over for 2974 02:41:28.239 --> 02:41:31.360 five years, over for five years, when you're investing forty percent, 2975 02:41:31.440 --> 02:41:33.600 they're still doing it. You today, forty percent. 2976 02:41:33.360 --> 02:41:36.319 Of the GDP every single year is going. 2977 02:41:36.200 --> 02:41:39.639 Into investments you are going to mix strids naders what 2978 02:41:39.799 --> 02:41:42.239 it would bring I'm not sure why we do, you know, 2979 02:41:42.319 --> 02:41:43.559 to sixty percent of what they're doing. 2980 02:41:44.000 --> 02:41:45.120 You see, I'm asking that question. 2981 02:41:45.680 --> 02:41:48.280 Why I ask that question is that even with all 2982 02:41:48.360 --> 02:41:52.000 the interest Nigeria has, right, Nigeria is the largest producer 2983 02:41:52.159 --> 02:41:57.559 of cassava and the whole worlds of millets and the 2984 02:41:57.600 --> 02:42:01.719 whole of in the whole world. So I'm not saying, 2985 02:42:01.719 --> 02:42:03.680 you know, when I say the potential, I mean if 2986 02:42:03.719 --> 02:42:07.959 oider with no power with all this insecurity, there are 2987 02:42:07.959 --> 02:42:10.000 almost five or three what does I see here? 2988 02:42:10.040 --> 02:42:11.280 The Niger the largest prince of. 2989 02:42:11.360 --> 02:42:12.360 In the entire world. 2990 02:42:13.120 --> 02:42:16.159 So there's potential somewhere, right, So. 2991 02:42:16.239 --> 02:42:17.879 They do is so yes, so they do. 2992 02:42:18.040 --> 02:42:23.440 Is a lot of those foodstuffs that are talking about 2993 02:42:23.520 --> 02:42:25.879 for those cultural press talking. 2994 02:42:25.719 --> 02:42:29.399 About a lot of them is largely either because it 2995 02:42:29.559 --> 02:42:34.120 is those things grow so much more in Nigeria because 2996 02:42:34.159 --> 02:42:37.200 of the weather, the latitude of the earth that's that 2997 02:42:37.360 --> 02:42:39.719 we are in and all of that. I would agree, 2998 02:42:40.120 --> 02:42:42.639 especially with the issue of sessionistics, Nigers or not the 2999 02:42:42.680 --> 02:42:45.920 biggest producers of sessamesic. It's not something that we typically 3000 02:42:45.959 --> 02:42:49.840 were growing here before. So we have done some working 3001 02:42:49.920 --> 02:42:53.399 that argue that's to Nigeria. But then in the case 3002 02:42:53.440 --> 02:42:57.719 of Yam, Yam is something that that that grows very 3003 02:42:57.840 --> 02:43:02.239 naturally in Nigeria. Think so yes, we need to invest 3004 02:43:02.360 --> 02:43:05.559 in and in the other side and unit I said 3005 02:43:05.600 --> 02:43:09.440 before about the supplying issues, so if. 3006 02:43:09.399 --> 02:43:12.520 We're invested in that, even those it is. 3007 02:43:13.639 --> 02:43:16.319 I used Channer as an example of how a country 3008 02:43:16.399 --> 02:43:20.399 can come from a channel nineteen seventy six was. 3009 02:43:20.600 --> 02:43:26.280 Poorer than was purer than Sudan nineteen seventy six. Let's 3010 02:43:26.280 --> 02:43:27.200 talk talk about Nigeria. 3011 02:43:27.399 --> 02:43:29.559 Let's talk about out Nigera because Naders has been richer 3012 02:43:29.639 --> 02:43:30.440 than Sutan. 3013 02:43:30.680 --> 02:43:32.760 I'm using the worst African examples that. 3014 02:43:32.760 --> 02:43:34.120 Have always been poorer than Nigeria. 3015 02:43:34.239 --> 02:43:38.639 Now the word pronoun Sudan was in nineteen seventy six, 3016 02:43:39.280 --> 02:43:43.040 but it's a stational. When you're investing forty percent forty 3017 02:43:43.079 --> 02:43:46.680 percent first year, second game, its compounds another forty percent, 3018 02:43:46.879 --> 02:43:48.239 another forty percent before you. 3019 02:43:48.280 --> 02:43:48.879 Know what's going on. 3020 02:43:49.159 --> 02:43:53.280 You're making greater strides than somebody who is one hundred 3021 02:43:53.319 --> 02:43:57.399 points litera than only investing ten percent of the economy, 3022 02:43:58.120 --> 02:44:00.360 which is from list as the issue of the UK 3023 02:44:01.159 --> 02:44:03.159 where they're not investing in a lot, and of course 3024 02:44:03.280 --> 02:44:06.000 the economy now is in the toilet because they're not 3025 02:44:06.159 --> 02:44:09.680 invested in for decades in hiring. That is part of 3026 02:44:09.799 --> 02:44:13.840 what is retails as the country. Imagine if for instance, 3027 02:44:13.959 --> 02:44:15.799 it's what I keep concerning one of the things that 3028 02:44:15.879 --> 02:44:17.079 the new book government can do. 3029 02:44:17.760 --> 02:44:18.799 Sorry I was from. 3030 02:44:18.840 --> 02:44:20.200 I was from around one of the things that the 3031 02:44:20.239 --> 02:44:24.639 Tlie Book of met can do to expand the Nigerian 3032 02:44:24.680 --> 02:44:28.200 economy going forward. It's not those price liberalizations. They need 3033 02:44:28.680 --> 02:44:32.799 to encourage actually encourage companies to invest. 3034 02:44:33.040 --> 02:44:36.319 So giving things like tax, rebuilds tax, the doptions. 3035 02:44:36.079 --> 02:44:40.000 Aggressive tax, the doctions to ensure that the manufacturing sector 3036 02:44:40.479 --> 02:44:44.200 actually and the manufacturnas the ad countral sector and the 3037 02:44:44.319 --> 02:44:47.840 industrial sector is revived. Now I know the local is 3038 02:44:47.840 --> 02:44:50.920 good to say. You know the exist of nationals. I 3039 02:44:50.959 --> 02:44:53.600 think it's a copper. It's an excuse. A lot of 3040 02:44:53.639 --> 02:44:58.120 people who are the government supporters usually use that as 3041 02:44:58.159 --> 02:45:01.040 an excuse, or it is a subnationals. It thinks that 3042 02:45:01.079 --> 02:45:05.079 the federal government itself, the Federal GOMT itself has a 3043 02:45:05.319 --> 02:45:07.920 huge chunk of the plain, probably even the majority of 3044 02:45:07.959 --> 02:45:10.680 the plain. Before you then talk about the sub nationals 3045 02:45:10.840 --> 02:45:16.000 who also even way was managed than the federal government. 3046 02:45:16.120 --> 02:45:17.120 But who stop saying it? 3047 02:45:17.200 --> 02:45:19.879 As you know that there a lot of things that 3048 02:45:20.159 --> 02:45:22.360 are just from the from the subnationals. 3049 02:45:22.479 --> 02:45:25.680 It is also the federal goverment, this current transition has 3050 02:45:25.760 --> 02:45:29.399 go tything to improve the supply side of the economy. 3051 02:45:29.399 --> 02:45:32.879 They look, they just don't prist liberalization, which is like 3052 02:45:32.959 --> 02:45:36.760 the easiest part of reforms. It is it is the 3053 02:45:37.239 --> 02:45:40.959 investment part. That is where legal standards improved. That is 3054 02:45:41.000 --> 02:45:43.840 when price of food would drop. That is when you'll 3055 02:45:43.879 --> 02:45:47.799 be seeing you be seeing tomato period that is maybe 3056 02:45:48.440 --> 02:45:51.760 forty to fifteen IRA and not's the currents one fifty 3057 02:45:51.799 --> 02:45:53.319 two undred era in certain places. 3058 02:45:54.440 --> 02:45:56.959 It is those investments we. 3059 02:45:57.000 --> 02:46:02.440 Gotta, I gotta. I appreciate you, but the room mind, okay, 3060 02:46:02.840 --> 02:46:05.319 than thank you so much for the conversations. I don'tant 3061 02:46:05.360 --> 02:46:07.479 bring a few guys haven't spoken. I got ken, I've 3062 02:46:07.479 --> 02:46:09.639 got torn row ken, you got can a good way. 3063 02:46:10.879 --> 02:46:12.159 Thank you, Thank you very much. 3064 02:46:12.280 --> 02:46:13.040 Agree with everyone. 3065 02:46:13.040 --> 02:46:14.879 What I probably is not to take so much. Every 3066 02:46:14.920 --> 02:46:17.600 time you know has been said, love right, things have 3067 02:46:17.719 --> 02:46:18.159 been said. 3068 02:46:18.399 --> 02:46:23.000 I'm just going to drop this year regarding the discussion, 3069 02:46:23.920 --> 02:46:28.079 which is mainly agriculture, and for me, I don't think 3070 02:46:28.120 --> 02:46:30.760 the government is still serious about agriculture. Yet they are 3071 02:46:30.840 --> 02:46:33.719 not serious yet, not yet, they're sellain things. I would 3072 02:46:34.239 --> 02:46:37.520 like to see that when I start hearing news and 3073 02:46:37.680 --> 02:46:38.280 action has. 3074 02:46:38.200 --> 02:46:40.959 Been taken in that direction, and I know that yes, 3075 02:46:41.040 --> 02:46:43.399 we are on the right path. But one is the 3076 02:46:43.479 --> 02:46:44.399 issue of security. 3077 02:46:44.520 --> 02:46:47.440 Somebody were saying that security is not a problem anymore 3078 02:46:47.440 --> 02:46:47.879 in India. 3079 02:46:48.040 --> 02:46:51.360 I disagree one or that you said. Security is still 3080 02:46:51.399 --> 02:46:52.000 a big issue. 3081 02:46:52.600 --> 02:46:57.120 Until we start having community or listening in Nigeria, then 3082 02:46:57.159 --> 02:46:59.200 I will know that we are serious towards. 3083 02:47:00.079 --> 02:47:04.440 Health, food, you know, self sufficiency. That's number one. Number 3084 02:47:04.479 --> 02:47:08.799 two is the infrastructure for agriculture. I remember doing it. 3085 02:47:08.840 --> 02:47:12.319 Do not understand me in a budger where the demobilitive, 3086 02:47:12.639 --> 02:47:17.959 brilliant idea under minister or conjure weather then to have 3087 02:47:18.239 --> 02:47:21.680 a district it also it was planned to give districts 3088 02:47:22.040 --> 02:47:24.680 where they were they were going to sell lands to 3089 02:47:25.120 --> 02:47:29.120 people who are just interested in either farming or providing 3090 02:47:29.639 --> 02:47:32.680 or processing farm produce or providing. 3091 02:47:32.399 --> 02:47:35.479 Equipment mechanical mechanized equipment for farming. 3092 02:47:35.600 --> 02:47:37.799 It was a brilliant idea to the point that I 3093 02:47:37.920 --> 02:47:40.879 almost invested in that project. Then the lands had been 3094 02:47:40.959 --> 02:47:45.000 sold in acres government was going to provide an infrastructure 3095 02:47:46.000 --> 02:47:49.000 or for that you know, ecosystem to thrive. But at 3096 02:47:49.000 --> 02:47:50.879 the end of the day, it turned out that maybe 3097 02:47:50.920 --> 02:47:52.479 it was just a pet project. 3098 02:47:52.200 --> 02:47:54.360 Of someone who just wanted to get money. 3099 02:47:54.399 --> 02:47:58.000 The appointed one engineum bank and they collected money out 3100 02:47:58.120 --> 02:48:01.280 to get nothing has happened. What's a brilliant idea because 3101 02:48:01.319 --> 02:48:03.319 what that would have done is the government would come 3102 02:48:03.639 --> 02:48:09.159 to the investment providing enabling environment. Beans, investors go, Nigerants 3103 02:48:09.159 --> 02:48:11.799 in the hosporal can come put their money in there 3104 02:48:12.000 --> 02:48:14.239 and then you have a thriving ecosystem where you can 3105 02:48:14.360 --> 02:48:18.159 have fan produce and that would have contributed immensity and 3106 02:48:18.280 --> 02:48:21.479 that could have been a model that would be replicated. 3107 02:48:21.440 --> 02:48:22.600 All across the country. 3108 02:48:22.719 --> 02:48:24.559 Who knows where it would be right now, but that 3109 02:48:24.680 --> 02:48:27.000 has not been done. So number two is the infrastructure. 3110 02:48:27.239 --> 02:48:32.079 Infrastructure including rural roots firms, irrigation. I don't know why 3111 02:48:32.280 --> 02:48:34.840 Nigeria would you tell me that we can only plants 3112 02:48:34.920 --> 02:48:38.559 mass once in a year during the rainy season. Why 3113 02:48:38.639 --> 02:48:41.360 can't we irrigate to have to have me is grown 3114 02:48:41.440 --> 02:48:45.040 four times in a year. And then critical infrastructure is 3115 02:48:45.159 --> 02:48:49.639 also bans you know, code room storage facilities where we 3116 02:48:49.799 --> 02:48:54.559 can store this, this, this, this food produce in large quantities, 3117 02:48:54.600 --> 02:48:57.760 so we don't have to depend on cycle of seasons. 3118 02:48:57.840 --> 02:48:59.719 You know, wait for this season and then when it 3119 02:48:59.799 --> 02:49:02.840 is pro seasing the press charroket and and then you 3120 02:49:03.000 --> 02:49:06.840 have you know, Nigerians going through this problem of food 3121 02:49:06.879 --> 02:49:10.479 inflation and all of that. So that is very critical. 3122 02:49:10.799 --> 02:49:15.000 So until until I start seeing the government doing this 3123 02:49:15.319 --> 02:49:17.959 and putting money you know where their. 3124 02:49:17.879 --> 02:49:20.719 Amount is, then I will know that we are serious. 3125 02:49:20.719 --> 02:49:23.559 But as that today, Calu and everybody in the room, 3126 02:49:23.760 --> 02:49:28.280 we're not serious yet with with with with the agriculture whatever, 3127 02:49:28.680 --> 02:49:34.239 whatever progress see it, it's as a result of this 3128 02:49:34.399 --> 02:49:38.479 strive of Nigerians who are trying and doing their perst 3129 02:49:38.760 --> 02:49:41.600 to try to improve output. But on the side of 3130 02:49:41.719 --> 02:49:45.719 the government as are today, they're only interested. 3131 02:49:45.319 --> 02:49:48.159 In and not balance our budgets, you know. 3132 02:49:48.440 --> 02:49:52.799 And I being I would say fiscally responsible because that's 3133 02:49:52.879 --> 02:49:53.799 that's the pattern we have. 3134 02:49:53.840 --> 02:49:56.959 Seen over the years. We're still not serious yet than 3135 02:49:57.399 --> 02:50:00.319 GI very much interesting. I like the idea, you know, 3136 02:50:00.399 --> 02:50:03.479 the services for agriculture. We need something major like that. 3137 02:50:03.680 --> 02:50:05.319 I think we had it in the past doing Operation 3138 02:50:06.159 --> 02:50:09.120 Feed Night, opertion of Feed the Nations. Sorry, where the 3139 02:50:09.159 --> 02:50:11.479 government will go clear the land to the feeder road 3140 02:50:11.520 --> 02:50:14.559 to rural areas, you know, provide irrigation, provide the fat 3141 02:50:14.680 --> 02:50:16.680 license and then the local farmers can then go to 3142 02:50:16.799 --> 02:50:19.799 that land and farm. It takes the yields off because 3143 02:50:19.920 --> 02:50:23.040 all these income bridges have been taken off. As I 3144 02:50:23.120 --> 02:50:27.000 wanted to go back to doing focus on the royal areas. China. 3145 02:50:27.399 --> 02:50:30.040 The miracle of China that they started from the rural areas. 3146 02:50:30.399 --> 02:50:34.479 They didn't build Shanghai skyscrapers. They went back to rural areas. 3147 02:50:34.719 --> 02:50:39.159 They fixed food, they fixed employment, agriculture. It's only then 3148 02:50:39.200 --> 02:50:42.479 they didn't let the Europeans come to their coast build 3149 02:50:42.559 --> 02:50:45.079 factories and send the rural guys that were already trained 3150 02:50:45.559 --> 02:50:48.639 because they had good schools, good food, good agricultural poses 3151 02:50:48.760 --> 02:50:51.639 in the villages. Then they went to the towns and 3152 02:50:51.799 --> 02:50:54.280 walked in those factories, and then they built Shanghai. So 3153 02:50:54.399 --> 02:50:56.360 we have to start from the rural areas. We can't 3154 02:50:56.399 --> 02:51:00.559 have an economy where gary is expensive. Guida true way, 3155 02:51:00.639 --> 02:51:03.200 in many parts of the countries, it's expensive. How can 3156 02:51:03.360 --> 02:51:06.719 food be expensive in Nigeria? It makes no sense. Think 3157 02:51:06.760 --> 02:51:10.040 about it. Why is food expensive? There's food everywhere. If 3158 02:51:10.079 --> 02:51:13.920 you go to Kebby onions everywhere so rotten. You go 3159 02:51:14.040 --> 02:51:19.280 to tom everywhere rotten, you go to Keby, right, yeah, 3160 02:51:19.360 --> 02:51:21.959 but there is no food. If you go to Legos 3161 02:51:22.280 --> 02:51:24.680 to do your love fries, it to cost you nearly 3162 02:51:24.760 --> 02:51:28.399 minimum wage because all these things don't have trains or 3163 02:51:28.479 --> 02:51:30.760 roads to bring them from those farms. 3164 02:51:30.479 --> 02:51:31.639 To your table. 3165 02:51:32.280 --> 02:51:35.479 And its infrastructure, its value chain, it's financing, you know. 3166 02:51:35.600 --> 02:51:36.639 So it's a lot going on. 3167 02:51:37.280 --> 02:51:38.319 We're gonna get a act together. 3168 02:51:38.479 --> 02:51:42.280 To Niro, Thanks can Toniro? What's your mind? After Tony 3169 02:51:43.120 --> 02:51:45.399 get so sleepy, I gotta run it down, Tony Row, 3170 02:51:45.440 --> 02:51:50.040 You've got the floor toll narrow going once. Go ahead. 3171 02:51:51.440 --> 02:51:52.040 How you doing, sir? 3172 02:51:53.600 --> 02:51:55.559 I'm sure? How do ye. 3173 02:51:58.360 --> 02:51:58.600 Get you? 3174 02:52:00.079 --> 02:52:00.280 Well? 3175 02:52:00.600 --> 02:52:03.319 I I appreciate the topic, disagree. 3176 02:52:04.280 --> 02:52:06.799 I thank god that I wanted to ask a special 3177 02:52:06.879 --> 02:52:11.200 area because I joined this like almost relately openly. But 3178 02:52:12.559 --> 02:52:15.239 I do want to show you do this because I 3179 02:52:15.280 --> 02:52:20.600 want to ask something that's not really what discass said fastky, okay, 3180 02:52:20.719 --> 02:52:25.799 go ahead. So I also understand because I mean, stop 3181 02:52:27.000 --> 02:52:29.440 stop this stalk me stop. 3182 02:52:29.559 --> 02:52:33.399 Yeah, and I bought this day to stop when they 3183 02:52:33.479 --> 02:52:35.520 were you know, hope. 3184 02:52:35.520 --> 02:52:38.719 Here a lot of it last year and often see loud. 3185 02:52:39.200 --> 02:52:40.360 The only thing I got from. 3186 02:52:40.280 --> 02:52:42.280 Dunstop was the EMI. 3187 02:52:42.200 --> 02:52:42.879 That they send you. 3188 02:52:43.639 --> 02:52:45.399 And I've been talking to one of my guys, I 3189 02:52:45.479 --> 02:52:48.280 walks in the bout I'm saying that did not I 3190 02:52:48.399 --> 02:52:51.360 looked at the past years and every other office, I'm wondering, 3191 02:52:52.360 --> 02:52:53.319 what's what's. 3192 02:52:53.200 --> 02:52:57.399 Happening, Like is this how it is? Because I mean 3193 02:52:57.479 --> 02:52:58.239 this shas has. 3194 02:52:58.120 --> 02:53:01.840 Appreciated because our love perhabs. Now I'm going hash to 3195 02:53:01.959 --> 02:53:04.760 on it. I don't know what's going on, Like it's 3196 02:53:05.280 --> 02:53:05.680 a lot of. 3197 02:53:07.239 --> 02:53:10.840 Yeah, that's the that's the that's the walla with one 3198 02:53:10.920 --> 02:53:14.120 you vice shares via public offer, you have to wait 3199 02:53:14.159 --> 02:53:18.000 for the certification and the of the of the investors. 3200 02:53:18.520 --> 02:53:21.559 They have to wait for your certificate before you didn't 3201 02:53:21.559 --> 02:53:24.120 take that certificate and take it the CS here. So 3202 02:53:24.239 --> 02:53:27.799 that's the problem with public offers usually. I know, I 3203 02:53:27.840 --> 02:53:29.840 think it was three weeks ago, was seeing that it 3204 02:53:30.040 --> 02:53:33.479 was delayed and now seconds looking at that list also, 3205 02:53:33.680 --> 02:53:36.399 so I think it's yes, it's been delayed, and I 3206 02:53:36.559 --> 02:53:39.040 believe sec it's now sort of approving that that list 3207 02:53:39.120 --> 02:53:42.280 of subscribers, that's what you are caught upon the best 3208 02:53:42.360 --> 02:53:43.719 way you can do like I said, is that you 3209 02:53:43.879 --> 02:53:45.680 speak to your stock broker or you go to the 3210 02:53:45.719 --> 02:53:49.799 stock registrar and confirm when those shares are out, because 3211 02:53:49.799 --> 02:53:51.680 they will sort of like will advise you. I'm not 3212 02:53:51.719 --> 02:53:53.920 sure if it's electronic you are getting or if it's 3213 02:53:53.959 --> 02:53:58.239 the paper certificate you're getting. Try to confirms electronic better 3214 02:53:58.360 --> 02:54:01.399 for you because it's hits your your position and you 3215 02:54:01.520 --> 02:54:04.319 can then trail if you wanted to trade. If it's certificate, 3216 02:54:04.799 --> 02:54:06.479 you have to get it first, give it back to 3217 02:54:06.520 --> 02:54:10.159 your broker to sertalize for you. So find out which 3218 02:54:10.200 --> 02:54:13.440 is this is paper or certificate And yes there's vinagily 3219 02:54:13.520 --> 02:54:16.079 you have to sort of wait till you get those 3220 02:54:16.079 --> 02:54:25.639 things posted out to you. How that makes sense air, Yeah, perfect, 3221 02:54:25.760 --> 02:54:28.159 all right, But the Nicosie taught for you on what's 3222 02:54:28.200 --> 02:54:30.319 happening and neclusion taught for you. I mean, we've had 3223 02:54:30.360 --> 02:54:32.639 people who go back and forth. Just what I hear 3224 02:54:32.760 --> 02:54:36.920 is that people feel that the NBS inflation data is 3225 02:54:37.000 --> 02:54:40.520 sort of like managed to figure reflects to make a 3226 02:54:41.799 --> 02:54:44.079 time to put gichery or pepper on food so that 3227 02:54:44.159 --> 02:54:44.680 we can eat it. 3228 02:54:44.840 --> 02:54:47.719 It's not really that it's not that deep. 3229 02:54:48.959 --> 02:54:51.399 You've talked about the impact that we have on the 3230 02:54:51.520 --> 02:54:54.360 on equities, on bitcoin, even gold. We've talked around on 3231 02:54:54.440 --> 02:54:57.879 those asset classes, fixed income, what would happen there was 3232 02:54:57.879 --> 02:55:03.680 a blitteredly, a few problems, supply, investments, wastes, corruption, total 3233 02:55:03.760 --> 02:55:06.600 around that and it doesn't tot on onto this topic. 3234 02:55:08.440 --> 02:55:11.360 I think the present thoughts would be that people should 3235 02:55:11.440 --> 02:55:12.719 reflect on. 3236 02:55:12.799 --> 02:55:13.719 All the things. 3237 02:55:15.399 --> 02:55:22.440 The Pascadis space in the past twelve months. Sometimes I 3238 02:55:22.559 --> 02:55:25.479 go back and listen to them because. 3239 02:55:27.479 --> 02:55:30.639 This is that i Alphos said can be good and luggaged, 3240 02:55:30.799 --> 02:55:34.799 Like if you look at investments circle, look at some 3241 02:55:35.559 --> 02:55:40.559 investment opportunities to spook about. Look at Nigeria stocks they've 3242 02:55:40.600 --> 02:55:46.239 been go find us in that despice the ash economic climate. 3243 02:55:46.440 --> 02:55:51.120 So my present is that national knowledge peace. It's not 3244 02:55:51.440 --> 02:55:56.920 for those that have spent hours just listening. I can 3245 02:55:57.000 --> 02:55:59.879 assure you you guys, you might not get return now, 3246 02:56:00.559 --> 02:56:04.479 but there's always a compound effect with knowledge and just 3247 02:56:04.600 --> 02:56:09.200 stick around, you know, just do your work the country units. 3248 02:56:09.280 --> 02:56:12.159 We can talk about the problems, but the truth of 3249 02:56:12.200 --> 02:56:16.079 the matter is that we are also finding walls to 3250 02:56:16.399 --> 02:56:23.159 improve our lives. So hanging spend books, spend time on books, 3251 02:56:23.280 --> 02:56:27.280 you know, Carus book on personal fans helps the other 3252 02:56:27.399 --> 02:56:32.000 books to stay on financial news, spend less time on 3253 02:56:32.200 --> 02:56:36.319 kids making jokes, especially when union are still struggling. You know, 3254 02:56:36.879 --> 02:56:40.120 margument is that if you're eating well, they don't be 3255 02:56:40.280 --> 02:56:43.000 in the circles. The circles that are meant for people 3256 02:56:43.040 --> 02:56:44.559 that are eating well, they have for years. 3257 02:56:44.559 --> 02:56:45.040 It's good to. 3258 02:56:45.680 --> 02:56:50.920 Socialize, but try to spend more time equip yourself because 3259 02:56:51.719 --> 02:56:54.040 if you look at those talks, for example. 3260 02:56:53.760 --> 02:56:57.559 This year, if you look at most. 3261 02:56:57.399 --> 02:57:01.239 Of these talks are at their fifty two eye, and 3262 02:57:01.879 --> 02:57:06.840 he realizes that if investment opportunities still come in, it 3263 02:57:06.959 --> 02:57:10.520 means that your stocks were still in firing to do 3264 02:57:10.840 --> 02:57:15.159 just jumping because people are buying, trying to know how 3265 02:57:15.319 --> 02:57:18.159 to buy, how to invest, and how you notice. 3266 02:57:17.879 --> 02:57:20.959 This, I just really seeople Google search, Twitter search. 3267 02:57:21.079 --> 02:57:24.600 You can search people's Andrew like for examples talking about 3268 02:57:24.680 --> 02:57:27.040 so many stocks. You can just search his name and 3269 02:57:27.159 --> 02:57:30.079 stocks or keywords. You can search money and keywords. You 3270 02:57:30.200 --> 02:57:32.760 get information, listen to space. So I think my co 3271 02:57:33.120 --> 02:57:36.239 part is that I'm going with national knowledge, not allow 3272 02:57:36.559 --> 02:57:40.079 the economic conditions and a ger way down. We definitely 3273 02:57:40.200 --> 02:57:43.360 have to have the optimistic experience where we are criticizing 3274 02:57:43.920 --> 02:57:48.280 our leaders for the betterment of our country, and I 3275 02:57:48.399 --> 02:57:53.639 hope someday we all have something too small about on together. 3276 02:57:53.719 --> 02:57:58.040 I think have a very placeful week. 3277 02:57:59.040 --> 02:58:02.760 Thanks much treat the other Just reader from a guy 3278 02:58:02.840 --> 02:58:05.600 here no information provided by the developer said with the 3279 02:58:05.680 --> 02:58:09.840 rebas as, with these inflation rebase, fixed income assessment offer 3280 02:58:09.959 --> 02:58:11.399 lower coupons. 3281 02:58:11.360 --> 02:58:13.680 And capital may seek equity. 3282 02:58:13.879 --> 02:58:16.399 So he's saying that rates are going to go down, 3283 02:58:17.159 --> 02:58:20.520 so bonds will offer lower rates, and stock market is 3284 02:58:20.559 --> 02:58:24.440 going to offer better opportunities, especially if the MPR is reduced. 3285 02:58:25.120 --> 02:58:28.559 He says weed that Nigeria are better on oil prices, 3286 02:58:29.280 --> 02:58:34.200 respecting our feelings, okay, also better security, improving for trade 3287 02:58:34.239 --> 02:58:38.719 and oil production and for local consumption, saying strong enough, 3288 02:58:38.799 --> 02:58:42.079 I absolutely agree. That's a very good summary that can happen. 3289 02:58:42.280 --> 02:58:44.840 Like I said, this infortient is like a trigger. If 3290 02:58:44.879 --> 02:58:47.479 we can build on lower inflation today, I think we're 3291 02:58:47.559 --> 02:58:49.760 better off for it, even if we agree with those 3292 02:58:49.799 --> 02:58:52.600 I agree with it. If we can build some momentum 3293 02:58:52.680 --> 02:58:55.440 around that infession has been cut down by ten percent, 3294 02:58:55.959 --> 02:58:58.639 and hope we'll get the essamies to start to produce, 3295 02:58:58.719 --> 02:58:59.879 even if it's by subsidy. 3296 02:59:00.239 --> 02:59:00.799 Or otherwise. 3297 02:59:01.239 --> 02:59:04.159 We've got to get consumption at the local level back 3298 02:59:04.200 --> 02:59:08.040 in Nigeria so that jobs are created and the country 3299 02:59:08.159 --> 02:59:11.440 and the economists can start to function again. Hopefully the 3300 02:59:11.440 --> 02:59:13.399 government can then get its tax withiness. 3301 02:59:13.159 --> 02:59:16.079 In naira and I'll have to borrow so much. 3302 02:59:16.280 --> 02:59:20.200 It's already down to the small stake on that level, 3303 02:59:20.360 --> 02:59:24.680 getting those shops, those little factories upritting again so they 3304 02:59:24.760 --> 02:59:28.159 can earn income and they can consume. Without that consumption, 3305 02:59:29.079 --> 02:59:32.399 there's no economy. We're just important and exporting. We really 3306 02:59:32.520 --> 02:59:35.760 have to have that local economy flowing that all level. 3307 02:59:35.799 --> 02:59:38.799 So thanks guys, folks for listening in, atures for joining in, 3308 02:59:39.000 --> 02:59:40.639 and I hope to see you guys here next week. 3309 02:59:40.680 --> 02:59:44.479 We're always here at seven thirty pm Sunday's talk about money, 3310 02:59:45.000 --> 02:59:47.239 economy and of course personal finance. And I hope I 3311 02:59:47.280 --> 02:59:49.680 see you guys here again next week. On that load. 3312 02:59:49.719 --> 02:59:52.040 Guys, have a good one, enjoy your week, keep it 3313 02:59:52.159 --> 02:59:53.479 safe and keep it simple. 3314 02:59:53.959 --> 02:59:55.000 Thank you, good bye.