WEBVTT 1 00:00:00.040 --> 00:00:03.319 Who says investing is not something that happens over night. 2 00:00:03.640 --> 00:00:08.320 It takes a lot of work, research and did risk, 3 00:00:08.800 --> 00:00:12.759 proper management, book advice, and now this is. 4 00:00:12.679 --> 00:00:15.359 Recognition very important. You know before. 5 00:00:15.039 --> 00:00:19.440 You aware that recreation is to protect you. 6 00:00:19.600 --> 00:00:20.320 Not to brand me. 7 00:00:22.320 --> 00:00:24.039 We need to talk about Well, they will be here 8 00:00:24.039 --> 00:00:26.239 for three hours and we see the room full, so 9 00:00:26.280 --> 00:00:29.120 I think that's just what to wind it down so 10 00:00:29.199 --> 00:00:32.600 folks can go sleep for Monday. So everyone on space 11 00:00:32.640 --> 00:00:34.479 now will speak, but that's because it's going to be it, 12 00:00:34.719 --> 00:00:36.920 so we just have those speakers. I just thought everyone's 13 00:00:37.240 --> 00:00:38.520 is going to speak and then we'll just. 14 00:00:38.479 --> 00:00:40.799 Wind it down. I appreciate everyone. This is not like 15 00:00:40.880 --> 00:00:41.280 a round. 16 00:00:41.560 --> 00:00:44.159 It's not a sexy topic. But we have nearly six 17 00:00:44.159 --> 00:00:46.320 on the PO that I have stayed here night. So 18 00:00:46.719 --> 00:00:49.840 a m P a MP from me, is that what 19 00:00:49.880 --> 00:00:51.560 I'm saying? AMP, go ahead, you got. 20 00:00:53.039 --> 00:00:53.439 Thank you? 21 00:00:54.600 --> 00:01:02.799 Hello? Hi everyone? What's up? No a m P speaking? 22 00:01:03.240 --> 00:01:03.960 Oh everything? 23 00:01:04.040 --> 00:01:04.560 Yeah, a m P. 24 00:01:04.799 --> 00:01:08.640 Everyone everyone's gonna speak. Let me just speak. Yeah, I 25 00:01:08.680 --> 00:01:09.200 just want to go down. 26 00:01:09.239 --> 00:01:09.480 Answer. 27 00:01:13.480 --> 00:01:18.040 Oh I really can't hear what's going on? AMP, go 28 00:01:18.040 --> 00:01:20.680 ahead everything you can hear him. If you can't hearm, 29 00:01:20.680 --> 00:01:22.079 go out. And come back and I'll add you back. 30 00:01:22.079 --> 00:01:24.840 If you can hear you, go ahead, everything go out. 31 00:01:25.519 --> 00:01:33.400 You back here anyway, Thank you. Your audio is falling 32 00:01:33.599 --> 00:01:39.359 low a MP go ahead, your audience, okay, I have 33 00:01:39.560 --> 00:01:43.599 my bluters on, probably go for it. I can hear me. 34 00:01:45.159 --> 00:01:47.120 I'll just come back up. I can, I can. I 35 00:01:47.159 --> 00:01:53.799 can hear you. Go ahead, I can hear you. Go ahead, okay, 36 00:01:54.239 --> 00:01:56.760 just no, Actually it was a really nice discussion. I 37 00:01:56.799 --> 00:01:57.000 don't know. 38 00:01:57.000 --> 00:02:00.120 If you can't here, just let me know. Just come 39 00:02:00.200 --> 00:02:05.760 back up anyway. Two questions kind of thank you. 40 00:02:06.480 --> 00:02:09.159 I see you. I went to Amazon. I see you 41 00:02:09.439 --> 00:02:13.479 the Boken stuff. I didn't you know. I don't know 42 00:02:13.479 --> 00:02:15.840 if you did an audio audio. 43 00:02:17.000 --> 00:02:17.360 Original. 44 00:02:17.400 --> 00:02:17.680 I don't know. 45 00:02:17.879 --> 00:02:20.479 These people on the way, you know, they would rather 46 00:02:20.599 --> 00:02:21.960 have this kind of stuff. 47 00:02:22.120 --> 00:02:26.800 Yeah, other ones on the way. We're working on it. Yeah, okay, chairs, 48 00:02:26.840 --> 00:02:28.080 that's nice stuff. Be nice. 49 00:02:28.159 --> 00:02:31.280 I like that cover the same time. 50 00:02:31.319 --> 00:02:33.919 Very handsome, right, cheers. 51 00:02:33.759 --> 00:02:34.080 Thank you. 52 00:02:35.560 --> 00:02:37.879 The reason I came up was actually I see I 53 00:02:38.199 --> 00:02:43.319 was reading one of your tweets, and I see your 54 00:02:43.840 --> 00:02:47.919 fifth China is coming up with fifty one billion bucks 55 00:02:47.919 --> 00:02:53.240 in terms of finance Africanist, and I'm like, okay, and 56 00:02:53.280 --> 00:02:57.560 then you put up that number like they were poorer 57 00:02:57.680 --> 00:03:00.639 or not poor, like the poor the. 58 00:03:00.719 --> 00:03:02.039 Entire African nations. 59 00:03:02.240 --> 00:03:07.800 Yeah, the nineteen sixty five from if I remember correctly, 60 00:03:08.280 --> 00:03:11.400 and what were will I mean we can go from 61 00:03:11.960 --> 00:03:14.960 as a country or as as a continent. What are 62 00:03:14.960 --> 00:03:18.400 we lacking that to see that kind of significant difference 63 00:03:19.000 --> 00:03:23.439 that we're still there and they're up here? So I 64 00:03:23.599 --> 00:03:26.199 just wanted to give me your you know, not we 65 00:03:26.280 --> 00:03:30.240 greated the whole thing, but just what made what what 66 00:03:30.280 --> 00:03:33.879 was your assessment? What was your what are we lacking 67 00:03:34.000 --> 00:03:38.159 as an like as a continent or as the countries as. 68 00:03:38.080 --> 00:03:40.400 Yet the people contributed. 69 00:03:40.120 --> 00:03:44.319 To their own country and it's still their country or 70 00:03:44.800 --> 00:03:45.479 what is it? 71 00:03:45.719 --> 00:03:48.039 Just giving an idea? Just try I can. 72 00:03:48.639 --> 00:03:48.840 Yeah. 73 00:03:49.159 --> 00:03:51.039 And the next one. 74 00:03:51.000 --> 00:03:53.000 Is I don't know if you if you half at 75 00:03:53.039 --> 00:03:55.599 the time, if I can add one more question? So 76 00:03:55.680 --> 00:03:58.800 the next one is I've seen like you put up 77 00:03:58.800 --> 00:04:01.039 that ninety sixty five Still my mind, I looked after 78 00:04:01.120 --> 00:04:05.560 Nigeria and Starck Exchange established nineteen sixty one and now 79 00:04:05.599 --> 00:04:08.639 we're here twenty twenty four for you like fifty six 80 00:04:08.759 --> 00:04:16.079 trillion nairah market cup, I'm like, okay, if you or 81 00:04:16.120 --> 00:04:25.360 anyone can tell me what's the population in Nigeria contribute 82 00:04:25.399 --> 00:04:31.040 to the house it bedfitting the people in a what 83 00:04:31.120 --> 00:04:34.000 makes it to that level? And the reason I'm asking 84 00:04:34.040 --> 00:04:36.399 this question as actually, you know, it's been a long 85 00:04:36.480 --> 00:04:39.399 wait or having about to open up out of the 86 00:04:39.519 --> 00:04:44.959 very first start exchange in its Yoga beginning of Jenue. 87 00:04:45.399 --> 00:04:45.879 We're excited. 88 00:04:45.920 --> 00:04:46.560 I'm excited. 89 00:04:46.639 --> 00:04:50.600 I'm not used in the States, but I mean really 90 00:04:50.600 --> 00:04:54.720 really interested to you know, invest in my country and stuff. 91 00:04:54.759 --> 00:04:56.199 But tell me what was. 92 00:04:56.480 --> 00:05:00.560 A contribution to the contribution and there is turned through 93 00:05:00.639 --> 00:05:02.079 the population. 94 00:05:03.199 --> 00:05:04.079 Of the Nigeria. 95 00:05:04.160 --> 00:05:07.240 Having that can change for the very long time. 96 00:05:07.439 --> 00:05:09.120 So I appreciate your time. 97 00:05:09.199 --> 00:05:09.519 Thank you. 98 00:05:09.920 --> 00:05:12.360 Yeah, so let's take a second question first. If you 99 00:05:12.360 --> 00:05:15.279 look at the direct contribution i e. The retail market 100 00:05:15.759 --> 00:05:19.319 for Nigerians, Nigerians make up I would say whom they 101 00:05:19.319 --> 00:05:23.920 can back me up here the fund flow is I 102 00:05:23.959 --> 00:05:27.519 would say fifty to fifty sixty forty Nigerian and foreigners. 103 00:05:27.560 --> 00:05:31.120 The fund flow what means that foreigners bringing money but 104 00:05:31.199 --> 00:05:35.360 lost Nigeans making money. But how many Nigerians are active 105 00:05:35.439 --> 00:05:39.759 in the stock market i e. Have an account trading. 106 00:05:39.800 --> 00:05:40.319 Not a lot. 107 00:05:41.519 --> 00:05:46.000 Recently we had empty and issue shares. Then we got 108 00:05:46.000 --> 00:05:50.839 a huge response, especially from Nigerian women. The gentlemen did 109 00:05:50.839 --> 00:05:54.199 a lot of investment in EMPTN because it was online 110 00:05:54.920 --> 00:05:57.439 and they were able to buy a lot of equity there. 111 00:05:57.519 --> 00:06:00.000 But it was very very strange that nigerentlemen were very 112 00:06:00.199 --> 00:06:03.439 very well know they are the top investors in MTN 113 00:06:03.560 --> 00:06:04.639 on that online share. 114 00:06:05.279 --> 00:06:06.240 But in terms of the. 115 00:06:06.240 --> 00:06:09.040 Retail market in Nigeria that people are buying and selling 116 00:06:09.439 --> 00:06:13.680 day to day, not a lot but contribution. I would 117 00:06:13.680 --> 00:06:16.120 say there's been a lot of contribution because Nigeria has 118 00:06:16.199 --> 00:06:20.120 axe banks who are very very large. To list those 119 00:06:20.199 --> 00:06:24.360 banks listed, so lots of Nigerians have a stake in 120 00:06:24.399 --> 00:06:27.920 the bank because they were listed right and that I 121 00:06:28.000 --> 00:06:30.720 think brought a lot of investors to the market. That's 122 00:06:30.800 --> 00:06:34.160 one good thing they've done. Before those banks were listed, 123 00:06:34.839 --> 00:06:37.920 stock markets were seen as something that people that people 124 00:06:37.959 --> 00:06:43.000 do on the side by very small portion of Nigeria market. 125 00:06:43.519 --> 00:06:46.560 But the biggest companies in Nigeria, the Dangodes Cement is listed. 126 00:06:47.120 --> 00:06:50.560 The largest other companies MT and eight are also listed. 127 00:06:51.160 --> 00:06:54.759 So there's this sense that in Nigeria, the big, the 128 00:06:55.160 --> 00:06:57.639 rich people understand that they have to also invest in 129 00:06:57.680 --> 00:07:02.399 the stock market to raise funds. Dangote limit, do you 130 00:07:02.399 --> 00:07:04.680 want to also make a comment on that before we 131 00:07:04.720 --> 00:07:05.399 go to general. 132 00:07:06.279 --> 00:07:10.600 Yeah, I wanted to add to When he asked that question, 133 00:07:10.720 --> 00:07:12.920 I was kind of dig lit already. 134 00:07:13.120 --> 00:07:18.319 So just a hundred thousand, about adred thousand plus people 135 00:07:18.319 --> 00:07:22.199 who are actively involving your stock market, and. 136 00:07:23.000 --> 00:07:26.560 The stock market is opened by about fifteen point. 137 00:07:26.319 --> 00:07:31.240 Five trillion there and just about twelve a dozen people 138 00:07:31.399 --> 00:07:32.560 are responsible for half. 139 00:07:32.399 --> 00:07:37.000 Of the profits you mentioned. Dankote, you mentioned, you mentioned. 140 00:07:37.519 --> 00:07:41.480 Timovia In mentioned to you, you mentioned Peter. 141 00:07:42.920 --> 00:07:45.759 At a bitter side, and that's basically you know. 142 00:07:47.560 --> 00:07:50.839 So it just tells you that GROS is concentrated, you know, 143 00:07:51.480 --> 00:07:55.639 among the very few men that you cannot invest because 144 00:07:55.759 --> 00:07:57.079 spoke about for retail. 145 00:07:57.399 --> 00:08:01.399 It used to be that amount, but recently it's now 146 00:08:01.560 --> 00:08:06.639 basically live for every if the attorney vestors nice lookal 147 00:08:06.759 --> 00:08:10.240 one is for me and pretty much because stock. 148 00:08:09.959 --> 00:08:13.319 Market was down guarded by two. 149 00:08:13.399 --> 00:08:14.319 Multiages so. 150 00:08:15.759 --> 00:08:18.160 Foreing investors are not really. 151 00:08:20.399 --> 00:08:23.920 Stops like other market side India, so it's pretty much 152 00:08:24.279 --> 00:08:25.000 into missive. 153 00:08:25.480 --> 00:08:28.759 So that's the abilablity that we have. 154 00:08:28.920 --> 00:08:29.079 Enough. 155 00:08:30.040 --> 00:08:32.759 So the summary is that AMP summary is that it's 156 00:08:32.759 --> 00:08:36.320 a large market, but very very top heavy. The top 157 00:08:36.320 --> 00:08:39.840 heavy guys are driving those transactions just petentially are seen. 158 00:08:40.559 --> 00:08:42.879 If you remove the bank capraition, you will not see 159 00:08:42.879 --> 00:08:44.919 a lot of niger stock market. I even think it's 160 00:08:44.960 --> 00:08:47.879 that numbers. It's even high because the bank sold shares, 161 00:08:47.960 --> 00:08:51.279 so their staff, their employees, ip went, we did the 162 00:08:51.279 --> 00:08:54.279 banks five billion ip O. There's a lot of nigerancy 163 00:08:54.279 --> 00:08:56.399 won't even look at the stock market. So that's just 164 00:08:56.440 --> 00:08:58.759 the answer for you in terms of that for that 165 00:08:58.840 --> 00:09:02.240 stock market side, Let's go to China. What I put 166 00:09:02.320 --> 00:09:04.200 nineteen six, I justesdn't want to want to argue with 167 00:09:04.279 --> 00:09:06.960 me if you go as far as nineteen seventy is 168 00:09:07.000 --> 00:09:11.279 the same indices that the Chinese as a country and 169 00:09:11.320 --> 00:09:14.600 as the people were poor, and literally all of Africa. 170 00:09:14.919 --> 00:09:17.679 Even if he has nineteen seventy, I think we nineteen 171 00:09:17.759 --> 00:09:21.480 seventy eighty, Chinese was still suffering from farmings. Seventy eight 172 00:09:21.720 --> 00:09:24.279 or so, they had the great doss some from farmings. 173 00:09:24.519 --> 00:09:27.480 What the Chinese did well was that when they had 174 00:09:27.480 --> 00:09:30.919 this new president I think it was the Jianping. I 175 00:09:30.919 --> 00:09:34.519 can't princes named the Gata went to Hong Kong. The 176 00:09:34.879 --> 00:09:37.559 Chinese guy he went to Hong Kong, and China back 177 00:09:37.600 --> 00:09:41.360 then was a communist nation, one hundred percent communists. It 178 00:09:41.559 --> 00:09:44.919 was top down planning. Chinese say, want to build a factory, 179 00:09:45.240 --> 00:09:46.679 They take and build a factory. 180 00:09:46.799 --> 00:09:47.399 End of story. 181 00:09:47.399 --> 00:09:51.159 There's no planning, there's no entrepreneurship, there's no capitalism. 182 00:09:51.759 --> 00:09:52.399 Communists. 183 00:09:52.960 --> 00:09:55.320 But he went to Hong Kong and when they went 184 00:09:55.360 --> 00:09:58.039 to Hong Kong, Hong Kong is China or was China. 185 00:09:58.159 --> 00:10:01.480 He saw the same Chinese people in Hong Kong, but 186 00:10:01.559 --> 00:10:05.320 they were richer. The same work ethic, the same food, 187 00:10:05.399 --> 00:10:08.399 the same culture, but they are richer. Why they're richer 188 00:10:08.759 --> 00:10:13.600 because in Hong Kong they allowed capitalism to take hold. 189 00:10:13.600 --> 00:10:15.840 That if you kill a cow, you eat the cow. 190 00:10:16.600 --> 00:10:18.559 So he came back to China and they said, okay, 191 00:10:18.559 --> 00:10:20.360 we're gonna get one part of China. 192 00:10:20.399 --> 00:10:21.600 We're gonna do an experiment. 193 00:10:22.080 --> 00:10:25.480 We're gonna allow this part of China to be capitalists, 194 00:10:26.039 --> 00:10:28.399 and let's see what will happen. And he came back 195 00:10:28.399 --> 00:10:30.720 to China and he said the famous school, it doesn't 196 00:10:30.720 --> 00:10:33.720 matter if the cat is white or black, as long 197 00:10:33.720 --> 00:10:36.240 as it catches mice. To say, it doesn't matter if 198 00:10:36.240 --> 00:10:39.679 we call ourselves communists or capitalists, as long as the 199 00:10:39.759 --> 00:10:42.519 economy is booming and we're creating jobs. So they went 200 00:10:42.559 --> 00:10:45.320 to the coast of China and they created a place 201 00:10:45.360 --> 00:10:48.120 there that was what will corner with free trade zone. 202 00:10:48.279 --> 00:10:50.440 And in that place it was not China. 203 00:10:50.600 --> 00:10:54.559 The foreigners came in, could establish a business, could use 204 00:10:54.840 --> 00:10:58.159 very very cheap Chinese labor, and then manufacture goods and 205 00:10:58.200 --> 00:11:01.799 then export kept the airway from China. But what they 206 00:11:01.840 --> 00:11:06.679 did was to then actually Chinese to copy exactly what 207 00:11:06.720 --> 00:11:10.000 the guys wives were doing and replicated in China. 208 00:11:10.840 --> 00:11:13.840 But they built this up with a base of education. 209 00:11:14.679 --> 00:11:18.559 The Chinese went back and educated every Chinese man. So 210 00:11:18.639 --> 00:11:20.799 it's not just to bring in the westerners, but they 211 00:11:21.039 --> 00:11:26.000 educated a quality education. So the rural areas you had 212 00:11:26.120 --> 00:11:31.320 kids there that were educated, well taught. Then they studied 213 00:11:31.440 --> 00:11:35.159 agricultural revolution from the rural areas, not from the townships. 214 00:11:35.440 --> 00:11:39.120 So if you lived in the village, you had food, 215 00:11:39.559 --> 00:11:42.120 you were educated. Where did you go to work? They 216 00:11:42.200 --> 00:11:44.600 moved them from the rural to the town to the 217 00:11:44.639 --> 00:11:48.559 coastal cities to go learn to do the jobs that 218 00:11:48.600 --> 00:11:51.679 they the white folks brought to the coast of China. 219 00:11:51.720 --> 00:11:52.799 And what they do next. 220 00:11:53.039 --> 00:11:57.720 They then created their own Chinese versions in China, so 221 00:11:57.759 --> 00:12:01.360 they copied what the Chinese were doing, apply the Chinese 222 00:12:01.440 --> 00:12:05.320 method of bottom up, and then build their own industries 223 00:12:05.519 --> 00:12:08.559 from China. And it was a joke back then, but 224 00:12:08.720 --> 00:12:12.759 they kept on learning, kept on being better, having ten 225 00:12:12.919 --> 00:12:17.039 year vision plans. There was no politics of elections, so 226 00:12:17.120 --> 00:12:19.399 they have a ten year plan. We're going to build 227 00:12:19.399 --> 00:12:22.159 a bridge over the river because we have a factory 228 00:12:22.159 --> 00:12:25.159 here at the bridge will be built, right, They were 229 00:12:25.200 --> 00:12:26.840 going to do this, It will be done. 230 00:12:27.039 --> 00:12:30.399 There was no Democrats coming in, Republican coming in. 231 00:12:30.440 --> 00:12:33.840 It was a Chinese government ten year plans, and they 232 00:12:34.000 --> 00:12:36.639 focused on the quality of leadership. So before you can 233 00:12:36.720 --> 00:12:39.600 become a governor in China, you must have shown yourself 234 00:12:39.639 --> 00:12:42.279 as a local council law, as a council law, as 235 00:12:42.279 --> 00:12:45.519 a local government chairman. You have been tested and tried. 236 00:12:46.200 --> 00:12:49.440 So they didn't do this nepotism. It was you have 237 00:12:49.559 --> 00:12:53.480 to show what you have done. So only quality people 238 00:12:54.120 --> 00:12:59.480 led the country. They invested in infrastructure and education, They 239 00:12:59.600 --> 00:13:03.279 copied what works from the coast and they just built China. 240 00:13:03.320 --> 00:13:05.159 So it was a vision China. I said, it's a 241 00:13:05.200 --> 00:13:09.039 story of a vision that was implemented. That's the difference 242 00:13:09.039 --> 00:13:14.240 between China and Africa. Africa has better economic plans. If 243 00:13:14.279 --> 00:13:17.799 you come to Nigeria, we had the Nigeria Development Plan one, 244 00:13:17.840 --> 00:13:22.240 two and three. Nigeria was written in China. The Chinese 245 00:13:22.360 --> 00:13:26.120 came to Nigeria to study. Back then in nineteen seventy, 246 00:13:26.159 --> 00:13:30.320 Nijera had what were called overhead bridges. Very few nations 247 00:13:30.320 --> 00:13:33.799 on Earth had overhead bridges. Nigeria had them. So we 248 00:13:33.879 --> 00:13:37.679 went to the estate called Legos. We built almost nine 249 00:13:37.799 --> 00:13:40.720 overhead bridges, or than overhead bridges. You build a bridge 250 00:13:40.759 --> 00:13:43.960 over a road revolutionary, so you have two. 251 00:13:43.879 --> 00:13:46.679 Roads on the same geographical space. Nigeria had it. 252 00:13:46.960 --> 00:13:50.360 We had street lights, we had satellite towns called Festak. 253 00:13:50.759 --> 00:13:53.159 The Chinese came to Nigeria and going to go to 254 00:13:53.200 --> 00:13:56.360 the west because we were communists. They studied it. They 255 00:13:56.399 --> 00:13:58.960 went up to China and they stared to learn how 256 00:13:59.000 --> 00:14:02.600 to build it. And over the years they focused on 257 00:14:02.639 --> 00:14:05.720 an export economy because they had cheap libor, so they 258 00:14:05.720 --> 00:14:09.360 focused on what they could do well. They had cheap labor. 259 00:14:09.759 --> 00:14:12.200 The worst has to come to China, we would learn 260 00:14:12.679 --> 00:14:17.399 and they slowly released communism. So from having communism on 261 00:14:17.480 --> 00:14:20.759 the coasts. They allowed the Chinese farmer keep more of 262 00:14:20.840 --> 00:14:23.759 his goods then chance fromand they made more money. He 263 00:14:23.840 --> 00:14:26.600 could then send his son to the town to open 264 00:14:26.679 --> 00:14:31.480 up a shop. They slowly released communism, so the communist 265 00:14:31.600 --> 00:14:36.519 China became more capitalists, while nations like Ghana became more capitalist. 266 00:14:36.639 --> 00:14:41.360 Nations like your country Ethiopia became more Maoists and more communists. 267 00:14:41.639 --> 00:14:44.200 Nigeria became more socialists. 268 00:14:44.200 --> 00:14:47.440 Where we had the military saying federal character and everything 269 00:14:47.480 --> 00:14:48.840 had to be mover. 270 00:14:48.639 --> 00:14:52.000 The same piece. So China became more capitalist. 271 00:14:52.519 --> 00:14:56.240 Africa became more communists and more socialists and more Maoist. 272 00:14:56.879 --> 00:15:01.480 They cut the capitalist in bog became richer, built infrastructure 273 00:15:01.600 --> 00:15:06.279 and havn't stopped. Africa regressed. It went from hom An 274 00:15:06.320 --> 00:15:10.639 emperor to mengize Tu to the farmings. Nigeria went from 275 00:15:10.679 --> 00:15:13.879 having the fastest growing region the whole entire world that 276 00:15:14.000 --> 00:15:17.240 was growing total economic output to then slowing down to 277 00:15:17.320 --> 00:15:20.279 a mono economy driven only by a crude earl and 278 00:15:20.360 --> 00:15:23.480 gas division. And then the plants that we had, industrial 279 00:15:23.519 --> 00:15:25.240 plants that we had, we stopped them. 280 00:15:25.559 --> 00:15:26.919 We then started to focus on. 281 00:15:26.919 --> 00:15:30.639 Imports because we had crude oil were complained that our 282 00:15:30.759 --> 00:15:33.840 problem was we didn't have know how to spend the money. 283 00:15:33.840 --> 00:15:36.039 We didn't generate any more world we just spend the 284 00:15:36.080 --> 00:15:36.960 oil money we had. 285 00:15:37.279 --> 00:15:39.159 If you fast forward this still today. 286 00:15:39.799 --> 00:15:44.679 The Chinese Communist Party still runs China, but the Chinese 287 00:15:44.679 --> 00:15:47.159 economy is one hundred percent capitalist. 288 00:15:47.679 --> 00:15:49.960 In Africa, you still have portions. 289 00:15:50.000 --> 00:15:53.759 Even in Nigeria, we're a democracy, but our economy is 290 00:15:53.759 --> 00:15:58.279 still not so we say capitalists. We still have government 291 00:15:58.360 --> 00:16:01.399 fixed of prices. We still have the government will tell 292 00:16:01.399 --> 00:16:06.159 you cannot build a refinery here because it's so with 293 00:16:06.279 --> 00:16:09.000 the vision we had in Africa, we didn't implement it. 294 00:16:09.080 --> 00:16:11.960 The vision they had in China implemented it and that's 295 00:16:12.000 --> 00:16:12.960 where they are today. 296 00:16:13.000 --> 00:16:14.600 There is no magic. 297 00:16:15.480 --> 00:16:21.200 Rwanda has copied China, have a vision implemented, same way 298 00:16:21.200 --> 00:16:24.279 in MAURITIAWS Botswana. You don't have to copy China per se, 299 00:16:24.519 --> 00:16:27.559 but have a vision implement. It doesn't matter who is 300 00:16:27.600 --> 00:16:30.679 in office. Trump is going to tak about January the 301 00:16:30.720 --> 00:16:34.799 twenty Yet, whoever is the president of Testif America, there 302 00:16:34.799 --> 00:16:37.480 will still be bosses speaking up kids to go to school. 303 00:16:38.120 --> 00:16:40.600 If you call nine one one, police will still come. 304 00:16:41.080 --> 00:16:43.080 If you go to the managety room. In America, the 305 00:16:43.360 --> 00:16:48.840 hospital still work. That's the difference. Africa is still if 306 00:16:48.879 --> 00:16:51.600 this guy is a good president, things are good. If 307 00:16:51.639 --> 00:16:54.120 this guy's a bad president, things are bad. We haven't 308 00:16:54.279 --> 00:16:59.360 institutionalized development. It's still personalized. So if we're lucky like 309 00:16:59.440 --> 00:17:03.159 how Rwan, it's lucky they have a good president, they're developing. 310 00:17:03.240 --> 00:17:05.279 But the day they have a bad guy. Look at 311 00:17:05.400 --> 00:17:09.160 Ivory Coast. For twenty five years, Hybrid Coast had the 312 00:17:09.200 --> 00:17:12.160 good president. So the Aric Coast was the Paris of 313 00:17:12.200 --> 00:17:15.960 West Africa. Then certainly they had rebels and now they're 314 00:17:16.000 --> 00:17:18.519 going back to have been the Paris of West Africa. 315 00:17:18.599 --> 00:17:22.559 So that's the difference with us with not institutionalized growth. 316 00:17:22.599 --> 00:17:24.880 Even Ethiopia, you guys are fighting in the civil war 317 00:17:24.960 --> 00:17:28.039 no one only knows about in the world at the 318 00:17:28.079 --> 00:17:30.799 big civil war you've gone from the You guys are 319 00:17:30.839 --> 00:17:32.319 still the fastest. 320 00:17:31.839 --> 00:17:35.440 Growing country in Africa. But imagine if you weren't fighting 321 00:17:35.440 --> 00:17:35.720 that war. 322 00:17:35.799 --> 00:17:38.319 Imagine if you still had your part over are in 323 00:17:38.440 --> 00:17:41.240 richer way, cheap pair would be it. Pay is the 324 00:17:41.240 --> 00:17:43.759 second largest country by population of of Nigeria. So you 325 00:17:43.759 --> 00:17:47.160 guys are the worst chasing Nigeria and you would have 326 00:17:47.240 --> 00:17:49.880 even overtaken Nigeria evenough for those things that you have 327 00:17:50.039 --> 00:17:52.839 pulling you back. But you have no oil and Nigeria 328 00:17:52.920 --> 00:17:57.480 house oil and were struggling. So I could go on, 329 00:17:58.000 --> 00:17:59.559 but I hope you get the point I'm making. 330 00:18:00.079 --> 00:18:04.160 Wow, thank you. I hope I'm out double again. 331 00:18:04.279 --> 00:18:05.240 But it was. 332 00:18:06.680 --> 00:18:10.000 It was very detailed. Thank you so much. Yeah. Yeah, 333 00:18:10.119 --> 00:18:11.680 well we'll try. 334 00:18:11.559 --> 00:18:15.279 And current situation. Of course, if we don't. 335 00:18:15.119 --> 00:18:19.640 Have that kind of situation, I think it would be great, 336 00:18:20.799 --> 00:18:25.759 Like you said it. Perhaps I've seen a article I 337 00:18:25.759 --> 00:18:27.960 don't know if you see it by the gold On 338 00:18:28.079 --> 00:18:32.599 Sax or something, the fifty years projection according to this current. 339 00:18:35.119 --> 00:18:37.920 Doubling down, this GDP stuff in the past five. 340 00:18:37.799 --> 00:18:39.960 Years saying the seventeen is a. 341 00:18:41.640 --> 00:18:45.160 Place, the seventeen placethop. 342 00:18:45.240 --> 00:18:48.160 Yeah. Yeah, you know, if you see that one. 343 00:18:48.759 --> 00:18:50.920 In the world, you guys should not fall apart. You 344 00:18:50.960 --> 00:18:53.799 guys are don't fall apart. You you are, you are, 345 00:18:53.880 --> 00:18:54.799 you don't fall apart. 346 00:18:54.799 --> 00:18:58.759 We were reunited as more than ever actually, be honest, 347 00:18:58.759 --> 00:19:00.960 I'm proud of yeah. 348 00:19:00.079 --> 00:19:04.359 And you know for what we all. 349 00:19:03.759 --> 00:19:08.440 Over the world all right, excellent, Yeah, Well that's what 350 00:19:08.640 --> 00:19:10.359 I want to discuss most people. 351 00:19:10.559 --> 00:19:14.000 You know, we like investing and talk about the waste 352 00:19:14.960 --> 00:19:18.519 aga market and stuff, but we don't dare to go 353 00:19:18.599 --> 00:19:20.880 in details and share our intelligence. 354 00:19:21.039 --> 00:19:24.720 I mean Ethiopia, it's Ethiopia is China, I'm not seeing. 355 00:19:25.599 --> 00:19:31.559 But what Ethiopia has done with manufacturing and exports, how 356 00:19:31.599 --> 00:19:34.000 they have built this you know industry. About what you 357 00:19:34.000 --> 00:19:37.839 guys do sewing and clothes for manufacturing locally to export 358 00:19:37.880 --> 00:19:41.640 out of Ethiopia using Chinese capital. 359 00:19:41.720 --> 00:19:42.599 It's just amazing. 360 00:19:43.279 --> 00:19:44.519 But let's do there. 361 00:19:46.680 --> 00:19:49.279 Got to get the space work. What kind of shut 362 00:19:49.279 --> 00:19:51.440 down and let's get ster. Thank you someone, Let's get 363 00:19:51.480 --> 00:19:55.720 mister Chris, good, mister christ and SB. Then today you're welcome. Hey, 364 00:19:55.720 --> 00:20:00.519 mister Chris, what are you mind, mister Craig, it's uh, 365 00:20:01.039 --> 00:20:05.039 mister Chris going once, mister Chris going twice. Hey, mister hacking. 366 00:20:05.759 --> 00:20:08.880 Sorry I said it's SB SB. Please go ahead. Then 367 00:20:08.920 --> 00:20:14.839 we do hacking SB. Then we'll do hacking. Yeah, yeah, 368 00:20:15.799 --> 00:20:17.799 thank you so much for the opportunity to speak on. 369 00:20:19.400 --> 00:20:22.000 So actually it's my first time of joining your space, 370 00:20:22.119 --> 00:20:26.240 and it's been since the first minute because everything I'm 371 00:20:26.279 --> 00:20:27.920 hearing is something I need to know. 372 00:20:28.920 --> 00:20:30.279 Even though I studied finance. 373 00:20:30.359 --> 00:20:32.960 Well, I've not had the chance to like have a 374 00:20:33.039 --> 00:20:37.359 practical experience of investments, but yeah, I'm opened in from 375 00:20:37.359 --> 00:20:40.759 the experience once. But yeah, from the previous things that 376 00:20:40.799 --> 00:20:43.319 you've said about investments, I just have a question to 377 00:20:43.440 --> 00:20:47.359 quickly ask because you mentioned the particular type of investment 378 00:20:47.440 --> 00:20:50.119 for kids, and it sounded like it's the type that 379 00:20:50.200 --> 00:20:52.119 you can fund at different intervals. 380 00:20:52.240 --> 00:20:54.000 I don't know if the funding has to be fixed. 381 00:20:55.519 --> 00:20:57.440 You also mentioned one. 382 00:20:57.319 --> 00:20:59.720 Way it can be stated that the kids is in 383 00:21:00.279 --> 00:21:03.519 and then the salary goes straight into the investment, right. 384 00:21:05.039 --> 00:21:08.000 Yeah, I mentioned I mentioned the US version and Nigeran version. 385 00:21:08.039 --> 00:21:10.319 In the US version, we have what's called an ira 386 00:21:10.559 --> 00:21:15.039 roth ira, and I'm saying that's just an individual retirement account. 387 00:21:15.359 --> 00:21:17.480 So the way you do it that your kid has 388 00:21:17.480 --> 00:21:20.640 got to be legally employed. Let's se your child is 389 00:21:20.640 --> 00:21:23.440 four years old. Your kid can be a model. You 390 00:21:23.480 --> 00:21:25.160 take a picture of your kid is a model for 391 00:21:25.200 --> 00:21:28.359 your website, So you are paying him a salary from 392 00:21:28.400 --> 00:21:31.880 your organization. Right, so you pay him a salary, but 393 00:21:31.960 --> 00:21:33.799 our salary doesn't go to the kid, it goes to 394 00:21:33.880 --> 00:21:37.599 his individual retirement has a contribution. So your kid pays 395 00:21:37.599 --> 00:21:40.480 no taxes correct. That one is then in that rot 396 00:21:40.559 --> 00:21:43.440 era and then invested for the kid's life. He's from 397 00:21:43.519 --> 00:21:46.880 four years old till when he's eighteen. When he's eighteen, 398 00:21:46.920 --> 00:21:49.160 he goes to school. You can keep on. He can 399 00:21:49.279 --> 00:21:52.640 keep on working and investing in his ira till is 400 00:21:52.680 --> 00:21:55.039 twenty five. He can then use that ira and then 401 00:21:55.079 --> 00:21:57.799