NNPC Loan, Exchange Rate & Monetary Policy

Folks, Good evening and welcome to another money's space with me. Carlu Aja, thank you for being here. Thank you. Let me just start real quick right this evening by just expressing most sincere condolences to the family of doctor Herbert Wingway and also to mister Abimbala Ogunbanjo. Both of them were reported or passed away and it's indeed very very sad. I just want to put that out there. Both men have done so much for themselves and for Nigeria and

for their organizations and it's just a very very painful loss. We it came out of shock and we are indeed morning with this type of access with the families of both men. So just want to put that out there and express our condolences to the families and to the organizations of these two great men. Thank you. Okay, So today we want to talk about really the NNPC loan, the exchange rate and the monitary policy that we've seen in Nigeria, should we say, over the past two weeks, you know, they've been

a lot lots of things have happened. We're just going to talk about the NNPC loan decening, but of course the monetary and the exchange rate policies have been front and center this weekend, so again very very important that we also actress them. I was supposed to have a guest here today, doctor Bob Berry. I don't see him, so when it's going to start off, I'll just give you my own take of what I think is going on.

If he does join, he brings a lot of data and fact to the discussion, so I felt it would be he'll be a wonderful guest to have here as well. But let's just more, or let's explore what we know right now, and if you might, let me start with the exchange rate and the monetary policy. Now, if you are a civilian when I mean similar, you don't follow finance, you understand what monetary or ex giberate policy means to you. There's a lot of change that is happening in Nigeria.

You can implore. Your dollar rate has gone from even the black market rates from one four now your bank which is now one four, so that it's like what you pay in the bank, it's almost similar what you pay today to the guys that sell dollars on the streets. So what's going on? You hear about float? You hear about that there is no more forty four

items. What really is happening? So I just want to explain this to the guy that doesn't even know about finance, just what to seremoney back and forth, what to pay for his subscriptions and to pay for its important. So I just try to say some from the very beginning. So in the past, what you had in the past was that you have what we call a Central Bank of Nigeria rate, call it whatever name you're in a college, could be nafex rate, but it's an essentral bank approved rate to exchange

your naira to the dollar. So it was a pegged rate. Peg means that the Central Bird would say, this is the amount of nira that if you bring to us, will give you a United States dollar. Back then it was about four hundred and forty six or whatever. Let's call it five hundred, easier to just say five hundred. So that rate is pegged. So when you peg something, you are saying to the Nigerians that any time you bring me a naira, I will give you a dollar. So if

you give me five hundred mira, you get one dollar. So where do you get your dollars from to give the Nigerias that come to you. You get it from your foreign reserves. So key points from your foreign reserves. So when Nigerians give you a nira, you go to your foreign reserves and you give Nigerians a dollar. So they give you five hundred narra, you give them one dollar. That's how you will. That's what you have promised the Nigerians. So why the Nigerians need dollars because they want to import,

don't want to pay for school abroad, don't know the hotels abroad. Where do you get your dollars from? You get your dollars from the NNPC. This is sich chatter back. Now you get your dollars from the NNPC that sells crude oil. And you also get your dollars from the inflow the remittances that the Nigeria's let their live abroad send back to Nigerian banks. So all those dollars you put in your reserves. Then when requests come, you take

those dollars and you exchange for five hundred era. Right. What it means is this, if Nigeria's export more or Nigeria's send more money back home to Nigeria then the reserves are large. That means in Nigeria that comes to you and gives you five hundred nira, you can easily give them a dollar and you are good. But what happens if your crude oil exports go from two point one million barrels exports a day and fall to one point three one point

five million barrels a day. This then means at your reserves that you are using to exchange for that five hundred era, it's falling, but the demand has not fallen. Remember, your denigrants want the dollars to pay for schools abroad, for medicals abroad, and also just to import pms. You're a still driving a car, so the demand has not fallen, but your reserves have fallen, and you have a peg. Normally, when you have a peg, what do you do when you simply say I'm going to increase that

peg from five hundred to eight hundred? What does that do that to reduce the demand for dollars and to reduce the demand for input because you've raised the cost from five hundred to eight hundred. But what did Nigeria do from twenty to fifteen? All the way we handle convert the central bank refused to you know, to move with the market. They refuse to adjust that peg. We had the past president equal quit defoil reserves stability to equp against him.

He says, Oh, if the dun't one should give body to import food, no one should devalued in ira. When you remove the peg. That's what the value means. You know you are you are devaluing the ira by increasing the peg from five hundred to eight hundred. So for four years we lie to ourselves. The demand went up and we retained the peg. So the value of the nira was not that five hundred that we used to see

from twenty fifteen all three. It was much much higher than that. So what then happened was in twenty twenty three when the new government came over and they removed the peg. You then saw that what they were trying to achieve was to protect the four reserves of Nigeria. If you have been following, Nigeria has about the three billion in foreign reserves. But JP Morgan said that we really don't have that tetitriate billion because a lot of that money has already

been borrowed. So we're borrowed say nine billion dollars and use the foreign reserves as collateral. So net net, we don't have esgitarate billion. We have less than that. So if you are a president and you're come into office, you are faced with no foreign reserves to maintain a peg. So what do you then do? You then? Float means that you remove the peg

completely. You allow the peg or the exterior to be determined not by a guy sitting in the scipient office, but by the demands of demand and supply of the market. So if more Nigerians want dollars, then the price of dollar will go up. No peg. If more Nigerians import dollars into Nigeria, either true exports or true remittances, then there'll be more dollars in Nigeria to give to folks that want dollars according to the demands or the supply in

the banks. That's what you are seen, guys, happen the market. So fast forward to say last week, we said we saw the Central Bank of Nigeria health the international money transfer easier to say, listen, when you're bringing dollars into Nigeria, we allow you to sell at any price you want. In the past, this was not so so Nigeria in the past did a fake float. We said we had floated in Iran. But if you bring dollars into Nigeria, you still don't sell at the market price. So

you saw the black market price. Then you saw this CBN withitted abag price that was still quote unquote a kind of peg because we told them you could not sell at the market price. But now Sybian has told anyone bringing dollars in, if you bring dollars in, you sell at whatever price you want to sell, which would mean the highest or the market determined price. That's one thing they've told them. Then Silian has also said you can't give away

dollars in Nigeria. So if someone sends bill dollars from Houston to Nigeria, I give them naira. I suspect that rule is because the foreign firm is not bringing their own dollars into Nigeria. That's what I suspect, because what a steven argument is that the dollars in Nigeria are our dollars. If you want to give it Nigerian dollars, fly in your own dollars in America, bring into the Nigerian back and say this is my dollars. So when the

guy in America sends dollars, then you give him dollars. But the Nigerians really want dollars, I don't think. So what Nigerians want is that denial ra they're holding their hand can be exchanged at the best exchange rate, the market determined exchange rate. So that's what you're seeing right now that the central bank has gone full flute. You can bring in your dollars at a any market price that you determine you can sell at because the reserves are going to

be protected. Our reserves are nearly zeros right you see a three billion, but they are spoken for. So that's why it's the sibient's struggling to pay two billion today to disguise to clear the outstandings to pay some one into airlines because they don't have the reserves nor liquidity to meet those publications that have been created over the years. That's what's going on. So what will happen going forward is this because Nigerian's that Then we make this point again, the overriding

issue with the Cibient is that there's competition in the market. In say the year two thousand, he said year maybe nineteen ninety twenty ten, you didn't have this what we call P to P. So if I want to send money to Nigeria, I only had to with some Nigeria. Either I send money through my Nigerian bank, so I go to America, I Central Bank of America. It gets to say Uba, why gets to Western Union. That's the formal way I can say with Nigeria. Either I do it that

way. Why I put my dollars in my pocket and I fly to Nigeria. Those are the only two ways you could send dollars for the currency to Nigeria right now because of P to P, because of the crypto, the crypto exchanges, because this digital intent that we have all across the world, but just in Nigeria, all across the world, it's possible for Nigeria to say they go to on an app in America and said dollars from Nigeria from the US to so on in Nigeria, and the persidentager will get it.

Either you will get dollars or you'll get crypto which you can exchange for naira. So the scibim has got that competition. They can no longer com and say, oh we establish this price and that is good to be the price that the whole market has to follow. Right now, the P to P market is doing more than the official influence into Nigeria via the CBN via the bags. The last reporter I saw Q three twenty twenty three, twenty twenty

three, about five billion is what's coming to Nigeria variantance. It's five billion, It's about four point eight, four point six and all that. So as just say five billion, that's what's coming in. The P to P is doing much much more than this. And cash moving is swapping. I have dolts in America unique there in Nigeria, we swamp so soone takes my dollars in America, so one pays mien in Nigeria. So there's no transfer

happening. But that is what is really happening in Nigeria today. So we have twenty or thirty billion in Nigeria cash, but it's not in CBN because the CBA rates in the past was not market driven. That day policy and great us in CBM trying to change to allow Nigerians to then feel comfortable to say if we can trade with the institutions because the price now is Okay.

Last week Bloomberg reported about two billion has flowed to Nigeria based on this policy alone, and more will flowing because now the dollar price now reflects the actual the actual price of the exchange rates in Nigeria, there is no more differential. Right, you will get different codes, but overall you can walk into a bank and get the same that should have gotten from the streets. So

that's positive. What that means, of course, is that imports are going to be more expensive because keep in mind, Nigeria is not a very let me say this way, Nigerians are not very rich. In Nigeria. We really cannot afford imports priced in dollars, So we can't afford PMS, we can't even to afford power supply that is driven right from important machinery. That's

the problem. That is not the dollar is expensive per se. It is that the Nigerians cannot afford imports that are priced in dollars because the economy, their consumption is so weak. So the issue of exchange rates dormar accounts ignore the elephants in the room that the Nigerian income is so weak that that dollar price becomes expensive simply because we can't afford it in South Korea. In Japan, the ex generates are monetaris numerically worse than Nigeria. What is one Cubra

real one or one Japanese in exchange four? But they cannot afford it over there, we cannot. So when we grow the wealth the capital income of Nigerian's then it's a material if the x ueds a thousand to one. But what that means, guys, is there's a bottle of coke that is sold for a dollar in the United States. If you bring that simple love goa to Nigeria, it's going to be sold for fifteen hundred. It doesn't matter if my income is one hundred thousand, I guess not for that bottle of

coke. But if my income is thirty thousand, how can I buy a bottle of coke for fifteen hundred in Nigeria? Makes no sense. So try to just keep an loof of you. I have my guest here, or get you cook before iduce my guests you've been online. Just want to give you a chance of putting the word in that I want to do with my guest and can get good on the NNPC and his views on the exchange rate and the muntropolity rate. Who get your cold? Please go ahead quick one.

Oh thank you very much, Calu. I believe in everyone happy Sunday. I was surprised when I saw this space because I know that they at Cone for the all lovers in the house, the match is like less than three hours from now. But anyway, thank you Carlos. As usual, you've actually done a fantastic job simplifying this concept and explaining the prevailing situation today and the way he went about it. I'm not sure anyone will have too

many questions. We're seeing your options initially. There is when when government struggles, they don't see what everybody knows that they are struggling. Even the man on the street, we know that they are struggling. We all know that they are struggling right now. Whether that is as a result of past actions or inactions. Well, we always allow politicians to interpreting their own way. But the good thing is that things are beginning to look up at least like

you rightly analyze. There's more confidence now that disparity has been completely eliminated. So yes, so so so things are actually looking good in that regard. We know that there are other issues. Economy is grappling with other issues, but as far as the monetary policy is concerned, I think we'll beginning to well, just to so that that that's just really quick. Yes, So I want to get if you have a question on the on one side or

the exercide. Do you have a question? No, no, no, I was just giving no, no, no, I don't have that question, Like I was just saying that so far you did a fantastic appreciate that. Okay, I can hear you very well, but appreciate that. Yeah, okay, hold, let me let me choose. Yeah, thank you so much. My guest is just introduce himself. I think it's here, might now starting meca be all right, so let me have you on mute.

Just do a quicking through and then we can start just talk about that economy in some of the monetary side, the exchange side, and also this DN the PC loan. You know I won't not just to also understand what has happened there and all that. So go ahead, can you hear me? Go o meter if you can hear me in your meeting? Okay,

yeah, your camera excellence, good job, welcome to the party. As we say, let me just have to intro and then we can go aheunderstand, okay, so you can just do a with introducement of yourself just as who you are. Okay, okay, okay, my name is are there in the Meca but an investment back in the executive financial Jina or you Tude and family the lead that investment banking group not as star Wars Capital. And

also she got on the bottom of Darros warding. We have interested in our landas in the States, like I said, for that just adversis and then largely brand. I also sit on the bordo of Southeast Fams one of the biggest I grow veru Gin company in the Southeast as the chairman. I am one person that they live so much in transparency of governance, governance and then financial sector excellence and stability. I ah, the world impossible, because that's

that's impossible if you set your mind to the wights. I am also somebody's ready. I'm willing to always learn now that it's something that you could not lending something, you'll continualit to all the days of your life. Thank you. So let's get right into doctor let me we'll be going back and forth.

You and I ask regards this ann take the loan that the ends took from your natrial affairs, and you know you look at this, Nangia is borrowing keep or take about billion, and there's this issue of a collapse of about a score opinion. I then explainer on my own end to explain what it is all about that essentially it's the way I see this is my own or understanding is that it's more of a sales dominciliation in that idea, who's going to pay the total value of the sales of crude oil to Africa?

When they do that, afflicting bank releases nineteen percent of the sales back to Natria and retains and pera of and I think before this decision because they want to be the same way if you have a higher risk custom you're actual customer to pay moneys to you and then you then pay off his debt to you. And given the pa Nijerza risk borrower, I think that's what that point. But what the will take on the n NPC loan is the three billion

is substantial. You're going to get about two point two billion almost immediately go ahead, Sir Carlo, with all due respect forget all these stories and spence that those in job to defend the indefensible. An NPC n NPC does not lack us flow to pay three point three billion dollars. A fraxim is not the costadium bank to an NPC. N NPC has I think JP Morgan chase as is cost of their bank. You know this puppy cock the nobility ladda

and you are borrowing. I remember present did not lend three point three billion dollars to CBN to an NPC. Have frasm syndicated it. What a phrasing did was just like a corona bringing together the syndicate lenders who contribut it will will be a contributed one hundred million dollars to the total loom portfolio. So

that you just need to be ablicated on this. If there we are trying to convince us, oh the securing three point three billion dollars five year money at five percent, which is outrageous, that NMPC had the content a risk a high risk entity that they need there to doumbicide proceed with a phrase. I want to ask one sampole question. Did an MPC, Pray Approach, JP Morgan, Chase or any of the custodium backs. We are there normally large the revenues due to them. I say, hey, you're been keeping

money for me. You know my history over the last fifteen years. I normally do thirty five thirty seven fifty billion with you. Can you give me the pretty beyond billion dollars at XYZ? Interested with it? After all? I keep my process with you, all the pilers paying into your account. When the money comes in over time, you can stagger it a baby payment of say one hundred million dore or ten billion dollars every month into the fifty

with jpmorganche said no, do you know the answer? What the physical? Indeed, I know we like romance in distance. I give you an entical example to the part they know what they did? What did the cannel when they deal with an African entity like our friends and where edything goes? Of course this is Africa. I give you example the Ghanaian commodity company Coco Board. The Coco commodity part of Ghana also borrows from our frection. They took

almost a billion dollars from a fraction. They also syndicated at our loan for ten years seven fifty billion million dollars, the all interest charge on it was about six points four five percent. Nigeria is bigger and better than Ghana in all nifications. Can you remember that's Ghana before said in their loan repayment to sin Get to creditors. So Ghana was in default. So for a Ghana that could not pay the external debt, Ganma was a high a higher risk

country than Nigeria. Nigeria never and have never deforted in any of her liabilities to the external creators. Despite the fact that Ghana was carrying the stigma of a defaulting country. Yet Coco Board was able to structure ten year money at all in interestment or sixty five percent. And somebody is telling me that an NPC that is that is almost twenty times bigger than Ghanaian Coco Board could not only is the same money at five percent. I don't even know where the

NNBC currently has currently value. It's bigger. And you put the Gadead economy go and say the gayettp NPC has currently value, It's over sixty billion dollars. N NPC as a corport entity is bigger than the whole and their economy.

Yet the fourth thing one of these is entity coco board that is less than five percent of the size and the pedigree of n NBC or they're put to get money at less as seven percent on the as somebody told me that beyond even outrighteously taking money is five year money at the level point five percent. Some people call let their faction fee of at sixty six million, what we are their fastidity carlus acess bank. We go to African Bank and they

will borrow money a percent. First bank, you be a standards. A third bank cannot go to it stands topic ipis cannot go to a freshen and

they take money even at double digits. And somebody is telling me that they solvings like Nigeria a cash spinner like an NPC none to borrow five You know how you go w this is Japan said there is see let's five percent and they spin all amount of it that they screen to the cal appring this graceful in three years if they're giving me the assignment of raising that three point the begion calu. Let me tell you and I want you to be on record.

In two I got twenty year money for Bank of Industry at all the four percent, but they did not take that money from the JAPANIIC entity. So if I hadn't deputy, of course car the market to get a coody, how much more those who understand we are this this can because they don't worded good luck to them like you also pay for it, they'll problem about it. Okay, thanks thanks for that. Let just if I mean, let me take the person of the NPC side. Let me just take that

peration, find me the enert. We know that the Niger has indeed borrowed from JP Morgan the report that came out. Of course your work has to the Niger had indeed borrowed cast from Japie Morgan and used to as cover. So that route has been right taking and has been banked as they say right. Also, Ghana is exporting coco. The export of coco are more organized, more errands, more should we say, best practiced than the Nigerian practice

of exporting crude oil. I doubt when Nigeria knows the total to the gallon of how much crudel has been taken or stolen. So if I was if I was a banker, and you're a banker, doctor Berry, and you say you want to lend two guys. One guy has defaulted, one guy has not defaulted. But the other guy is doing his business. I have his books. He tells me, go to export the exports. The guy cannot even guarantee the safety of pipelines in his own nation. I would of

course keep the gether. That cannot guarantee export a higher costs to borrow is not a valid argument, Carlo. There's no valid agreement here. That is no let me even tell you even found failer found for island that's not by owned by the financial can still borrow that three point three billion dollars at less than ten percent. There's no story, there's no long story about it.

Nageras the really is, cannot do it to an extent that we paid the level points eight five percent plus two, not just the level point everything. Let me say the truth, and the truth is no, there are many entities out there, Carlo, outside there there are over ten million dollars and no from them that are not even within the from our fire USand that we gladly lend that money to NNPC. I was talking to one of my my my formarcolleagues who now works with GM good Mass Sachs. The guy has a

put folio of sixty billion dollars. It can meet that just left your by guy Y plus sixty billion dollars. And they said most of the left towards South Africa and South America. The guy said where they lost his head off. The guy said, if they had approaching and they knew him, that you will guard them that money to put you up about eighty percent, and that we are and where he's working, they will carry him up and hear him, I the great't what the chap so that they're not said that nobody

wish you know, you go where in the country with the plan. Everybody is got caught. Okay, Oh then let's talk there. Okay, talk and if you can then give you some time. I think I lost to you, doc. All right, So if you listen to doctor Barry, he's basically making the arguing that the loan was expensive, that they could have borrowed the moneys from other sources cheaper than we had no business borrowing at the that we are borrowed in the interest rates that we're borrowing. You know,

I put back on the JP organ more than the ap y on. This is about eleven point eighty five. This is my not a feast, eleven point eighty five. So like you're saying, it's a bit expensive. Okay, Doc, I think I'm getting your piece on this. Let me go over real quick to the exchange rate side, on to the Montrepolsis side. I think most pas the exchange rate side. What's your take on the circulars flying around? You can take money, you can't take money rating? What

is your overall take on the exchangerate policy currently in Nigeria? Do you see lights at the end of the tunnel they or do you think we're still mired in the mud of you know, your country at r B. What do you think I've impressed those were of banking And I always say anybody who cares to who then you just start again. We lost you the very thing and said you said you were you were. That's okay, okay, I said, I'm very with some of the depths steps. Yeah, Cardoso has taken

and you know not maybe will agree. So people who wanted to be their own way. Of course he has their back to the authodoors were of banking. I always say to anybody who cares to listen, no matter the esotemics no, and then goes anybody may want to import it's for example, in lending his defiancies. It can if not the viances is not the five seas

you can struct or whatever you want to structure. The five seies the main the foundation of banking when it comes to credit cardos has gone the authodoors where and that is the right way to go. Remember the job of the rule

of the CPN is clearly defined monetary financial said personability. Lend that to governments, the you know banker to bankers what basically are Charles Ludo did when he was there usus libidos and us did in a situation like this, he has raised the interest rates and the strategy bios to such a high level that will attract for him puts follow investors. This is a temporary better that you are

telling totabalize it talk. I think it's now fifteen percent. That was almost a double job from about seven to fifteen percent, meaning that in Nigeria the risk free rates is about fifteen So if you take your money, you don't

do anything. My plent governor would pay you in percent around the fifteen percent is for one into their money the places today do you bid this nineteen percent that was that was deplosive amazing and you said nineteen percent, yeah, that was the closive died over one point eight million was marked out of the economy and uh and and if you look at the year, because it's past three, the actual is that bats for those who are doing so scared taking flights

to Palla and the all the other they are se an HISTORYMN that can give them at least bring the relative view that is closed to inflection because c is also backling to see if they can bring inflection down to putt to one percent before they end up this year and they get that that's a downside to this.

Yes we may achieve some short tomic the legs yet, but the other the other flip side of it that we're going to have cost of fun or because the risk three sixty day money and it's ninety percent any other they didn't need to have to build up and that's to prive their own risk. Now they also that way the CBO also can tell this is to reduce they learn deposit to ratore with the money deposit money back today's about sixty five percent,

they can finally use it to a bast twenty five percent. What's simply means beyond the treasure will be more pop They can also limit the participation of the banks and decide they can take then they will putting a seven to seven level. The banks who also have necessly coutin that they may want to lend out to risk as a great risk access, which will also forced them to also be very considerate in their price. But like I said, these steps he

are taking is a very short termic one which is very very good. Are they gain by removing the I m C restricted window of zero point minus two point five employee is simply for those who did not understand what he did because the press did not report it well. You see the end place for the I MT the money Gram, the other ones and all the Western Union.

You see the place a limits if you're if you're transferring dollar the exchange viel to be on a band of minors two point five percent or super present at the prey at the they on the are prising last day prize and before the preventing the that you are now trading and that your officiality and this then a lots called a lot of get their money is into thee D Because at the market when we had a very future bid a bit trade gap, official market

was trading at several fifty parer market was doin one one hundred. There's no way I would bring my money and I will I will you apprise me plus two point five percent of officiality when I can get it. I prey a hundred and armor from the black market. So what is CB and has print done is bring your dollar, the will share with any point that you want to set to whatever did you pull agree say CBR will on this brand of what app was closed last previous trading day, and they've also moved for that

before. The esportters, those who export goods and bring in their process, we are forced to sell at the officiality. So what most of them started to be is cut into in verses, which is a bit criminal. But now with what Cyby and outdone, you don't need to be a free You don't need to sell your goods and did the money to can okay Man Island or anywhere you can easily freely bring in your narr sell it at whatever you want to say, go back into the cut gam by either your same or

your go go. In fact, with what they've done, I've I've had some of these steps taken by some of these coco traders and those in me some of them are even thinking about going into backward integration. There was even one of them that I pushed me and want set up a micro finance bank enabling you know, aggregate credits to the farmers and enable them to develop more. But I can buy more and esports said, here collect narr and they

expand their firm. So basically what the CIBN had done in a transparently row market. With that on godly interventions of the CBN or any other literally agency, if we encourage the exporters to go back into the farm, go back back what integration to increase the volume of their trade. In fact, one of that one of the of the coco exporters is the guy that does almost have I want you to ben the annually. The fact he told me that he start get this drug I want treat over the next five fish. That

is the effects of this policy. It may not actually produce the odd the overall best results this type, but is it something that I've even people have looked at and into this sature. But the master, we most consider you have done this. What of the physical side, if you go to Gabas, if you go to now yes you can catch up right, Just let me just see. So what essentially what Niger has done the right the market. They've increased the interest rates, which means that foreigners can come to nastier

and they can get it rid. I will not beat in plature, but has reduced the gaps substantially, the ball behind real value. That's the positive for Nigel exporters, also a positive for the foreign portfolio investors. Essentially saw

many of what it says. And I want to go in and just remember talk lots of food finance books, so just try to Okay, let me tell you again what the master's stroke or did now beyond what you may have done, was by increasing the rates to nineteen percent fifteen percent for the money. And then do this works disipiod a portfolio investor, that's what they're doing.

A portfolio invest that is based in the h one that is based in Japan, where my thro policy rate is about min lost five percent mins you point five percent can't decide to aggreegate funds in Japan from investors, and then they may aggregate those funds for the short out fund for six months for one year and tell his investors, give me two billion dollars, I am going to invest it in joy re basion that you and now as are bringing the

money that win a swap with the center back of nature. This swap gun is less simple that the back of Yes, I am bringing two billion the nas go back to invest in your treasure or to play your capital market. But we're going to pay a premium for you to swap it for us. We are going to be taking today. Your rates is one for five six or one five zero zero. Do you agree to do this work with us in the next one year. We're going to play only for one year.

We don't want to buy dollar at anything more than one times a five pounder or one time a five founder and send the CBR will say okay, yes, we're doing this work with you. We are charging you this X y z interest. They may even be one percent or two percent. The investor the put format already prized this. He has to borrow this money at less than one or two percent, even if he at or two other percent at

the cost of the swamp. That's one percent. The man is taking money out's investing some that can looks that we take a set there is no place in the West where you can in transurbuse and you will get that kind of return. Go and check those the matured markets. So what Ye Mikadoso has simply done is to allow massive inflow of fpis remember that there is so much or certainty with the level of new flow that will come in. Of course,

it's a risky venture that he's taking. It's a risky step. He is also banking on the fact that within that next to one year when those people want to exists on our grisk work pred that those on the physical side will have done their job to shore up the splas criminality of our code or resources that areas to do by ramping up output and doing other things that we never lost to get more esport revenues. And now back to what I was discussing. If you go to Canada today, we have over eh old US

sixty five thousand agias officiey documented. There are other tens of thousands who are migrants that we are not so many documented. If you go to any shop in Canada today from Montreal to Ontario to Calgary are better. Most of the yams that are sowed in most of the shop supermarkets and retail shops. You will see them happening the mark of med in Ghana and produce of Better Republic.

And interestingly I heard from the grave fight that most of these yams I heard that ship from the Southwest and the middle of Earth, they take them, they take them. That I have a young fam yes that the ninety Yeah, because they do it they do at an expert from there. Yeah, yes, yes. The sport desk in Ghanda has taminas where you can bring it to basics hour so you will have the case of this incident were remember a ship, I say, we wanted to sport the content off the

said content after we today because of Porto necks of the agency. Is there so other than eight million dollars worth of yam I wanted into Canada every year and most of them from Canada and from from Better Republic and Ghanda. And interesting that most of those gams are from Nacreia. The truth is the physical matters has a lot of days to do. If they can set up a sport paminas that are very efficient on that REPP framework. Make it a single

all the agencies come under one single window. We don't need to have customs checking, immigration checking and not checking under one window. And then make it silly with that any furniture book gools that enters that pamina as important airport is if I quated with insiders, just like we have your Mombasa like we're having Ghanda, and if there is any goods that is delayed from mothers wars everybody, there will be sides where you set the example, everybody will sit top.

Why somebody in mombassacarea that is several five thousand kilometers away from any of the European cities can bring his flower and export it and it will get prove fresh, will bring it is vegetable sport. It is to mento, it will get to grove fresh. And then somebody from a wedding that is Lego sisters and kilometers from the group cannot do the same. Somebody from Carnu cannot do the same. Somebody from Legos said, is the ant the physical side.

So the role of the physical but they just now to support you is to put in place the framework the enablace proctors to encourage nageras not just to produce what will consume here, to encourage nagas to put into sport of any exportable. The enablers have massive foreign inflow into Nigeria. Dog, let me ask you direct question. You've just said that the moves by Kados are positive. You've said that there's gonna be a lot of swap influence, and we

know that if swap influence coming to Nigeria, that strengthens denial. Do you see eras brightening from this current one four, one five to somewhere one to one thousand. Do you see that I have beet one record on that kind of Let me tell you, Dog, we lost you at the most critical point in the interview. Donk if you can hear me, we can't hear

your response. So I'm asked Doc, because he has spoken about the moves made by Kados, it's totally correctly, totally correct, the foreign populand what the policies are put in place that you're like, you know, when those players are in the doctors washing it with the twelve ways, twenty ways, twenty ways are able to throw a wish to stop the going down the slope. So it's left for the physical manager just to come fix the break of

that truck. And they needed to show that it does not continue to roll when that shock is removed, when that wage removed. Because the truth is, you know what is watching, they know what you may it's doing. They understand how it's anecto as we may have to borrow fist opening get the money to become an investing resector where I have to begin to grapple with all the issues that we have here. All they need to do is just bet

with their money on visk flee securities. If any copy that are do incorporate board like the top, any step backs. They can even invest in their corporate ball if I done good, what is doing the cover, But they can invest in those combatiers feel that they have to protect them when they want to exit. Those investors are not coming in to say to beauty factories to set shots anywhere here. It's hard about that is what that bets on.

The shot that they know is very risky. They are pison. That's all the tots of those in a budget that they will do this and they will do that will be executed. That is what we're also we have a short term approach to this. I'm given examples. Yeah, now has two two point million barons of don't that that's looking at two eighty billion dollars coming to

the economy. I will totell them over the last it has always if had the high important bill work but as it is work at a nine nine Yes, well donus I think that was also a depico when the good world wins and all that they were doing now over the last is our important build over between forty five fifty two three belond dollar we see plimits official transaction that the legitimates has never got anything more begind different including medical tourism and just using from

A and all and stuff. Plam is if we can ramp up and cooked tool that I level log your prevent about ourselves two billion dollars. Where are you looking bit home and dry while we're also looking at all that's what and there's something also the NMPC can do given different if they are very very since

here it's about okay, that's too energy companies. I think it's all man there on their on their energy cooperation Public Corporation JINA can't do the same side we have under the little round that did not fly through because a good times and then paired on and would not pay a lot of this last I've been acting too the for any person. Now there's going to be the new be troup waiting forward to be very sincellled with themselves, they a regiment. Even

jackass takes get like that. Anybody. The dog shot the lives of the lives of several life. They don't see a flu with five thousand. That's when they said, so those imagine our fields can be taken by look up, you know, and let me do, old dog. Let me any hear me do dog. I had to meet you just to to tell your audio was breaking up a bit. You can hear me your audio is breaking business. How I want to meet you just so you could check the audio

and just come back. But if I just want to summarize what I heard you say, you said basically, I use a good analogy there. If manbefolk, they don't know when you say, there's those trucks in Nigeria, those long trucks. The conductor is putting bricks, manual logs of wood, and then the tires so that the truck doesn't move. This is the brakes on the trucks have failed. That's what the example that mister Barry was saying. Essentially, he's saying the CBN can only do so much. The CBN

does not go into physical and the executive side of running the government. The CBN can do exchange rates, they can do monetary policy with the banks, they can do inflation. That's it. It is for Nigeria the executive to start to export. Remember the execs we've at very very beginning. Exports is what feeds up the foreign reserves. Is a foreign reserve at the center back of that are using a gou to. You essentially go after the exchange rate

policy. You use your exchange reserves to address the exchange rate policy. That's essentially what is to happen. Montoto is saying that we need to focus on the executive to create export endings, to build out the infrastructure such that Nagurin Export can go out and magiymusices can come in seamlessly to give the CB and the ammunition to defend the NYROR because everything we are seeing today is going to be for a short term if the executive side do not get the economy set

up correctly to then generate productivity and growth. Then it will get worse in a year because now we would have more loans and no way to pay back those dollar loans that have come in. That's what I understands, sub total, very same dot. If you fix the audio, let's just have a how backing certain if you can, mister Barry okay, Henny, Yeah, I think it's some interest just to think that, or you'll come back in. So I'll give him that chance. Doctor just he wants to pick your

audios requests just so mutants speak. But if you guys have been on the space and then just ask them to add a few questions. I've got Austin, Austin members, do you have a question of comments while doctors because audio, please go ahead, Austin. Okay, let's get professor Incredible like that name, professor Incredible. Did you have a comments? Yeah? Thank you, come along. Good evening, Nigeria's and I wish Nandreia weighs today.

Yeah. So I I just want to you know, earlier when you started, you made some rally answers and you see a lot of what doctor, and then miss I want to this time the maker doctor and a lot of what is coming here go ahead. A lot of what is said I aligned with. There are still some one or two clarity. I want to work and I need it anyway. But let me just first talk to what you

said earlier. You know you mentioned the policy of the fur of the cyby and at which I also feel there are good policies to actually fix the supply and and to block loopos. But now if the banks don't step up their games. See, it's too convenient for me to do this money exchange with any of these apps. And I have my money. I don't have to walk into a new bank. Everybody's fine. But if I have to the

bank, their hands need to actually fit money transfer with probably bankups. This is by que the customer service side of it or the rate Wait your real so the rates the customer service is my is my point. The rate is right, they've been to fix the rate. So if I check around and okay, g it is good for me. I use t B. But if I have to walk into banks to do this, then to what's effect? That's my I just wanted to throw my lights on that. That's my

an ATM for dollars or transfer dollars to your phone. With that help transfer to make I mean transfer will definitely do it long and it's see what we transpartra. You can transperd dollars that work for you. You can buy sending the cent dollars to your account that exactly move my dollar, I mean move my dollar from dollars to nira or something like that. I'm very sure that you have banks can do that. I haven't done it when I you am back, but I know on my alf for my bank there's a place where

the stage you can buy dollars. I haven't I did personally, I don't use that future, but I see tom manager and bank app die all that, so it's one those but I do have seen it. Amanagin bank. So doctor doctor bang you get ik oh iik thanks profile Yeah. Secondly there were two yeah, so you you know. You also mentioned Nangia being able to purchase, which I also feel is a big problem everyone in the industry. So you see a country like Nigeria doing so many volumes. I mean

I'm talking about a company now, a manufacturing company less. I don't want to call any of them, but you're see Nangia you're doing five hundred thousand patterns and a country that does less. But you know when they talk about profits and revenue in those countries, it's just it works. Nigeria's number and you know, the Nichols feel like, oh, you're not working enough.

Yeah, your volumes are high, but we're not making that much. So even Nigeria can also increase many more weight, which I have thought is a very very good thing. Yes, inflational way matchup, but in the long run, Nigeria is a country where and more because definitely they are paying in that would be a percentage of whatever is had. So nigea is a country and more so, while this looks like a good thing, what is the

downside to this not being happening? This is just productivity. We just actually we just can't afford a minimum wage today at any increase minimum with because you minimum wage is what it's a it's a cost. Where how do you find that cost from endings? Right now? In Nigeria? Let me give you an example. Right now, in Nigeria, one hundred percent of the money you make from crude oil, one hundred percent goes to pay I would just say call it salaries of just civil services, just salaries. I'm not a

about death service. It also goes to pay death service, but just salaries alone. So one hundred percent of the money you make from NNPC and n elergally the gas goes to pay salaries in loone. This is just you can sub still salaries with debt service and one hundred percent has gone. So when we then build the roads, we borrow. So when you see you are building a road and we are borrowing, it is the same thing. We have a budget deficit that is nearly nearly times two or so of the actual

budget. There's no money. We have huge cost act. We waste money on PMS imports. It doesn't show up in the budget. But what it does that is reduces the amount that NNPC is paying to the budget. Because NNPC is paying for subsidy WI means they remit less to the budget. That's why it's the president today NNPC that they should give their fund you or their accounts to the CBN. So when NPC sells coop oil going forward, CBN gets the money and the ideas are CD will remits to the costs, so

is the revenue fund. So when you increase minimum weight from unless you want to print money, which is what Harry it is, so hurry printed to the three trillion. That's what they were to pay salaries because they have borrowed money to put to import p ands and they were also borrowing money to subsidize to borrow the nira, so all their revenues went to PMS imports. Then they start to print money to pay salaries. So today we have to enter

trillion on accounted for nearly fifty billion printed fifty billion. That's the b dollars, the equivalent of whole prins in Nigeria. That's what we did. So right now if you keep on printing, who becomes Zimbabwe, which is why we're in this problem. So Narra is not falling. Narra is going to the level of a currency that hast printed fifty billion without a productivity on the other side, that's where you have the problems that you're seeing. Manra is

not falling. This is the level. It is not being more than this, even though for what the ceiling is going to even hold this up if you allow the NARRA to free fluid have five thousand to one. It's because of what they're doing that's even got in its value or profit. That's to do what they're doing. I think, please answer. Let me tell you it's not a saying that you cannot play any more with that, you can't play any more with your for thousand, dog, I think we lost you

again, lost them? Yeah, dog, let me see a car. Dog. We just dropped some bombs and I think it's this. This is the infrastructure we're talking about right as far we need to get the internet and then at the planet. I know is so dog, if you can hear us, let me take that questionure. But I think that's a professor's question. Oh K, do you have a question? I do? Hi, cal hi, everybody listen. I kind of sent to you the DM or whatever today, but I just want to clarify what's going on. Okay,

we're floating the nial that way. We have a buying and selling rate that is pretty close. Do we still have a sybyn rate? For God's sakes? No. What we have now is this. You can bring in your dollars and sell at whatever price you like in your bank. You can also go to your bank and buy out as bad price and sell to you, so there's no more CPR reading when they did the first flow. They had a CBN weighted average rate. That's what is to call it. Weitted average.

Now Cybian has said you have no band, so it's now competition if you're okay, okay, thank you. That's what I was thinking. But I was reading this piece. I sent you that from Phoenix dot com I think a newspaper in Nigeria. And they went on, after talking about floating then iron rates and everything, they went on to talk about Sybyn rate and they quoted the CYBN rate that was ready he lost a dollar eight ninety eight, So I got lost. There doesn't so probably that information was wrong,

is wrong. They are quoted the average that that was the former the UCBIAN with an average. Right now, I told the imtos intransit agencies, you can bring in your dollars and you can sell without cap doing that. They cannot do it. To give night to give dollars, which I think is also good. They will keep you nirat at their best rate. So that's basically where we are right now. There's no eight ninety eight, there's no

black market rate. Everybody is looking at for himself now right if you have as a million dollars to talk to nigerum Bank across your imt o and say how much did you buy? That's what doctor was saying. You can you can negotiate to swamp, bring the money in, invest it and so you can take it out or just sell the IRPs into your door dollars. See the risk you have when you hold dollars in Nietaria. It doesn't pay you

interest, it's just putting your dom account. You end no interest. Right, you can buy in Nigerian dollar denominated bond in Nigeria and end returns in dollar. I've also suggested to the CIBI and I think they want to do that as well, to issue in dollar bond in Nigeria that would pay dollars. As we're talking of who are talking on Twitter when the Republic just issued one They requires a post seven fifty they got nearly five billion. Who do

you think is a five billion? It's Nigerian's who has dollar in Bennet? Who quotes who have done in Bennett? No one. Everything better Republic does is for Nigeria. The better Republic is the world. But just important of rice, Why because I sending to Nigeria right, so Nijas will claim but we don't import rice anyone else. Signfican's papers quotes, we don't import rist

anymore. But across your border, with the population of folks less than lucky, are importing more rice than the type of Nigeria that right was coming to Nigeria the same way we are. Billion dollars. Bene has issued a dollar bond, meaning you go to that dollar pond, you take another from Nina's doma cloud. You're putting that dollar pond. They will pay you interest.

Who will they learn that dollar to let raised Nigeria, but the republics won't lend that same six billion to Nigeria and Nigeria will pay the republic eight point five percent pharano for thirty years. How do I notice Nigeria bond issue today thirty years in eight point five billions? So as they very very smart. All they've done, they've used their credating to borrow seven point five to borrow

some seven cents million dollars. They'll won't buy eurobones showed by Nigeria and end eight point five whether they paid on the bond today, who will given't moan in Nigeria's whether than too Nigeria's so Nigeria is there, big Daddy, but they take their green war we should have done. If you see them issued a dollar bond, we are able to keep those dollars or to remove the

dollars from dom accounts into where the Citian can use it. Then dollars are in Nigeria, but the Symbian cannot use it because they don't have those dollars. Talk I see you here, but less okay. So that has been stopping n from doing the dollar bond because you do it dollar bond nous. Nigeria's off currencies in Nyra not legal tender. People confuse legal tender with currency.

Pure currency that the city can issue currency isnyra. So you have to pass a recognation or a guide that will say you can issue a dollar bond, which is what that's they've done or they want to do, so that would bank. You can issue a europe bond. We need that. You can go outside Nigeria and borrow dollars for Nigeria, but you can't in Nigeria

issue a dollar bond in the past. Now they will allow your band to issue in bond, so cook bond further, the investment bond in dollars so why would I keep on it in the dom account in Nigeria when I can give you to a dollar bond and dollar coupond, so I eliminate the exchange risk. Right, that's essentially what where they should go to. That way they can grab that tetipidion and invest it, so everybody's happy. Comments is happy, and that's not everyone is happy. That's where they should go to,

because then I showed the way. It's not hard. This is not hard. They make it look so complicated. It's not hard. We're moving too slow. I keep making this point. Now, you guys moving too slow. We ponder we get two days. We are moving too slow. We are competing two people. Is not to take two seconds to do what I have you're doing. We are moving too slow. If you don't writing

a year from now, it's wrong. If you don't righting a year from now, it's wrong because if with that at that time, we're too slow. Bankers don't. I'm not slow, mister. I go, you know so yourself? Oh okay, you're good, gets any member from your DM, but I think you should be good. I'm good. Thanks, I'm adding your back in here. Doctor said you dropping a bout and leaving,

but Doc have added your back. I go please go ahead and foot doctor comes okay, okay, I'll thank you so much if we okay, fantastic. I think we're see some beautiful that in so far. But my concern is on the aspect of the you know, the policies that have been introduced, and you know, the long term parts, you know, on the outcome, not just in terms because we're looking at the economy, are not

just looking at the influent flow of resources. We're also looking at the other micro economic variables, in terms of employment, in terms of you know, so many other variables as well. And we did some modeling about two three weeks ago where we took come up the policies and then we modeled for the next ten fifteen years, and then we're able to factor in some other variables, including both climate change, you know, as so many other variables you

know included there. And you could see that most of the policies being introduced, especially at the phisical component, not the Mouletro policy. Now, they were thus introduced. If I can say more, we are not properly taught. True, you know, it's easy to you know, to the crazy documents and then either get them published or get them you know, approved and

at effect. But by the time you begin to model the personalization, you know, in terms of the outcomes of most of these policies, you could see that the long time impact is not as op positive as the you know though as some of the short runs we are currently having and when we do down modeling, the outcome wasn't so fantastic. Because we picked some of the vital policies and then we were able to you know, layer them over to

see what the potential outcome will be. It play surprised, you know, to know that most of them, even though at the initial kickoff stage, would may lead towards you can say, will be increasing possibly the household income for example, but by the time you begin to model down to ten years, fifteen years, and towards thirteen years, you could see that given example, give me a clear example, eque thing you don't give you okay,

okay, okay. For example, we we took some policy, the native policy from a grid for example, that was supposed to run for the between our twenty deity, and then layer that over with the updated NBC and the climating policy for example, so in terms of operationalizing, because under the climating policy, if you need to look at the cable market instrument as well, which can also fit into the police crisis if properly a part life as Yeah, a couple of pot are you talking about? Okay, so okay,

let me let me let me take it again. You know that, That's what I'm saying. By the time begin to look at only the monitoring policy and the physical component has all the subt polities I mean policies in terms of both sectoral policies that are also supposed to drive these processes. So and give an example for you know, we did a coat analysis for the National Agriculture

Technology UH policy, the native policy. Now we layer that over with the updated NBC, which is the National Timing Contribution, all right, and then also layered it over with the in any Transition Plan and then with the National Climation Policy. Now, these policy instruments are supposed to trigger we're operationalized.

I also supposed to trigger investments which under those those investment plant are supposed to be created under those policies, which are supposed to drive the investment in that area. So for example, if I take the native policy, and then

you bring in the the the now where you're personalize it. You discover that at the short term we're going to have massive increased deforestation because we are going to have increased what's it called land developments for acuture production, for commercials, skilled production for example, which would have a negative impact on the climate. And then for that INtime probably exposure. What you're seeing this for instance, is this we cut the trees in Abbia, steam to plants, oil palm

plantations. So then because and address they just seem to have negative climate. That's what that's what you're saying. Yes, I love give you an example with one of the policies for example right now, now, if you because if if if you're looking at because if you're looking at immediate release or immediate relief, if I can use that word, you wouldn't go for plantations.

You will go for short term high demand for example. Right, too much into the weeds here, right, you know, I get going to do this, I get it, but we're not going to go into the weeds of policy and short term long term climate change. That might not be a topic now, but try the topic really is going to be the to do the exchanges, the Mansian policy, and then plan. I understand what you're saying, but I just want to be sure the die is following you know

that. I understand whe where you're coming from, but people are feeling for a specific thing this this space, and we have about an hour before the game starts, so I do I do appreciate your contribution. I just want to make sure people are following you. If you if you get what I'm

safe. No, it's great. But what I plan to say that even though you're focusing on only the market policy alone, you cannot take that away from the all that policies that we draft, the process, the policy, and lo just like Hanger and without the basic I hear you, and you heard doctor also said that Sybian alone cannot do this, and I completely agree with you. It cannot be a CBN alone, sitbing alone cannot drive exchange rate alone. They can only set maybe maybe a rate or a guide like

the exports that would drive the exchange rates. And like you said, we won't even sit there entered it. We have to we have to drive the economy, not silos. But as you know, as a composent, I completely get you. But I'm not trying to make sure that we are on points, and you know you are going in some weeds with policy. We might not follow on a Twitter trend. I'm not sure, so I con agree with yourself. But let me just here, let me get Kenny Kenny

kind of color? Kind of color going for Shima nine eight or six, Shimanno six, We've got a closer Shulman nine eight, will six. Hello, Hello, good good evening, very fine, Thank you, calor you big for so for the noise. I'm trying to work. So I just have a real quick question for you and also for I don't have to stay around. The question is to speak. The question is what I have been seeing different people's solutions, and I answered, what certain solutions do we have

exactly? What is it to boost? Is it? Is it? Is it to boost put activity? Over that? So we say, is it is it? Is it to make sure we produce more food? Basically by cutting oil taste, we make sure we have more investments in the area. Because I think somebody disagreed with you earlier seeing that, HM, the fastest way to get dollars is just to expect. The issue right now is that we lack investments in the in the oil. Is that really the case?

What? What have the short term? Everybody short term is just to export more cruder because the oil is already there, it's just being stolen. So if you're able to get security selfies to to what's going to guarantee that any oil pumpt will be exported? Just we don't need to do any new investment just to get honest security men that would watch the oil pipelines, take the crude oil and export it. Once we do that, dollars flow in. Once dollars flow in, the Nira will gain value. Is the fastest way

to make your currency appreciate. So I always get surprised that we don't ask this question. It's like, this is the fastest and easiest way. Simply ensure that the crude oil that is exported is tracked and exported. That's all the night will gain value. So all the CBN seculars every day is a new secular. We've done more seculars than as truckers have scored gos in Afcon.

If you simply go into the seat to the creeks and you say we want to ensure that every oil barrel pumped, is captured, measured and exported, the NARRA will go back to five hundred. Note my words. If Nigeria exports every crude oil barrel that it pumps out of the ground, the NARRA will go back to five hundred. It's a very very simple thing, very very simple fixed. But they don't want to do it. So who is day I don't know, but who is in terid of exporting crude oil?

Day? That person doesn't want to do it because why would they not do it? If they can do it, why would they not do it. It's only because they don't want to do it. Because if you have the solution is so easy and you don't do it, then you don't want to do it. End of story, right shin so trying, That's that's the answer the talk. And if you're back with us, yes, before you let I was trying to get you on the record to say if you

believe that this reforms of the you already answered that question. But you were going somewhere and then you were caught off. So you know, I mean, you were going somewhere and then you were caught off. At the last time we spoken, we were talking about the monetary policies, we are talking about the physical side as well compliment. So what what the truth is?

If the physical side you just sabilize the physical side of the of the economy, the governors and the presidency and master courage, master political will, master honesty to protect our island gas resources so that everything we produce showed would be stun all lost. Two inefficiencies. The naira would appreciate so much against the color. It's a very simple lot of demander. So, like I said, our legitimate import bill, import bill not tainted by corruption and criminality,

is that for the three billion is about fifty three billion dollars. Nigeria has capacity to circle and tried the aspart. Let me tell you cal if we're able to consistently bring in about one fifty billion dollars into this economy every year, I'm able to check mate and rending the criminal demand for the dollar, I bet you the nira will so appreciate against the with the warning you as the word fire, chasing it down. The challenge here is not the monetary

policy managers. The madle challenge here ninety percents are the physical managers. Do I have confidence and throw that they will be able to live up child. The confidence is zero, and that is the truth. I don't want to deceive myself. So I mean, let's look at revertiences. If natures simply increased the remud percent, that would have a huge impact, huge impact on

the foreignst endings. And we're doing welfare as so if we just simply got the Canadians to seem just increase lies by just ten percent, that would be a cad. That was an interview. I've got that light and the yeah we love talk again dot lost less let me yeah, Doc, I'm so sorry, Doc, I'm so so sorry. Your audio is really dot com project your audience bad. We really want to hear you out and get your talk. What your audio is really really keeping those back? Let's let me

get all our edwards all what's your take? All? Right? Thanks so much. So I've always for the your writers, and I in a lot, lot a lot I agree to so many of their oppositions, the topics, the three points you know today, I just want to pick on maybe just one and how maybe hopefully one of them would have I mean, they

all have correlating effect anyway. The monetary policy, So in quick as I think the last back I was saying mentioned as added to the monetary for sure, But in just In Layman's TEMs, minetary policy is all about the money circulation, the interest rates from the center back the physical policies, about the

taxing and the government spending. So if you keep those two keywords together, what we have in Enginia and which I think you've spoken you really writing a lot about, is the means management and the use of spending by government. The problem, yeah, is this we have an I think, I oh, I don't know how we can. I don't know. Maybe you can people dedicate a lot more time to proably educating and maybe somehow thes wh would

drip into the government. So far we need to kind of structure and wrap up the physical policy of Nigeria. We all keep talking about the monetary policy. There's a lot of topics, a lot of talking, a lot of things because we are concentrated about the central bank. But the central bank is it is it two edges word. The central bank does its own monetary policy, but it is not catched up, it is not leveled up. It's not a leverage with physical policy. And that physical polity is about the taxation

for example, I mean I I read somewhere I'm not just sure. Maybe I mean I've been out of nanger very long time. They follow the you know, Nangeria for politics and the economic system being a fact that I'm I file atangera with a child account and I work with a multinational right now, and I will pick a point point also from my point of view as a multinational and how we deal with Nigeria, we have a very poor taxing of

them Energeera. And when I say this, it seems to suggest, oh, you're not an Egeria with atcore with the situational people are going to your expl them to be paying tax. Why is Lego State what it is today because of the taxes, because of the I gr Lego State is able to muster. Imagine if we could, if Lego State, if Engerer could would as a feder government were must have the same kind of courage that Lego State is having to kind of even deep ay about twenty thirty percent of the idea

that Legosy is able to it would generate. I think we need to put more talk. We talk a lot about manager which is good interest to it our central ban because controls the circulation, push money into the economy. How this cause inflation and you know, to money money for tolp them to less demand, less the resources. But what about the lack of generation of igr from the government through taxation. That's number one, And then we have this

completely ballooned with spending recklessness of the government. So if we say physical policy about taxing and spending, which is government's side, we need to go the government a litill be more responsible, maybe by educating them, maybe which you're someone like you with your you know you're with you reach to me to wry to reach the oposis of the people who are going to be looking and saying, you know what, let's start. Let's start with some taxing. I'll

give you a quick example because I know because of our time. A young boy just came to the country. They're just entered the Germany. I live in Germany. Is a son of aware now nangeran person, you know, high level person and it is here to study. And this guy was surprised how almost everything is taxed. Everything living in Germany or everything. You can do anything without meant with that fact, so without having your five percent percent whatever it is on it and it was surprised, and I said, this

is how this country works. They have no mineral resources they live on. If it's good physical policy, even Nigeria could muster fifty percent of this even with the recklessness of spending of government. Believe me, even with the recklessness of government and general will go because it to leverage the monetary policy that because of the Centric Bank is trying to do the comp that the physical policy, but strengthened the monetary policy, which just what actually honest I might take.

So I hear, I hear you. Let me try to address something for in terms of taxes and or taxes, and I know I'm going to get into problem. Let me say this right, but let me I'm gonna use that, but I'll get into trouble. But one thing is this right, Nigerias don't pay tax because they don't see any. But that's besides. I've said that, that's a besides. So we pay a lot of informal taxes a house in legals for in terms who had this whole water supply? Let

the supply on security. So is it's good to private school, private hospitable soul their like in tax if you look at Lego states as a state, look at Nigeria as a country. Date in Nigeria to really have the art of tax income, the only income is access pay pay as you earn is you get to pero tax, so you get paid the pay roll of your company is taxed by the states in which you working. Right, so if you take it like um Bay state, Goba is number one state in Nigeria

according to the ease of doing this. So if i's up in Nigeria, I go to go, They're going to get more incentives in Goal than Legos. So why as going be not be able to tax and Legos le to tax because Nigerian federal government taxes incomes of come not Lego can a little bit of what we just said. When you then go to Lego state, why those Lego states get I g are higher than Gumbi because companies in Nigeria are registered in Legos and Bucher primer thrue CD. So if you're where sure is

that in Legos? Where is moist Legos? Where dangutter is that in Legos? So even if you collect your salaries in Gumbi or in Aba or in Cartsina, legost it gets the idea. So Legos is an out liar for taxes because paye and the Nigeria law favors the outline because you only tack AE. In America, for instance, states can attack what they want. So Florida does not have personally contacts. California has personally tax companies are leaving New York. In terms of text, they are the small reader. Yeah,

yeah, going to get low tax pis that in Ninete? Not really? So if you go to go and be but your company was registered or illegal STIs you're going to pay Pey and Legos to get that. It Okay, but let's let's let's let's lett shu. Let's let's understanding here. A little bit of it looked. I'm just kind of negative, A little bit kind of negative. Little point to the points is what I want to do if we want to dip down the taxing issue right now. For example, in

Germany, you the way our tax structure is made. If you hand like five thousand euros a month, I can tell you that about forty percent of it is taken up. And the way it's broken down. Is this a large question of it is going to the health insurance. The large question the next question of it is going to your pensions and insurance. And then the next perssions are other maybe tax which you can opt out. You have social

attacks which you can which is mandatory. Now that those taxes are good at a large day, go into the government where the state comes in on the consumption level. And this is where what I'm talking about, if we can, if states can monster this kind of you know, aggressive push. I think I think it's a great long way, but I think it's just't weird the fear as it. Yeah, the point of making. The laws of Nigeria do not allow gon Be to tax income of companies. They can only

tax the in pay roles. No, Nigeria's number one income source is in contaxt of companies. The reason why has a huge igr is that the capital of Lego of commercial commers Nigeria is Lego gog outliers. You can't Legos with Gumbe on any other states because those are payrolls to tax. So shell egg zone than go to. These are covered are not based in Legos, you know what I mean. They are drilling all and not quite bomb. Their industry is outside Legos, but they are paying the payroll tax in legos.

So if you do a physical vetereralism where you can allow all the states in Nigeria to determine the term to tax it. But if you if you want to go with the argument with the point you mentioned earlier, that because then you don't see the outcome of their taxing. That's why they're not encouraged to do it. I think we're not still doing it. We're not still doing theself. You can't blame in Nigeria for not paying taxes. I did that

before. I've stopped. You can asking Nigeria to pay taxes. When the National Assembly workers are saying that they cannot cut one coble from their expenses in this time of austerity, everyone has caught everyone is paying more. National Assembly on record said they cannot cut one cable. They went ahead an important luxury SUVs. You can't blame Nigeria's I'm not saying you should dodge taxes. I teach people how to avoid taxes and that is legal. There's tax avoiders,

there's tax evasion. Don't invade taxes. But anything you can do not to pay your taxes, please go ahead and do so. It's legal. That's why many tax companies exist today. There has to be joint responsibility. The Inciblians have got to pay tax and the government has got to be responsible with tax repiners. We can't make noise and say you want to buy a five billion Nairai yacht for the Nigerian Navy. You go ahead and buy, then

come back and say please pay your taxes. There's got to be joint responsibility. And to your final question. V eight is created in Legos because Legos has invested in assets in Legos. So V ety is a tax on consumption. So the Legal States invests in red line blue line. More people come to legal state, they have a deep sea port, they create more V eighty that then boost their bottom line. That's one way to do it. If you allow the same rules from V. Eighty to apply to the federal

income tax, then all states instantly become viable. You can't tell Lego sty they can collect V. Eighty, but they can collect income tax or corporations. What's the difference. So that an military law that was created by the military, it has no business in economics or physical federalism, Why should his state Abyo State not be able to tax companies in ABBYO states and not be

able to reduce taxes. So that means that that was like a say, I want to go to abbiasting because in ABAS the only text me one percent corporate in contacts. Why can't they do that? If you did that, then you credited six plus one sit zones of economic prosperity, not just legos. That's how we have to think all these federal old school things. Kick

them out. I'm bringing brand new ways of doing business in Nigeria. Great points, and that I see you dropped off a great great great questions Necker Necker one go hig hydenen teep holding on the model of three essets of ps like Necker, do you have a question please? Necker going once, Necker going twice. I've got polonium seven seven. Yeah, call. Thank you

so much for this space. Basically, you know, I was listening to this space and one thing I'm gonna take away from the conversation today, it's the fact that this government, like the ones before it, probably you know, it just lacks the political will to do what is right for the people. Because I mean your two conversations ago, you know you said it clearly

because you know, sorry, for the backgrounds a bit. You said it clearly, you know, because I was thinking, is it that this government they don't know what it requires to solve the problem, But you said it clearly. These the solutions are there in the reach. You know. I was going to ask, what is it that this government has against helping nagerants to helping to grow sames in Nigeria, helping to grow small businesses, helping nagurants to go back to the farms to start to produce, you know,

to export. What is it that this government has or what's hindering this government, you know, from being able to assist Nigerian because there's nowhere in the world it is esamins that grows economies. It is estamins that that employ citizens. What is it that this government what is stopping what's preventing this government from doing what everybody knows is a simple way out of this quak mind? Thank

you? That's my argue with that. Let me tell you something to write if you were to ask the two issues in Nigeria today, there are two issues and one one underligning issue. The two issues are number one the non exports of crude and number two is the bandit tree. There is nothing the CBN, the presidency or the States can do if these two is nothaken care of nothing. If we don't take of these two issues, the presidency of Latin Nouble will not succeed. And I say it openly. Number one exports

of crude oil Number two bandished. Let me break it down for you. If you don't export crude oil, you will not get foreign reserves or foreign currency into Nigeria. Nigeria's number one and by wide man almost eighty five ninety percent source of crude oil is the export of crude oil and gas. I U still think, who are exporting cocoa and robert? Forget that nurs audio Niger does not export those non oil things. That is too minuscule. We

don't make five billion exporting those things. We don't forget those crude oil, cocoa, Rabbert, soil, things cash. You not forget them. Nigeria today is a crude oil and gas exporter, which means if you don't, it's like you have a company giving you eighty percent of your revenues and I have a company giving you ten percent of your revenues. If you want revenues,

where do you invest in you can go for the ten percent. If you make that ten percent one hundred percent, that's giving you ten percent. If you make that eighty percent, even ten percent, that's eight percent on on your eighty percent. Look, the matter is spelling you. But if you invest more on your largest source of revenue, then you get more just by for you. So why are we not first on oil and gas? That's number one? So without all the gas exports, the Sibian policies and

this government's economic policies will fail. You see where we are boring because we're not exporting frude oil. That's number one. Let's talk about number two. The bandits. Why do it's balanced? Are balanced? Important? Because bandlets are restricting the food supply across Nigeria. Why is food importance? Inflation in Nigeria is driven by food. Food makes up fifty one percent of the consumer

price index that tracts infliction. What that misnablishes this If the price of food goes up, inflation goes up. So you in Legos that wants to buy an Apple phone from a big won't take a load to bang Apple phone that the bank of chat. Maybe that's just as you ten percent If bandits in Katina or in Kby strike and the price of food becomes expensive in kt in Katina and Keby. It affects the price you will pay for your Apple phone

in Legos. It's linked. Food drives inflation. Inflation drives interest rates that the CBS said the monitor policy with and that drives what your bank will charge you. So to reduce interest with in Nigeria, you go to the source. You take away the bandits. So there's food in the economy. If there's food in the economy, interest rates for if interest rates for your cost of doing business an SEMy and as a consumer also fall. If you can't

take away the bandits, you open up the ports. You can let Nigeria suffer because you can't give bandits. You open up the ports, you allow food to comes to Nigeria free of charge. That would mean that the cost of tubers, plantains, meat, fish will fall. You give Nigerians a salary increasing because they're spending less on food. If they're spending, they are consuming and the less are consuming. That creates jobs and productivity. Right now,

we're covering our eyes from the sun. We're saying we will not allowed to look out food because we can kill bandies and will also put on our borders. Why I kill ourselves? So food is expensive? Lookout, food is expensive. It that's just it. Those two things. If you don't take care of them, oil exports and food supply to the cities, no economic policy you do will succeed. Write it down. This is the issue. So whatever we say is good is short term. Until you fix these

two issues, not an economic can happen. You know, economy can grow with twenty two for an extended period. There's nothing wrong with When we had COVID inflasion went up in America to eight nine, that is down to two percent. That was a shock to the system. Right, you can't have an economy in Nigeria where implasion is double digits amount of eleven about twenty percent for months. It's been twenty percent plus four months in Nigeria. How do

you plan? How do you say? It's impossible? Sorry for I mean sorry, sorry, sorry sorry to do I mean we know this, We know the problems, you know, but I was just trying to sol see some help from you to you know, if you have been able to identify what the problem is, what is stopping the APC goverment problem doing what you have said, because the one is there, why can't they do it?

I wrote my point, I will retake my sociou one go and get a navy, either the Dutch Navy or the UK Navy, and you give them a contract to patrol the Niger Delta. And as you stop all atone and say, oh while we get to the Dutch Navy or the UK navy, that is that's against our solving whatever whatever, that's nonsense. Your nigieralavy has not stopped the tenth of crude oil. Literally Nigeral arrested the ship to the ship to nigeriety port. This ship disappeared, not once, not twice.

Google it, don't we don't listen what I'm telling you. Google it? So you have we have foreign They were right. I used to work for the navy. Oh okay, see we have for advisors for the soccer team. So we understand that soccer is so important that we hire you foreigner to coach Nigeria, so similar to when score goes in Africa. But we can hire a Nigeria Navy. We cannot go to your partnership with the Niger Livy ship to block the entire coat. And because oil that ers to stop,

they have to explot that oil. And you can't put oil in your pocket. So once you stop the oil and stop them, that's number one for band It's the same thing bringing me if you can't do it higher maceinaries. This these bandite you are seeing are going after the natural resources. They are going to say the gold, the lithion in those zones that isn't bands in,

So they're coming to your place. They shoot, they checking out people to cause fear, so the people run their way because they are few of brandies than miners moving have to export the goal and the lithiumnted to see inquired. They caught trailers exporting raws and oda. Sand is lithium little is more per pound more expensively than crude oil. So the oil solinary and nothing to that has been stolen. So this is what you have to do. Bring

in ted parties. If you can't trust your your your cook eat outside, say with Enginia. If you can't trust your armed forces to stop the theft of crude oil, then give parents to go and get mercenaries higher and a foreign secrety services to give them a simple, simple mandate no crude oil leaves the Nigeria delta unless I how many shifts fascinated the parents to sign them is bureaucratic, but you get this money. Say with the bandits go in the

and they eliminate them. If you don't do it, Sibian policies and the economic reforms of this present will not succeed. You can't bring down inflation until you break down food prices. That's just it, guys, that's just it, really okay, James, So hey, guys, I wish we have We're gonna can I ask a question. It's like person in Nyeri is tied to one percent is tied to food. What about in the US? How

many percent is tied to food or medicines? It's for this food, food and fuels are what you call core with rent in America and what to right, what they call core inflation. But it's not fifty one percent. You see, the difference is not fifty one percent. It's it's what drives it, but it's not as high as fifty one. So in Nigeria, the average household spends sixty eight percent of their income on food. That's a problem. So we spend a huge and it's one of the highest the world,

and it shows poverty. The poorer you are, the more money you bend on food. Food in America is very very cheap. Food Langer is very expensive. So when you get your thousand and nine in Nigeria, you spend bulk of that buying Yam, buying Gary. When America you are buying you're paying for rent or daycare. That's the difference. So they can search food. We can search food. So it's not the is what drives it.

Per Safe food is a very bad dangerous food is national security? You can have in a country where people cannot eat, what would they then do that they can eat? The World War TV? Not possible, James, thanks for James, go ahead, James, you got the floor, Okay, thank you very much? Or do I actually joined in late so I would try to listen to the recorded session. Well, I have a question and

comments, so I'll just give the comment Fase. I think I agree with what doctor said when he said he does not trust the people and in the phisical side of the entire economic policies. So I think the relationship we have with the government, it's one of bad fits. It's not in good fit. So we're expecting the very best, as in they will do things that are honorable, may just be wasting our time. So because of that, I'm going to spook to the second question, and which is how does it

directly affect me? And how can I help myself or edge myself? So I have a question in that regard and the question, by the way, thank you very much for I for educating us. Every time I come to your pach. There is just something to learn and it's always fact based, so thanks. So my question is, so I understand in little of the entire requirements for the up for free market. It says there's the willing bayer, willing seller, and then there is only kindred entry. You can enter

the market and leave the market. So maybe I don't know much about the policy. But how does the fact that I have USD in gty and then we understand now that my USD will be prized at the prevailing rate? Maybe nothing. So if I approach Assays Bank and then this isn't coote because it's unsotiated, assays Band decides to give me he rates more or less like what I would normally do with the black market assays band decides to give me a rate that I prefer to what GT wants to give you. But my year

is this domicidin in GTI bank. So what the fact that there is I don't know what is a policy statement to that, but I know that I am not able to transform money from my GT don'm miicided the missiy account to my assets bandits So normally yeah, it's no so but now with this new policy, does it just affect only the I mts and that money that came in or I can't even go on with trouble because if I wedraw it,

it means our go to the black market as normal. It means the news policy right, so we're going to get it when all the posits are going to be available today. The overall policies, they've removed the insats on governments set price. That's really what they've done. These poss are asking a more tactical questions, Right, Oh, how can I do it this way? We appointed that way? You are right, But overall, the strategic decision

is that the price movement is going to be based on the marl. If you go to your bank, take out your dollers, go to the other bank things like I would work. But that's what we're talking about. That the overroop all is that there's no price pres a no more black market. There can be a black market because it's the same price going forward, right, black market, your bank on the market more or less. Okay,

So I'm just just a fullow up question. So my appeal to you, particularly because of your wider riche is if you can start to also push that so that if we are truly liberalizing the market so that there's no one relating it in terms of fixing the price, then they should also it should be part of it that that freedom to enter and freedom to leave should be should be truly entrenched or it should be san procans otherwise we'll still have the policy

in the papers. It's really good. But then when you want to freely freely like in comparesing to I understand that it's just inflection because of security, not because of monetary issues. Right, you just can't move money around in Nigeria, say in America, you can't go to a the American band just a to transper money. They'll write reports, they'll write a report, they will do it for the right report so it's just it's not it's not all

monetary or it's just really sometimes you just want to track what's happening. Imagine a guy will send nag who wanted to work some guy tell this guy in some states, you know. So, like I said, just focus on the big picture. Everything can be set today and work today for the big picture. The cap is gone, the on prising is gone. Let's walk our way down. This was just announced two weeks ago. Right, let's

see what next to it to break. That's what I will say. Okay, thank you very much, big e. All right, good evening everyone. I just starting the next few teens a bit. Yes, now is the match is nine pm? Okay, all right, cool, good for it. Thank you very much, mistercount for all you've been doing. But I actually wanted to ask a question to doctor boy. It's no longer. He talked about Nanderia can actually pay hundred thousand and as minimum. I wanted

to hear that conclusion. That's actually why I came on. I don't know, but it's no longer. Yeah, I think where he was going is that it's not that we can't spay. I think he's talking about the means and the capacity to pay. He's saying that we have the capacity in the country to generate that wealth, but that it's not being generated because the folks in charge are not focusing on that world generation. I don't think it's a new argument. You can pay more than a month, It's not impossible.

It's just we have thought to generate that. So the current question is how do we generate our world It's not impossible, but we have to take better, the hard decisions and spend the right way. That's that's it. You know what is the world generation? You know? Let me give you a very Do you live in Legos? Yes? I do you know if you go to a jata or the two ky to? Well, how do how do plantings come to Legos? Do you know I've ever been to a jota

kay to my twelve? Or bring those plantings from the precisely delta cook? Or have you noted the cars they bring it in with? Have not seed? The cars they bring it in? Some of them they come with the nine one one? Actually I did that business. Yes, Ricketty stations were gone. They impile the planting and markets man will come from. Yes they do that. Okay, So imagine if imagine if they road to the villages were all tired and that market to man could call an uber uber nine one

one. So on her phone, you'll call uber nine one one uber overcome, pack up plantings, pay her cash there and then take the plantings to one factory in Legals that will sliced baggage in bags and sell the planting. Do my guests have money they to day factory employs people. The people who are their jobs to cut planting are putting it in the bag. They go to a bank boroughman to build more factors in Delta in Kirke selling this mass

planting all across Nigeria. Some more guy takes the plantings and explot it to Canada. Dist it starts to get dollars from that has small family and dedkota. What do you think is happening here? Creation of wealth from the same planting. If you go to that legos that you see the recreating women family in Nigeria is seen as a poor occupation. Now you are not going to

go into farming until you change the picture of farming. Whild us doing fintech today because it's seen that if you do fintech, you can make money. If you could, you make money while us doing banking. If you do banking, you make money. Anywhere do you see money they go there? Why are they doing medicine or lot in those days? Because you do those things, you make money. Nobody's go to farming. Familysair is not what they're doing. Family in Ohio, I go to farms in America. They

don't farm where we're farm. They don't use cotloss at whole. And it's one family with farm hectas of land and export com We'll do the same family here. So until you turn that woman, we tell ourselves to farm hectors of planting. But you've got to make it easy for her. She can hire a tractor, she can plant and tend stems that are given to her that are basically past free. She can do her fertilizers, VI orderant on her phone. She can haver best those things, put them on a truck

and export it from her family and her veliculta. That's how you create world. It's not good to be will create work by giving her a pep or doing money, or that you will lend not to cret in five thous You have to sit down and say how can we make a plant pain farmer in our bel guttera export planting ships to Canada. If you can walk back from that answer from Canada to Nagos, back to her factory or her family in

bel Gutta, you've created that world and do the same for sorghum. Do the same for corn, do the same for wheat, for cassava, walk back. How can farmers be do cash cropping? Doctors? Doctors always talk about cash cropping, dwarf palms and all that. It's talk about it a few weeks ago. If you can't turn farming to everyone has a piece of their village, they're planting the cash crops. You have someone that will buy those cash crops and export it out of the country. The next money is

you make money that everyone's going to go to family. Family will become like colding. You see kids living school to go to family. Let me farm my my dwarf coconut treat because I will to export this whole content and make money. That's what will happen. That's what will happen, and that's wealth creation. It's not this big lots of power point lies that this really you've got to be deliberate about moving from intentions to outcomes. That's just it really

Okay, thank you so much for doing more light. Well, this is my second question around this, basically around the new Sybyan policy. This I wanted to you know, they are FinTechs presently that created or probably their solutions for students are school a broad instead of instead of using our cards and you're not able to use it before now defom transactions, dollar transactions, they has

ceased to do these things. They're their own platform or one in an order was actually easier fit for them as regards this new cash policy around this, since people can Okay, so I'll give you an listense. The havere FinTechs presently before before now no thats use their cards international transaction by Alan do stuff on their own. So some years ago, I think two years ago, the Sybian stopped that and FinTechs came up. It's that assistant Durians do these

transactions abroad their their own system. Now with this new policy, new system, this new policy, whereby is there really a consequence for those pintech is their business. I don't really understand what's there for them the continue evolve or die before the fintex. The FinTechs came because of the policy. That's why they had the FinTechs because the policy came. So fin techs came to feel a need that the policy costs. So if you don't evolve, you'll die,

you know. So right now you're going to see new lots of changes. Now noted that sibling has increased the capital for IMTLS internation normally transfers from about five hundred thousand to about ten million. Why because there got to be lots of folks I want to come in here and do that business. So if you don't evolve, you will die. So the company is going to have to now evolve to take advantage of this new policy. It's a new

dawn, right, So the money's gonna come in. But like doctor has said, this money is going to be coming in for the short term. That's FPI for foreign direct pert. Foreign portfolio investment is going to come in faster than foreign direct investments. If that foreign portfolio comes in and it finds that it is a very very good place to stay, it will stay.

Then the FDI will come after it. So what I mean is that people will first of all invest their money in Nigeria bonds faster and easier before they will come and build a factory in Nigeria. Follow companies that live in Nigeria will come back if the macro is fixed. Ex changage is just one macro. It's just one macro. Thank you, thank you to appreciate you. Yeah, look Toba Island, go for it to buy your expoy ib profit

profer care about your head is up? Yeah, thank you can't do so, you know, or when the man was talking on dorma accounts, I don't think this policy will stop you from taking dollars from the dorm account because you're paid in dollar, so you can actually we draw dollar from now. So definitely, if you have a better rates that you want to sell to an error in the bank, you can go ahead and do that. But the problem with this is we still experience it's where you go. Even for

an Iland, there is no you can withdraw that much. So in the sense that the band don't have enough, so the same thing might still be happening, then my start using those anticks to sell. Okay, we don't we can't pay more than thousand dollars now because we don't have so much probably. I mean, this is just what I think banks could do. But you can we draw dollar from the dorma account for now, there there's no policy on them account. I was going to talk about one other things,

but I can't remember that now. When I come by me, when I remember asking, all right, super and I've got you Jolf as well, I go and just the quick ones. I don't think. I don't think I turn from them to dorm, but I e from back to back. I don't think I go to Access bank and say move my dorm from Access back to treaty back. I don't think you can. You can withdraw from Access bank in cash mostly you can transform back to bank. I don't think

you can not yet, I don't think you can. That's what he's saying. Yeah, okay, I got okay, just just to truss what you were speaking on earlier. But I'm not going to give real life personal example. You know when when they said this banded tripting, that's it. People

don't understand the actually impact in terms of food production. Right. I have been in the few in terms of commercial skill production for years now, and I can tell you that as of last year, we have to take a painful decision to withdraw all of our activities from the field in terms of commercial you know, crop production, and it is basically because of insecurity. So and so many other lage scale producers have taken that decision as well, because

you can't produce. You it's either you if you can't. The risk seems to be getting higher, you know, every day. We got to your point, okay, we have to stop going to the field directly. We started using regional managers and all that. Then after a while the athert was

also threatened. Then we have to down skill to local and we get those and after a while those local and get those also became So as we're speaking, it's no longer sustainable to do you know, large skill, you know aggregation, you know, and I can tell you that so many of that you know, large scale producers are also you know, doing the same. They are taking a break to see, ok let us, we will see what is going to happen, legocy if the government is going to actually take

any decision. So you can imagine the impact this is having the you know, these small scale producers who are we give some small micro preduce to be able to fund their small scale production. So it's it's getting as bad as that. So if they don't do anything, it is actually going to get worse. A bubble risers of today's around seven seven thousands, it will likely get to run togital if care is not taking So I had the President talking

about possible opening up the broders for importation. I feel that may be the best route to take if they really care to, you know, to reduce the current you know, economic impact, that may be the best way to go. And if they don't do that and then keep on locking down the borders and they keep on making the difficult that people can't even okay, this is any families in most of the people have spoken to say they're not going

back. They are not funding any any outgrow asking. They're not funding any outgrow projects this year. They are holding on their resources. Somebody have already combined BASSA, but they are not making any investment in agriculture until the security issue is solved. So even if you do your commercial scape production, how are you going to aggregate because you have to do there. You have to send people then to be able to do that, and you can't go to

those locations because there is no airport directly at the family feuds. Even if you want to say you want to fly, so you have to still go by road, and you can't go by road because the the secret situation is high and currently you can't take stay, your family, can'tables stay your feel to do operations because you you will be going to target after a while. I was mouggled out of a community while I was almost kidnapped. Just a

personal relationship I have with the local ama. That was how I was smuggled at in the evening, smuggled out of the community. Otherwise I would have been kidnapped by that same night. So you can imagine that kind of trauma and that kind of impact. So if they don't handlings, I don't see the issue of food inflation coming down a whole state example, if you sit down to let them two point by person and same thing with so many of that. You know, light production zones are not there and it is really

that serious. But we have been on that reported. You know, the

reporting, this kind of reportance seems to have remise. I don't know that because of the policity, you know, in terms of the media policies and order but if we really know exactly what is happening, maybe we can take what I have said their pursu so as seen news articles that said that the administration and know it was the past I'd made mister Lai Mohammad, I'm not sure that's continued now where they were asked not to report banditry and large scale

attacks on the military in the hinterland. I saw that report. I'm not got verified, but I know there was a memo back then that says don't reports activities and people dont understand what's legaling. Like you said, the people in Legos in leaving the bubbles, so they don't understand what's going on in Nigila that the farms you can't go. I mean people get shocked. Oh wow, people were killed in Plateau States and they are they are shocked.

But the plap Plateau have been going through this, you know, on an almost daily basis. It just saw it in that in the news because that was a lot of people that passed away at one time. But they've been going through these issues day in day out, month in month out. And if if you wonder if this guy is are invisible, they seem to be in my mind, a grand plan to just populate that entire place so access

can be gone to romancecas. It's the same temper that was used in the Congo when the Congo's sending militias to just do a lot of killings and all that, so the human plasent can leave. Then you can mind diamonds, you can mind cobalt and all. That is the same thing happening here. And if you don't take control of your own internal security, you're not going to have a country. So the president, when I'm trying to pull it here, I don't tell him. You know, if your army can't do

it, get foreigners to do it. Forget all this pride national security today? Is there no national security today? There is. So if they can't do it, okay, give them time, give them the money. If they can't do it, get someone else to do it. It's your name, it's your statistics that's going to be on the record. But Harry sat down, He's from Catsina. He's sat down and for eight years insecurity consumed that state and the entire he's from there, his entire security apparatus. We

are from one part of the country. The entire sec he spends money from the ECA. He brought even American elements that were not given to Good Lord in the term were proved for him and still discontinued, did not continue. So I mean, you know, so it's amazing, it's amazing that this is going on. And are similarly not aware of the economic impact of insecurity in the food growing areas. Reef, Reef, isn't your thought of my friend, hid reef? Are you there real insights? Going once? Going

twice? Doctor added a new world? I do really think and I can hear you, so go ahead, yeah, I really think. Thanks so much for this privilege. The other speaker, I will say something about that's just an imputed about transferring dollar from one bank to another. There are actually two ways you can transfer from one bank to another within the same Nigeria, as in from the same bank national banks to another. In terms of FC one, you can actually route it to effect which means it has to go

through the intermiliary bank and come back. So the charge is still no tventy five dollars fixed stars and zero points five of the amount a transparring so that one works. But recently the IE window is another privile leg for you to transfer, So just tell your bank that you need to move money, so they just be it for you. I think I know somebody that didn't. Last November, they move money from u B to ACCESS so it went through an IE. I think those are the two ways and it's even faster.

But you know, for you to do something on i E. Not or not everybody's I can assess IE window. You must basically be an important You must have some certificate. You must have it from m you must have your your tax layers certificate. You understand not all are not everybody is qualified to do transaction on her in window. But for normal fifty you can actually do that. Doesn't so yes, said, if I have dollars in Uba in my dorm account in my dorm accounts, it's nice. Yes, year from

Uba from my bank using that healty and just paid that charge. Yes, but it mustn't be a personal account. It must be a company account. It's not personal account. So only corporate can do this, not personal, not personal. For you to do transaction on her in window, it must big business transaction. It's must you must have gone through a lot of process.

So a lot of people do that, like in a pattern. Now, most people that pay through a City bank, they do it with fifty and they're okay with judge in upper par region, you know, most custom duty payment and most payment to max Line, most payment to MSc, most payment to storm shipping company. City bank and City Bank don't collect cash from them, so they get your cash paid into their bank and do it fifty. It's anybody can do that. You know, all agents in an upper

partner they're not they're not registered. So with your b L and your invoice on the bank, you can easily transpire that cash and it mustn't be more than thanky months. Thank you okay, good good, good, good insight there, So we have to be corporate. You can thank you. So if you qualify for that, talk to your banker. Thanks for that. Inside there, let me do ken ken what's up man, Kenny Kenya, thanks again for this opportunity. Thanks for to do and be living too.

Everyone again. Yet another great session and just something I would like to say because you know, this year's spaces is quite popular and I know representative of the government, they're here and they're listening and we can say a lot of efforts on the monetary side and the incipient governor. I means there's been a marriage of is a flood of communics and let the policies coming out and we

and we are. We've seen that the treasury rebill rates the interest rates as has jumped from about in thirteen percent to nineteen percent right now, which which is a good indication because I remember there was a time in this country when treasure reviews was around around that amount in the seventeen around eighteen percent. Most

people preferred to invest in NIRA. You know, it's quite unfortunate that we got to an era where all you have to do was to buy dollar and wait for one month and then you will get almost thirty to fifty percent really from without doing anything. It's unbelievable. And we saw that huge spread that we never had before between official rates and the parallels. You know, smart politicians that I won't call them smart, prebious politicians saw it as an opportunity

to include legally loot the country. If I have I put that legally incluved, because all they needed to do was do are locate dollar to themselves. I mean, I know somebody who got a BDC license who had no office who had no shop just got a BDC license. Wow, because you know

the ciby and government. The number of DC licenses just skyrocketed over because every week they got ten thousand dollars and then all you needed to do take the officiality good to the parallel market and every week unique more than a million, two million every week absolutely doing nothing. I'm happy again to state that we

are seeing that unification. I don't know, it looks like a full a full brieflo of then right now though they've not a disciplion, has not command to say that, but that's what it's looking like, and that really relegates the the the the role of the businesses. Budices have been so powerful in this country. We all know, we all know what the businesses have been doing, but they be so powerful and that realigates them, and that brings

efforts into a ways of posibilities in the back. The banks should be the one courting according to willing buyer and willing to tell our model. I'm happy about that all these things are happening on the monetary side, but on the physical side we are not seeing so much happening yet these states. Every month we are seeing the allocations to the states, jumping and hitting records and records and records, and then we're having minimum which I don't call it minimum move.

I call it it's an injustice what we have as minimum between something duller as that today as minimum with in Nigeria and these people expect that people who continue to be calm like this. Uh, the key for staff permits me to say stated something or you know, very irresponsible saying they're going to regolate social media. That's not what we should be dealing with right now. We should be looking at how to bring ldis. Yes, fpis will come.

Fpis will come in the next few weeks because those are investment that doesn't have any direct link to your how how secure your country is. But for LDRs to come, the country want be secured. And if the country is not secured, how do we five food inflation money. I don't see any policy that is realistic that that is going to address insecurity as they look how governmental not not the army now, not army, not not NCD and SDC.

Fighting you know in security is superficionally we need to fight security at the local government. I don't care what they call it, whether it's the police or community police, it doesn't matter. Whatever it takes to ensure that I have boots on the ground in all local governments in this country where everybody, everybody knows who who is who in their community, and you have a a kind of security and to tell you that it is backed by law, that is

backed by low. This system already exists. All they need is just to formalize them. I'm not who is there different governors that's setting up some kind of digitality. All they need is to equip these people, get more locations to the state so that the states can have these people properly registered and and and and be able to secure our firms. We can fight full definition if we don't secure you. People are here, people are listening. This is

what you should be doing, not regulating social media. If you do the right thing, your people who come appraising why to doing well? To be and Angelia's are praising them, Bonna boy, all of them, they're doing well and Angelia's are praising them. Why are politicians not learning from these people? You keep doing the wrong thing and you want to cruise our mouth. You don't want those to talk. Yeah stuff, supper stuff. They should

they should They should be paradise and focus on the right thing again. Thank you again at that social media whatever whatever they do. That one is that the guys saw my tweet. The guys saw my tweet about that social media thing yesterday. He told me that should Nigeria try it again, that starling could be provided all across Nigeria. Nigeria's to learn into the internet to tweet that. Should Nigeria try to do any or whatever, shut off up the

internet or whatever you set internet and instance social media. I said to you know that tried again that starting, could we provide a lot all across Nigeria for free for Nigerians to communicate. So don't look for an ongled that alone. There is nothing to be regulated in social media. Regulate rather lead laws on the live belt and deformation. Go to the court and make those laws simpler and easier. So when you come social media and say something is wrong,

I can easily sue them. That's live beelt, deformation and all that. Leave the regulation. We know what regulation means. You want to make it that before you post you can. You have to clay through governments a sense or you can criticize policy. What I'm talking about criticism. You should look for criticism. That's why companies have complaints. Book. If you go to Google, don't you see them saying complaintly or test at Peter? Why

you didn't want you to complain? So they can learn what's going on and then they can come back with a better product. If you say, only praise me, the Bible says, be wary of you of men that only praise. Be wary when everyone speaks good of you. And what the Bible says, if everyone's praising you, have no what the doers is good or bad. The last Presence famous words were, I was not aware people just like that him. But what if we really wasn't aware. What if they

told him, Oh, everybody loves you, everybody loves you. You are just so good, so much good. You want to break that bubble and touch people and say, hey, what is going on? So you hear what's going on? Right? If you don't, you live in a budget, in your own magnificent bubble. And I think that Gary is still at tenk coble. That's what you think. The Gary is still tenk couble. That's what That's what you're assume. Doc Orpierre. If you're back now,

so let's see if you're w Let's go ahead, sir. In fact, the last speaker, the county last peaker, turns some points that we really need to look at if we I tally want to fight inflation and stop de caloping food community inflection in the market. This is family season. That is why I get angry and I get worry when I hear those governments say that they're doing this when they're doing nothing. The best time to put farmers back

to work is now. And to put farmers back to work, anybody depends on the police and the army and the conventional federal secuity agencies is just wasting his time. Over the last nine years, we have squammed up with the nine billion dollars important armor of five di jets, and they and they and the attack helicopters and whatever. Yes, the bandits and nappers keeps on growing in monstrosity and in the let me tell what is happening. You know,

I told you what. I just the government and I grow back in a half hea. I particularly worked out most of my members there in printed into one at the time. The bandits we are attacking them, they even threatened to kill them and all the stuff. So basically abaaa seventeen people they had to tell them to pull outs. I would had a group that I really wanted to come and work with us. Two they had plans or doing that, but five from to a co connots there because they said they want to

set up ecconnots within that area. Now look at what the alexity. There is a new change of God and a lot of things are happening as I'm talking to you. You are appointed mayors, mayors who are very very responsible. These are not archists that are looking for what to eat. Like example, where they I grow park is in a halfia and the guy always the mayor there is you know even both actually for he's a very wealthy man.

And basically what we're trying to do is to work with the state government to put up in every community strug the services that can be able to put the our farm and allow workers to go to the farm to produce things that will be supplied to the market. Not let me tell you the only way we can stop a bag of rice selling for one fifty thousand. It will get to that side before the end of Christmas. If we don't tackle it, we have to as a matter of urgency. I'm sure most of them are

listening them. We have to devolve secrety back to the communities. It's not devolved Secretary. You're giving them shakapu the per person to God tackle those coming

with our page. We must devose secretary and arm those vigilanities in such a one measure that anybody coming to knnap to occupy their forests, who think to white know ifue because those who live in those coming they know their bush paths, They know every inch of their alt You cannot come from Karen and Mota or any other place to their community and you can be able to overrodeer. It's not persible. They will catch even before they enter if they have a

walk first. You saw what happened when a matok went after those who can nap and be headed the traditional relized. Of course, amatok is not even properly if you are a mato kun or to with equal force like the bandits and the criminals that go with our page. I can tell you there is no inch of the Southwest that can be occupied by and not across Nigeria and the government does not even need to spend money. We have given them the place of hour. This this can be done. If you want to do

one hundred thousand hectors of that go locate the farmers in clusters. It can make it closes from two hundred hectors and every coster put together with the five family and jas. The family and jas will be paid for bruised that will come from that family. Even use your poliman to do it. The government is not breaking. If it's cool, everything only the government would do. His government will provide regulation and the oversight over them as well as they don't

go. Look, that is the only way. But if we are still depending on the police. You saw what happened in plant to State. We had the one jar, I had this press called it paty location and it got confused until the brandy is finished their work and left. Close your mind the eyes and imagine if those communities have their own AK forty seven, have

their own trained family and just guarding their entrance and exits. By the time the parties will have finished work competition all that communities will have locked their gains and flushed them out. A number of state has always been an example and of course it was even be too efforts. Remember he would do this study about how he told he do about what particular we cat forest, we are kicking nappers used to launch. Yeah, do I give him go ahead?

Ye? Do not providing with any money. Every state has capassed to fund their own ages. Say goody again if they decide not to lose their money. And there was able something I shared Caruer from the southeast. There was an idea we shared it in most it how we can set up security trust fund. It will take about with nine million billion naire to set up. He would put armor persnacara in every local government and it wasn't part of that

funding. I mobilize most of the desperates, most of our desperates. We are willing to contribute that. But let me tell you there was an arrangement by the disperas in every community, each of them. We are willing to pay at least one hundred dollars every month to fund that. Skill government wanted to put money. All the government need to do was to so strong with allow the community to select their own people and arm them appropriately. They even

even buying a PCs to the army to protect their communities. But the truth is the governors and only to walk. That is the most annoying thing. Everybody is looking at a project and those in a project and also not willing to first the governors or persuade them to do what they're supposed to do. They are see if you set to such arrangements in Iba state or in motion and then elocuit it and people see this insanity, they know that they can

take care of their secrecy. And you added that's for us from them to protect your mothers and your fathers from make and nothing their family. They would know it. But like I said, we need men and women with strong conscience, good conscience, men and women that are ready to go extrama to apply and God and good conscience to do what is right. Then let me

tell you from what I'm saying, these guys are not ready. And I bet you we can also have done over the last couple of weeks if we don't get the farmers back to the family and fix the inseecuention, which can be done in tree months. This country by the Zember dollar will for two thousand if you will get to the Zember Jesus. So that's that's I mean. We I'm laughing because I'm laughing out of fear, because you're right, and because what is doing is that he's he's trying to fix an economy he

doesn't have the power to fix. Yes, he has made promises. Really, that's what he has thought. He has taken promise three notes from investors to say give me this dollar today and I'll give it back to you in a year's time. Yes, exactly. Yeah, Okay, just listed now look at let me just give you for the sake of those works, and what does this look out? Look at the arrangements in most and let you know that we have very strong the esperas in the most very strong ones.

They are very organized under the indoor framework. Its then what's you start on the most communities. We ran the numbers and they were already let me know what they wanted to do. First of all, the arrangement was for us. You know that a kada one of the ways, the most the highest form of Indian gathering is okada people. Kada people can give you any information that even the police, Alic and God. They are the ones who transversed

the new can create. There the people that carry both the criminals in good the battle and they he had discussions and Jis. The arrangement was to the agency that will register all these kara riders, give them incentives, give them taxed with us even to have them to first some of the akada's. Put them in boockets in every company that will have with that ship. I'll put them way that nobody can ride or kada within the community without having the license

and their monitor in tracts in every of their movements. That number one, number two. Every community will do it at least fifty of their songs and the number it will take up bout twenty two billion, which that billion dollars billionare are to do this. Of course dicisis cost is two to four billion annually will be the correct expenditure. But it is a billionaire to get their money. Beyond the jack and fact if the people see Nigerians have paid so

much because of this is security. You know what they wants to be kidnapped. Nobody wants to die. I can't tell you. Beyond what they are doing on the former level is every state governor can wake up. The will allow millions to talk my bugilty. They are not competing with the other and police, allow us to prove cure so so so so so so so the want the cover and they say, signed this thing for us. There is no community. There's no states in the southeast for example, or the south

to west that cannot fund their security that you cannot fund. Your secretary say privacy, because you will end up becoming a private militia. The governor's must be there to provide real legislative discover for that being to upbread and of course for it to uperate. We will work with the retired military men, with jess officials and then who already have their colleagues in the mainstream that can work

with them and coordinate this more than a jumb police. And now it will be simply if it wants to coordinate and direct this people and to help them to build more properds. No, no, the past goose work and let me tell you they will be PUSSI independent. Every community will have to come of yourself independent within the CENTRALGIC. It's simp limited and it was a very

simple concept. Armies on nonne men people in first that too well not happen they cause let me tell you, I go from a local government that has about twenty two communities. If you have fifty from each community, which about eight thousand youths fully a k for seven, there's no way, some stupid a hundred people, we gotta depend to one black cat and that will be declining independent on this stuf from Alona. Go to one and we'll force them

out exactly, and don't sheriff. He described the sheriff. You know, if you go to America, they have NBI, they have eighty police, they have eight highway police. Then they have sheriffs. Sheriffs. So if every town had a sheriff that's what you're describing, then those sheriffs know the

town. How would you then come in and say you want to be avanted If the sheriffs can't have the comfort support whether they supported, the sheriffs will tell them that hey, this is the way they I mean, if you want to go in America, a guy escaped from prison, carding criminal escape from prison. If you see the resources that are deployed. They've brought in the sheriff, they brought in the police, they brought in the swathing.

But all those swatting guys were packed in one school and it was the sheriffs going to the school to their homes. This guy, what do you know how once they find away where they deployed the guys in the forest is in this area. Three hundred went to find that. So we have to rejid this whole security architecture. You can't have a deal prison Auja put in. You don't look at what's happening in emo or cutting. How's that gonna happen? How crazy man here? But let me get with with insights and if

you're still here with us, you want to have a comment. Breath insights. We'll counting down guys who are going to do our football Winness's under hour, guys, So I want to give you guys time to go getrit it for football. Get your beer, your chicken wings, your Nigier Jesse, get it already. So we can no winter this thing right, We're gonna come back here use place on Monday. We've gotta wind this thing. Breath is in here. Let's go to boody you the you do? What's up

on you? The you is in the Here's go to e commers. I'm here, I'm here, Hello go for I Tan of good living. I'm good, I've been I've been listening to contribution with interest, but as an I be good for myself by props. I think we can only in a it to ourselves. Ab most of the things as in the conditions are not pa But I'm looking at how the entertainment indes have been able to immune themselves from the Nigerian Pact to an extent. I think that's that's the only thing

with how are they doing it? Agriculture is that important that we most think beyond the government at least for now. There's a project I did there with my community because I'm trying. I try to see how we could especially off season because food production agriculture is an amssy of weather in this part of the world because of lack of irrigation infrastructure. So immediately the THERN goal every fresh food, you know, God, So I started a project. I called

it to resident farmers. I just copied you know, resident doctors. People could produce am at least for the un consumption between October and and match before them comes back. And since there are a lot of bogos in my community, I try to get people to anybody who has a voco to sign up to give a farmer who doesn't have before at least one hundred liters of water. The target is produced and not always get get to the question I really wants to, you know, hit me on the question or some yeah,

or comment or hit me comment comment on the topic. No comment, I'm saying that pandemic. Yes, this is a comment. I'm saying. What we need to do is innovate out of this part. Why we find ourselves we can produce them, not not because there is not enough, but because we are not innovetty. What we are doing basically is farming. I hear people talk about tractors. If you see one of the biggest problems we have this plant users. This is of plan in hands of so many people.

You can't even mobilized tractors to moving into a cluster. We are the pecis of landscapardia and that it's not together that we can produce commercial points. So we have serious issues with the the structure, especially when it comes to land. And that's what I'm saying is we most in of it. Every part of the country can begin to think of how they can. I saw a video one of the biggest for you know I have for the fact they the video I saw a very prominent lead not to say they're not going to sell

pork listening to the south, any farmer selling polo or something. If that doesn't with us down south or then I don't know what's well because we basically dependent not for food. So what I'm say so we must innovct. Most of these suggestions are very distant, but it is the only innovating and what is out of what we already have, you all can gantee and no food for the Tamin population and young population is growing astronomical and we're not matching it.

So it's a non food I think. Thanks for the last. I think, like you said, we have to innovate, but there's no individual required. It's just got to mechanize an increasing yield. You know, we are really doing very based subsistence agriculture for the largest economy in Africa, where the substances agriculture using rain to farm, using manual level to take polls and

the brownd to plant seats using season and not hybrid no fertilizers. So even if you just change one of these things, you know, we just improve our yield. You know, we talk a lot the midst of agriculture. No one on this space can keep me his name without Googly? Can anyone this space keep me the name of the mist of agriculture without googling? To be hard without Google, just keep me his name without googling. If you could dog like, you get to be hard. And when you hear him,

now come on on the stream. What I don't hear is he wants going to buy the saliza. I heard him for the first time that they said he wants to close border. He wants to close border. That's mister of the culture. He wants to close the border. When we are saying that we should be opening the border. He said, what's supposed to brother, because it doesn't want experts to go out what exports Conna, what export?

We need food here. So I'm not sure if we sit down and say we will compared compared to mister additional that it dies not the current head of the Afghan and went back when that guy was misst agriculture, that's when Nigeria is going to be farmers. But then I just today that farmers became from us because that guy was missed of the culture. You couldn't you did you do not you concern about that guy. You saw his You saw his I say evidence, His evidence was there. He's had all these dresses in

family for rice in Nigeria. He did a lot for farmers everything. So we need people like that in government. Agriculture is not this. It's not a developmental project like the man said, it's a business. I need to get businessmen running agriculture, not technocrats, not government workers. Business may that have done it before. Don't bring one guy. I give a political appointment as mysterial culture. Go. I get the business man to run agriculture so

he can sit down. Guess take because I say yes, oh no, not to get out to sell that lights about close brothers. I don't think that guy, mister Mohammad, I got mister Mohammed war Siri, how are you so? I'm fine? What's of hey? Manuel a literally advice? Okay something, let's spoke out what he spoke about this security outtality executing in the salads and level whatever whatever he makes. Yeah, he makes a restoration the what I was still a boy his person. We still need to kind

of talk to a pullow younger brother sister down there. This is the only line you have if you allow this to be continued. This weak this how is going to take you up? Because whenever insecurity, because I perceived it, I see it, do I hope you can't buy the commity. You can't talk now we are trying to go on watching a germ and you can't go there watch because in a rabbit everywhere this body where you are, you

want to go on to what the football was going to look? Shut down, the shut everything about this was shut down so by listeners, so that kind of thing as well have seen me so, but by the kind of we said, you love this, Lets the power stay. Let a locality. You need to soccri pice one thing you know you're don't need to wait to somebody to do for you or you expect to tell. Start from where you are, within your locality, in your local government, in your work,

in your area. Want to organize. If they say any stranger or a strange just send the information out attack him. You can. They can't do anative for you. One need to sacrifice that race because if not by talking talking talk today we talk to world about it cannot bring any table anything. Thank you. Yeah, before you go, Muhamed, where where are you coming from I saw I put you on your No, I'm from medical station. I mean, you guys have gone through you are the best man.

You guys have gone through very so much time now, many reasons, a lot of calmer today, right, It's it's really calm now, a lot better than in the person all that I'm the person, okay, and it's I mean, what lessons do you think specifically for the north that's the northwest work and look from the northeast in terms of security. I don't think I've had bandits in Borno. I don't think I've had the ten bandits in that side of the country. I hear it in the north west side.

The captain k I mean what advice one thing? Advice to give them? And you say this is something, say something, but anything else that they're not doing that they're amazing big picture. Yeah what I a sleeper do I see I'm not being help, but I'm listening to work brows as they issue is as we have expressed, this rapid issue just by a person to cover younger my streach what they want to hear and this all into something is separate

thatself. It's just nobody came on preach what he wants them to rest them and what street is neative. So it's easy. It's hard because nobody wants to die. Nobody wants you kind of sacrifice. But you need to do that to have your Incromeski, to have the pingample that younger wants your brother as successful, go to be from the net there how say something. When you say something, there's two sacrifice what you have, the little time you

have. At least you wouldn't say you cannot go to your business, you can't go to your farm. No, even in acting when you come on in the evening, give yourself at least four two to three hours to be to have been the bitter of your locality, in your environment. That's how we because as I we can't go anywhere you can. You can't be said, if you're doing this will come to ours. When it started coming to keep my up what I keep my father, so we said no, no,

that man has been pis. If you're not dear, you're one of them. I don't make it that with. If you cannot come out, you have one of them, and the unis you're jenerous. That is it's very simple. Bubbileiz you would give them anything. The courage that approaching to do in Charlotte will take it will change the ship taking the Google one will do. Thank you, sir, Thank you. So what let's look at that tournament game? Guys? Do we have a has stop here because I

have to watch a game that's just talking about next level forty five. So I'll let you guys go ahead, let's talk about eight forty five so we can have time to go get beer, chicken away, ready, mister, I am area peace. It's good as he can. Thank you. Okay, Yes, I'm currently living. You're at the moment. Yeah. Everything that I'm calling the giving, I'm talking about the security, right, That's

what I wanted to speak about. In a battle. I realized that the only thing we needed to give was to collaborate with the local guys, you know, with the bad name and everybody. And it's relatively safe compared to what we had to stay in understate. So it's now an issue of location. You get it's an issue of location. And you realize that food in Dustate is much more cheaper than food in a battle. You get why because of the population. So we need more people to do. What to be

able to invest in those dings. Now what happened? The security? They will cost us nothing less than twenty million. Why because there isn't electricity. We actuallyly on solar to get those camera of ourning and everything. We're talking about twenty million already without talking about the family it's said, we're just talking about the security and architecture. So it is much more deeper, like you

have said. And then we started to engaging the Amotecuns and this and that, and then when you realize that even they are Mootecuns the way they really wait, there is nothing that is involved that I may not even be able to discuss on here online for many reasons. So what I'm saying is we need a realistic a push whereby we can really engage this the IG and every other person is involved and say, you know what, this is the truth.

If we want to save the firm and if we want people to go to the firm, this is what is happening compared to some other places. I don't know what place of other places, but talking about one though then talking about it, but these two places that are interested in that's what is going on. You can familiar without stress, but then you have to make sure that you are well monitored and we're secured. And that is a big issue that we are not talking about. I don't think we can provide that

security. There isn't something we can do about it, because people are scared to go to fun, people are scared to go to the farm until we provide security. Increase in famil output. Let's get ice coled developments, Let's get him in here, well worn it down. Guys wanna go get ready to support the super egos ice called dev What are your body? Go ahead spreading them and pushing all of us success today in our match althot of us

coming from the secretive conversation called cont value security. I think everybody else in figure from one perspective of encouraging by encouraging the uh look at policy. For me, I think it's a break is a bilt idea because I mean, people who knows what is going on in the in the environment, w' feeling the brunt of of the insecurity cause going to be more trying to put to our boat. But I don't think it's saver. Bullets don't just solve the

problem. And I think we should look at because all like us look at it. But bablistically is the fact that a lot of this is happening. We can have the side us and when they're empowered, it could be a problem. I give issues like across street from Plato states amos from Platu. I'm speaking because I've seen the love of what has been happening. These are comming out crashes and if they're empowered, they do not say that it could it was. That's I'm not saying. I want you to put direct to

an economy question. Let's not do if what's just because let's go direct and ask the commrect question. If you don't mind, Okay, I think we're having this creatic conversation. So I was like, let's want us to look at it from the police policy, and it's going to be hell hold up, so let's just see this right. So in the end, guys, let's not forget the issue and into actuity is an economic issue. Right. If you fix the economy, you take a lot of wins away from the

sales of insecurity. Most of the security we're seeing is driven driven by poverty, low wages, and lack of opportunities in Nigeria. So one way you start to start to fix this problem of insecurity, to grow the economy. The more people are employed, the more the less people you have out there as kind of for that for the criminals. So again it's an economic issue.

Insecurities an economic issue. You will not takeuate the criminals, but you would take You would empower the people to point them out because they know that the people are affecting their liveshood Right now, people are broke, people that don't have any wages, who don't have any opportunities. So to them, even supporting the bandits look like an adding you who get someone to feed and will take that out of the equation. So insecurity is an economic issue.

Chain care. You're going to be our last speaker for the round up also it might so are you okay? Let's oh I can oh? I can you take us home? Yes? I will great space as usual, lend a lot. Thanks mister Biery for joining us today. I hope you're coming again and again and again. We keep learning and we keep working hard to figure out things. You know, you're beginning to figure out this insecurity plan

because we have no government as we know, I mean no government. So to say, well, I just asked for the mic again because I'm wondering, Cargo, how are you watching the match? The channel we used to watch it on is not I mean, we don't see anything. Pay for view. I think it's you do pay per you my friend has something, so you have pay per view. Okay, do pay per view? Fires do b e I N I think that's the cable station that has it. Or just google it you see it to just google inprot you. I've called

you. You see it? Great? Thank you? Okay, thanks for the space again for all the all you do. And I just want to use this to say by mister Colly's books, a very nice read, very easy to read. The type face both five copies. Didn't you buy five? I bought six copies because my own copy from Amazon. Then seventy five. Right, I got six copies, and I'm good. I'm going to give that to people because again investment issues, finance matters, the jingoism,

the very edge. People don't know it. They think they know it, but then they can have it as a good resources. So I'm going to give it to people. So buy one and buy one for somebody. Okay, makes a good read. The analogies are very beautiful, easy to understand. Thank you gotcha, shout talk talk or very west. That's tround a producer. What's your final word on this, wi We will be here on the literally hours would have continued, but we have a harsh stop by.

My final word is that it is should never shut up. They should never be shouted down. They should keep on pushing, keep on talking, keep on demanding for the governors. I was just reading through one of your posts. We are clearing this there by numbers, so that's just the TUO means, and I could see the late aguement of some people who should not pe

people, you know, the kind of things I see that. Yeah, sometimes I just wish that there's the way we can just create country from some group of pot based on the philosophies and their pink You know, we'll keep on. You know that because an artist so called so you know when I when I went through that you paid that's what the comment talbot that I don't I just said myself, God, who carried him this land? You know it was advertise not for what anybody who is even my eleven year old child.

We see that number and will clear it. They go and tell you this is what it is. You know, God will help us and God already helped us. But I tell you I still it's done so much work in dis country. Something something most give way. We cannot continue this way. Thank you guys, Thank you guys. And you've heard it all about. But this weekend we've talked about the NPC loan. Dot has given his

opinion on the loan. He says it's an expensive loan ce and Nigeri with that borrow cheaper and that we had no business board at eleven point eight seven APR from the international community which had no physis in that. We'll talk about the exchange it and munchial policy from the CBN. High marks for you Mikados of the CBN Governor. He's doing a lot of good things in this process

that has rolled out. We think there will be immediate benefits, but to be cautioned that the benefits are not followed by constructive and systematic change on the physical and the executive side to sort of line the economy to what the CBN is doing. Then we didn't say ted quarter four that this could all be

on wrapped. So yeah, we can also is laying the front and the framework for their executy then come out and bring out economic policies that will continue and to perpetuate what has been done already with city even to effects higher inflow of dolls has come to Nigeria with notesting the effect on inflation because the Sybian can't really touch that a pert from raising the metropolity rate to nineteen percent to give you a real rate of return or near a real rate of return.

The Sipian cannot really affect that inflation rate because the Ciplan alone can't produce food. Food is going to be produced by the secret sects going to the hinterland to bring that the insecurity and the farmers can then get their output to the cities. When these cities get new cheaper sources of food, than inflation sells to fall and that ultimately break that inflation at least bring it down to single digiti double digits at least ten percent, not the twenty eight percent that we

have. Narra is on that attack, and that attack is coming not from speculators but from the guys that are spilling crude oil to export out of Nigeria. That's the number one attack. Speculators only exist when there's something to speculate about. If you take away the speculative in activities that they're one speculative about, and the NARRA will gain value. Hence, if you're just able to

export more crude oil, then NARRA will gain value immediately. We should not waste our time chasing speculators, but focus all our energies on the export of crude oil and gas, as this will guarantee a stronger error and then will allow the CBN to get the ammunition into the foreign reserves to then attack the markets more expetitiously. That's the summary of today, guys, Thanks for ae

hanging hours. I love today. Next week, I'm not sure what we'll have space because let me just be clear, I would be in transit. If we can have that space, I will let you guys know. But all of next week from the twiter, I'm gonna be in Nigeria. I want to have a live space, if possible, a kind of venue,

and we'll just do a live space. So you guys are gonna come and I'm gonna do the questions, so I'm gonna take the answers right there to be live audio with the space in Nigeria, maybe somewhere in Legos or that's what I'm gonna do next week, So guys plan also in Legos and Abuja and Honasity. I'm hoping to host just to be there with the books. If you put a book from me, bring it over and I'll sign. We can do our SELFI we can talk about what's going on. You just

have a cocktail, drink, nothing too serious. I'm trying to get a venue at the place I got. I think it might just be just be a little bit smaller, just not gonna get play and advice to you guys this week. So it's gonna be one day. Bring your book or hangout and we'll just talk. If you have a question around the book or personal finance in Nigeria, we'll get this done. That's gonna be the week of the nineteenth Old with the twenty fourth, but it's gonna be on the twenty

fourth day in League US. We're just gonna get a ven. You know that you guys gonna come in there and we can meet and we can talk and all that. Right, So let's do that, guys space next week. It's possibly not son to let you guys know, but definitely next week on the twenty fourth in legals, we're gonna hook up, do book signings, to cook and a and it's possible do our space on that day and

just get a lot done. So I look forward seeing you guys be nice and we should we should we should be we should be going right, all right, guys, So guys go and enjoy. Nigeria is about to play about. That's about ten minutes or so. I know we're gonna win it. How do I know? Nigeria has beating all the countries that she has a higher GDP. So once Nigeria has the higher GDP, Nigeria beat that country in South Africa. We're beating Angola, We're beating every country in Africa

that GDP was higher. So I look at the GDP right of Nigeria and CODEVOIS and of course Nigeria's GDP is four hundred and two billion and code for GDP is seventy billion, which means, according to the rule of GDP, Nigeria is going to defeat. I recast and bring the cup home. That cup wants to go to his nation with a high GDP. So it's coming home. I said it, and it's going to happen. Guys, So contrees Nigeria is going to happen. Now, say you guys next week in Vegas, I'm gonna go guys over and out cl