Q1 2025 Economic Review, Returns, Risk, and Tarriffs

Hey, folks, are welcome this evening to another money space with me caluajer and what a wild wickets being guys, we're not gonna waste any time when we get right into it. So last week or should we say this month? I know, wim they always do the quarterly reviews. We look at the market US and Nigeria sometimes Canada, and you know, we see what has happened and what's going

This week.

Crude oil is down, so you will say, normally, well, what crude oil is tied to the global economy. If the markets perceive that crude oil or economy is are going to slow down or they'll use less oil, less diesel us like Nigeria. It's going to be at a research of Nigier. Many companies will not operate, so they use less diesel. So this supprice goes down. So you see crude oil down globally. Same with natural glass, natural gas

A market fall or market volatility.

But gold is down. Gold is down seven percent, sorry two percent, I mean gold is down two percent, so again that you can't hide in gold. Goldn be down because folks are taking profit. But gold is down. Let's go to the Dow, all the indexes, the Dow, Jones, the S and P, the masdak all down for the week. Let's also now go to bitcoin. Bitcoin also down, you know, for the week, not a lot down, about one or

You know.

The only thing you have some green is when you look at the USD Japanese yen, and that's a defensive trade at up. But that's a defensive trade. Treasuries are also downe But remember treasuries are opposites. When treasury are down, that means essentially that your yields have come down, right, So keep that in mind. So the point is everything is down. You can hide from the market to uncertainty. If you are in bonds, you lose money. If you are in gold, you lose money. If you're a bitcoin

You are not you have no issue.

Risk, meaning that niger can simply print back money and pay you, so you don't have any issue with your principal. Nigeria has gone from about let's say the bond yields right for Nigeria will about nineteen percent, where about twenty percent. That means that right, guys, if you take a millionaire, and you buy a federal government bond on the autpage

To allow me to come back to it.

If it doesn't give me fantastic results, I'll stay with the fixing core market. So now we've talked about the fixing core market in Nigeria, talked about the equity market in Nigeria. Let's now go now into the particular funds. These funds of point where you can say, I want to buy maybe dollar, I want to buy equities which ones are doing very very well in Nigeria today as

Is?

Sorry for Abilid, I had some personal issues.

You know, pretty much prepared for personal retterns this time, so basically with everyone and it's a pleasure.

I'm privileged to be on card of space. You know. I think what's for those that have been following you, Car.

I think many of them should be happy by now, because you repeated this behind.

MHM just ready to see and most of the cause we said came to person. You know, I look about the fact that being Nigeria and people who are toky would know me here and now just there's now the problem of government. I think people have seriously on why.

Diversification as an application place equal. I think the beginners in this quart in this year so far as an adducational past planning, and you had that looking. You mentioned money market earlier, and I spoke about the usity of why money markets possically as a niger or in Niger in the ASPERA. So for me, for example, I increased my exposure from QUE four because.

I felt like the market was peak, you know who.

I left sizeable amount in the US, so I moved to money Marke their partly because I was more castful implant and you know, you talked about real estate for those that we are not super intellectually intellectually incapensated to old, sorry financially go to old.

A huge amount of real estate.

Exposure really been a reality. Though it's not as scular as you expect. They've done the certainly well. I think I did a report. If you look at it in the space of this quarter, they've don't pretty better than most bootship stocks in the lariastics even after adjusting forests. And another thing against that now strengthy from deserve to a brief. You look at the value you kept fifteen percent, So it has been positive for conservative grade securities and

To three percent given very.

Stem Aun twenty three so aveene of trying to to money market.

Has been very decent.

Then you know equalities individually connected with the anchis it's about two percent yet to see it. But if you look at the individual entities, particularly the outgrowth Livestock last of its two editate percent.

Look at press School about.

Sixty percent, Look at Livestock persisent to two percent.

Banks from GT to Zenning giving.

You over our twenty because many of them had the Stellar album. So individually we had some center export. I don't think there's any stop on the NGS. That's something like the way they're saying it that starts offer. And that's pretty much because the Nigeria stock market is quite.

A couple from Nigeria economy for three reasons.

First, the backet has been a ordn for sovier volations are so cheap. Disposable income is pretty much week you look at the stock market down graded the NIGERA stop markets that are red by top with it. So MPI ratio to look at vest as is nae one for every line.

Look at investors you have more FPS. So the leafage that has brought to.

Nagers that you see most ability because FPRs are known to me is market larcity, especially when like this com me you see that they pull their phone. So if you starbutting the market which are the very positive, so I can't I think in some way, I.

Think it's for me. I think as well as an aucasion of this key. You know we're imperfect. You know the reps. Look at marketing Apple, but he.

Has about tilted four billion as a cash and I think for folks and then you have but guys using the aspora.

I think lessons like yeah, it's good to look.

At our market, but there are so many loggets in our market. For example, I am as supposed to rupair market. I have the Europons giving me two point five percent. I'm paying thirty percent backs on that to put seven five percent, et cetera.

Only for eight years, where the first good metal is twenty two percent.

Now I'm looking at the ability to put the ugra ponds. It's also giving me close to that. Then the Americans you get four five percent.

Or if I'm bring the Stambay because you see or journey, I think my daughter phones, I can get back to a six percent. Then if I'm richer like m part with your class, then I can look at the standard chat that where I can.

Open a parity account and tapping too black croock tappen too many stocky ts, which definitely will give.

You higher returns.

So the cost of capital really really different. Coming for those that really went through filter creates. I don't want to say I think they should start thinking of the village except they have long term but you know, the appetite does more things on them because disposible income is not so solid.

And that's the problem we have in our stock pocket.

You know can if you look at the US, I give them stocks don't need to to well it's the son of the stock is aging. But Innua we take differents. So we take cash with very seriously. So if you're doing so well, I am paying someone you then you really going so far. And that's why if you look at stocks like you be z ht, they really because of the cashal depend So I apparently think that.

So let'son for us to look at and we shouldn't.

Undermine our market despite the point is start look very disappened.

Sometimes good good. So let's talk maybe clear about the Nigerian returns. Right, So if I have a million dollars today and I just put the money in the bank, I would have made more more than if I bought stock.

This is average.

I hear you list out the individual stocks, but if I'm a new b I don't know the individual stock. I don't know what to buy. So the average is that this fixed income market is doing far almost double what the equity market is doing. Is this is this healthy for a market that is younger, has needs this long term capital? Is this going to be a healthy return that we have risk? This is a risk plimited risk returns.

Can you should know why it's happening definitely. You know what it's happening is an a purchased there. You know, we are trying to attracts to TP and remedians is not the levels we used to have.

So what's really bringing FX is FPS, and what the CPR has been.

Able to do is really create that incentive. I think I kept hammaning on that seat dinner themeter a. Set have used are attractive because the CPS is trying to just population unit to understand why rates are high.

SOPs has really been part of the uh, the.

There the designs where we have the stability, so the catalysts beyond the stability in the FX market.

And you know, play into retail. It's a good opportunity. You know, you can add for example, you can have money markets just do not just putting in your phone. Apart from the one point.

Five percent p you get twenty two percent, you know, and if you are more connected you go PERMU to ther parametrage market you get us as six percent FPS. So yeah, it can, but it's not going to be a permanent scenario. We really, I mean that kind of

Printing the will pay them.

So I think for the Nigerians that I really looked at the fact that they had this quoit text taty where they really put cash and the magers informs in the money market. Then they looked at the risk, they looked at ned to risk, they look a high risk. I think, yeah, yeah, it makes a lot of sense than just you because if you look at dollar for those that really want to them do the mass where we can. You know, I meant to last year in February it was at one thousand a hundred, So I put.

I put they're just pick it around. I put a ten thousand dollars vort of of into di giuntries. You use at one thousand and undred, that's nineteen million.

Now I'm cashing you cash it out in February, the average of twenty five percent.

If you do the average of ninety minor tween five percent.

Now denial checking it back to the door, you've gotten about if you had your opinion, you've gotten about twenty percent. Because deniers trenging, I'm more than thirty percent, you're getting about ninety percent. So the true care is that even for those in aspora, that's really explored the Nigeria market. I think there's no way in the world, especially in image markets, where you get.

With turn on physical like you said, at even percent two.

You know these things are not straightforward, but I think those are belt the market they legal awarded.

Completely agree with youre just the point I was making this that you know, yes, you'll make money, but in an economy where risk pery rates are high, it simply means that for the SSMEs that want to borrow, their rates are also high. And that's what we're seeing with the stock market is reflecting that falling earnings. So the smarting person are leaving the stock market to go to the to the money market. That's what's going on. Even dollars done.

To be honest to you, you know what I say, I don't think so. So if you look at the money markets, if you look at the morning, because I have been through the incloser and outs with the money market and the fixing come space difficult. Fixing come space in the first quarter dropped seriously and that's because MP is to give profits.

Now, if you look at the.

Capital markets, it also was really kind of weak wide because we had aggressive ones.

In twenty twenty three, twenty twenty four.

In fact, if you look at what twenty twenty four, you know, during this I was feeling, as I should be said, apt, the market is still really jar purpose. So investors really amplified profit taking. So this sort of bang endings put some static experts to see for the taking that's quit a part that has been taking.

Yeah, OK, I hear you. But I'm looking at the actual returns now this so the actual returns for the banking index is six percent. So if you if you bought the total of the banks in Nigernal stock market quoted, you make money, you lose money, you'll come out at six percent. That's for the banking index. If you bought that banking index. If you didn't money direct for this quarter,

The yield.

The yield is saying that if you have money in fixed income, you are making more money you can. Let's now go into it. Since you bring that, let's go into the individual banks. Now, let's now hop into the three banks, the ones that I'm all the noise not right, zen it U b A and of course a GT bank. We saw one trillion naira plus returns P eight P eight from this bank. And if you look at let's just talk about sing let me go to zen it zen it's pe issue. It's one point nine one point nine.

What does it?

What the numbers tell us?

You know, so.

Your puss be naturally being on that value. Like I mentioned you at a stop Mrka, for example, I was talking to your friends and I said that you at look at zenitt On, Chaz mid.

Some one Pillon that look at what they made on.

Interesting, look at what the big monitors and look at if they look at their payouts they have fully numbers. Can I think the problem in our market is not really because it's not the problem of our banks is not that they're also read I think if you looking at it on the spectral emerging market and your banks are the most profitable margin has imagined of about eighty eight percent.

You know do you know?

What?

Do you know?

What?

You know? What?

Send its banks gross margin is guess the number, one hundred percent. The gross margin is one hundred percent. Their net margin is forty six. No gross margin sales, let's just operational returns for present is one hundred percent. Then if you say net margins, now for the company, not interest, this is net for the company. Net profit margin is what is six for set forty six? Okay, so yeah, so dividend concern its ten point four ten point four, So I mean it's good.

Yeah, it's it's been like that kind of like for me if you just look at it for me quantitive like you're speaking from our next part to view. I think a lot of people would miss it out because you look at the endings when it came out, the banks didn't move so much. Apart from that looked like was going to break the rely just resistant rude for many reasons. You know, a lot of people are still worried about shared the dilution, and the market seems not to be able to accommodate these.

Banks the bank endings because.

Like I mentioned, you look at the trading body of the stock market, it's still putting much to So we still have a lot of work, you know, for us to see the true value, the interesting value of the in battle of these.

Stocks, you know, is supposed to come as come.

Up in which it has to be down if government has to build incentives market makers. You know, I really have marketmakers the incentive to the drank stocks. You know, forget the fact that I've been faclotic and the fact that I see value from a universal perspective that you know, I was on this guy's dispopularized when the appman I was on his Space contit and I asked him why it hasn't invested in nine.

Germ stocks, you know, and it did a polite reason. What I really understand.

You know, their phones cannot bequility in our market, cannot be.

Help, which goes back to that first question. Looking they do go that first question. I asked that if funds are leaving the stock market to the money market, that takes away the liquidity in the stock market. But again I would just go back to just to give put the numbers that I'm looking at, just numbers, but put just to put to understand. Look at nigeron bags, Access Bank is one point five percent, PE one point five, g T one point six, you'll be one point seven

Yeah, but that was the argument in twenty twenty four. You know when FX faduation gains and when look at GT the results for example, look at let's look at jun These guys are very creative.

You know, yeah, you used to say that they're treating.

Because I think, now, if if I'm going to put those banks like the American Bank, I think, did it looks more like a looks more like a GYP more Gan, you know, being able.

To really recaptire you to I will keep them moment I will put the old man Sacks. I would put.

You know what, I think I have a productively for good Man Sax because I know where you're talking good mass Saches.

Because of looking at the investment side, well, I think the.

Banker put as good mans Ax is most likely stamping and that's because of their assets and treading in terms of effets and asset management.

You can't any no no no banks extar from stamping. And Peter that the side. If you look at the body language over.

The years, he has been able to create his socid monument susual as being on stamping for a work you know from the h S p MG. She's now the chairman and she has been able to really So there's that part. Continuous contents side is not so most likely you can't take standing great from investment in the FF market.

Stamping is the Upado Biger. They control about a fifth of the influence in twenty twenty four. So you know, that's why I call them the good Man's six.

The reason why impactly I've been where you say, uh GP more Gan might not be GITT because of look at j pop as assets quite quite as simple. One interesting thing about G is that coastal capital very new and I think again.

Is that.

Share and budget has been able an't mind does it, but he has been.

Able to really squeeze a lot from their assets.

The assets is more to if you look at you look at customers, the process. You look at the up for example, B has a ticket, you look at send it, You look at assets, you look.

At first back. But G what G prins rett on liquity and impassion. It's crazy. They're just behind QUP in terms of you. Then you learn for persient.

So unsurprisingly the stock is really popping up the last a little bookmakers that the stock should be treating that on the at least and nothing again Again about again is that MPIs.

Really have last stake.

And you know, because we can't keep seeing all this for no matter about each banks.

But I think every park has already me. You'll be massive there.

You you'll be also look at interesting from good to look at the treading and we really we have been able to putish on the bank.

He tells you that they're not really interested in pink.

Tap mindset because it's do need one pankily, it's aggressively not on pin take, and I partly the reason is because they might be made on electronic banking alone.

It's bigger than what you see in manteed two banks that profit.

So so he started bank from me. Then I was going to tear two banks. You see, you plary, you suspam me. You see when my women declared the percent. Also, I was always disappointed at First Bank. And you know a lot of thais have been happening in the First Bank of days. And while I am inturistic about Pmtoda being the chairman, I was disappointed. If you get you know a lot of people talk about you there, but you can't take the First away from banking industry.

And he.

Told me sorry them.

At all of that relationship with many of these big boys, Dan could deal refire would definitely be picky. So yeah, first bank is really an interesting watch, and they selling their investment I think was a weird posision. They're looking at more imagines, but I'm quite worried about the play as sets results is.

Not at our calu but over roll.

I think the one banks are solid, ten two banks pretty soly studying, you know, stimone.

Interesting fidelity my favorite.

It's just that the problemidlity is that I think the stock has used so much that I think the upside in the future might be doing there.

So dropbacks are coming. But you know, you know, cars really don't get pretty much.

Jobs is somebody that really likes so much because she allows the results talk and she does less talking.

Just just on the besides, do you if you took away from yeah and I jump backs a goodbye?

Just on if this five ba I did a goodbye and if I was Yeah.

Like I mentioned, if you if you look at trying to you at twenty three five, you see that the banks are less effects. People say, look at banks, you know, and you know one of the reasons why these banks are making money, so is that because of capital and we're in an eye interest environment also plays a keble.

And uh, you know, smart guys.

So definitely, I would definitely wouldn't do these banks as a manif like I mentioned, you cant standing thereoly on that when alas As really transformed women, I thought when our bank would be the into your future.

Not sorry to say that, because you know whenas want to do this finial intitution.

But after I did create the alliances, you know, I think the management strategic plans and one of the things they did was focused on the young generation and a lot has really brought in so much for them. So I pretty think that those banks are really doing. The f C m B s m B two has similar traits of stampy, but you know, the the mc do very Bancich has really don't have a very good job in keeping the culture, and I think their investments have definitely do so I'm not surprised that these banks.

Waste money, and they were quite successful. In fact, some of them are going back again. I'm just worried about G. Why G was not be them able to get more difference, but.

Are projected to decline zero point six percent. That's a country report I'm seeing here, duties and early and is per growth negative one growthrate negative and all that but look they the overriding issue in nigerm banks is this, they have very very low cost of deposits. They have a very very high outlet to invest those returns without risk. So a bank can borrow from me at ten percent and give to the government at twenty percent no risk,

It sounds like that you will.

I think I'm just quoting the numbers. I'm not saying that. I'm just saying the numbers and look as.

Can look as series pretty people are forgetting that. A lot of people think banking, running the banking and guys easy. It's not because if you look at the guys making the profits. You know, they're just the main guys actually, and that's why I really gave a lot admiration to the tail two banks for being very pretty The banking environment is.

Very competitive, you know, very highly competitive talents.

Wise, capital wise, and also you know the kind of economy we want they will set well, it's not really really beginning depends.

We expect to down go to envirore much as in the future. But putting on the banks we have to be very plative.

And that's why I also happy with assets acquiring assets in West Africa because you look at they're putting their market.

There's really trip with analysis and you know, some tosic and weapons.

So just look last year to look at Uba on the value doing very very well, very spread out bank. They are India, in America, they're in London. They do very very innovative financial packaging. The guys packaging that one's packaging n NPC and all. So they look a bit diversified.

Where am I?

Who am I led into? What are my growth protentionals? What my market share? Then that looks like they're building a castle with sand by lecky bitch. The bank needs to be shows a bit more stability in how it is making revenues. Yes, make that free income, but let me see when they come from your interest income. Let me see investment banking, let me see consumer financing. It's dead in Nigeria, West Niger. But I just let me see some some heart beats there once one in two

Appreciate to circle argument on fistical versus equity that you were raising some earlier in the question. Yes, so if the chrene pushes towards phystical as you have you it's still within the same economy they For example, you are for money, we buy pro bill or put it in the service bond or any of this fast inco facility.

That particular amount of.

Money it t used within the same economy.

For example, this step that offers pastical facility putting a million err in fact, or.

They are bad that money that you're giving to them, they will use it.

They will lend it to be a re estate company and manufacturing industry that neededs with the short term fonts and to be used within.

The same economy.

Sout without exact.

I live in the equity, let's exchange and moving towards the physical.

It is still part and passle of the same economy. The next seconds from MA contribution from understanding is the profitability of the Gila topic bank for example. The fact the gene bank you'll be a GTV for example, is that all over the year it will before this devolution of anera, this fourier champions start coming up right from twenty oh see so seven. We all see Genet Bank release.

Top top numbers in profitability.

Same goes for GTB and so and so for so the the people there are so much roomful group in the Gilia economic set up.

Like we look at the Genet Bank profits this year.

Most of those reviews junior this a four year report for twenty four The reviews that they give the oil the oil set up four point fifty as a loon. The same goes for manufacturing model about two point sis or so. Then the other settles around one point.

So they are lend, not does put the money for your bi getting profit. The actually lending to set us in the economy.

It may not be good to mogitive agriculture, it'll be good to moyal consumer credit.

But they are lending to and to manufacturing and gonna set us of their home.

That is a great I mean, you make two great points. And if I may so, the first point you make about the fixed income and the equities. So understand the point I'm making here.

Wait a little bit.

Look, okay, if money flows away from equities to fix them.

Just with you.

If you don't, I'm just gonna reach it for your audience or just meet you. If money goes away from equities to fixed income, equities are longer term. So if I'm an SME and I want to borrow money to build a factory for ten years hour so you know, and I want to just do working capital, equities look like a.

Better bet for me.

When you say money is in the same economy at what costs? If the fixed income market is lending only to the federal government at twenty to twenty five percent, to lend money to the SMEs at twenty percent plus, that's the problem with Nigeria. We are lending to We are paying too much for risk free The risk period should be lower than what it is today.

Because it is so high it is.

It is so high SEMs cannot borrow. That's what's going on.

Yeah, the reason you know we can win the present came in and he removed the.

Obstgial FX. You know, it took a couple of time for us to get back. Bloody is that detail to learn?

That's why I mentioned that the high interest rate had second objectives and one of the PA was to stabilize the FX market.

Because where is the FX coming from? Is coming from.

Fbis that being in the money to invest in Angira?

Tuation builds, so there's a cost.

Is I understand what you're saying as with on businesses, but I think in longer, longer term.

Like based on recent report by the CPS, there's an improvements in FX influence, FX.

NETS reserves, so we.

Expect rates to staff for him pass by with Trump tiring, so at some point we see rates to cool off, but we don't expect it too soon because it's pretty much inpend coming down.

I want to make the point soon to just make it just the point of the NETS making right. He's saying, yes, money is going from one asset class to the other asset class. The point I am making what is driving that movement is high risk free rates.

If you go to.

America, if not in America, in any time you borrow money without risk, you should not get rewarded more, and should we says one that's borrowing money with risk. If you are paying somebody twenty percent with no risk, it makes no sense to go and open up a factory If I have a billion Nira. Why should I open up a tile factory and incure risk when I can take that one billion, give it to a bank and make two hundred million a year. Will the tile factory

Down for not paying this I want to kick around this car's an amount to be dropping the money market you get supposed.

To be capt against, you know, so.

There's also taxes in the stock market. The point I'm making is that if you make risk free rates high, you discourage lending to the semis. Yes I'm not I'm not hitting the government for raising rates. There's inflation and the Central Bank of Nagia has got to raise ris to fight inflation. That is their job and they are doing their job well. In economics, it's always two sides. If you raise the rates, sim is, don't bord.

But that's quite with inflation.

That's what they're trying to do. They have to fight inflation because it's that's driving your dollar.

You know what I'm saying.

I'm saying that the probably is where they are.

Reason it is because of the effects market is because if we look at the boad language of Cardoso.

And the FX market.

Since he came on board, you see that he has achieved greater success in deploying, stablishing the market. It's starting doing their FX school. He's starting with different rules and also help the interest. And that has really correlated with the.

Forest market the now by by bigger people's.

Empire, perspationion in the physical space reduced in fever match, So you could see that correlation. And I'm also expecting that he might get less because of this Trump Tarris. However, you know the argument that.

Has been movement between fixing command.

For me, I think it's really.

More academical because uts have been fixing.

Conspace has been high.

In twenty four A lot of people have perspected that have been hooking, but the stock market has really been on higher ran stock market now schooling.

I think the money market people are just because of it. A lot of people are still waiting for some mypos coming on board, So.

I think, yeah, it's fair to see that this table fixing company. I don't think the stock market is taken and the physical space is taken.

The shine away from my own personal.

People can oh, but it is and I guys have shared on my if you look at my ext time and I've just shared your returns for mutual funds. This is mutual fund returns right, and you can see where mutual fund returns are. You look at equities, look at money market. That is the actual Q one two only five actual. So again again yeah, engine, go ahead.

You know you know the stock exchange is basically for corporate not medium to large key businesses. So a small scale business doesn't small skey have more just care enterprises. They all do have access to the stock exchange.

You got the governor's process and everything that evolved.

So if it's when we need to get to medium to large key forest, they get listed over there. So most times if a small business and they cannot be maybe legos Ptaco anyway, say small thing.

Uh want to tell Mellion our work business.

At the time, they're only approached your bank, maybe by conference bank.

Or commercial bank.

And at times more recent times they approach some special special fintech companies who raich who crack pooled the rout they are they may be remember this this company to give it. They will tell you that's an investment. They need eight thousand persons.

If you can bring.

You'll buy a slot in that business, so they offer that money to use. Most cave business put more access to the equity market, so that ariagement.

At times, you really give them.

Some cheaper I want to say chip Man cheaper they can.

Use, but they will not engineer. They cannot borrow lower than the federal government is borrowing. That's the point I'm coming back to. They cannot borrow no matter what they do in the economy. So to see the point I'm making, Nestley wants to build a fatal barrel. So Nesta is the big corporate right, Nestley can borrow money into that through the capital market like you set to issue shares, or they can borrow one from the bank. If Nestley issues shares, of course it is cheaper for them. Right,

So I think I think I didn't you need to to keep part affecting the conversation.

Yeah can't.

I don't agree with I think for investors because the space is all about.

With one as risks of you. I think for me, like I said, as I said, allocation.

Was the biggest winner if you really look.

At it on the spectrum you are locating. Look amount of money.

And fifty space as planted the money because these curities or the series bond we get average thirty percent. And also you look at the stocks in your own banks, give theres you have reasy and your banks at their treasure at the at their ipool. You can't tell you they are lost except you both very receipty and you look at you there pretty.

Much done good.

So that's why you look at data from MPEGNEX.

You see that Dan could be and done much better than.

The almost accept or imperfect he has really because the bank dis events has stable business with finer business is yet to be dispared.

And also then shoots and stability in this quota.

But you know it's not the past performances.

So I think people really need.

To take know your asset, your investment, because I kept amorgs that you see you can't just make.

Money just by yetting what to buy what to sell. Then you see you miss it.

Out because now you want to enter the money market.

Now well you're in biers high your aders.

Exact you want you know is that when when you go into invest you have to have an investment who.

You have to understand the intentions to invest in the market.

Opportunities be in Nigeria because the dance prop does normally that the Nigeria market cannot find leverage.

Look at the Nigeria stock market.

It's a big immune towards is happening to Trump t us because Nigeria community is kind of decoupled.

And also you look at headings from many of these companies.

Impressive Press School, Press.

School at don sixty percent this year, you know, and look at the lookout coming to strong results.

So people that really took advantage and had their pets.

You know, then you also pay less premium and.

People that have to change and now to the dollar through the black market or think they're create many of you guys change that.

Between one and seven and one night.

Now the stocks are down thirty forty percent. It will take you at least nine months for you to get half of those ponds.

Back because markets don't run.

In speed of a crypto.

So you really need to understand transaction cost, opportunity cost, and the locality and investments Favery portal for us to copper Cali.

Okay, you and I want to just look the point again. Guys, do again. I always say this all the time. Don't invest because of returns. Don't say because money market is paying more. I would invest. You invest according to your objectives. So if you have an objective today to say, listen, I want to retire in five years or in three years, you have no business and stops even the stocks are

Yeah, yes you are, Yeah, thank you, thank you for the opportunity to what's going to speak on this space.

And you only have two questions. I'm not too much a.

Not much than not accounting Google or something like or do have working banking sect for the past six to seven years?

I have to course. Number one is with the.

Amount of profit that our banks are declaring, is it good for us to say that the banking or the banking or the world of bankings ecadially is ripping off the SB or the engine of.

Growth of nitarian economy. That's number one.

Number two is for some of us or for me personally, I like am impact driven. It's not just about making money because they have a lot of ways to make money, bits legally and illegally. I did say banks are making money legally? Should I say legally illegally? Because the way they're actually making the money sometimes you feel like some people actually paying for it.

You go to the market, a lot of shops.

Are closing, some companies are closing down, and then you see a bank the very big, big profits. So for some of us, now we impagreement. We sect of the economy you think offer as it is to be in terms of investment outside banking stock that does that?

Do ye well? Here?

So you know when I used to when I started buying stock that actually broke out a long time ago. How do I know what to buy? And he told me, what do you buy with your money every day? Or what is in your fridge? Or go to your house, look around your house. What do you see? The biggest expense for a Nigeria today the household fifty seven percent is food. Fifte percent of the average expenditure of any

That's just my take.

Look that you want to do you have any other sectors for him?

And I was a bit surprised that the banker had reservations about the bank and the huge case.

Well, I really understand where it's come from.

And you know, you put need to look at the function of banks.

They provide liquidity, the sub and mepism to as economic goods.

In defensive fotble, we said, you.

Don't just a calibration with inforation is relatively high. Econic consumption policies has been inconsistent. So you see exudos or businesses. You see business coming coming out and insecurity also busy qu You know, you look at companies and guinners. You never the insecurities is not really affected their raw materials and at some points there was a correlation at that time, and those stocks remain su pressful a couple of times and plenty.

To do new stocks that you so goodman.

It so really even if you're willing on.

The fact that nagera city, look in question your access, what that imagines and what you're watching because you look at Nigeria stocks, you don't look at Gaian stocks like invest in American stocks. The first things you look at two days look at what is your eternal investment. You look at the fundamental of the stock and what excites the stock.

So for example, n you are then you give then paying.

Stocks really exciting vestors. Then the banking stocks. You know, cash flow banking stocks.

Are very liquate.

You know, if you have wanted the older.

I want to cash your pack stalks, It's quite easy. It's difficult in different kind of segments.

Then you also look at the fact that.

The president has been strong on energy reforms, and since it came on board, you see that the energy sector has impressively don't very well. So debas is that when Down got the NMPs come on board, definitely are going to see up chip.

It looks like the wors is over to dives coming in good prices.

Coming down my way or saved that arad energy if you shot made them.

But from the matter, it just stocks are slowly. They have been asset acquisition.

The president has.

Output them low delays, so we have to increase production.

And he gamblises that the energy sector will be.

Pretty much keep up the paste.

So yeah, good of for sector.

I'm not buying.

I hold it.

Nursty has one of the best businesses. But if you look at Nursty Stalk, it has been as toll as he woke his meal and pretty much because air pair influenced is quite low, because heir pair is really buy the eavyway stocks like the Downcoda the.

End Nesta the ZE plot, So if you look at Ze.

Plot, also interestingly average powers for those that are in UK.

For example, if a buyer xem plats in the UK are buying.

Forty percent that are Brited opportunity right now and I think it will close at some point. So I will not really as as anyone to look at food sector like you're looking at pank or energy sector, because if you look at performance or those talks PA's way in an environment behind now.

It's going to be look quite risky.

Cligory surprisingly has done well in the last few months, but it's one of the adultives.

So probably you need to understand the point of the matter when you're investing in the stock.

And that's why I also say we use the investment constant bookly when you put a stop brief as you get mistakes, as we get the caplarity of the stock and make two decisions based on your compunitive.

Yeah, and if you don't know what to buy, buy the index. If you don't know what to buy, you can buy the whole share index. We missure buying Nigeria, then you go to bed Okay. If you don't want to buy Nigeria, you want to drill down more on you top down you can buy the money market or you can buy the equity. Do it fifty fifty. So you have money market, you have equity index. It's a portfolio. You live it like that, or you break it down more. You buy money market, you buy dollar money market, you

So when they're investing in.

Index and Angie reast vestventrolst, it's not as it's not as weekly as words in the stuff should be.

Like for example, the market wacuages exposed.

The marketmakers that ask market efficiency here, they're buying in the expanse we don't grumble, doesn't understand that you might.

Not get favored when I favor it may not be at the price to pay for.

And you might not say that said, because I have a couple of ideas that I really do so well, but telling them I have been quite equal.

So for the start, as I usually describe, it's better you start with things that are liquid, things that you understand.

When you become moreso deicated, then yeah, you can start on that head.

And it was the one question you have to ask you a pause. When do I want my money? That's the point.

And when do I want my money?

If you want money in ten years, do the equities that's you consider it, not do considerate if you want a money two years time, don't do equities at all, even if it's liquid. So when do I need my money? So tis I think sort.

Of giving you a view? Yeah yeah, so so one does.

One last thing will be when ann physic good goes publicly say by.

Performance.

It depends on how its structed. If it's a whole that whole company is NPCE at a discount, Don't look at it this way, it's n NPC at a discount. As a previm. What's n NPC's asset today is the oil reserves. It's not their refineries, it's their gas license and so the gas Nigeria is owned by them, the pipeline is owned by them, and then the reserves owned by them. If I was Nigeria, I would switch its company up. I would sell the pipeline company separate from NPC.

You know?

So if it was the business, the privacy of the business is easy by any pieces Nigerian Federation. If you're touching that, you'll tell you, Oh, you're taking that money that I was going to go to fuck things like that. But our company should be privatized, sold completely one hundred percent and just tax the company new owner, give it to give it to Dangote, tax him in dollars, move on, Move on.

They won't because I think the new management, yeah, condence, you know, with.

All due respect to the gentleman, I don't know him. With due respect to him, we've had this story before. Our say they are do you respect to the guy a lot?

Hitting him?

There's the difference. So the difference for me is like the.

The timing, the agenda and why why, I think is different. So for me, I'm looking at the fact that the assinable people that will definitely make for investors consider invested.

Because I'm looking at n IPC.

Fluting between five to fifteen percent, just like around Cousini.

I don't think they won't foot beyond dob. The kits up to toxics like to be same five to nine percent, you know, and.

I think the evaluation would definitely be on that because the AMS would be quite.

Interesting and I think it to be attractive compared to a lot A lot of people are thinking about now the concerns about their business is like the they are inconstancy with disinformation of information, more problems up about the industry. It's like they have one of the worst communication department seen on plannet.

It and because I don't know we have with employment and strategy that.

I think it makes national market reporting insulting where you bring in influencers.

And truths to pastial messages.

Because if you look at over the years, I think an NBC has really been having problems with the Nigerian populice in terms of optics, in terms of relationals, interms of passing the messages and get through.

I think it's been arable. So I think.

Them right now the grip fine is that any piece is fighting dan GOT and it's a wrong grip fine or wrong implicating rumor issue.

We'll still be saying it to.

Their own n NPC has she hasn't done got. But the equoting.

Piece is going to be people for now.

It's just that I won't hope they really Cameline of I would be team because the techno class to excuse this expected to will and they have support.

They have support that we're wove headed before. So again you know Kevin was here. Kevin was here last week and Kevin said, NNPC can't cross with Beni. The pipelines they are taken from a Jacota to the north. They haven't been able to cross the river Niger. They have no Chinese financing. So NNPC is a national We shouldn't be subsidizing in n NPCs were subsidizing imports. Known the Nigerian people are subsidizing inn NPC subsidy is we are

Again, the army was there.

But if NNPC is around Nigeren legualified natural gas, it would have been like Lema. But you don't come that they had before Lemma was owned by n NPC, it crashed. It crashed if foreigner came and bought it. Now Lema is worth billions of dollars. It's exact same that will happened to NPC. If you bring your foreigner today to this same NNPC give it five years and like a RAMCO.

But a we say, how I know NP means like I behave and so I feel like that, well might look at the fact.

That we have troubled as if we missed the opportunities they had. But look at what they are holding and quarts, and then you have about this life being on.

Battle of you can't petty gains that you guys want the higher student.

Gas by now, any position I've been taken day by now and prilie to before befohone call who will be is it made at the beginning and then befohrene call who will complet? Then before the monopoly monpoly for years? They have their assets. If I find oil in my in my village land, it's theirs. It's there, so how how are they profitable? It's my it's mine. So again on the any position which I've been connecting West Africa with gas with gas, so that you'll force those West

But let's let's you've missed the opportunities.

And I think.

That's let's get.

Is there, let's do briefface.

Sure, I don't know if you want to pivot all the terrors.

Yeah, we're gonna do that. We're just too I mean, what the heck I mean tariffs.

Let's do tariffs. So it's important.

It's important we lay tariffs before we talk about it.

Disclaimer, I think you know just the financial the partici actual multipointics are because I.

Don't get politics. Yeah, I know.

As many poltics are because you know, I don't very compotational, and you know, the space to be required because.

The discussure to be okay, we look at a financial pation. So I don't give me if you look at if you look at the market, for example, I remember when you were like was it that? But I said that Trump pretty or.

The market somewhere that night level looks ordinary and if you look at data two days in the past.

Week, was was the nine level?

Yeah, you know, you cannot undermine presence Trump's economicy.

He has some of the start as people and he's trying to realize the free market magazine.

It feels that Americas have been at this advantage and it feels that there's a risk were.

Supply ches im outstandished.

It was like China, which I totally bad and also feels like, oh, well, medal this countries has also been fair to America, which largely makes sense because if you look at tires to post per certain countries on America, it's quite right.

And if you look at historical data from then the Great Depression to the time with peak US Turius have been pretty much new. But there are two things that confuse me. First, the US is the order of result currency. Secondly, the US has the most efficient markets in the world.

There's no there's no substitute. So this also comes as a cushion.

Now you're trying to just arrange the other.

At the same time you're starting your market because.

Or if you really don't right now, if you look at black Rock data in Q one in level Pulia, do that has moved to.

Europe teas by America investor, you can form manayers as said, America investors are moving from.

To the market.

And also you look at the fact that Tiger economies are also expanded their market to receive. So my fear is that if your eyes are now merging with your supposed enemies, he brings in a police carisk which I don't.

Want to talk about, but you know, just to count down the discussion.

My fear this week is that like I does pray because I looked at my just as I was speaking to you, doesn't me check it for the TA.

I didn't want to becrouble seven if the market, if there's no news this night, card of my face that was more happened in the coming days.

I think the president of the country, if I was president, people, I think what they do should be beside me and is a petual adverson. It's hardly how to rook the economic project because.

If you look at our margers from kudos.

Going less day by day and the pass that I couldn't shouldrop by other than dollars, we're in tip in tip mess, you know, if not the trader by many of these police characnomics.

I say Niger has to reduce that or that's the fact, like.

Because if you look at the fact, why like jazz generation from one as we did that you just clip on oil revenue has dropped, it's because they'll be short forced and relying on it. But we don't have anything that has given us the fings called. So that's spent country.

Okay, really, first, don't want you speak, but I want to just give folks that are listening, it's good to talk about the history of this whole thing. It's not a tarret. It's not really a financial thing. Let's go back to nineteen forty five. Nineteen forty five, the Second World War had ended. Europe was completely destroyed. No economy in Europe, Italy, Germany, France, there was nothing, literally nothing. So in forty five, two things happened. In forty four,

He will lose the election.

No one can touch it. So anything that is going for Social Security, that's going for Medicare is what we call mandatory. Migratory spending America is three point eight trillion. So total inflow again four point four trillion, Medicare, Medicaid, Medicare. There wasn't a Medicare are three point eight trillion with means that already the total revenues America receives has gone to Medicare Medicaid alone. And you can't touch it. Then where's a lot of money go to? Interest?

Interest?

Parents in America today are more than defense spending interest spend. What is America spend to pay interest on his budget is more than what it pays for the defense. I will know what America is. Defense is about eight or do pot three billion? America is paying more in interest. So what am I saying? America is broke? America is broke. And if it's your country is broke, what do you do? Either cut down spending or you raise taxes. Either cut down spending or you raise taxes. You can't cut spend

So what else do you do?

You have to raise spending. Sorry, you have to raise revenues. How do you raise revenues? They are Republicans, They're not going to raise taxes.

So what do they do? They're going after tariffs.

What is the tariff? A tariff is a consumption tax, the same tariffs Democrats Republicans have supported it. As at nineteen thirteen, America had no income tax. America's government got this money from only tariffs. There was no IRS. IRS was invented because the American folks said, Okay, we're going to have a grand bargain, will allow you to tax alcohol in return. Sorry, you are, We're going to ban alcohol and to replace the revenue I're gonna lose from alcohol,

Is going on.

And we can I read the politics of it.

You're just talking about Look at the markets now, you can the markets now? White?

Sure, sure, sure.

I was telling you Fad that for good to be down to dollars, he's telling me that investors are equals selling their age.

Okay, that's what I say. Give the other side the limited. If stocks go down, what also goes down? What no bond bonds go off?

When we started living?

If I have a hundred dollars, this is a fact to olimited. If I have a one hundred dollars, you're saying, callum, But what is Trum trying to do?

Trump?

They need to pay five trillion interest on five trillion. They need to pay that money. How are they need to pay five when interested in America at four percent they can afford it. They cannot afford to pay interest on the maturing debt. So what do they want to do. They want to force people. They want to force people like go Illuminate to sell his shares. If a Loomity sells his shares to the stock market, it crashes. Why doesn't limit they take his money to Lima, take his

Okay, it was temper I'm giving in ex spectrum now because I'm looking at him expectrum car and kind of saying that they're not putting money us on again, say, won't take I want to.

Put money in good.

God, they don't have the off gold in the world.

And I was stelling with illstand you're coming from I need to us pushed on.

Interesting Now I'm telling the optics.

I'm telling the contaction happening in the market.

Is I get what the president is doing, and I understand the coalition of detaining you with defense and investors and the.

Cost of boring, and I get you can put the average with two on this space.

What's really concerned now is man my testars low cuticated in span of itty what is really happy? And now you talking about black money? Can you acated? You have age, you know the most powerfuct economy.

You really have to problem.

You can't compare those someone follow all my follow one, K, my ira are all invested here. They looked at them and then they crashed. I'm looking at the point I'm making against the sooliminated. The risk is the bigger risk would have been if America said, look, let me, let me make it tell you all a lot of you listening there, just google what I'm telling you. Go and google the correlation between the federal reserves spending money at the stock market. Just google it. The most on them

But the problem is that I'm telling you that this is not what we are looking at in this part of the world. And this is no more.

Of America. He's not a present Nigeria looking at.

The fact that wild I'm looking at the fact that could like Trump drammar has.

Caused insented is exempted from tarist only there you.

Can can a letter for tires but lost them as past week and you speak now it looks like he's because it looks like a cat.

Is from me. You know what's happened to be called as the people can it's nothing faster than expirity.

I want to let me make this point. I want to let me this point. I want to put to Google. I want you guys to google the Federal Reserve correlation to the stock market. I've posted it from the tag can possibly again. If you want to know what the stock market will do tomorrow, look at what the Federal Reserve will spend. There's amount of wid the Federal Reserve is spending is directly correlated to the stockbas The Americans,

Right.

So the Federar reserves free capital allowed in the American economy to borrow cheaper, to take risks cheaper, and to invest. If you pull the chart, direct correlation Fedruar reserves, balance sheet and the stock market. All mister Trump has done with Scott and they said it during the campaign. They set it over and over. They have simply stopped the free money. They stopped it once they stopped that free money. You see the stop stop markets is reacting to the

No change.

But Vietnam and the US are talking and they want to do zero talent. So Ivesia are saying if there's zero talents, then Nike shoes will enter America for free.

This is the point I'm making this talkback.

It's not the economy.

This talk is not the economy.

You are speaking like an American and I get.

It, understand to view, but we're tooking from from anibstal perspective as people that.

Are okay as far as the market. Se Drammar has disported.

About that, it's not drama. He has to pay the bills Nigeria. So when when when when we have Shagary, When Nigeria has Shahu Shagary. Right before she Shagary, we had the oil boom. We had a lot of money. Then we now had Shaveho Shagary. And when Sharkane we could not pay our bills. Then what happened?

What happened?

Where they cool? Because it was economic issues? The coup came in so to stop that if thing happening, we were having a cook.

We had Buhari, then we had IBB.

What when Nigeria suffered with IBB, Bo, Harry and Badger is because we refuse to do what mister Trump is doing today. We tried to keep our life style without going into what we call an austerity.

That's what it's doing. If you don't do it, somebody has to do it.

Somebody happened.

Okay, that's that's that's not having space. We have a lot of that's not having space.

I don't want to do the image of that.

So I'm looking at the fact that the prices who were there and mostly we can because I really cared for them, not the portices behind it.

And I feel like this is a time for It's an opportunity for Nigeria. I saw Ethiopia, I don't. I saw a twitt from I saw a tweet from the Ethiopian I think is a minister in Ethiopia. They are saying, Wow, they're going to export to the US at ten percent, Asians are going to pay thirty forty percent. So it's your parents saying that they're now rejiging their economy to take orders from Asia.

They are being smart.

They are saying this is an opportunity for us, because I've American has a goa African growth opportunities at witness that Africans can export to the US at a lower tariff. Africans have it. It's your pay's only publish yourself, so we we have to take an advantage. We then traded bays. Whose fault is it Trump that built Calabatto base for you fault? Who's fall? Did Nigeria not build up an export based Whose fault is it trump sport?

We didn't.

We don't prepare ourselves. And the rey came and I said, want to buy umbrella? It's your payer has got miles and and it's clusters of export goods. Madagascar, it's a Rumanda, Namibia, They're already what were we doing.

America? First?

I think the hokey is trying to maint country's economy because.

We didn't do our own work supposed the issues.

So the exactly the world works, Lego States has, Lego State has built a deep sea port, They've built a light tril, they're investing in roads.

So all that skid that didn't do their work and not co Lego State vat. That's what the argument you are making. Legos deep sea ports. Now, Legos is a number one destination in West Africa for deep going to cargo in the whole of West Africa. The same where ITSIP has invested in Chinese built export clusters. Say with Youruanda, same with Madagascar, same with Namibia, save with the Africos,

Isn't that we should take into somebody while meaning the means, because.

Can't you Why why did Tiopia Why did Legos that build a deep seaport? Why because of trade the full sight of Legosty government over the years build a deep seaport. Why has quite but not built the deep seaport? Why is not that darriage? So again, only you can't blame anybody but yourself. We can't blame Trump. This talent thing was he has We said it since nineteen eighty seven. Go back and pull mister Trump's so during the campaign

Yeah, so what would argue, I don't think you let's get.

Don't you looking forward?

Sorry, let's president for trying to optimize his own economy.

For that to old calling to can go as selfish.

It should be American first, should be a GIA first, according to in a gillion and should be gan first. So the president or the Replican social call for all jet meeting or I can tank flow, how can we massimize the present reality?

So actually take it? What can we do?

Yeah, let's just go. Yes, we're spoken, Yes, we're spoken. Hold up that me, mute y, see you go ahead. See you got the flow. Let's let's get focus. I don't mont monoplze and Mike see you got the floor ahead.

Yeah.

So I'm listening to what you know you've been saying and hundred percent. So we talk about trade. I think with the tirest issue in my opinion, because I've wrote a lot about it in times are for two reasons in one opinion, revenue raising and then protectionist policies.

So now the issue is, in my opinion, we've been in a situation where like for me, there is.

Nothing I don't I don't know believe in the concept of free trade because all over the world countries do have trade barriers, non trade barriers, all those kind of things. So that's one second, levall, why are we doing these protections policies? Look at China for example, China's business model or investment model is skewed towards investments.

Skewed towards exports.

So you know, the country where you have forty percent of you know, consumption, in our countries like the West, you're.

Seeing sixty seventy percent. That's the way he then get some of these trade and balances, and that is where the frustration.

Is coming from.

China's exports economy has really hurts global countries and not just the US as well, So that's where it is.

Second of all, Calora already talked, how do you talk about revenue raising? If that's the case there are using tires as a way to raise revenue.

I don't really think it's an efficient mode to raise revenue. And you know that is why, for example, all these things are pointing towards the extension or making the permanent the tax cuts. If you look at the graph, right, if you put revenues and in contaxt, if you look at the revenue as a percential of GDP, it is ready to be flat like flat. And if you look at income tax, it's really skewed all the whale.

Right. I don't know if I could oppost it here.

I'm probably doing some other type, but that is what I'm trying to say.

That revenue is a tire iff as revenue rate is not efficient because you need to have a tire rate high enough.

Would I do am I against tireffs?

No?

I like it.

I think it's good to reorder the global economy and financial system. But people need to understand that if you put a tariff at that rate, it's a shock.

It's a major supply supply and demanding balands. Right. Second of all, what are the consequences of this? Right? In my opinion, I look at this in two ways.

So if you're as this weaponize in trade, which you're doing, what are these other countries doing to do they don't necessarily have to Wow?

Okay, okay, wow, okay. Let me ask a question. The US and the entire world had a meeting and passed a ten percent minimum tax. Only two countries didn't sign, and I praise them Ireland and Nigeria. I aware of that tax, ten percent minimum tax across the border. We aware of that tax. Correct, ten percent minimum time. Niger did not sign. Ireland did not sign. What's the difference with that tax and the tariff?

A tariff access and consumption tax. So what I'm what I'm busy trying to see is that, now.

What's the difference. What's the difference with that global tax and the tarret that Trump has done? That says anywhere you are, That tax says anywhere you are on Earth, once you manufacture a product, you would pay ten percent tax. Nigerli if it's a sign, And I wrote about it, because what what are you trying to do is is they're want to take away the advantage of Nigeria. So companies move to Nigeria and nest book Nigeria and do

I don't know what I mean by weaponizing that the world. I don't see the organizing bots.

Other people will say, Okay, if you're weaponizing trade with also the rest of the world, you would then do One of the consequences of that, in my opinion, is to retaliate your stupid because the best thing to do in a tiff like this is to stay come. If you're retaliate, you're going to innovative real you know, raised prices of good and services in your country. But long term, I think the tires are going to be deflationary.

Okay, So I think that Trump's target is ten percent.

I say China to be for.

You know, if you if you talent, if you realiate, you're not sensible because if you're in the yeah, if you retaliate in.

Yeah, Oliver, I can argue China trying is wrong China. China already has tires on the US. Then the US retaliated to China. Then channel retire.

Where does this?

Who first put the tariffs on?

Who?

Let's start where we look? Who put the tariffs first? If you, I can share it again, if you pull off the tariffs. America was challenging China to centering America more. Then America went off. Then Channa has now quote unquote retaliator. But who put the talents on first? That's someone has a retaliation can limit? I live in Canada?

Actually, who created you the first?

America?

See America createated the rules and countries who worked around the rules.

You have the reserve currency.

You are the home of finals. You know, countries put.

Their forms into treasury like you can't all you guys, Let's be honest that you can't have That's what is weak.

But younger, this is why, this is why, this is why it started from nineteen forty four. Because many people are looking at tariffs from twenty twenty five, you have to go back to the genesis of how America allowed tariffs. Tariffs were a subsidy to Europe. China When when when China? When China hold up. When China joined w C TIGO, China was quoted as a developing nation. That's why Channel

W T says no.

So America now does what they call faithboudation status and they now paralyzed Channel for cursity depreciation. But we have to start the story from the beginning, not from the twenty five. Please go ahead, sat take it. See see look how to get out to speak and see you Nelson go ahead, okay, thank you very much.

Cando. I must thank you for thinking.

It depends to illucinate this history and to paint and even began globbalut. Make sure what is happening to the US is not using too the US. It's a general stuff for the entires of Europe. It's just that the government in Europe have not fasted. If you check a little research, the average depths to glipirati across Europe is between eighty to one twenty percent. So it means that

So what that means is that these countries are.

Already in debts, that marks are in debt, and they don't have the apparatus to raise more money to pay to meet their dept applications. US has a similar problem, but not as bad as Europe.

Trump.

Yes, they have the reserve currency, but the reserve curs is not helping them because the more you print, the infationary region attaches up with you, and eventually, if other countries choose not to use your currency, you don't. So having the reserve cressy is a good thing to have, but it does not protect them from the effect to other stupid it.

Now, for those who are complain about the.

The stock market, let us tell us the truth that we're looking at growth pass development what Trump is going after.

If I understand courrebly is development to.

Build the competitive base of the manufacturing base for the country because it is currently in the hands of the enemy. China's an enemy not just on a trade perspective, but from a political perspective. They're not thinking the samptoms and it cannot allow your enemy to build the manufacturing base for your economy. Now that said, we cannot come through these development option is work.

Can we do?

What should be our response? A couple of two years ago, I was in career. We made a firm that was willing a career friend. I was willing to bring issue manufacturing facility idea to police. They were put to our fifty thousand persons simply because our level is really relative, but two hundred dollars by multi fay compared to what you have later to four hundred dollars.

So the question is this, what.

Are we going to do to you know, if possible, you know, take some of the light.

Manufacturing industry that the US will.

Never be competitive as because I don't think their goal for African China is to is to start manufacturing issues and the cloth in US. No, those are low hanging fruits, the big ticket items as the high end industries.

So this whole world is an left to levers item.

We need to pick the low hanging fruit, which is what the tap is trying to do, and that should be the point of our focus.

And for investors, we should.

Find those more firms or imagine small firms you know who are you know tap into that space. That what ter final is a good is a good idea of what naderia to focus on, not just defined patrolling itself, but the other bad process of dire finery, the plastics, you know, the other chemicals, which is who we are a lot more valid and even be added beyond the tip go Petroud. So that said, we should look beyond the world. The stock markets had the stop gets responded.

Propped up for many years.

These talks asp us tucks have impropped up. If you check the average returns as stop price, you know, you.

Can see that the margins show that the is just because there's too much money in.

The economy, not because these talks are really creating more value for.

The body share for shure that just have to appreciation.

So that said, it will drop, yes, but I think Croop and Core are willing to pay the prize and say a fair price to.

Pay thank you.

I think as well, just to make a point, stocks there's Snapchat matter. They make products, they are making profit. They are the economy that is fantastic. I think the point that must be understood these days America is broke. If you look around. They brought those to do efficiency b to cut government without or as report. That's what they're doing to cut the waste. This tarentt is a

Whether you like it or not, that was a tariff.

Did we sign up for it? But they passed it and nobody complained the Trump I believe it's going for ten percent global tariffs. That's why I think it's target is the forty percent was to force food to go and negotiate. I hear now Vietnam and what's in news now Vietnam has come to us and said we want zero. Don't give us ten give us zero percent tariffs or won't charge you, you won't charge yours. Same with israel I. Hear Argentina is also working to do zero zero times India.

But if.

At it this way, Tea can is arguing about strong. It's not trying to wake up Americans in this traditions, which to me I think is lead.

But he's trying to make it up. But look at it this week.

You are bullying Canada.

At the same time you're making the Europeans look like so because see car in America.

You don't really know out of the.

Outside world is taking this. The man doesn't.

Doesn't you keep making this point. The man is lettered by Americans. That's the point you keep from making. Well, I don't like so I'm in Nigerian. So I'm in Nigerian, but the guy he's elected by Americans. It's the same when I Tui book came to the assays there was any faisy in Nigeria. If NI book comes to the unsays it wants to protect it, I will now say, oh no, no, no, dolible. Let's worry about Angola and Sudan, no.

America and this.

Economic Google Eccomist built on free trade, right, and you're trying to write it properly.

But how can free trade when everyone is turping? Just America?

I want the market and it's a very for me. I think it's very scary.

Trump is a bully, he's a brush guy. He's on culture, he doesn't speak well, he's all those things. I agree he's not he's not very subtle. Somebody else would have done the same tariffs in a very very subtle way, got the same results.

But this is what the guy is.

Is anybody surprised of how he tweets? Are you surprised whole that he's how twe If you're surprised and you just woke up today, this is the man.

This is the guy, this one. I wanted to speak like an American. I want I want to speak like an American. Now.

If yes, theoretically and most likely experimentally, everything Trump is doing or intends.

To achieve looks good, well, I don't mean to treat.

At anybody yeah or any busy person. Yeah is acting like you know the same way we did and removed subsidies.

Just say subsidy is gone and it's gone. Acting. I don't want to use big, big words.

Well, if your intention is to balance trade for America, in which you know that you are going to harris almost all the country in the globe, why do you start by threatening Mexico Canada.

Now we are driving at this.

Mexico brings in a lot of foods into America, which effectively reduce food inflection in the country. Canada and the other way supplies America with a lot of real arts and critic company as that powers the.

Industry in America. If your intention is to also.

Okay, based on what he said, his agenda is to kind of reduce our balance trade. And then the Brook, the Brook country. You know this your your your go put you to achieve it. We're going to haunt people because by then you start stariffing countries your consumers.

Like when I would pay the tariff, I like it.

I like to say, Okay, let's let me let let's say you yes, yeah. Let's let's start with let's start with take it from Let's start with Noble's comment. TBO when good Luck was the president, was against subsidiary Moval his sponsored support to go to Ojata. They paid them and people stopped the removal of subsidy then, as the president now says, subsidy is gone. Go back to Donald Trump nineteen eighty eight under Oprah Winfrey.

He said it there.

What is doing today is what he said in nineteen eighty eight. So the man has not changed. This is just maybe the way to do it, but he has not changed. That's come to to to Canada and Mexico. The target in this entire tariff is China, Vietnam, Canada, Mexico, they're in the way. The target is China. Now when you go to Canada and Mexico, it's something called NAFTA that was now made the USMCA. What China did when America signed NAFTA, China was not a huge exporter we

Not the car.

Remember they make the car parts in China. Ship the car pass to Mexico. Then American chassis drive on train from America to Mexico, and Mexico workers assemble the Chinese parts on American car, so it's on an American car. This is a loophole that Trump saw and then did the USMCEE. He did that USMC, but he still didn't stop China. They've gone a few wrap around and they've come back into the US. So now Trump is in the excuse of fentanyl to say no, no, no, no,

The same way.

And Korea and in our friends on.

All the current sport to the US, I mean yours to saying what would this, what would they do there?

Not export? Say again, can look at the numbers.

When Trump says you have no cards, he's been arrogant, but he's been correct. China is an export economy. Without exporting to the US, the economy will not function if the tariff themselves, China will out of goods to tariff in America. If Americans are good to tip in China, Walmart is China the entire Walmart is China. How many goods are sold in China American goods? How many Boeing forward, what else? So they will run out of goods first. So Trump is using we call it bullying, but it's

Exact same thing.

We could so for us to be arguing Trump, even America live, Trump, let's talk about us. What can we then do as an investors here to then take advantage of what Trump has done.

Go ahead, sir, and so at first of all, I think you're only on a lot of all the information about the Chinese economy.

First goal, and China is no more exports the economy.

In fact, then someone justin talking.

About the numbers, and I'm really reverting.

I have expert at nineteen point seven percent of GDP down from thirty six percent in two.

Thousand and six.

US is up eleven percent, Japardy is at twenty one point eight percent. Is there at thirty point six percent, EUK at thirty one point.

Seven Maths math, the maths, No worry, the math, the match, the Maths stadium, the Mad studio. If if if the Chinese economy has grown, then the GDP will fall. It's Mad denominator, nominator. If your GDP was one hundred billion, that is exactly what's going on.

The world average is twenty nine point three percent.

Now, that is the website that will show you that it is no longer the export grogram.

No, it is now, I mean.

Techitely.

Secondly, you're talking about so you start your trade algument or your trade history from nineteen forty.

Four during the Breton with A era, You of course not.

Talk about eighteen ninety. You won't talk about nineteen thirty. What happened in those periods. You had again a Republican administration in eighteen nineteen, the clearing, they brought in lots of parents.

Within one two years they realized the whole They led.

To inflation and what the Republicans of course lost the presidents of the House the semi in nineteen thirty because they had a really bad recession in nineteen twenty nine. The next year Republicans brought in a Beautie Jacob carry Free.

What happened, the economisan got weaker to the.

Extend that literally in bank Putic a lot of uitelys only that would otherwise have survived if twenty bad decisions actually go.

Bankrty our year. Let's or about about point is this.

Away FDA or nothing FDR actually has.

It's seen a lot of those times, because it's got so bad that a lot of Americans experts cannot export. And in your way, people, you will say that that is one of the things that led Germany to the hands of Nazis, because German had a lot of great from more the way, and when they could no longer.

Say into the American market.

After the Sarent got it, people go radicalize in terms of the politics the German economic collapse. Now you're talking of nineteen forty four. By in nineteen forty four.

CARENT rate had already dropped slitically.

Because of the the life on like exchange that EDGR did. Carriflge strapped within four years afterwards. This point you're making about about Axis and all of that is that even CARNA doesn't rese that the doing is America's attacks on its stain points. If you say twenty percent, it will not be able to PLoP them over two trillion dollar gap.

It's not we be able to raise Act two hundred billion dollars out of the two trillion dollars gap that jus complete is actually basic like as we're talking it all about year, lets simply just saying, oh, last everything on the issue of on issue of the of who is protecting American jobs?

I know.

It would leads to it will lead to no Manu patn and and everything. Let me give you a very good example of how difficult and how work day that arguing is.

You had so a few years ago.

You had gave that we had to be with it for one stage.

I think it was from South Carolina and North Carolina down to another southern state.

That was the right to walk. See this truble, this.

Almost had the idea that somehow supplanted just changed because.

Ye said, why would you agree that it's.

Not going to happen? Okay, So let's okay, Okay, we have to move China. Okay, so we just can't let you talk. I'll let you speak. So let's just move. So lots of great points there. Let's start with the first one. This s meets Harley Act in eighteen. So again you're talking about eighteen. There was no China. Back then, there was a Europe, there was America. The Tariff Act was passed, America had the Great Recession, so you cannot even see if that tariff at worked or did not work.

Japan was a growing power.

America surrounded them, refused to allow them to grow. That's why China invaded Maturia and we were to invade in the back. Then what we call it Indusia was a Dutch Indies to get their cup oil. That's why that Common bombed Pearl Harbor. The point I'm making is this America's DNA cs that no other country will be greater than them. Trump didn't writed it's from their very very

The soy do it? So they think it's China US version.

Really, you can't start China at this point.

This is I'm not arguing for or against. I'm just given a picture everything.

I hear you. But I'm not arguing that. I'm not America. I'm not arguing that. I'm not arguing that. I'm just giving color to the fact. When you come and say China is an exporting juggernaut. The largest economy in the world today is China. Largest export in the world today is China. They are exporting economy China, Germany, these are the last economies in the world. They export, that's what they do. We can't change that fact by quoting GDP numbers.

I think.

So if you pull off the lightest export that we all have, Google, pull all lecens put in the world, is China's China. Pull it off Google. Because the economy has grown. So is the mathematics against sir. Is the mathematics that I'm trying to explain, Sir. Ten percent of one hundred is ten right, what is ten percent of the base expands ten cent of tune and will fall. So your share of export to fall not because you're exporting less, but because your denominator has grown. The economy

The end.

See, you can't count the goods are not from from China and Walmart. Name the corresponding country in any part of the world where you have the store, where the entire goods in that store are important. Name any country on earth, whether any country anyone give me me.

As it does.

You have to be smart, have to work. No, my brother, they have to pay five trillion this year, so it's immediate they have to pay. So this whole thing, it's no clear clear hold on, hold on. What they want to do is to cause the market to crash so that boundary will form. That's how they paid the deficit. That's that different things happening. There's the tariff angle. There's a stock luminous about stock markets. If the stock markets come down, they yields go down, they can pay their

Yeah, I really said.

I I enjoyed the discussion going on.

Where I requested the micro was that physically interests me how to to capitalize the tariffs and see how we can liberation and make me only or make the tariff Looking at it, how it's affecting the global economy. We as in Nigeria, how we can take advantage of it, be able.

To make money again.

Thank you for bringing us back to to to to ground floor. If you ask me, if you ask me, if I was a president today, I would declare cross River State, cross Riverstate a tax free, zero taxes in cross River and ask them to target America zero not I mean zero taxes, no state, no federal, no local government on the condition is only for FDI, only for FDI. Let me tell you when I Trumps close or comes to say this thing has started, it's not going to

George W.

Bush imposts taris on China, Clinton in post talists on China, Obama in post tarists on China, Trump in post tiests on China, Biden in post ties on China. Trump again has imposed tires on China. This is not a Trump thing. They want to corral China. So if you are Nigeria, you want to say, hmm, we are nearer to America. We just have the Atlantic China and America wants some product they don't like Mexico got all this thing with China. Let us build an export state the state then they

I would personal for you so because I think as people to speak, but we very being doing it. Personal for me was like midiicate less about the impact thousands of words.

Yes, I understand the fact that I know.

I'm not taking side, but people are listening to us to say what's going on. What I'm saying is that I'm talking about I'm explaining what is happening.

I know.

See, I mean I lost If I lose the ship, I won't come and say, I hate that ship. Crude oil is like you said, it's not one expert and I we're not to understand what's going on. Crude oil is also not tariff that I was scared that they're going to tarift that go to it because I don't know. I don't know how I would go and negotiate with Trump if TOO was going to go and ship with Trump. So I was very happy that Trump did not include oil and gas in talent, so that these experts are safe for now.

So I was marget that down and down like you.

But we knew this. Now.

Did we think that I could only seventy our health spaces here only man, you've been a head for the space here?

What we said, Yeah, I been, I go to fifty ever, so yeah, ye can't you missed out our budget?

Only that?

What is your points that that.

We knew that point prices would get lower, But now it's moving fast? Is multi fastal it's.

Your government that that is borrowing in dollars. N NPC has sold forward sales of how much? How many billions? Who is it from the cost that one? Your government did it. They've sold the oil of tomorrow caust that money today. Where's the money today?

What?

What?

Where's what? What is in the money for today? Show me one project? Okay, what in coast star road? Should you and I go to that coastal road?

There?

We it's Oopia has export clusters today they have They didn't build it yesterday, they better have it today. Ethiopia, Madagascar has na has so we can't blame Trump Trump Trump Trump is like wind don't blow far enough, don't open and that she is now open? So those are not invest again and sounds why. Using Legos as an example, a quie bomb has more money. You're any fun on the let's companies. You are quite a quiey bomb state

They have more cash.

I yes, what they have more cash and Lego state. But Legos has a deep sea port I'm talking about bracker deep but doesn't really have the money to build. They built spaceship cathedral point giving us look, say you're giving it too minutes. The point I'm making this is if a quai bout today has no deep supports, who are they going to blame me? Trump or themselves. They are the cathedral work has cathedral church cathedral there. Why didn't they do the deep report? You see in the end,

We should.

Now I'm saying we should take an advantage of it. We have a Goa, we have a Niger the Aspera. So every night er now go to your If you work in America today you say, okay, where do I work? Can I go and tell them that I can do manufacturing for them in Legos or in a quad, in a bar or in Canoe, go to meet you said, if they're giving you too more time here, come to Nigeria. That's your opportunity. That's how they in Ebo land world probably are here. You look for somebody that is booming

Now?

The business is exports. Look for something that's been tarrift that Americans apparented be good as expected, brings Nigera and exported.

We have to take advantage.

If you think that only the skills will come, we didn't have the skills for it. We did not have the skills or live there for it twenty five years ago. We didn't have the skills for coding twenty five years ago. Today when the second code, why can't you compare to olimited? Why can't you compare? I didn't know what windows was twenty five years ago. Today everybody knows what windows is.

Who's fault?

If a guy came here and said he takes his his his head yer, the head of the yam from Nigeria, he goes to Ghana and plants it. So he's taken Nigeria and yam. Then he exposed that year to Canada. Why can't you export from Nigeria? Two things NAMA will fail will fail hygiene number two high cost. So in Nigeria is going taking head yam on this old space, so to Ghana to plants Who's for?

Let's get culture let's get that's fine. That's why elness Ela.

We can't. We have to put the government on blast to take the right decisions.

We can't.

You know that Nijeras are socieet and he's pare for us who also that years, who will also be attacking like.

They are attacking. I'm not attacking. I've given so listen here I'll be critical. But for police is the place right now? So can the advisor I give is long day. What I expect you to say is that what you tell you every you have that's invested in the top market, that energy that.

Has lost work in the last three months, what do you think you should do for five million?

I have not changed my commentary. So two years ago I said hold your keep a dollar's closed. I won't updated that commentary. And okay, okay, they do what you want to do. I'm don't say this was just me. I'm it's your money. Do what you do with your money. So again, that's not what number two. Remember only I've had this space for three years now, every Sunday, every Sunday. If I wanted to attack government, I would do it. Go to my timeline. I will attack. I give solutions

Guy.

The government has the advisers. They should do better. This government is the most private sector experience government we had elected into office since the creation of Nigeria. This particular government are the most private sector of friendly, the most educated, the most sophisticated, says the creation of Nigeria. This government is the most sophisticated, most privacy. No, let me learned I have we forgot you in nice night. Look you mean by privacy, I've got to.

Because I ken't get to the type property. What do you mean?

Because the folks they have are very exposed understands the gener economy. Weller was it was shot in Germ, in national Germ. She came with from America.

I don't know that she came from America to.

The point, but this government also has many people like that. Those guys delivered, you know, letting me finish my stents. That's why if you let me finish the girl, I won't going to land or doesn't your heart a good cabinet? Good Luck had a good cabinet. They delivered the same with these guys. These guys have to deliver. That's where I'm going to do this. They have no excuse. They are sophisticated, they are worldly.

They are perhaps not.

Driven the same way as good Luck's team, the same way as Obs team. Those two teams delivered. These guys have to deliver. We can't make excuses for them. They've got to deliver. They've been caught flat footed. I can pull up my tweets to the day where I ask the questions, what will happen if oil goes to fifty dollars in Barron and we prepared for it as today we have. Yet this time last year we had four budgets. Four budgets. Niger was borrowing two billion in December four

Want to do.

Okay, we're going to reject this. Have you seen anyone you answer?

Really know what they missed up?

It?

That call centers is something that we can do tomorrow. Call centers we speak English, would have been would have a bad accent. It doesn't cost a lot of money. We have lots of use in Nijera that it is substicated. You can go to those abandoned warehouse and mattery. You close it up, you put a c when you put styling there. You have a call center. You trade this kid or does the phone calls? Will you take that constant based from China, from Philippines, from Thailand to Nigeria.

So are we doing it? Who will teach them to do it?

Norllingwood was clittered from tin Air government and help fainted from tin Air government in help Ahmed. What has government created Nigeria since you were born? What industry are located Naja? Since you were born agriculture, they had not done it. Fi Najera waited today. What has government done since you were borned has survived even not for Nollywood in Niger today? What would a GP be trade Okay targo back with g SL tig off for him? But where is Niel?

Where is that? Where's that? On all?

That's just let's let's let's get us to Elvis. You wonder for Elvis.

Elvis elis yeah, yes, yes, so I also make I was gonna make at some point.

Right. The first is Nigeria taking advantage of the time.

So just as you've been arguing with d we are not unfortunately as no well positions del right, we don't have the infrastructures.

Right, policies are not predictable.

So even if their start with your askings, I wants to continuity.

That's that you're exported the US. Right, he still he's still gonna be afraid of your stable policies and right and again if you then manufacturer, he had to expect the the US. You got that.

The whole goal of whatever Trump is doing is I've court to top top of China, right in terms of straight right, So Trump at some point might still come to tariff Nigeria more because he's he's had and find all those proxies right that companies are moving to bring us to the US. Right, so at some point you will still come back to tarift and there are not several factors that are make us not well.

Total again where they are forty percent, that's where Tartal is forty percent. Yes, yeah, I know I know that, right.

But what I'm saying is if let's let's let's say Chinese films cover an unto pogies and exports to the US, right, he wouldn't find Nigeria as a new proxy, right for those Chinese that sports.

Right like yeah right, yeah, so yeah, like we don't know what we're called origin, so it favors us because we're not doing what they're called origin. So China will simply say we're going to put the capital. Then Nigeria's will get Nigerian cotton, Nigerian power supply and building fact it has more Nigerian content or would escape Vietnam's fits. You see the point I'm making what America is targeting is when China comes to your country and building factory

Yeah.

But again I believe that to our next time, right, whatever John's doing quite is coming quite late. Right, because one of the reasons why China became a major Photossian One of the reasons, right, there's theveral reasons because most of the most complete.

The pos in the US.

Right then left the US because liberal label cost is.

Most Cuba in China, right, multipy Udia.

Right, So that about this places where the cost of liberal is much cheaper right to produce. Right, So at the average American and Lucar worker, right, we'll not set the sagages that China.

They don't work as had they don't they don't have to Elvis. Again, this is the world has changed America now has automation number one, so they can do the same things without using humans. Automation. That's number one. Number two, what does the tariff do? The talent raises the cost, so it makes that label that was cheap in China, it makes it irrelevant. So if you're going to make a pair of socks in China, it costs you a

I was like, I was on this botum where like there are several US business owners right, and they kept saying that the reason why most of them buy from China is because even with the target that Trump is imposing, right, it is still more cheaper for them to import from China than in the US.

Yes, it's they're not targeting socks. They are targeting chips. They are targeting high value important. They don't care about socks important China and pay your talent that's you. But what their target And look at the Arizona TCMs is building six billion plant in Arizona. So that's that's what they're targeting.

Right.

They are not going to unshore every product to America. They don't want to. They know China will still go to Nigeria, to Vietnam, Vietnam. It's not it's not doing zero percent. You're still China. They don't care about that. You can do socks and sneakers all day long, but they are still still aluminium chips. That's what they're they're already focusing on. They will not let China bring in steel smart.

There's a skill problem.

Like I was watching We Love Especially Bad and said, I see, this is why you feel the Trumps like the jobs. Like, okay, if you're trying to bring jobs, where are the jobs? We are excused because this don't.

Excus They will train them, They will train them.

Said Apple.

He said that cheers who trained the Chinese, who trained the Chinese?

Americans? I mean the Chin just let it Americans the Chinese to build the phones.

Now Americans may it is the cost of live or not. The training.

No, but again that's what talents do. The talists eliminated that that advantage that China has. That's the whole idea raised the cost artificially eliminate their advantage. So they go to come back to America. But do you an president?

Did you u W?

The United Auto Workers president said that there is excess capacity in American factories to make cars tomorrow. He said immediately his words, that there's excess capus. So is it from a businessman, I would not make any kind of America. I would not because it costs me too much to make in America. I raither go to Mexico or Nigeria and bring my cars. I'll go to innocent and telling to make my cars. But but it is a tariff.

Soide right, so was saying that the price of oil only dropping and I think this tarring the tarring on bottles, right, I think it affects the price of a jobbing right because if people would buy fewer cars, right, then of course it means that the demand for crue good.

Job why would go by? Why will pull buy fewer cars?

Cars?

Cars coming into America?

But Americans make cars so that there will not increase there, right, Americans make cars, right, Americans make Ford Chrysler GM. It's all in America, so those ones will be cheaper. B BMW's made America. Bm is mad in America, Message in America, Kia Yu Di all mid in America. So why would the price go up if the paths are expensive? May bring the path to America means is exactly what Japan did. Now they tied Japan. Japan keeps Americans and built plants

Welcome, Hi, ca, Hi, everybody. The conversation has gone in so many directions. I don't know.

It's a wide topic, man, you know, I know it's going to go on, but I know it's going to go like this because it's wide.

You know.

Now, it's a wide topic that many things happen all at once. Many things happen all like once, stock market.

So let me let me try to address the things that my mind can can we call now the first point? In order for capital to have confidence in any market, there must be stability policy, stability.

In different physical and monetary policies.

Right now, America doesn't have any of those things.

Whatever Trump is doing now, there is no guarantee that the situation will be the same in three years time, four.

Years time, or five years time. So as an investor, why would you want to take a gamble on a country that is politically and economically.

So for the time, let me ask you a question. If you had a billion dollars to build a factory, would build it in China or America?

To tell you the truth, with the stability in Chinese economic policy, physical policy, monitory policy, they seem to be.

A lot more stable than the US right now.

But then you can you know that that's something we can do.

Where would they build it? Where would I build it?

I don't I can't give you a direct answer to that, but I just made an observation.

Look, you know, the point is you can't bully.

Businesses into investing in your country.

You've got to create the right climate and environment for them to put their money in your country. You know, starting a global playing war will not end well for anyone.

It won't end well for the US.

It won't end well for those that these parents are being imposed on because the world is so interconnected.

I think Trump has this idea.

That he only needs to do to set things in the way he would like America to be is to just come with a block and.

Then intimidate every other nation into doing what he says.

And it just doesn't work that way anymore.

Now you are talking of American cars just now, Okay, you are at won with Canada, your neighbor. The American cars that you are talking about, they go between that have been manufactured in the US. They go between the US and Canada are seven times.

While they are being made.

And now you are imposing a tariffs on Canada. So when all those parts are moving to and fro back and thro you do know that they will be affected by the tariffs, right, you do know that, So those cars will also suffer at a price increase and the people who are going to buy those things that will be impacted.

As a result of that. And these cars are supposed to be locally made. Another point I was also going to make. I find it very.

Difficult to understand what he hopes. I mean you as as as a country like.

You're saying that you should take advantage of the changes.

You know that if you want to make major investments to take advantage of these changes, Ablubidy was pointing out earlier, you're going to spend a couple of years positioning yourself to take advantage.

Of that market.

You can't do it overnight, because you've already pointed out where in the area as well we could possibly take advantage. We're not ready yet. We don't have the infrastructure, we don't have the man.

So who's thought that? So Trump should wait to be ready thought.

Don't. Don't get me wrong.

Trump is doing what he.

Thinks will work for America even though he's wrong. But I'm just saying that if you're asking Nigeria or any other country to simply just turn turn the coin over, I start doing what will appeal to that market.

That has just opened up, not knowing how stable little people?

Okay, and then what what was the was the other outing to do? Do nothing?

Is America the only market in the world.

Name of that market you're gonna go to that is growing? And give me give me the markets you can go to. Give me that market you want to go to.

Give me that there is nowhere to export anything in any.

I just asked you a question. Give me, give me a market that is growing that. Give me a market like America. Give just give me a market, give me anyone.

Okay, America is the huge market.

That's why he's doing well. So again I get I get what you're saying. I hear you, and I think we're bringing personality traits into a business transaction. So many CEOs in America are quote unquote Escob's, but they make triple they make triple digits. Trump is a s ob. We are not here to canonize Trump. Trump is a narcissistic s ob. But it doesn't take away the policy of what he wants to do. I've highlighted here that number one he has maintains on his split. America is broke.

Trump wants google eats.

Don't don't know, just google, don't okay, don't just google. Trump told Sarah Abat to reduce to increase production, and they did. Okay.

So yeah, but.

So why we come saying it's just challenged. That's cossing. Trump wants more energy prices for Americans Okay, but Trump wants no gas crisis. That's the fact. So if it was so, if we don't like it, export additives. I mean, you've got that refinery, export your additives. So but let me take you let me take a few points. I mean, the America is the most stable market in the world today. Today there's rule of law, and don't also Trump, there's

There's rule of law here. If you put the dollar in suppose that we used to take that America.

God, but nothing has changed.

Now they are suing themand.

Looking at you know, look they're told you something and the other you in America, you still seem to see how we outside are looking at you and what is going.

I think you are that that's that's a fair point because what I say is what I say is that I'm being partisan. People are listening to the space we have nearly for the people and explaining what is happening.

I don't have to agree. You need to look at different You're not. Honestly, I don't.

Get your argum. Alumina's agent is this Trump is bad for Nigeria, so side with Nigeria against Trump. That's a luminis argument.

This is the argument.

The argument is simple that rum has just people power, that national markets now in Africa, as meetings, as planning for.

Countries like Nigeria.

And I said, it's not sweeper statements, super statement, it's your pays celebrating Mather Gascar celebrating South Africa has sary we have fought in you.

It okays more trying commodity country, commodity.

Who's faw Okay, who's fault away? Committed country? Who's fault Trump? Why would we build our factories? That's what I'm saying. Can stop looking at.

Everything from national American a teview.

I'm saying, look at it from the fact that, Okay, there's some things that yeah, he's trying to do, but it is.

Harming the Dubai economy. Nobody's saying what to do is no with for America?

Okay, ask a question. And under Biden, Biden imposed a ten percent tax on Nigeria. And I just didn't vote for Biden, but then imposed a ten minimum tax on Nigeria. Do you agree with that tax or not?

Sorry, guys, I'm sorry guys. You guys were talking about a GOA earlier.

Please, I just want to remind you guys that a GOA is going to inspire in September.

Okay, So what that was then? So then.

That the guy that the guy that gave us a go should go lego ship. I mean, we're blaming America for our failures.

I'm not blaming.

I am just pointing out because Okay, if I go not to expire, let the America, let the African go and then go to America. If I go, I go to inspire what an Africa is doing, let him go to America negotiate.

That.

See, I know that's trumps U.

I think you are.

You are putting me.

I can't get that, and they can. The condos are would go back to America. All connoisants quite disimple. You see Astro investment.

You see, that's why I made That's why I was talking about and you guys, and we're talking about China. Look we can we're going back and forth, back and forth, back and for.

The China China knows that America does not want to see them grow in global economic stature.

They've already factored that into their plan for years.

So if you're thinking that this staris are going to stop Chinese economic development and growth and the global influence, afraid.

But LSA, listen, look at the history. The look at the history. I started when I said, that's why I took it.

I took time to talk.

About the history of America. Let me meet yourself. I took time to talk about the history of America. What America is unity today is what the digit Japan thirty or so years ago. No difference from the nineteen fourth, nineteen thirties where they blocked it Japan and getting crude oil to restrict his growth and it led to Pearl Harbor to let to America during the war. No difference. The point is that where I think we're focused on Trump, this is America's policy. Obama tarot China, George W. Bush

No?

If Trump does it, it's bullying. Now Vietnam has come to America and the negotiating. That's what Nigeria should do. Go to America and say, okay, okay, what's your issue with us? This issue with us? Okay, we'll have to come back and renegotiate and vet them. Has said up to America, hold the talents for three months, give us three months, America, don't important inside for three months. Let us go back to Vietnam. We will talk and will come back to you. That's what I expected us to do.

A second before Trump came. Okay, we didn't have America.

As well with it all we did, we did, we did.

Mexico imposed one head and I can I can share the issue. Mexico imposed a hundred percent tax on America's expert Mexico in nineteen nineteen twenty twenty two, or so I can share to you. Okay, I apologize that. Let's let's move on. Let's just move on, because I don't also get in morality. Cando calu?

Please, can I just make at one point, just to encourage everyone, that's let let us kind of focus on what Nigeria can do. And I've had miniespeakers speak as if Langeria cannot do anything. It takes average of two to three is to set up their plants. And we'll have free trade zones along the coast of Nigeria in leaky axis, and we'll have a couple in other states, including even some noted states, so we can actually set

Opportunities are actually very huge. Just to a point out.

Some averaged VETDAM does ninety billion dollars of after export to the world ninety billion. Bangalandesh does about forty eight billion channel dos a lateral assisted llion.

These are low hanging fruits that Langeria can label this and this is where you focus on the level.

Were inveteras at three hundred dollars, banglas about one sixty dollars in Nigeria. If you pay one hundred dollars for seins, killed workers and bonds have very good.

Back. For example, the average apprentice.

We were doing a project there average.

Apprentice in our bus and thirty five thousand.

The average boss is adding average of less than one hundred dollars monthly income.

So let's bring it home to.

Ask ourselves because sometimes the indoors, the average national elits is a big fire removed from the senigans of industrialization because we lost a good generation that has no experience with manufacturing, that has the experience with you know, our producing things.

Most of our elits doing another.

Body on this platform that we're bankers, who are jury workers or were financial people.

You know, very few people have experience producing.

And it's so it's really that's this, that's a big discussion between our past, such.

As what is possible and reality.

So that said, the opportunity for US, if you ask me, is to look at the threade patterns between the US and the world, but not just US Europe, because I'm convinced that Europe will follow the same way that US is taken.

Now, simple because you cannot. You cannot rely on a communist states.

You know.

That's why I have that question.

Don't whether China is competitive or not.

You simply cannot rely on China just because of this political makeup that said, they want to move away, and they should move away.

The question is to go.

Now, if we don't take a deliberate effort, you'll be surprised. Let's suto, lesuto. Those two are fifteen million dollars of exports in governments and access stress to the US too, and fifteen million dollars you know which industry Landinia is exported to have fifteen million dollars in the world about to ave that's crazy, that's increasy.

But that negotiating because.

That's my Yeah.

But so that's not the point. You are the point and the table ship negotiate ahead.

But you had, you had production based to negotiate with. We we have to ask ourselves were complaining Nigeria's like.

Economy, how much can you raise? You assassle, how much can you raise? Which plants can you build? Because this and the puture should be asking ourselves. Dangote has done it over and over. It can be done at the biggest level. So if we don't move away from this mindset of analyzing to Paranoya, you know, and and you know, without moving to actual concrete steps.

I think we jump waste our time.

It is a point, Nelson I gain. The point is that we have to talk about what we like. I said, go to the state. I don't let us. It's a bit too crowded.

Go to good.

That's good, there's even buyers at those coasters. But like calaber because Ge was there, Ge went there, top one billion dollars something there that whole state designated no taxes, special status, no federal taxes, no state taxes, no federal nor states, nothing only for FDI. So if you if you're even if you're in Nigeria taking money abroad bringing back, go to Calabar, don't pay any tax. You have that set up in Calabar. You can export one hundred percent,

We have to copy.

Water has worked fighting and it's like Victor US said, it's both ways. Even if you can't export to America. Remember Chance is not buying goods from Brazil to God. They're buying beef from Brazil. So when will Brazils customers go to because Brazil no longer has beef to sell to them, they will come to Nigeria. So the Nigeria has ranches and can do hallal meat. We can also export that meat. I talked on this space about and what's that plant our father in Arizona. They are fighting,

What's as you said, this is a bit wide. I can even I'm not sure to even touch on a few questions way back.

We left Nigeria and investing. But I think what's the last space specific for this just specific for times. But I think we've did a good job with the economic review. Will look agree to touch on.

Alson mentioned that there is opportunity in the power of markets and Nigeria does need to position I think even the last but Nigel does this person first policy and infrastructure.

I've had two separate power companies owned by Nigerian's last year who settled outside. So there's a Nigela power company that set up manufacturing in Morocco. They gotta found the last simply because of challenges in Nigeria.

Wow. Another that's actually looking too based on their success. They're also in Nigeria. They're gonna they're looking to move Tomorrowco as well. So even the low.

Hanging opportunities and know some points that Nigeria is losing out due to policy and under standard challenges with the market.

As far as the so you're saying in Nigerian companies leave in Nigeria until the Morogo No.

In Nigeriaka they left.

There's a there's an Apparall company, the white label Appera company produced on behalf of Zarah's one of the brands.

They already left.

They got funding and they set up in market. They're gone. So this happened last year. I was on that deal, so that was my experience there. But they cited challenges in the markets in ninety four reasons for leaving. And they have their own brand as well that was in Rogue and Q They it's they really wanted to build in NINJURYA, but they were also I don't want to devate the conversation to as that point, but to build on that.

Taking taking advantage of tariffs or the change of the current climate is not very easy.

It does take a bit of time, even even to give our current administration terms of flag. It's not something that can easily be by entry happening. We don't even have the experience or the evidence that we can do it when we have a stable climate. So in this kind of this current climate, I know we have to do something not necessarily have, but I'm not I'm not

It's that's why the tariffs have been.

Only critique on Film safe. It's it's a shotgun approach.

You have a baseline that you said, TIFFs on almost all countries and then selectively higher types and certain countries.

And we understand YEA, they want to bring manufacturer back, or it comes.

From the position that they feel America has been taking advantage over the last decade or two decades. And you can argue here then whether you think that's true. They have been non tariff limitations on America. Look at China, they have their limitations with certain industries that can't be invested in by the US. Certain companies can't produce or provide their services in China. So from the US point

After he's gone in the next two years or next five years.

But historically speaking, tariffstone they don't change the change of inverstation.

They tend to eat those tariffs. On my point is this current climate we have isn't.

Going anywhere over the next decade. Promos change the ecno glians landscape forever.

Thanks for emphasizing that point. That's the point that I'm trying to emphasize that this has don't done with Trump, And what I mean is when he leaves, don't think this is they're going to reverse his policy.

This is now the reality going forward. This is the this is really realguing for that.

It's so if you look at stortainly historicals.

Those those even by the starrups of the times.

Before Obama's stay, they didn't they didn't change.

They either add to them or maybe the tweak them a little bit. They don't change.

It's it's seen as as long as it's seen as some sort.

Of advantage that will keep them. And what that means is that everyone else either has has to adapt. You can fight them, most people will negotiate.

And how do you feel whether it's a very brutish approach and it probably.

Does more harm in the short term, but it's played well, it could.

Work out for it. I mean, my my criticism of them is just that I don't think they explained this properly. I think I get I get better explanations when from the people flow they've already explained. I know they're trying to be purposefully opick, but they haven't really explained to Americans.

Why they need to pose a tariff.

If you call three guys in are going to get three different answers. So they have to do something very said, you know, and again it's you know.

It's because it's been a while since it's been a while since you had this tarish climate, at least to the extreme.

Last time, the last time he was in office. But prior to that, that hasn't been the means of.

So a lot of the new age economics don't really have that experience with the climate.

Yeah, but so far, I would you say, do you think it's working? Because I just I watched the guy the the Economic Advice a scene at fifty countries want to come to America and negotiate. So do you think this gamble is working? Do you think it's too early to call?

It's too early to call, because for example, if we wake up tomorrow morning and the market.

Goes down to it's going to go down that, yeah, the market is going to go down. The might is gonna go down. But again a little they look at I post.

It for you, Roberts right, I'm gonna they will have a struggle.

I post it what's right for you, Robert Fright said, the stock my face, not the economy're living there.

That's is true.

If I compose a question over if your thoughts on how.

Sensitive market will be potentially this week left can stay started. I looked at my.

Mine who Individu, and I was just looky emmy emi.

So just on my platform was just taking and I also eatchager. I just stayed again and I saw Imperium at one thousand and five hundred and eighty while color Space was on one thousand.

Everything was happening, you see.

I before Carlos Space, I was reading good.

Man Sacks, JPMorgan and Pepper and Jeffreys investment reports and they said please escaped me said that each fund, guys, we're going to liquid it about thirty billion dollars in the comedies if President Drupe doesn't come out with a positive response.

To the market. And I thought that, okay, maybe this.

Is a byside that most as well investment banks say sale, you do.

To put it to buy.

But what wills kept me more was when I saw a literiary reportform different fund managers say that.

Trump has really missed the back up.

You see what's happening, bitcom doing them don't give you an inside if you look at this week last week. But all the druma that happened, Bitcome was able to hold the into two thousand and five undreds superpuly I.

Would really wor really why was that possible?

Was because black.

Rock has about fifty one billion what at the times was about it five thousand, so they have about five hundred thousand bits coins.

If we look at macro Strategy, they have about four hundred thousand piece coin.

If you look at us comment they have four hundred thousand. Look at Chinese government.

So systemic editor's own piece coins. So you expect for form of stability look like the vulatity so in.

COVID or years back, but right now become prove blue two thousand and the chat now looks like great tea. So if kind of saying that okay, Trump has good to be every I agree.

But markets right now, the market.

Is parableic, and you know that there's a positive condition between US talks and the people.

Markets didn't represents something the market wants to year, we might be ready to go to the village. That's my opinion.

But again the compact isn't that this is the plan. The plan is to cause stocks to fall so that funds flow to bonds and yields fall. So what you're saying, you're actually seeing that that plan is working. This is it is on purpose. Why this is happening. Bitcoin and stocks didn't wake up. That's what we're going to fall. They could have done this with letters and will know about it and the market to know how falling. They want the market to fall to force capitals to flow