Reviewing New Inflation Methodology, Impact on MPR & Asset Classes

Hey, folks, welcome to under money space with me. My name is carlu Ager and of course in this space we're talking money, the economy and finance. We had a bit of a technical issue a new space, so thank you all for migrating. I couldn't hear you, guys, and of course we can have a space if I can hear you guys. So this week, of course we're talking. We're gonna review the new inflation methodology that was released by the Nigerian Bureau of Statistics. See if you've been

So I think the main one.

That I saw this week that I also affect my topic this week is mystart Iwuani. If you get the misstarted Juani, it's foremost economist then Nigeria. He said, Nigeria, we're spending about eight billion to defend the nira. Eight billion, that's what it would be. So essentially, how you defended the nira is that you're the central bank. You have foreign reserves, right, you can borrow foreign reserves, and you

So supposed to be a big game changer.

But Danglote is importing crude oil, so the NNPC does not have enough crude oil to give to not just than go to, but the other local refiners. What that means is that we have just changed the name of the import. We are importing pms. Now we are importing crude oil. But in effect we are spending down our reserves. So as you can see, while we make money on the exports of crude oil and also on the boring of the dollar, we turn and we spend it on

Into our this week.

Just on the beside, I saw it the cut of my eye and I saw the guys from flutter Wave. If they were in Afro Rock, they were going to be the president. They want to also list that's also material. Flota is one of the shouted the unicorns in Nigeria.

To turn around. It well limited and before you join, I talked about flutter.

We've going to the assal to see the president and FLATA isn't the equity as a class? I'm not sure if you have an inkling on what you expect from that. Do you think that's going to be a big game changer, like we all think that is going to be that flat wave coming to this in the market will open the door to more fintext and deep in that market and create more world out for Nigerian's what's the coming Let me hear you out on this and also on our general topic.

There you go, sir, interesting disposition, greatly space and my first of all, I think it's doing just like the lighted very busy points ahlighted than I feel that the opportunities coming ahead of the year and.

Starting with floot with.

It's one of the most popular unicorns in Nigeria, I think based on the latest valuation.

It has the highest valuation by if it.

Takes our last bookmakers put it at three bill onto us. However, I really didn't see any much of a bid you going to see, mister president. Maybe it was just more of a symbolic trying to crow my awareness because the NNGX is privately round and you also need.

To understand that.

There is need to impuse the president and put in this listen of that business on the market. One of the problems I have with Foot with Start, they sell conflictencignals a couple of times, and that has made investors, particularly the local space Bach concern. You know, the last interview they made is said that they will come to the market when they're profitable, and oftentimes it has always

So as we speak of Jumior has a variation of the lesson of that, so I thought that they should. So it's a good thing can do.

But that.

Going from their body language, three billion dollar variation of the company at bestspiring profitable, then it's going to be a lot of problems.

It's going to be a lot of problems because.

First of all, like you have talk, investors are not like the Americans. We see our last that that groups talk and imper share price book trade away just are beautiful for investment backers. There are three things I know Nigers like you know calling my covery the stop packet. They want profitable business. They like to hear, they like to see, but like have your cash fow like games.

Here and yeah cash iskame.

But Niger investors want to see making more.

A lot of fit that companies.

Distance and Niger stop to plays radiation and they're profitable. So you have to do them more than just being beautiful or saying you have one. And they don't care if I wanted your customers.

They really want to see this year buybacks. They want to see the world on culturers want to see crude. They want to see real crude and trust me, don't check into your books. So if you can offer that, well, maybe that three. But I really.

Feel that they will need to make the volation more attractive, because if you're saying that that voluation has did listening is at these two times bigger than gits bigger than the BLA, you must be offering with those guys. So I think we have a lot of the investment bankers would have to do a lot to position and I don't know how they would attract with the perspecial but people them. Then another interesting thing you said, I do that. I also felt that.

We should talk about like we spoke about the interest.

Rates and the now, we spoke about certain and I think in the effects piece, I listened to bismark one, somebody I respect so much, and you know, it's one of the few minds that have big consistent with his analysis in that space, and I feel like, even if

Are three conditioners they give for.

You saw that then stability try coming to play November. You're going reforms by the CPM, and the fact that the CBA keeps giving the physical side enough time to make those spends around the economy as then somehow and I don't really think the sibling is defending it billion. Yeah, the cost of the cost of building fpis have been expensive.

Yeah, so let me what I hear you saying.

So if you look at the market now usually with the NBA to say inflation is down, then the CBM will then based on that report to lower its monitory policy rate, which you then say, listen, banks, if you want to borrow from us, so you're going to borrow at a lower rate. Then the banks will then transted that today's investment and say listen, if you deposit money with us, we're going to pay you lower. Then the stock market will then take dressing and say, wow, fixed

Materially, it means that Nayan stalks can really bring out real returns. If you look at just to see a loon I can give you at this forces talks that are trying the nanga and inflation repased on repeat value both.

You know, it's really alighted to the fact.

That the feelings are different from what's per se on people. But from an investment perspect team, like I said, the market has.

Always directing you know, the grand banks. That's by the fact that any season's gitt assets, you be first.

Bank if not who first bound declared, these other banks have not declared. The are twenty four results are usually dividends, so some of these who are surprised well as so.

Some profit taking. So first of those are kind.

Of questions like you I like it, and you know, we spoke about the fare tragic and used as the need drops transcription is not even though it was fully who are subscribed as usually the Grand Treasure is usually for subscribed, but if you want to know the amounts, it's really moderated.

And you also said that it also give an advantage.

For long term bonds, so when it's dropped, really long term pons at that. But card, you know, like you said, still the arly fice. But what I can say is that I don't think it's too good for dinner personality my own opinion, and you know, I've listened to many experts.

For me, my perspective is that, you know, the the from the.

Governments side, the advantage is that the cost of defininger will be less because the interests depend on their opinion at least on the fact that is we drop or really start better over.

It means that the export from an investor perspective.

We all know why that why the NARRAW for now has been doing party work.

It's not the fact that could has been amazing.

Let's leave those people work that they're saying they're getting from your empires before twenty.

We know that it's almost like saying which hit a tutud.

Into the economy because the unit is that distances don't work those by saying most things on ground and all investments is really tied.

To so many things.

And also Nigeria is not working in vacuum. We work relationship with different So who has been seeing a cargo right blow is fpis uh? You know fpis are kind

Remember that.

A lot of people criticize I've seen, you know, the badge the cultural ministry while doing so much.

If a lot of it might not be it might not be as efficient.

As one expected, but the amount of professionals and programs we saw in that space was legendary, so can My thing is that the core part of the economy is not fired up.

However, you know, the private sector.

Has really been on the wrong and if you look at results from last year, it seems.

The worst is over, you know, And that's why you also look at it from.

That perspective, especially on bull Bank reports saying that the reforms of the president and this administration seems.

To be paid, which I totally agree. But the problem is that reforms, like you said, are just the.

The structure that really puts a party on our pairs are built. But the institutions that really make the stans sustainable, we're not seeing it because, like you said, food it's still expensive.

I did an analysis.

I looked at almost all stocks around the world on determiner I tried to compare with I can't.

See and pure water paer water.

I'm talking of units that if you look at when g when Git.

Was dis dey, when city was just dead.

Dig stalk was more expensive than peer water. If you remember, if you just look at some stocks in these there was the time.

The first boom first bank.

There was the time first bank was almost as expensive as a cheap one in Nigeria, you know. But when you look at the talks compared with food, the wave food that has gone on, pure water is expected than sty percent of the.

Stock this day. So it tells you that good food inflation has.

Go past than even the unit price of an average packing stock.

Also, you look at Nigeria, you look at the blue chip stocks.

For example, you look at spaghetti in Europe, and every spaghetti and you get for one y or less, you know the most, even the ones that have brown flower you for two three rules. If I want to buy as basically or shell stock, I spent at this other times that value. But in the idea I want to buy spaceetical apart from hotel and probably the plant, I would buy any bluetube stock.

So it really tells you that the core problem of.

The Nigeria economy is weak, disposable income weeklystitutional lack of coalition between the priscal and the monetary side. However, like I said, you know, you can't better against Nigeria. Like our stock market just by different times was down glided by two topreating web is already firing up at over five percent year to take care companies are bigger than important.

So long the just for the just question for you.

So in your own personal expertise right this following MPR, is it going to affect prices of say stocks, do you see changing the price of safe stocks Nigeria wouldn't have any effect.

It's just cosmetic, just in your own personal view.

Yeah.

So you know, like I said, Rety, the empsy emphasis Indian look at banking stops.

It dropped, It drops slightly what their own banks you know we do with the drops are moldy.

But in particularly tells you that investors were not really buying.

Into what they go from the MPCY meeting, you know, but realities.

Like I said, you know, investors react based on fundamentals coming up in the market.

Let's see how results comes in play.

But my lot of the review is that from the Mountry side, from an investors side.

I like what the CPN is doing. I like the fact that they were didn't rush into decisions.

I like the fact that there are many minis reading and based their rationality behind holding on race and the revisions about following UH, the drop in care physical items ACTI and U orthers to help.

Yeah, he needs to love guys. But the truth of the matter that Calu I didn't know that.

Inflation MPP inflational readings can as due to effect of food inflation.

Like I've always argued, if I don't really want to bring.

Hold on, go ahead.

If cal wants to bring inflational to single tickets, he has to do well.

And refinitely feel that he has to go to agricultural divation because agriculture whether you PAS.

When I introduced it to I think this guy is sorry, Mike uh.

To the weight of the CPI on food but is reroduced. One of the lesser than forty percent of the matter is that who is.

The major problem facing in.

Nigeria economy is affecting the capital can do so.

I personally think that we need more introvation and culture. I think we need to talk more than culture. Can We really don't have.

Programs in our culture listry. I don't want anyone that can say this as sure is trying to do as really prod as really helping people. Right now, adlands are expensive. FACUS is more concuted on making dollars and focusing on farmers.

The president or the deal imports of food like them has not been implemented.

Do I understand why it has not been trying to protect the farmers so it has the post cart costs. Understand that, but you know, we really need food programs that really elevate.

The problems over there.

With that you have, Okay, I hear, just could you get in manor, But I wanted to ask you if in your mind you you were you are intering to speak, what do you want to talk about if I have there for Limida and all that? Okay, So that doesn't be clear on what you just highlighted. So this fall in if we look at rates in the banks, if we look at it in the stock market. You said the stop just a slightly. Do you think that if we administratively bring down the price of all the cost

Lowood would dig in?

Will the net net be positive for the niger economy that we're going to say incrissions coming down and we can sell that story to investors.

I think, like I said, I think the.

CBN and the Primary sept go doing a really an amazing job. Look atative for example, look at assets, look at look at the.

Amount of delible to generate.

We did a limited amount of time despite the fact.

That liquidity disposible. It tells you that yeah, to see open the market. The major who we have. The major issue we have to glance to.

The masure issue we have is we don't have continuation of and price stability in sense that for example, we look at it now and now the last year, there was a point where the now was going lower.

Than one thousand there and things change and why I was changing.

We're already shouting shouted about fac ad vocation for something, shouted about piscal discipline. We're already shouted about were still in government, government spending and things like that, you know, like what you see in America and what you're coming back.

The major problem we have the can is from the fisical side.

You know, we don't have to connect between the west, but north the south like you as are divided in terms of this flation. People don't understand that we make up the country, not the tribes make use you know, So we have no problems on that side. However, like I said, investors are treating and if you look at the stock market right now FBI per specially the stock market increased.

Last quarter, increased entes that I should increase, so gradually fairs are coming and it's positive that yous.

Are going down in the trading p market because can well with a reader you and invests.

Look at money market.

It was so popular last year because just put your money blindly twenty two percent, you get twenty to twenty two perp. Cardstone was giving us as twenty four percent. So a lot of people who felt like this is risky money.

So they will not really invested. So the fact I use that dropping tragedy we might see are not gradually in the stock market. However, you know, the stock markets. Most of the stock stairs training are both to retire.

Gotcha.

So the key point is that, of course the rates dropping will not be so kind to the current investors, but it forces everyone to go look for risk. So risk means that the banks can start to look at SMEs to where they can make money. Because right now, as you and I know, all you have to do as a bank is way to collect the deposits at five percent and buy tretributes at twenty percent, you make fifteen percent risk free, risk free as a bank, which wouldn't be So the bank should be taking that money

Can go there and then sell from that.

So webs is I like what they are doing if we can jump on it and improve the price, and if we simply live it at yesterday and take it down to ten percent.

But you can't get rights in the market. They were in trouble the manual. So you want to speak, So.

I wanted to.

Als you the listen of the food and yournes change.

How long does it take for the whole arguments we're completed.

I don't think then. Okay, thanks for the question, sir, But I don't think the abilities. I saw them at Asso Rock and they were going to Asso Rock to tell the president that they want to list. I don't know why they were doing that. The market is private sector, it's open if you want to list, to go on list, you know, I'm not sure.

Yeah, honestly, I think it's Also it's not now. You know, people are even doubting because you look at the thick pack.

I think you should be aware that when you see him over and over, this is like the fifth times say that they got to this if you look at the people's different locations and as you come to frutation, it's affects the integrity, you know. Having said that one more standards will maybe this time they really because they mentioned the stock marktop market. But like you said, the president has did to when when other he was listed on.

The stock market, it didn't go to see the president when you know, so.

Yeah, do the president can added color to it. Let's be honest, because when they went to the Mendi president and the announced died, it was all over the dails that might not have been so seen. The president definitely added you know, but from an investment restors perspectives, you know, people really want to see the company really make him when they ow city books sost investment bankers really have to do a lot of working and from gosses are in from investment bankers.

Nobody as singer book really people. So in reality, so I think I don't.

Want to see anything yes could see maybe second, so I don't hope that despite it comes to futation.

Not just for the people.

Okay, perfect perfect response.

There the second question to ask you look at our title, So stocks are there's going to be helping us. What about like eurobond that are in dollars, those eurobonds, does this have any effect on them? Will those you know, bond prices come down or up? I look at it right now, some are at the premium. Do you think if mpnager is going down and I have dollars and I want to invest, would I convert to NYRA and invest or just living dollars and what I'm putting on the what's you're taking on?

That could.

Like?

Yeah, but to be listened to, having exposure and that a plan makes a lot of sense.

But I'm always against.

Training that the black market to the price at which the now is trading right now.

And tends to be a more attractive My basis that they are not.

There's the governments is doing in the effects market dialogue to are ignoring.

You know, at some point of the year, the.

Government is going to restrict news of the dollar in illegal markets. So what I mean it's like treating dollar outside barking in doors to better deliqua.

You know, there's so I feel like that might give the nurs from.

Saving graves and that contains fors so buying and getting nine percent premium might be a good age.

Getting about nine percent premium might be a good age.

Or if se the dollars from where you get to seven to eight.

Percent, you know, for those that like free investments, you know, seven.

To eight percent dollars, it's not really bad, you know, if you're looking at what the treasury market is given. But personally can I think I'm really looking at Nigerian companies. Personally, I see want to Cooper and Nasty's doing. I'm waiting for them to be listed on the n g X. Look at pres School. Preschool has done about fifty percent this year.

I look at.

So Yeah, I'm looking at businesses that we really ride with the Nigeria economy and personally edging with the effort, edging with the Europe and might be a good position.

But I'm putting most of my position in the.

Nigeria equity markets, particularly the fact that Nigerian bank.

So I'm waiting for Nigerian banks to correct because I know after any results will be a lot of cellos like what you saw, you.

Don't want you when what do you played one for? Was it one for twelve or one for fourteen? And after times I just start dropping six hours. So definitely, I know g ty assets you be to give. After the give then payout because this.

Stocks will have to drop.

So maybe I might look at the time and I look at the right time and two guys time because personally right now I have THENT called the stalks, but I want to see what these guys would really pay Fordian Calumny.

So you say you are so just to again put in a spot.

You are holding nira to invest in Nira, or you're holding dollar to invest in dollar, or you're doing dollar to invest in Iira.

Quick quick question. Last year I was I was, I was using.

A dollar to invest in there. Last year I was using I was using larger part. I changed you about thirty percent of my dollar picture I put.

It in a dollar Nigeria.

You know.

But this year, this year, since I've gotten wild, I'm balancing out. When I'm balancing out, I am not changing.

You know. I'm also trying to just manner because.

You're not from the not because of lack of comedience, but the fact that avoiady achieved my.

Objectives. You know, last year I felt that I was there's no how den will get to two thousand five order. I felt that that was an exaggeration.

I felt that at some part as the wuty and my investment objective was achieved. So going forward, I'm just going to look for seafar use and I think the fixing home the parking stocks.

Will give me that. Then I will also look for with for Dann Coute, danncut it does it look like it's going to do so soon? You know, I was personally more exposed.

In amoder market because of Dancuti. So how definitely people with footopic comes bringing a something that might look at I definite thing we look for good on Aleta sc and uh.

You know I wanted a business man.

I wish I could going to real estate market the are I I tried it some couple of times.

But it's not some including Nigia, its are not something that that with.

How I encourage people that have depocations is good for retas.

Does it just choose you performance? So basically I'll stick with equidity and.

Question again on this the report again out the gold is rising in value. Many folks are scared about what America is going to do in terms of tariffs the dollar, so folks are trying to buy gold sort of hedge against that. There's gold, there's bitcoin. Bitcoin to me looks like I don't know what bitcoin does when things are bad. Bit coin falls when things are bad, gold rises. So I assure you can even list pit coin as a safe so someone can go and pack money. But what

What do you think of that?

Yeah, this is a lot of sales column. Like I held to your fun of me, Tims, I used to I paded.

Good on the sport, so I held at around two thousand hundred and it's been.

For what do I got it too? And the reason why I bought then was just that I really wanted to understand how you put the car? Did you put correditions?

Because I felt like the dollar in industries were I fairly high in golard lives and go shoot be at the place value board. What I've found out was that central part. But Good China was only.

Good by his spirit, so that increased the attraction for Good.

And you know Good also has this ornamental value among women and he loved so I think that also played in part.

So I'm not surprise Good is at that level.

However, you know a lot of bookmakers still argue that Good has more roof outside because Don Trump has lighted the fact that he wants us to be lower.

You can't ignore his.

Influence in the global economy, despite the fact that the US is trying to prove his independence, so at one point he interests really lower.

It also gives Good more power.

And the issue we have with bitcoin is the ecosystem and the fact that.

Traditional for US has not put into it.

You look at important for example, then like you said, people like you, people that are really controlled traditional finance. Whoever has about teller a thirty four belions in casual evidence and it's really not talking about bitcoins.

So yeah, I think bitcoin is still it's still in the stage. But as we don't remarkably well and attracted.

Influence strategy for adding known as macro strategy, that has.

For belon bitcoin. His biscoinsta is almost going in close to February one thousands.

So it tells you that corporate finances attracted to that asset plans.

So it makes sense for someone to get you to expose your door. Carlo.

Like you said, it's a very vud so you have to fact into concentration. But I think it really makes sense. And for me, orange juice, orange juice for that weather, what happens with Brazi really influenced Orange juice. You look at Lumbard the housing market because the wood place the major rule. But men that you anivestors don't really have that liquidity to put in those bets.

So, like you said, ets and commodities makes a lot of sense.

But I think another problem we have is that since we don't have that opportunity to invest in those kind of exchanges.

Effects for example, and you don't.

People can look at Gary Rice, you could look at the customer, you can look at so applex is a good place to really look at. Lookal commodities and you know, like we said, do this year commodity seems to be modilt and if you look at it or the five spectrum commodities are outdoor equities in padposters.

You have amazing.

The gre industries and unsurprisingly you know you look at presscool book, look at and took you understand what I'm saying.

Oh yeah, have an explosion in the.

Agriculture business is interesting, but it also requires on the study about the nality, liquidity and also the risk in thesector gotcha.

If you have a question for for Olimdio, I my god, if I wanted my I wanted my economics to also hopping out of asking a question on this the Nigerian economics on my group and all that, but I wish it were helping. If you did have a question, you can speak now. If you're Olimia, I'm looking at the Nigerian you know, looking at the affects market like you talked about Coco last year was a killer cocoa and coffee killer. They made a lot of money. Did Nigerians

What you take.

It means it was that you're part of the group the rally.

Yeah yeah, then do we enjoy this?

I mean if you look at the trade report, yeah yeah, well coco a little.

But the thought that just fought like producid the world right behind Africas.

But that thought is like the number one is like it's like fifty. They were like, well like well.

Like to true, very true.

Yeah, but you guys, is that you know, it's just unfortunately Cuckackoo is what we used to build many of these stitutions we founded the West.

Look at the ground operving interesting I past.

For example, they're doing it a lot in Cuckoa, and I'm very interested in seeing how they take that up.

You know.

But in terms of our growth exports, we are doing very poor as a country, even looking at from our visitings from our other fathers. If they wake up and see how far we've gone to the culture, I'm sure to be very very to be marked down, you know. So I think we are not making so much compared to what the presidents as US are grow economies bigger than Nangers oil industry.

That tells you how invested there. Despite the fact that brass and which.

Country I think One of the problems we have had have been sued is that the people are the cultural industry are not attracted people like always in the banking industry.

So for example, look at the banking industry for example.

You know, one of the reasons why young people go into bank industries is not the fact that it's just the servi sceptor the kind of people who see.

The banking industry, you know, mix.

A lot of people attracted to the accept or you look like they are.

Growing industry in America, you know by the big names.

You know, card you for example, you look at what they playing in their cultural ac sect, or you look at farmers, you know, and the supporting get yeah, we're not seeing that we are don't seeing that other.

People are not talking about our culture.

And our culture for me is.

The key components of taking a lot that you're out of property.

Agriculture is the highest temple of label, you know, and they have shown that agricultural businesses can be more proof people that even the parking Look at Press col for example, Press School had the proferic before.

Of twenty four. I want to try four billion, you know from two park that you know in four.

Remember again I.

Think one twenty five. We want trying to pour begon before the preschool what they made before. You know that that's amazing and your standard at people don't see these things.

So I think we really need and that's why one of the things I'm trying to do now is push the cultural companis forward. You know, be willing to see that there's also money in our culture center.

Two governments also need to play a key role and culture extention officers at their low. I try to speak to.

Some farmers and asked whether they gets this support form and experts government.

They don't get these things. Sometimes these guys have to go agree to low by two kids.

So we really need government to support and we know, to be honest with you, I really can't be before government because by the dress Constitution, he's playing larger roles and culture and fair government. So I look at the projects did by the states. They go to your project and culture. But I was really impressed by diestate not just increase your and culture.

Expenses by returns.

I returns from magazine had this big plus shitting on agriculture. Have we seen any results from that?

Very true?

You know that we're still doing these but I'm looking at where the money is going. But please don't looking at returns. I think for me, the day that assure returns now is do states. You know, I look at press school who they're in a state, and I look atwards the oilpam business in ed those states is looking at and I was impressed by.

Once or he did in those states. You know. You know some of these club state years to grew.

You know, they're not food clubs that we call them cash, croub and coture. So they have as that for them to start being. So I think for me they that have really soon opticier in terms of cuckoo.

I look at the look at them legos.

We're seeing the infrastructure outside coming and playing in terms of warehouse.

But you know, I expect much better from legals.

Possipuality in fish farming and rice farming.

I'm expected to see that, you know.

But the agreement is that legos iss fine to other states, you know, buying farmland and investing.

Let me give you this number. So I looked at the cocoa experts in Nigeria. This is just a wa This is quarter three twenty four is the latest we have. If you add superior quality coco beans and standard quality. If you add both of them together, you get about five hundred and seven is that million, I would say billion exports from Nigeria for the quarter that's nothing. That's zen It Bank makes that maybe on a week on

Is in Lego, the massive place there.

But if you look at the export or crabs, it's just six hundred and six seven million.

There's nothing.

You know.

Ginger Karuna has Ginger best quoting the general whole world six three million, really nothing gom Arabic two point something billion. This is the point is that you know, all this money we're quoting, all this stuff were closing, this is real export revenues and could bring in that aspires away from crude oil revenues. We have about number one source of about eighty five percent of the money called from

But you know, like you said, larger is the monocle economy, no argument about that. We really rely on and its visus, no argument about that. But the realize is that we need.

To starve somewhere, you know, we need to. We need to so we make a lot of sense.

I know, for example, all these agricultural pudos they have you to impact on the that you know, I don't see them up being expanse.

Because you're so low. They should help because you're so low, that's what.

There's no impact but yeah, but the impact is that you know, the the huge rule in our lip of force.

You know, the to.

And culture is the largest of liople.

So I believe that if we can expand our sectal if people understand that, oh you I Group Companical make one hundred billion nine and you are introduced natural you know, this is an do state, this company not the girls papers company.

You know, it really tells you that there's money to be made in this country. I think I think that's where we need to start setting. And that's why I'm so happy.

About the stock market, because it's really really so many companies that people really don't see opportunities in Andrea and for you, I think if we can break into that culture, if the president can reduce his number of ministries to maybe fifty, not petty who comes more agriculture, electricity, education.

Held Calu by deciding he is running for election again, even his critics will both you see. You know, I look at the book launch, you know, even it's.

Not financial matter that I look at it as I look at the the journeys so far, you know, not something Yeah, it's not something to be happy about.

Were comman to speak, give you us this last. That's a point where I bring on confidence. That's it's our tradue to West Africa.

The bulk of our.

Tradue to West Africa is on petroleum, so crude oil and all that. Then we also export electric electrical power to Nizia and.

To to maybe the guys in the West coast.

So the bulk of our exports is crude oil and oil petrol to West Africa. We also export power supply, don't laugh. We export power supply to West Africa. Then we also export coco But guess what we import from West Africa. We import the same petroleum bitter men. Then we import aviation fuel. Then we import cocoa powder. So we used to cook powder to add as a sweetener for our own cocoa. We're important Nigeria from I could the world organa. It's our ted largest import from West Africa.

Five is parm oil.

The part of working is this right. Everything that we import from with North America is just from West Africa. Everything we import from West Africa. If you add the two thousands of bait from port, twenty billion, water biting men evasion, a few fourteen billion, cocoa, eight billion, macrel, five billion, palm oil, palm oil we import palm oil four billion. If we can't even control West African treat I don't see anybody important potatoes to America or orange to America.

I mean they have enough.

But if we can't even break this West African tree, the more important palm oil cul bit to men an Imbasi spirit.

Like I said, our agriculture ministry and the government points towards agriculture and salutation.

It's one of the exactly, let's get the experts there, let's get confident. I think compliens is a trade complience. It says you are a trader or commodity.

Is that what you do?

Getting that right or wrong confidence.

Yeah, thank you mister.

So you think I'll just apply a brief introduction if I've had about ten years over a decade experience.

In our culture.

I started with technology and culture providing spray precision technology drones to spray most of the largest farms in Nigeria. Not to call most of the name, but any name of anyone you've known, from the religious mind Africa to every other person, both the Indians and the West.

We've sprayed the farms and.

Over those years, there's something that was very critical for me as a farm.

Of one of the most popular yes we have in Nigeria.

They have they have our ten thousand actors in Nastraea and their farm the farming of fifty paces of that land and was just providing a little above ten percent fit stock to their meal. So the we say having issues of we weren't getting you.

Know, raw paddy to the meal.

And we had small older farmers that can actually provide those paddy and increase their the milling capacity to at least eighty percent. But the problem we're having in Nigeria is the supply chain gap between deep processors.

And the farmers.

The farmers are two. I made that switch Intoway three. I said, you know what, we're actually producing so much that we are not seen because I'm working.

For the big guys.

We also have a program for these smaller guys. The guys have one hector's two actors. And I will tell you I got to a village in Bidder and the amount of rise these guys we're farming was in the excess of thirty thousand hectors. That's a combined village. And

Between those two people.

Because they bigger guys cannot just go and the enter into the UK community as out of flooding products bits rice, maize and the rest so they can process.

They want to give help you.

They want to know everything by the books and the Homers don't want to do that.

Gotcha? So question and if you're I want to ask us when you come to the board, in your own mind or in your own statistics, do you think the food output in Nigeria is up or down?

But continue just want I don't want to forget that question for you.

So the food I was putting Ninjia based on the experience I've had in the last twenty four.

On is up. Do you know we actually have people from Cameroon and they're coming to Nigeria.

When you said today's world we're in in February, from June July August, you see so many foreigners coming in trucks to be living, to go to trucks, be living at the moora trucks, to be living even the water on Borno trucks, be living caliber in fact.

So they're coming here to buy or to farm.

Yes, they are coming here to buy and pulling out. Now we don't have and you know what these funny things that these guys do. They buy our products from our farmers have produced this quantity that we daily need. They take it to a warehouse just within the border.

And guess what by the.

Time we reach is November December January, we come back to them and start buying together closely high priced. That is why we have the dry season scarsty and high prices. And some Nigerian started doing it themselves. The US buy, go to work and we get all those farmers you know buy one million tons. They go to the wearhouse and back, which they didn't Najer say, Governor last year was you know, was.

Clamping down all of them. But now the problem is not.

I mean, economics is simple. Once as they demanded to be a supply and people who always use the economic skill at the advantage by buying the whole longer have equality on their hands and wait till there's no more supply. And once there is no more supply, price croket. I mean, last year, with surprise of rice, go from we supplied rice to most of the popular meals at funders sixty thousand per pon but guess what every week it was adding five percent, then it jumped to twenty percent, jumped

Now, one sweet thing.

About cooking oil is cooking oil is also going aside from bleaching palm oil. You know the there's a knots for once you process the palm oil from the pank canal, there's a hat shell once you can't the hat shell. There's what they call it pank canal nuts. It's just like coconut were small seed. They also possess that to cocaine oil. There's a completely better here. Also the customer us that we supply that to like with that you

If I don't have the food.

That But for example, we have let's say million hectares of palm oil trees in Nigeria. We are happening let's say a hundred a thousand of it. That's the tell you did deficiency that we've had in the last eight months. I mean then that sound is a south south and I saw pump trees that are just wasting, like particularly wasting. No one is coming to buy them and I'm like, you know what, I don't know build the largest have already finding meal. I don't own any farm because I mean the the palm trees.

Are a lot.

I'll building power finding bill and tell this substenance family because usually they're always owned by you know, family members and community. And it's a whole lot, a whole lot in most has if it was has a has a land master. Let's say two hundred thousands cremator about between one twenty or one ten discovered.

With palm trees.

You said you set output is off right, but the yes, the end this is saying that the money we make from these things are nonsense.

And like I also puted it figures for you quarter. Yes, So where is it this connected? Quartactly? Why important this part where you see black.

Coming to buy about out four point one four point four billion work of palm oil, This is just quot to be alone, just to work in Africa.

I'm mostly, well, so where did this connect? You said, it's palm oil in the.

Village, but we're exporting part is expensive in the market.

It's all this jointed. What's going on?

So the problem is supply chain, right, we have a whole lot of people.

That every day they wake up and they're seeing these palm trees in front of them. And you have a generation that did this as a business that the next greasure has not did not even take it as a very important business to actually engage in. So I'll give you a community in in mostly that we started with

The highest they've ever.

Done, like in the last five years is.

One thousand and two.

They're out of four thousand and fifty.

And the question is, I mean, why are you.

Not investing this thing and you know, creating the wll of value for yourself. I mean this money that is hanging and they're like, oh, that's whenever the meal, they take it to the market, local market.

And they sell.

So whenever the mail. Within the video, I say that you know, fifty jerkan, which is the.

Maximum sometimes twenty a week, and I'm like, man, this is not to work into the market oxactly.

I'm just hearing that, you know, I hear you just when it gets Cyrus to speak, I'm you know, it doesn't make sense to me how the same nation can make a lot of output then export a lot, import a lot and still has supply chain issues. I mean, everything is It doesn't make you know, I mean number some mbs so that may be more, you know, Cyrus, what's your take on this?

Cyrus?

Hi, thank you so much, Calu.

I really I quested for the mic going you know, lumited butt of the conversation around agriculture, and I do acco with you.

It doesn't really make most sense.

And yes we have something a cultural put doos that we have like huge outputs for example, and your had any issue like in terms of cassava production in this country you are the largest produce of cassava Souf South Africa and other things like that tomatoes on your project was even a right like our food cups right. But the other things that I would say that we are not doing as much as many stakeholders or even the

Nagiera has been so.

Used to expansive deficity to the point that we never have any conversational and balance budget anymore. It may interest people to know that why we're fighting the civil war in this you know, in sister self states.

We were even we had balanced budget.

Right because the personal the m of our fair at that point was very very fulger about you know what exactly is the polity for the government and almost.

Be allocated for what and whatnot?

If you are not serious about reducing your deficity or expenditures, and you're just spending as much as bringing in three for example, turned to Nandia had a spot in its revenue collection due to more soucidy and was it good efforts evaluation?

Right, But that does more reflect.

In our deficity, our deficity spanding if you look at it. So, but if you don't fix that, and while you do strict the figure, you are not helping yourselven number one. You are not helping the number two, which is you know, doing all it can to tighten the systems that there will be less money supply and will be less bugging, you know, perscribe to the government. The second thing which Alumeda mention, which I think it's you know, very important of this conversation.

Is agriculture output.

Your alumna says something about our culture contributing about.

Twenty sixty seven percent our GP.

Absolutely, yes, that's always been that case for decades now, right, But if you look at the the quarterly increase or the quarterly growth of our culture, it does not exceeded one point twenty percent. In other words, it's just even though a lot of activities going on in the sector.

It is more growing. It is not as funny compared to.

Things like bang game service ticals and others like finance, but it's contributed a lot of players.

They love you know, jobs, There.

A lot of you know informer sectors, there are whatnot.

But it is not good.

It is not you know, having any kind of good. Right, so it's always around one point one one point two there about good every quarter.

You can check it. So if the government is.

Serious about getting inflation, you know, moderating inflation.

It should not be about two king data.

It should be about doing what they can and us an Adelian country to increase supply. We are now increasing supply. Let's not deceive ourselves. Yes, and things are going on. Yes, there are more players there years. There are a lot of you know people participating in that sector, whether you're talking about livestock or cash good or recover but whatnot across evolution. But in terms of good, in terms of investment, in terms of campuital have been doing to that sector.

It is more happening, right, So the governments need to take that seriously.

First and foremost that you drive down food prices, to drive down cost of food like which also have fact on inflation. Secondly, just diversify our export and our You mentioned something about the train as are playing the cocoa industry, as are playing in the palm oil and others. These

So these they have more than we do each other.

We're forsaking that part and we're not bringing love to ensure.

You know that with the first for our exports. I hear you.

But that's the question in terms of the mbs that are changing for you, if you're a business model changing for.

You, absolutely no. I think it's a it's a noon daylight.

And I think it's very unfair to people who actually chose them as some authority to provide, you know, some kind of integrity and independence of government interferers. But to what they are doing recently with all the old manipulation of data. I only need to look at is that even if you there are two things that you said the consider in the change of in the change of

They are they're not really so to speak. So they have not really to those.

I mean the NPAH how they come up with this figure. It's just a way for them to like do some kind of cosgress. And one of the things I read that the reason why they're.

Doing this is that it's one of those indices.

That international communities creditors and letting against is considered to assess the controul that they are they are viable for certain loans and credits or not, and you know maybe like inflation might help them in that regard. So they just want to look good, you know, to the intertional community. And I don't think that we open a long gold because it just want more.

Okay, I'm going, I'm I agree with you. They are should we say cooking incess? They are massaging the books to yeah, they are, but it will.

It will do two things.

First and foremost, it will make the very objective of which using inflation, you know, it will make it to make the government lacks Number one about you also forfeit or defeat the very objective or mandate of CPR to open up liquidity and your money supply keep increasing and quatrely. If you look at the guys over one and something's real, you now, I keep increasing that. So if this, if the CIBN, you know, goes back on its mandate to cope that inflation, I pleasure by you know, having a

So they're actually doing it very very bad work.

All right, let's see what happens in the coming months. Right, let's hang on there other. Let let's get Ilian, Ilian, what's in your mind?

You you you are?

Yeah?

Go for it?

Okay, Yeah. I think I've said the several species, and I've also heard cyrus alsociate it on a species. The the inflation on values NBS has given us. It's not corresponding to the reality on ground. And you know, for me, I don't think they manipulated any figure. I feel like, you know, they played a smart one.

They just looked at different parameters and they saw which won't give them the best outcome.

Say in using the busy as twenty twenty four, and I think on other spaces. Come to check top countries in the world.

For example, the US system uses the busy of nineteen eighty something, or it's in something it's won't.

Very five year. I checked Germany.

Germany still use this twenty fifteen as busier. France till use twenty fifteen as peace. Yet several countries toill use this thing as busier, and they are still in single digit inflation levels. So and when I listen to those people through government, people who talk, they tell you, oh, this is the year twenty four was just the best day if we had put it less than twenty twenty four.

We're coming out of COVID nineteen.

Now you're seeing other countries they know, go through the COVID nineteen issue.

And some other people were.

Telling me that was when we singles renew Hope Man did started. So twenty twenty four is like the best day of selcidies were out. So that is when twenty twenty four was just the best day to pick and someone and so forth. It doesn't make sense to me

Come down?

Now, your inflation levels went ten percent. Your MPR is no movie. Please correct me if I'm wrong, But the MPR has not changed. It means that I do not trust decipient does not trust the values out there. They do not trust what they call it the cost of food and production out there, and so on and so forth.

Several other parameters.

Recipient also making some very very strategic plans.

Also, even though I.

Must confess that they have been doing quite enough, quite a lot, Sibyan as you're doing quite a lot for you know, government spending agriculture is something that is having problem because and I remember lastly, I would all say, I remember Cargo, I told you this that I still believe. I know you will not still agree with me, but I told you that I still believe that we should have subsidized one of these industries like the agricultural sector.

I help also complaining.

Of how in the rural areas we have familiar but we're still exporting importing billions of news or is it dollars of pamoil to this country. The how supply chain is the issue when people look at how much it will cause for you to bring it down from whoever to this place to that place, you start asking yourself this is worth is so?

Yes?

I know that there is this lockdowns of get into the van and so on and super priss.

They feel like we need to work on our.

I agree with you, and I first agree with you that we should subsidize food. We should subsidized food. There's nothing see, there's nothing wrong with subsidy, just that the world subsidy is now with dirty what Nigeria because we've made it so. There's not a wrong in PMS subsidies. There's not long in food subject. The problem that was when we ran in the past we could not afford it. We can't afford the food subsidy. Sorry PMS subsidy, I

Sorry and give us look so yeah, I totally agree with you, but most sometimes I tried to look at that type why that way?

So you know we're coming from it in.

A case where we substas etricity, substance educational with subscie FX, we subcisees, pay true and now please a part in some sectors that there are still talking about. And the government is trying to librialize justice because the matter is that first they were trying to stabilize the mirror and that.

Came at the cost. You know, you are forgetting that the treasure us. You are getting.

Atpressives, we say, and this means the Borough governments is boring at in perium. So we need to look at the fact that we're coming from a time of mismanagement and things need to be adjusted. My problem with the government is that they are immune to the reforms that they're created. They are created by immune to reforms they are created. They don't look like they are solfaing. They don't look like they are cut in their courts. They

You can't tell your child that you have eat in the afternoon. And this is you that I won't buying footing party, you know.

So that's the problem calling because there's no money anywhere wherever we go to get the money for If you look.

At that budget, look.

At goodment revenue, look at wherever I look at I'll looking at that.

I hope I able to print money to.

Where are they printing? Answer?

Were printing again? Anyway, Let's go back to the point I'm making. I'm going to ask so killer, I hear see you, speaker, So let me go back to the point I'm making. When you remove subsidy, it's a revenue event. It's a revenue event, new revenue. If you take away subsidy from PMS imports, what you do. What you've done is that money has flowed to CB and it's a revenue event. Now what did they use the revenue for?

So this is the words.

That the fact that the soized food farmers.

We lose your choice.

But look about but today's okay, there's a farmer here.

I mean all of the that's this was the same point that Buhari said, right, so he closed the borders that said the farmer should supply food. But we all know you cannot. You can't take tomato, don't deliverly brought a mango processing plants named in Benue States. If you go to Benue, you see mangoes on the floor wasting. Don't went there and built the mango persian plant. He couldn't get raw materials to make mango. No roads from the village. Dan Goot has a tomato processing plant in

From the village. Ready farmers are making the stings.

To the way it is processed, it's non existent. If you come to the States, every farm you see a silo and there's always in rail track. Where I live, it's near whatever. They have a big, huge, huge farms. They have a railway point there they have silo. So there's a process to take output to the silos and then they're trained to be processed.

We don't have it in Nigeria.

From nineteen ninety nine, we have been building the legals to it bag Express Rood.

I just thought to you that because the.

Teleble has given new money to expand the road, this same road from nineteen ninety nine till today twenty twenty five has not been completed. Even Ghana, even Ruwanda cannot take twenty five years to build. I don't know, I don't, I don't. I don't want to compete there. And I hear your pin that was advocates.

I hear you. I hope there was advocate and not supporting it. I don't think there was advocate.

But when're moving too slow and they said they would subsidize food, I didn't say it. They said they would subsidize the food. They didn't subsidize the food. Go on price rights. Today I was in Nigeria, a plital price one is like cepher You can't understand what's going on.

Food is so expensive. How can you do anything if you can't eat? Food? Is national security? If America today the.

National security it's if there's no food today, police cannot stop anything that's gonna happen.

If people cannot eat, what would they do? Will they kill themselves?

It's a market, Like I said, I was telling to my friends that if you spend.

Less of food the CAPT market, leave for investors for the CAPT market to improve, because.

Your spends on food with your food cal.

That's a looney.

Look.

There's there's the reason White post petitioners give rise and not books to elections. There's the reason why they keep they give rise and America don't won't give you a rise, they give you a phone, they give you whatever. Because here it's not food.

YEA.

The government that arguing that they have reduced because for example, the bag of things right now, I.

Think because of harvest of harvests got the of.

Course, of course, but they don't tell people that.

They're just printing that, oh, this is our renewed whatever that has blots, the bag of flies and so on and supper.

So I just hoped mys are smart enough to see all this.

Okay, let's let me get kill a killer. You gotta have the killer, please go ahead, killer clear, that's clear?

Thank you, okay, thank you.

Look, so I'm quickly want to touch on certain things that people.

Have I've touched on unusual about the rebasing methodology and whatnot.

I would disagree that it actually makes us.

Look better, per see, because come on, at twenty four percent, it means.

That prices that are doubling what every three years?

Yes, at thirty six, thirty five, at six percent, it means prices were doubling every two years or so. So the thing is it's, yes, from thirty six to twenty four percent looks like a drop, but in reality it means that your iry is being devalid every three or two years.

So the thing is, it really does need to make us look good.

Now, of course, when you.

Look at the waiting.

It clearly doesn't make sense that you are putting as got chat what is not so important and five percent of the opportunity.

It's it's it was us. It's also ridiculous.

If you look at empirical studies done by both loan companies, academics and whatnot in Nigeria, you find out that Nigers spend sixty sometimes it wills over sixty percent of the income.

I know you're saying fifty seven percent is even more more more the blowing.

Studies I've seen, it's it's closer to about sixty percent.

Or even more than that.

The nigron are spending on full the loan. So the question I ask yourself is how do you use them as a country or as a government. Then with the basket of goods that the typical ndum pies and put like a third of the waiting on, it just just smacks of being unrealistical. And everything is like the same thing with the unemployment statistics, where somebody working is there.

Not world one one one hour a week? You're employed.

Exactly when I with you are employed.

So basically that means that if my manner tells me that as you look at his at his show every afternoon, so that he goes to pick his child from from public school. It means that I'm employed. That's literally what they're trying to say. So so, and of course it would despire that you still see that our unemployment is worth five percent. If if five percent of the population cannot get one hour of.

Paid work, you have a crisis going on.

And I bet it if they adjust into the previous methodology, which makes more sense, you probably get unemployment of twenty thirty percent, which is which which is crisis level, which I explains a lot of the.

Insecurity we have today.

You can put as many police officers as you want. If a lot of young people don't have jobs, there will be a lot of crime and socio economic problems going on.

And of course we have seen how that is playing as in the country with.

The drugs crisis and the other things that are getting So the thing is it just marks of a lot of funny, anky pankey.

Games that the government is playing on that end.

Now, on the issue of agriculture itself, the thing is, as the agriculture trade has said, and I think he actually hits the mela because you always hear this narative of the problem with the Alcotto system. That is because of insecurity and institute. You always hear this thing in separating in security is the problem. Yes, insecurt is the problem, but it is not the major problem. If you look at the numbers, Nigeria actually does not produce enough food.

So you look at numbers like milk numbers, like of the tomato production, you.

See even things things that have to do with the meat meat production. If you divide it by the country, so capita production, you see that Nigeria actually doesn't produce so much. Now, despite the fact that we don't produce as much, especially when you compare with a lot of African countries, and when I mean African roger, I'm not even talking of let's start Africa, which is like times

Less than them the capital.

And despite that fact that we produce less than them the capital, we waste them.

So that is part of what is causing the problem.

Now, we should not forget that the federal government got into the game.

Of giving subsidies. The Anco Borra program.

Was a subsidy, was sort of like a shorta in the arm of investment in the cultural sector. The problem that we're having is that we launch a lot of these subsidy programs and they never really reach the intended public.

It's either that, of course, maybe somebody gets.

It and uses it to go and buy.

Cars or packs some other things.

So the fact that we're going printing money to invest in agriculture, it's not increasing supply, and so of course we're getting inflation. We're all getting food inflation. We're getting inflation and cementtally. I always tell people that I think, if you have to summarize my jazz economy, nigraas economy is essentially a shortage economy.

We have so much money flying around but literally.

In the work food toption of real goods and services, which is what is leading to the inflation problem, the range problem, the rent crisis that we're facing, the food crisis.

The.

The inflation in cars, inflation in almost everything. You can talk about even inflation education because every single thing will bring a.

Lot of money, but we're not expanding supply.

To go then as the agricultural as the agricultural trader said, sorry, does.

Give me a minute our soon wrapper.

We also do not have an integrated supply team of a lot of given these goods in our economy.

So for instance, you have lots of palm camel or a lot of palm.

Trees in inmost states in then you goop and the like. But the damas streams, there isn't a.

Lot of.

Supply as in the supply team. The valuting is broken in many many ways, and that is why you have a tangote downwaded tomato aldis rossing.

Last week, I think it was Business Day that that talked about it. Think it was Business or our Metrics.

I was talking about the Tamwote a tomato factory that is basically more open at this point, and you talked about the illuminating.

It goes from this from one the good to the other goods to the good.

So that is part of what we are having as as a problem.

We are not investing. We just do subsidy. The subsidy just goes to people buying cars, all people using it.

To grand flex in legos in one curb some way.

This literally happens in the country.

So of course only you you investor you launch a cultural program or investment programming in certain sectors, you just will see it in the production numbers because people are not doing it, or they're not and getting in production, or if you don't and getting production then and getting.

Low value added production. People still using courtlers.

To do agriculture when we could be investing in tractors, compound harvestors, import signings and the like. Well, these are some of the issues that that that that is that is costing a lot of the infusion that we're going down that we're experiences. So why would we say, oh, we're printing money. See, printing money is not necessarily a problem if you are expanding the supply.

Of goods and services.

That is what we are not doing when I'm expanding the supply of contoun services in the Nigernic and and so of course everything is coming out with inflation of every day good to an services.

Thank you.

Yeah, I completely agree with all the comments. Completely agree. I mean it's a supply issue, right. The general economy is not supplying enough. We have no power to supply. So the cocoa we're saying we're important, well, when we are talking about presco, we have the cocoa gays all over I bad, you know. But to produce that cocoa paste needs diesel. If you add the cost of diesel to your cost of pre cocoa, it goes up. So it's cheaper than important that cocoa from a country that

Ill know how you guys doing very well? How are you nice to hear you guys voice again? Here we come again Nigeria, Nigeria and Nigeria. Please let me start by saying one thing.

I think.

I think for the first time you guys are talking exactly what I've always been saying. But the only problem I have with it is that we are so let it only to the federal government. Yes, the government has the capacity for the physical side, but honestly speaking, if these things are not being handled by this or region hours, it's a joke. But I will tell you why you say subsidiy is not bad. Subsidiary food should be subsidized.

I have not seen any state building.

A casava plant, casava factory that can make cassava into finished product. I have not seen any state that is building a plant that can make late. I have not seen any state that can even produce juice like Benwell you say, I have not seen any state that can make a yam a finished product. And for me, that alone shows that the people that are in the ms of affairs in our states, they lacked the understanding of the fact that they are CEOs of the company, not

You know what they were doing the statement when they finished the local government election, ask the local government chman to bring the money back to them.

Non agerian is saying anything to this, because if.

This local government is working, it means that those health centers that are having.

Issues, they will be dealt with.

Those little too farming probunity, the local government will be to finance them.

You'll be able to cover the food inflation from the local level. Nobody is saying anything about it. And that's why I always say that sometimes we pay too much attention to the center. Again, let me go back to the rebasing. Somebody said that the rebasing.

Is just this.

France has not done it, Jermany has not done it, Us had not done it. I have said this thing sometimes that you as we leave in your varya, what do you compare yourself to people that are far ahead of you. They don't have the kind of problem we have. Our own problem is peculiar. In some years back when Occudi you're a well I did it? Everybody call her magic san from two hundred dollars for two on the front hundred and something billion economy. When they repays that

I think for me, I agree completely with.

What Olibi they said.

There are certain things we need to work on, and just like all you said in the state, in the country, part of the world you leave, you could see how they moved production of farming.

And that again goes back to what I'm saying state.

If legostates can.

Deal with a reserve who doesn't have the land, it means that they're going to buy from those states.

They've invested into.

Minna, into Niger states, They've invested into KB Again. Remember the biggest rights plant is in legals. Again, they don't have PART. I think we should have gotten the waver from federal government to bring in party from abroad so that that way they can reduce the cost of rise. If we are not calling Golod state into order, no matter what the federal do, it will just be a surface scratching until the other sub regional's state start performing the same way. Not even then, I don't even do that.

I am telling you, if we do that consistently for six for two years.

This food inflation, I can actually show you that it will go back to a single ticket.

But as long as we continue to think that the food problem in Nageria can only be solved by the federal I mean, we'll be shutting security.

Let's be honest to ourselves. Security is down now, whether we like it or not. Security is not as crazy as it used to be going.

Back to fund.

Come on, man, come on man, I live in Nigeria. Come on man, come on in Nte? Do you what did you live in? What did do you live in?

A can you?

I hear you? Can you go and live in in Kebby and for a week and then let's say if Keby or whatever the bandits are security is down. But Bo, you're making it your meaning. That's a casual statement.

Man.

There are two bandits in general they're still on that kidnap. Thet's take the general. I can finish story with you.

In America, they are killing people, would gone.

What are you American about Nigeria?

What are you talking about Nigeria? There are three New York people in America part capital. How many purl gone in America compare to Nigeria. Finish, Let me finish, Let me finish what I'm saying. Let me finish. Let me finish.

If you say that.

Security in Nigeria had not reduced and you are not being honest. Ask people that are living two years ago. You cannot drive from the issue and not.

The issue is about let's just writing.

I was talking about agriculture, right, so food inflation MPR. So let me say you I do, I do your business.

I bring, I get yams from the local, from the villages.

I get yam every week. I am telling you what I know. People are going back from the secure.

I'm not saying the security is on hundred percent, but the security is not as volatile as it used to be Get me, well, I'm not saying it is undred represent perfect, but.

I am telling you we're far better now than what we are.

Two years, three years ago.

So so we have to speak.

But the thing is that given the we're talking about, you want as bad as it was before.

Do you understand I said, we don't want to.

We don't want to blanket everything.

So so I want to let me make Let me make this point I'm making again and I'm very specific. The issue is food. The issue is food insecurity. Food drives inflation. The point I am making is that there's still insecurity in the food growing areas in Nigeria, whether it's southern, whether is Benue and Plateau, Plateau. Where is a bandit in in Kirby that there's still icis in Borno if you look, if you google the report, if you just go to Google, there's not an Ami general.

No hold on, don't hold on.

You know we're talking of that.

We are saying, very listen, I don't want to meet you. You talk, I talk please. I am making this point for food. I not interrupted you. But when you say that, you have to be very When you say this insecurity is down you that you live in a b They still keipnapped an army general in the same location you're speaking about. There's still isis in the Borno access they are still bandits in and that's what's causing the food

But yeah, it's so.

You can't say that god to Google. Where do you get where do you get the news from? You go to all the city Nigeria. You can't say you go to this Nigeria.

But the times what he's saying, what I'm saying there is a better than what.

It used to be.

I agree with it.

I'm saying I agree with farm I don't tell you now I agree with better.

I think that's but I think you're missing what we are saying. Also that the fact that and still pay levies because you know, there's a story I was working on and I was trying to understand why farmers VP access because I know if I notch farmers access and to the farmer I was so I was trying to understand the black eyes worked and that percentage of farmers

Did any tweets.

There was a there was a tweet I made some time ago I said the courst of rise has reduced. It was that I wasn't correct, But was it proportional the places where I was reduced?

For example, I did sample was so it doesn't. It hasn't been uniform. So we have some like change issues. We are totally right. We have transportational issues and most.

Importantly I still feel that agricultures on.

That is under invested. How can they state that cano.

For example having project of less find you on agriculture that is a domination. You know, I look at agricultures the payer government as a rule. That is not also fortunate because.

See we we can agreement.

I think not.

Showing we cann look at this drink op just era.

During the past leaders, we had a group. There's always even though we know that some propaganda. We have one food policy.

Pa oh the biase tell me one media the popular Nagiera that people are aware of that Holily Oliver.

This is this is a story from the Punch. This is dated January the seventh, January the seventh. This is let me quote the headline Niger States asks villagers to suspend farming over bandits explosives. That's I ed, so the governor of Niger State. We don't talk about ntate where he said, do I do I spending money on agriculture and all that.

Neither we want to talk about them.

The governor asked the farmers and shi rural local governments, you have to suspend farming because the bandits have put I eds and the farms. This is January seven five. I agree in security is done. Well, let's not paper this. This is January with all I can't so yeah, but when that's why I collected you. Now you are saying Google they even like this is this is this is this is the largest of the largest land side in Nigeria.

Have all those things.

I have them.

What I'm saying is that again, if states and please get me what I'm saying, if there are states that are having they don't have as much as security they have in other states, but yet they don't do agricultural what you did do with their money.

They build fly over US build stadiums. Who who build.

Stadiums when you're having food crisis.

That's my point.

There are things we should prioritize. Now, let's agree. I feel that Covet is not doing undred persode what they're supposed to do. But you state you're getting more money.

Now, I think.

Subsidizing food, putting more money in agriculture wouldn't.

Be it by the idea. That's just my stand. Thank you very much.

All right, fantastic And again insecurity is down.

I mean we don't have book on flight and the local government AIA, we don't have these things that like they were in the past years. But the problem, the know what in plature Nigeria is food and the issue with food in Nigeria is someone has to supply wor'll supply chain break it down to its basic elements. Is that farmers cannot even go to their farms to produce. You see report and not report here farmers are paying

He will give you to.

Although you've dropped, you've dropped the mic. You've dropped the mic so that I'm not I guess I'm not trying to say the federal governments in charge of security. The states have to fold the federal government's leader with vigilantes. But again the states, I'm not spending. The point you made about the states not spending in a line where the government is also material and key. The states governments have got to also look at food and invest in food.

So I needed to do so.

I don't want to expose our laundry and popular woman because I know what.

Serious secret even the fact that we can't see that you still a serious problem.

Like I've always said, if you want some of the niger consumant good sector, particularly all the flour meal, and you know you want them nested to do very well, if you want them to do very well, because I remember those times when Kness, you know, many of these manufacturing companies on culture to produce when Branded took over, and it had an effect on stock market investing also

I know the first the ones that are doing very well. So what's the incentive for government not to encourage more? That is what pays me more because look at Press.

For example, they do better than many all issurance talks, all insurance companies the JA. There's no insurance company that is giving you on getting beyond there perfect before taxance company you.

Know are your story there? This is first time story. Let me give you first time story. There's a guy I know, big Man. He wanted to start up a tomato plant in Borno State, right it born what I think. He went and got investors from Canada, mass. I don't know if I can mention all the company, but that Tomato Canyon company you see on your shelves when you travel abroad, that company they came to Nigeria. They imported all the goods sold the in continents. They imported everything

Or they.

Power are planted a robbers have gone there. So so it's difficult to Nigeria. It's a difficult place to do business and we just need to focus on ourselves. We can't do everything in this country, but it's difficult. That's the point. We do a lot of talking. We love to ware chatting the binance. We do a lot of talking early flashy things, but dignitty gritty. They're making sure our hometowns are secure. We see not have a hand

Their local bandits still here. They're not worth not reradicate them.

How how sophisticated are those bandits that we cannot even if we have to employ medsinaries to deal with these guys.

We should have done a long time ago, getchured of them.

Then the president can implement its planed clear land so these farmers can go from subsistence to at least minimal mechanization to even grow food. We can't be important Gary. How can Niger be importing Gary is absurd? And if you think I'm lying, Google its Nigers and putting Garrey from India. You see the pack red pack is sold in Abuja store.

Google it.

Don't talk about for it. You see that financial engineering hiding sir, you got the floor paras engineering. I've got to about cyrus. Paracial cyrus don't happen before fancial journey hits cyrus. What's one?

Yeah, thank you very much. I just like know when we have conversations, we have to put this in contest. And the last speaker some of the things that he said, we're out of contest. I was talking about the Bass Digital Administration and if you look at the re based efforts and the metology that was adopted by the NBAS and compared to what we have today, you know that is campaign opposed with Orienties, totally campaign opposed with Orienties.

And I just think I actually know we should point that out. One of the things that one of the whole.

One of the things that the NBA did at that point was to look at the basis two betures maintain you know, even the business was done, does not fourteen and just because of the change in economy, activity and economic management in the country.

So they were more booming in those trees like.

The information sector, information, communial secretory, service sectory to real estate was booming and so he puts activities and really people in people in theres were economy changed drastically and that have to be considered in the GDP, you know,

Oh, I know I did it, or NBA is doing n O, I p R did it.

Even though the proximity was four years difference, yours were just one year different. And indicators that you put in let's look at indicators, right, you said, if the objective for the basin is to check people's behavior, you know, as limited to prices.

Right as things change as they have.

Been order, you know, secretary to reduce you know what are people buying, are selling and whatnot? You input, you brought in important food in these you brought in goods in disease, you brought in farm produce in this is our All of these things different from food. So you have to you have to just look at it from a very objective view point as a point to cost dressing and for the fact that oh we're just we're trying to look good for the global com It's not about looking good.

If you want to if we request a loan for the example, you know from.

Infertional creditors, which defraglement is moving and pharraglement is you know at the are trying to get seven and fifteen million dollars loan from for the lower education which doing engineer trying to the remaining one perfect billion loan from more Bank and all and not like that. One of the things that they look, all of the interest that

So all of these is matter.

It doesn't matter to read reading agencies that leads you whether you have in whether your book is good or not. So you look allgator that you're supposedly independent data injency provide to.

Determine whether you can get this or not.

When DEFRA government has been fighting inflation and eighting so so that I we having the.

Stop divisional I used to go down.

So one of the best with the child they could do it was to bring it artificially to appeal to all of this.

Know all of these authorities.

So for me, I think I just caused dressing and it should not be in any way compared to what app only twenty fourteen.

It's a difficult one to do, really because I get what they're trying to do, and in a way I kind of support it. I just wish that it just it's I don't know because of what they did with the unemployment number. This one's sort of roughly the wrong way because the un employment about me was just absolutely just doesn't make sense to say if you work for one hour in a week you employed who? Who would say that?

You know?

Imagine if you.

Listen as you want for one hour.

In the US and other places, the minimum were just calculated our lead in Anginea, a minimum were just calculated monthly. The very purpose of unemployment figure is to determine the the was it called the incompact capital of the cities in right, I mean I hourly If.

It doesn't make sense if you.

Have hourly employment figure to determine.

Who and what so sartus even even they do that cyrus can they say if you work for five hours or twenty hours, that would make more sense. You work for ten hours a week, but the hour hour in language.

There you can have a symmetrical in this season of calculating and employment hourly, if you have a monthly minimum, it doesn't make any sense to have an hourly calculation of employment because the hourly does not take you uniting you know what people in terms of what people, and it doesn't tell you.

Anything, So that's a quick question for you again.

Right, so do you think investors that read your articles or read Nigal articles are going to adopt this twenty four?

This is going to be a good cell.

Will they all say there's the numbers, we're going to run with it or would they put twenty four with an asteris?

What's your takeact the way so far donating that investment interest in his amputies and depth stocks inventors, investors have been a lonely way from their economy for two major business security in security.

Forget what we are saying on these spaces, intends after being appointed on Bloomberg, on wawriters and financial trends and whatnot, and applation to any kind of person as signed to bring this huge capital adn't mon to this country, right the primarily in security. So he's seen Nia as the lowest FDI influence to the country for the past I think nineteen is also it was twenty nine. It's nine million dollars nine for nine million dollars as of top

So all this one they are doing. You know, you talk about Gua Cola, you talk about all these other people are talking about.

Nobody's bringing their money to this concert because they see security and it's a corruption and those tuties are deal to it. I don't think anybody's gonna take this, and it is gonna be in a young market.

I'm talking about the reset.

And you know, trying to get big our money and you know, to this to the following for Fulio investment, I'm talking about actually plant in a building, plant in those trees, bringing your people to work with you at all.

Nobody is going to touch job with the long boat.

You know that's that's not very happy or not, but that's not very very nice thing to hear.

You say, yeah, yeah, because it's been honest, you know, and that's the why when somebody as if I.

If I, if I whether.

I said that, I spoke about investing almost everything in money market or the capital market, and the reason was simple. You know, we all know that business is one of the best way to prosperity in terms of employment, inequity, were revenue for government, but there is that you know I was doing in Soviet Nigera stocks we have about one and let this Nigeran stock market and more than

But when you look at America, for example, America.

Future States, yes you can argue that also California, Texas and New York is responsible for the total of economic activity, but it's not as concentrated as what we see in ninety years. So I feel like the for government and states, they really need to take economic foru US, not just creating conferences implementing those conferences, what they really actually we really need to have a state for agriculture.

We need to have a state known for the sector. We need to have a stateroom for you know, silicon or whatever AI or things like that.

We really need to diversify because Carlo ditot about the problem I have with many states in the gas.

That did just copy and sometimes they feel the objective of going.

To business school because some of these governors are business school trade and I came to wonder, why is it that in states, the states that has at least twenty local government and as it's reger, the amount of people that understand economics cannot generate are thousand dollars per water making excuse that everything that illegals. You know, I've listened to many One of the problems I have in states economy places that we keep making cheap excuses, you know,

America with all the excuses, they still take private. So the question goes down to is the interest in the country in the interest.

Of the at their arts or just for their family and plans. I think we really need leaders that look at national interest in Chinese just by the Chinese at their corps. It's not that they're saying sports an average Chinese is pathotic. Anotherage Chinese wants imptalment of his country at average Chinese, we definitely have something for China. That is how deep system has been programmed. So you've got justice someone that is corupted in China. You see that he also he has his lead to.

First in China. You know in Nigeria, it's almost different.

Any which boy you see in Nigeria is telling you that you see if you call me that, like you talk about stop market, you are you know, really.

Brilliant, brilliant enemies. And every time you do that, stock market is used. But you don't want to disagree as that he has a lot of money. It's reversed in US once he has a lot of money, diversity and u reality.

What you see you find out is that is the level of understandard of investing is limited because even aduce market, you need setting advantages political, economic, social culture.

To really break to the legs. And we really need to change that economic person that.

Yeah, America is important, Frans, it's important. UK is important, but the best way we can build our world is our country. We need leaders that are not snapping on TikTok because of the weds return, because they are driving the cls or driving rule weally need as that understand that there are selling places that when we are buried they are names, will still remember a pat instead as if Newting, Michael and fire the nobody remembers their network.

We all remember their inventions, their laws. You know this happens.

We need calu okay omit, I'm a reading the story here. Ogon state, it's looking at getting about two point five billion, that's dollars two point five billion dollars through the GBS of Brazil. So JBS wants to invest two point five in Ogo state that they're doing cattle ranching, so they're going to have cattle ranches and all that. And being Ogon, they're looking at a bell cut also sixteen thousand square kilometers and then and all that. Yeah, impressed.

State is my state of origin, you know, And I'll tell you that I want problems.

If you look at New York and New Jersey, if you look at Paris and me on, if you look at London and Edinburgh, you see gegles for example, if we turned their route nets. You know, we're not being dismissed. Can in fact, property evaluations are going. This is the

But we're not where we should be, you know, in terms of development. You know, look at the developments. Look at your.

Area, the the that industrial when it was built at that time, the argument was that open.

Stage would definitely.

At some point be producing a total economic activity outside becose outside in the southwest, look at it. Look at your two almost the dominant manufactioning house biscuits. Many of the biscuits that the country consumed was BA. Now if you look at things that it's not like look at the east, look at the east. The average about things are not as industrie the skill which I am bed by now and a Certifrica should learn the Abatman shoe.

We have got to that devil, so can you. You can't argue about.

You.

What's your take? This is impressive?

Is still here? I don't think it's here again. So think two point five billion going to Orgon for cattle. That that's pretty good. Let's see what will happen if that flows into Nigeria and crazy jobs and there's less cattle walking from the north to the south, that's a very strategic investment.

Financial engineer, how do you want you're ready to speak?

Are you here now? Fan engineer? Everyone, how are you doing?

I'm fine?

Nice?

Everything well? Logo to you doing on this platform?

My bras so Yes, I think we have to madior problem in Nigeria, the problem of insecurity and the problem of we lack accountability of any country accountability.

It leads to correction.

But listening to Trump in recent times, Trump, we're always alas we have your country to save John passion and that desires just like okay, we have America to say. Now, let me give you an instance. Sometimes okay should be last year. If I go and put it out there that they ordered in the road a contract that is cardunal to a contract to Julius Burger, and he said.

I stand the chance to be to be corrected.

If I have a message you will be awarding twenty billion, never monthly to Julius Burger to do with.

The construction of the road.

Deserve No, I'm.

Twenty billion, never monthly. I stand to be corrected. See I monely thought that in body issues that do we have independent bodies Dampa che meeting these people.

That is my question.

I would like some probably put you just speak as big as that. So another thing is that you know in Nigeria related that the governor is doing well the investing infrastructure. Now I'm from Choire States. I was in my states last month. I was in my state December. I spent not in less than fifty five days there and I could see that inquired. They are just building bridges and as they look until the other man that's upset. You only don't notice in some states what they should.

Invest right now should be agriculture.

There a lot of.

Lands in Quira, like I was traveling to Quira and from Europe, there are a lot of lands like bushes are read by governments can invest in agriculture. When Navid I an Avid man in the States, you see the building filling station, building bridges.

What the people do you know?

Even they building building choir the tank beverage right now if they're not using.

It right now?

They said they said the bridges so standard. So this all of this baff with me.

And want to speak on the game.

Is that I ready use any I'm sorry this mark Rani said, And if I have got many defended in her it's eight billion dollar approximately to a point, it's chillion just to defend in air by believing air was floated.

So why should we defend it again?

It pustion of money, that's the question.

I mean for me, let me just speak clear. I defend the floated ira because we couldn't afford five hundred era to the dollar. We couldn't afford that peg. But now when the dollar has gone to fifteen hundred, you know, and that work, can't defend it to bring it down. Now allow the thing to float. The world will happen that folks that I think we can't afford, we will drop it. Because what's going is that when you defend an error, you are subsidizing lifestyle. People want it's floated, yeah,

Report, and there some careers to be honest, because I think when he was talking about depending, I think people I'm trying to assume that the fact that he was talking about the cost, and I know.

It was he was very clear. He was very clear. He spoke about the reserves, he spoke about the good and the guard.

Then he said eight billions. I put video on.

It's not clear.

Calm you know, I said, it's not clear how it's been off from forwards, diety diversion. I had not say diety diversion on that I do. So this is are clear.

You don't even need to you don't need to waste time on I was going to clear a.

Version he say cooking through debt through different And look at this way, right, if ciby and borrows four billion dollars but does not spend it on that intervention, is that defending an IRA.

It's four billion sitting recipients for reserve exactly, so they don't need to give that money to b DC. If what is what is Narra's strength. If I am a trader and I look at the Japanese year and the charity Chinese year, they have three trillion, three trillion dollars. You can't go and harass Yen. You lose money. So if I come to Niger and I said they have thirty two billion, I can raise the two point one afternoon, shot the naira and make a killing.

So, but when you have forty forty five billion, nobody's going to shot you. So I don't think.

But when you brought that four billion, how do you brow the four billion? Your pain interest? So I think it's saying that the total expenditure, the total choose the army that is fighting to kill a narra at fourteen hundred is eight billion. Doesn't mean agree it's going to be diseased. But we're covering a total outter the exposure of eight billion to keep a narr at for fourteen hundred. That's I guess what he's gonna say.

I think it's arguable, but I think for me, I think the problem we were coming from. I think it wasn't impad but I don't think it's.

Up to because why are we doing it? I mean, if you floated, why are you going back to you? This isn't managed to flut right, This is the dogment.

Of card so and you know that's why I said that we needed to do were coming from last year.

Dinner was very parabolic. In fact, at some point dinner it was more for that doubt than bits coin, you know. And we may have effects from our major source collar, you know. And it was his new administration, so I felt like other the new CPI.

The first thing he was to get from the vestper community.

And now you get from the investment community, you make your currency attractive. So he plays a pillion and yeah, FPI has got the key at this time, meaning that brought in some form of stability at some point.

And that's when people are saying, oh, I interested. It was not of inflation.

I was telling him that we also forgot that we had the problem of a very latile.

From the same market, because you.

See, if you cannot fight inflation and you cannot ensure financial.

And tebrity when your influence market is doancing like the real coin.

So the fact that he has solved that, we need to give him credit for that, because that was a very difficult job to studients, uh the former acts and try differen style. It is also we need to give him credit for that. However, we all know that it comes at the premium, which everybody is saying, so uh as it is going down, the user going down and they are finding is that's why it's coming out with

You know, they're not seeing there working supporting.

Because if the physical side is even doings as what the Cybyan is doing by now, then stability is commidence. We can say that this year because to be honest with you, the now has all it takes to maintain stability from the President Marcross. First, demand has not increased like we saw in previous quarters.

You know, all production has gone. I had at one point for million biots.

The argument is that the country can push it to one persons close to the fer government project all is still a bit is higher than sul Pyo, you know, so we still have some things working for us. The only problem is is that a distance sustainable we all is not sustainable. So how soon can befare government get asked.

That's the argumable. I don't think I do. So the CPN you did a fantastic I think they did.

A fantastic job really assurance the ability in the FX market.

Perfect. Let me get together. I want to speak and I think I've dropped off, Sir, Sirlnkos Salinkos.

Yeah, yeah, beliving sir.

Yeah, my name is Collins actually and that name is said there is a colleens go from the back. Yes, thank you so much for the opportunity. I don't know if I'm a liable. Are people listening to every room?

Yes?

Good, I'm listening from Eula Adamo State, not the East. And you guys has really talked about quite a number of things. These are some of the things that are giving us a kind of a Similius Knight. Now, natural is blessed actually with everything everything we have, the human resources, we have, the atmospheric resources, we have the natural resources. So everything you think of this country health. The only thing we're going to talk about is we look at

Yes, it's true, you are right. Now you make mention of you.

See Ocean states or gund States, Talaba State, Benue states. I did some studies some years back that state you know, when you're talking about the importation of Ugary, when we look at these very particular states, how about thinking of having an eternal refinery in this country of the edward Internet that is we are using in this country is important from Brazil, from US and from other countries till today starts, I start to be corrected. Since nineteen forty five,

Any of this.

The government can.

Establish the enabled environment and covered with the private sector. Let this very particular institution become like the SPV especial purposed VII.

Okay, I can be used as a going to establish list because.

Anything you left it only only on the hands of coveying is going to be spoiled. But the goal has at least like forty percent or thirty percent if a good step or shoe stage stage tabus.

Yeah, all the run to get to lund the ship.

Yeah all right, okay, so and and I have actually a lot to talk about. Understand, I have actually virtually in all those things you talk about, and virtually like even when you talk about the ministry of livestock, you see not up to three or four this I established a particular proposal or livestock. And how is a factory. What I'm going to tell you now somebody I can give it for free, anybody can use it.

And how is a factory. I designed a proposal wherever you can have a zero waste or get a machine that.

Can slow down the power can be collected divery particular bloats in divary particula all from more than Abata if any of the states in other monster we have the largest you know at Thatto market because of our prosumity between those and Cameroon you talk about movie, you talk about pen You look a government now when we have any other state can have that. Under the lifestyle. Now you see when you pick a cow, the blots can be used for feet and companies, pharmaceutical companies needed to

The meat is there. When we look at also the wastes in.

The cow, we can convert it to organic manure. We can also use it to biographs.

Now the act itself, it's sick because of.

The activities of my kind Google lander Ship. Yeah yeah, all right, it's okay, you're good. So in essence, in essence, I will run it all. In essence if we have opportunities to talk to our leaders.

We don't now three things only remain on earth on Nigeria, renewable energy, agriculture and information and communication technology.

If we can harness this, believe me, we can. We can achieve everything. Lastly, for two minutes.

It study has been done by Raina in the northern Nigeria. The song that we have can generate it eight point seven giga wytes.

I brought in Cha.

I brought in Chinese investors not less than trobles from Hong Kong.

China is shifting away from the using of sola panet. They're using dish.

They ask me, get any other institutions where are going to put all these things for the off free to see how effectivity is Now once you can be able to address the cost of power, inflation and the course of production is going to reduce at.

Least by fifty percent. Thank you. I hope to get another time to talk to you. Guys are lost that we need to talk.

Thank you, sir, anytime, anytime, sir. You just hope a fantastic comments sort of room. What you said from your.

Love Yes, I'm talking to you directly, not from your loa.

How is how is it when you guys are Yeah?

But when is there? But when is there? Tomorrow we're going to a Buja.

I'm going to make a presentation concerning the ecological factors in Nigeria at the office of the SGO, you know, addressing these things we are talking about.

So that was it was so interesting for me to sit down and listen to it.

Thank you, sir, appreciate that, sir. Thanks for hopping it. We do early up shich you think at that time to speak to us? Yeah, let me look at your back. What's what's in your mind? You have someone just what I was talking about? Your submission? Do you want say anything else on that?

No?

No, no, I think I think the last speaker just killed it again.

There are many things the States can invest in just like he said, I know in that part of Nigeria also they have a lot of cottings there Indamara, but they do nothing about it. So just to pop like that, let's allow let's make our states viable. That way we can drop all the costs of inflation and food.

Thank you, perfect perfect kill you clu too.

Yes, so I.

Want to say certain things which I think Nigeria's need to hear, and we don't like to hear this because we think our countries somehow the land of milk and honey. It prove is that Nigeria is not blessed with everything. We're not even remotely close to being blessed with every thing. Do we have good land, yes, we do, very fur

That we have these and we have everything. We don't have everything.

That is one of the reasons why certain kinds of manufacturing cannot happen in Nigeria.

But the last question, our situation can That's the question, do you think we have the potential to have everything?

I don't have A body don't.

No, we don't, we.

Don't, we don't. The thing is it is for us to reach that level. When we have the so called potential to to to have everything, we need to invest.

See I keep on seeing this.

China invested words forty percent of its still investing forty percent of its economy after almost fifty years of its reforms.

See.

The problem is that in general, we want to think, which is what this current government is doing. They want to think, oh, let's us do price liberalization, but not doing the heavy work of development, which involves high levels of investments. High levels of investment both in physical infrastructure are more importantly human infrastructure. China has points, but if you do it for capital, a distribution of its oil reserves, it's not so much. China produces more old than us

Around that of its their period, they switched the.

Economic model from investing in fixed capital investment, which which is essentially real ested into high tech sectors over for five years, over for five years, when you're investing forty percent, they're still doing it. You today, forty percent.

Of the GDP every single year is going.

Into investments you are going to mix strids naders what it would bring I'm not sure why we do, you know, to sixty percent of what they're doing.

You see, I'm asking that question.

Why I ask that question is that even with all the interest Nigeria has, right, Nigeria is the largest producer of cassava and the whole worlds of millets and the whole of in the whole world. So I'm not saying, you know, when I say the potential, I mean if oider with no power with all this insecurity, there are almost five or three what does I see here?

The Niger the largest prince of.

In the entire world.

So there's potential somewhere, right, So.

They do is so yes, so they do.

Is a lot of those foodstuffs that are talking about for those cultural press talking.

About a lot of them is largely either because it is those things grow so much more in Nigeria because of the weather, the latitude of the earth that's that we are in and all of that. I would agree, especially with the issue of sessionistics, Nigers or not the biggest producers of sessamesic. It's not something that we typically were growing here before. So we have done some working that argue that's to Nigeria. But then in the case of Yam, Yam is something that that that grows very

We're invested in that, even those it is.

I used Channer as an example of how a country can come from a channel nineteen seventy six was.

Poorer than was purer than Sudan nineteen seventy six. Let's talk talk about Nigeria.

Let's talk about out Nigera because Naders has been richer than Sutan.

I'm using the worst African examples that.

Have always been poorer than Nigeria.

Now the word pronoun Sudan was in nineteen seventy six, but it's a stational. When you're investing forty percent forty percent first year, second game, its compounds another forty percent, another forty percent before you.

Know what's going on.

You're making greater strides than somebody who is one hundred points litera than only investing ten percent of the economy, which is from list as the issue of the UK where they're not investing in a lot, and of course the economy now is in the toilet because they're not invested in for decades in hiring. That is part of what is retails as the country. Imagine if for instance, it's what I keep concerning one of the things that the new book government can do.

Sorry I was from.

I was from around one of the things that the Tlie Book of met can do to expand the Nigerian economy going forward. It's not those price liberalizations. They need to encourage actually encourage companies to invest.

So giving things like tax, rebuilds tax, the doptions.

Aggressive tax, the doctions to ensure that the manufacturing sector actually and the manufacturnas the ad countral sector and the industrial sector is revived. Now I know the local is good to say. You know the exist of nationals. I think it's a copper. It's an excuse. A lot of people who are the government supporters usually use that as

As you know that there a lot of things that are just from the from the subnationals.

It is also the federal goverment, this current transition has go tything to improve the supply side of the economy. They look, they just don't prist liberalization, which is like the easiest part of reforms. It is it is the investment part. That is where legal standards improved. That is when price of food would drop. That is when you'll be seeing you be seeing tomato period that is maybe forty to fifteen IRA and not's the currents one fifty two undred era in certain places.

It is those investments we.

Gotta, I gotta. I appreciate you, but the room mind, okay, than thank you so much for the conversations. I don'tant bring a few guys haven't spoken. I got ken, I've got torn row ken, you got can a good way.

Thank you, Thank you very much.

Agree with everyone.

What I probably is not to take so much. Every time you know has been said, love right, things have been said.

I'm just going to drop this year regarding the discussion, which is mainly agriculture, and for me, I don't think the government is still serious about agriculture. Yet they are not serious yet, not yet, they're sellain things. I would like to see that when I start hearing news and action has.

Been taken in that direction, and I know that yes, we are on the right path. But one is the issue of security.

Somebody were saying that security is not a problem anymore in India.

I disagree one or that you said. Security is still a big issue.

Until we start having community or listening in Nigeria, then I will know that we are serious towards.

Health, food, you know, self sufficiency. That's number one. Number two is the infrastructure for agriculture. I remember doing it.

Do not understand me in a budger where the demobilitive, brilliant idea under minister or conjure weather then to have a district it also it was planned to give districts where they were they were going to sell lands to people who are just interested in either farming or providing or processing farm produce or providing.

Equipment mechanical mechanized equipment for farming.

It was a brilliant idea to the point that I almost invested in that project. Then the lands had been sold in acres government was going to provide an infrastructure or for that you know, ecosystem to thrive. But at the end of the day, it turned out that maybe it was just a pet project.

Of someone who just wanted to get money.

The appointed one engineum bank and they collected money out to get nothing has happened. What's a brilliant idea because what that would have done is the government would come to the investment providing enabling environment. Beans, investors go, Nigerants in the hosporal can come put their money in there and then you have a thriving ecosystem where you can have fan produce and that would have contributed immensity and that could have been a model that would be replicated.

All across the country.

Who knows where it would be right now, but that has not been done. So number two is the infrastructure. Infrastructure including rural roots firms, irrigation. I don't know why Nigeria would you tell me that we can only plants mass once in a year during the rainy season. Why can't we irrigate to have to have me is grown

Amount is, then I will know that we are serious.

But as that today, Calu and everybody in the room, we're not serious yet with with with with the agriculture whatever, whatever progress see it, it's as a result of this strive of Nigerians who are trying and doing their perst to try to improve output. But on the side of the government as are today, they're only interested.

In and not balance our budgets, you know.

And I being I would say fiscally responsible because that's that's the pattern we have.

Seen over the years. We're still not serious yet than GI very much interesting. I like the idea, you know, the services for agriculture. We need something major like that. I think we had it in the past doing Operation Feed Night, opertion of Feed the Nations. Sorry, where the government will go clear the land to the feeder road to rural areas, you know, provide irrigation, provide the fat license and then the local farmers can then go to that land and farm. It takes the yields off because

To your table.

And its infrastructure, its value chain, it's financing, you know. So it's a lot going on.

We're gonna get a act together.

To Niro, Thanks can Toniro? What's your mind? After Tony get so sleepy, I gotta run it down, Tony Row, You've got the floor toll narrow going once. Go ahead. How you doing, sir?

I'm sure? How do ye.

Get you?

Well?

I I appreciate the topic, disagree.

I thank god that I wanted to ask a special area because I joined this like almost relately openly. But I do want to show you do this because I want to ask something that's not really what discass said fastky, okay, go ahead. So I also understand because I mean, stop stop this stalk me stop.

Yeah, and I bought this day to stop when they were you know, hope.

Here a lot of it last year and often see loud. The only thing I got from.

Dunstop was the EMI.

That they send you.

And I've been talking to one of my guys, I walks in the bout I'm saying that did not I looked at the past years and every other office, I'm wondering, what's what's.

Happening, Like is this how it is? Because I mean this shas has.

Appreciated because our love perhabs. Now I'm going hash to on it. I don't know what's going on, Like it's a lot of.

Yeah, that's the that's the that's the walla with one you vice shares via public offer, you have to wait for the certification and the of the of the investors. They have to wait for your certificate before you didn't take that certificate and take it the CS here. So

It's not really that it's not that deep.

You've talked about the impact that we have on the on equities, on bitcoin, even gold. We've talked around on those asset classes, fixed income, what would happen there was a blitteredly, a few problems, supply, investments, wastes, corruption, total around that and it doesn't tot on onto this topic.

I think the present thoughts would be that people should reflect on.

All the things.

The Pascadis space in the past twelve months. Sometimes I go back and listen to them because.

This is that i Alphos said can be good and luggaged, Like if you look at investments circle, look at some investment opportunities to spook about. Look at Nigeria stocks they've been go find us in that despice the ash economic climate. So my present is that national knowledge peace. It's not

It's good to.

Socialize, but try to spend more time equip yourself because if you look at those talks, for example.

This year, if you look at most.

Of these talks are at their fifty two eye, and he realizes that if investment opportunities still come in, it means that your stocks were still in firing to do just jumping because people are buying, trying to know how to buy, how to invest, and how you notice.

This, I just really seeople Google search, Twitter search.

You can search people's Andrew like for examples talking about so many stocks. You can just search his name and stocks or keywords. You can search money and keywords. You get information, listen to space. So I think my co part is that I'm going with national knowledge, not allow

I think have a very placeful week.

Thanks much treat the other Just reader from a guy here no information provided by the developer said with the rebas as, with these inflation rebase, fixed income assessment offer lower coupons.

And capital may seek equity.

So he's saying that rates are going to go down, so bonds will offer lower rates, and stock market is going to offer better opportunities, especially if the MPR is reduced. He says weed that Nigeria are better on oil prices, respecting our feelings, okay, also better security, improving for trade and oil production and for local consumption, saying strong enough, I absolutely agree. That's a very good summary that can happen.

Or otherwise.

We've got to get consumption at the local level back in Nigeria so that jobs are created and the country and the economists can start to function again. Hopefully the government can then get its tax withiness.

In naira and I'll have to borrow so much.

It's already down to the small stake on that level, getting those shops, those little factories upritting again so they can earn income and they can consume. Without that consumption, there's no economy. We're just important and exporting. We really have to have that local economy flowing that all level. So thanks guys, folks for listening in, atures for joining in, and I hope to see you guys here next week. We're always here at seven thirty pm Sunday's talk about money,

Guys, have a good one, enjoy your week, keep it safe and keep it simple.

Thank you, good bye.