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20260806 090000 UTC
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[00:00:03] of of
[00:00:03] of
[00:00:19] of
[00:00:27] of
[00:00:41] It's another business day, good morning everyone, welcome to 55 minutes
[00:00:45] of currents and relevant business
[00:00:48] of conversations, that's what we do on business morning, I'm Innie
[00:00:50] of John Ma and we start as usual from what's going on in the
[00:00:54] of global oil space, we saw that prices slipped on Thursday, investors are
[00:00:58] assessing whether the progress in Iran oman talks could pave the
[00:01:02] way for a US Iran peace deal to end the five months
[00:01:06] war and reopen the straight of homes and
[00:01:08] of prizes have simply returned to the level seen when the
[00:01:12] United States and Iran signed an
[00:01:14] of interim peace agreement that was June 17 and
[00:01:17] investors closely watching whether the two sides can
[00:01:21] reach final deal uh a proposed deal between Iran
[00:01:25] and Oman to help
[00:01:28] of of end the US-Iran conflicts would give run control
[00:01:31] over ships entering the gulf through the straight of homos, um,
[00:01:35] this is according to Iranian
[00:01:37] of source, and
[00:01:38] of then one
[00:01:38] of the biggest concessions as yet uh to
[00:01:42] Iran is that there was no immediate US
[00:01:46] comment on the proposal, however President Donald Trump has said
[00:01:49] that deal reopening uh the straight of homos
[00:01:53] is imminent, and US officials have repeatedly insisted
[00:01:56] of that they would never agree to Iran controlling access to the world. most
[00:02:01] in important trade route for energy supplies, all of this put
[00:02:04] together, we see brands uh still sustaining the $79 level
[00:02:08] which we had yesterday yesterday about
[00:02:10] of this time, even though it's gain a bit
[00:02:15] of of 0.44% and WTI has also gained 0.32%. the
[00:02:18] price there is at $75.47 cents
[00:02:22] a barrel, so we will see us had promised us there will be
[00:02:26] announcement on Wednesday, unfortunately we did not get that announcement.
[00:02:30] but it does seem like uh
[00:02:33] a oman's
[00:02:34] of intervention perhaps is coming the nerve of investors and that's why we see uh
[00:02:38] this level of oil prizes
[00:02:40] and that spils over to what's going on in
[00:02:44] Nigeria Dangote refinery has reduced the ex-depot
[00:02:48] price of both petrol and diesel effective
[00:02:51] today uh the expo expo depot
[00:02:55] price of petrol has been caught by 50 nar to
[00:02:58] 1165 for liter and
[00:03:01] 1,215 naira for diesel and that has
[00:03:05] also been reduced by 18 nar to 1,570 naira
[00:03:08] for liter, that's used to be 1,650
[00:03:12] naira and danguti says that the price cut is part of its efforts to make
[00:03:16] feel more affordable, maintain steady supply and
[00:03:20] support economic activities across the country, let's
[00:03:24] discuss um this
[00:03:27] of withole is research manager, financial draves
[00:03:30] of company joins us virtually from London, hi domeb, good morning,
[00:03:34] well good news for us in Nigeria, unfortunately you cannot
[00:03:38] enjoy this, you can't buy petrol as a cheaper
[00:03:41] prize, I mean in
[00:03:45] good morning and while I can't buy petrol at the lower price, my
[00:03:48] parents can, my brother can, nice
[00:03:51] one, yeah, good news as
[00:03:55] well, yeah, but I mean, so we have to
[00:03:58] appreciate dangote. for helping bring a balance
[00:04:02] to the
[00:04:02] of space of because I
[00:04:03] of mean
[00:04:04] of um when Dangote stopped loading we know what happened to the other
[00:04:08] market as what they were doing so of course um we're all we
[00:04:11] of always of appreciate of
[00:04:12] of Dangote for this but the unfortunate thing is that there's still
[00:04:16] of a lot of uncertainty so even though we hear this
[00:04:20] of dropping price 15 lot of people may say it's not so much but it's save
[00:04:24] somebody some money um the uncertainty is still there and
[00:04:28] it's still a threat hanging down our head and can fall off
[00:04:32] any
[00:04:34] of time, you're very right there, but I think it's important that we put
[00:04:37] this in context right, um, what exactly is happening? the first thing is that
[00:04:41] globally,
[00:04:42] you know, um, crude oil prices have declined, and
[00:04:46] that in itself is one
[00:04:47] of the reasons or the major reason why we're seeing
[00:04:50] a dangute refinery actually reduce its prices,
[00:04:53] of and this is extremely important because it goes down to for that, but trust
[00:04:57] the point that we are now operating
[00:04:59] in a different... you know market for
[00:05:01] of downstream petroleum products, it's extremely important going forward because
[00:05:05] of the outlook is that this trend that we are seeing with higher global oil
[00:05:08] prices um and higher domestic ol higher domestic um
[00:05:12] prices and then lower oil prices and then lower domestic domestic
[00:05:16] petroleum prices will continually be the trend across um the
[00:05:20] board for Nigeria going forward. the second thing to also
[00:05:24] point out here um is your writing that there's uncertainty and the
[00:05:28] uncertainty right now is not so much of Nigeria's
[00:05:31] issue, it's more of a global issue and until that global
[00:05:35] uncertainty is somewhat stabilized, this dance that we
[00:05:39] have been seeing with petrol prices would largely be... the
[00:05:42] same. i think the final thing to also just highlight here is
[00:05:46] the issues that we have seen with um domestic crude all
[00:05:50] supply to dangute refinary to somewhat isolates
[00:05:54] Nigerians from this global issue. and i think until that
[00:05:58] supply chain is significantly strengthened and
[00:06:01] addressed. um, this rhythm that we have been seeing, this dance that we have
[00:06:05] been seeing would also continue. so i think where we want to get
[00:06:09] to with um stability in crude or price in domestic. petrol prices
[00:06:13] and more importantly is consistent reduction
[00:06:16] in um um domestic petrol prices really really
[00:06:20] bters really really bulls down to um the the domestic
[00:06:23] supply chain and that needs to be strengthen going forward
[00:06:27] yeah well that supply chain and now we did hear the minister a couple of days
[00:06:31] ago think i think uh talking about um the
[00:06:35] reduction in the crude obligation that Nigeria has so that should make more
[00:06:38] crude available uh especially for local refiners but I
[00:06:42] mean, other than that, perhaps it's better days now for the
[00:06:46] army, the the president has approved increase
[00:06:49] their their salaries, and of course other arms
[00:06:53] of both the public and the private sector will also be asking, so if we had
[00:06:56] lower prices for petrol and diesel, and then
[00:07:00] we have more salary, um, good days are here, right, but the threat
[00:07:04] of inflation also draws
[00:07:06] closer, yeah, you're right and the
[00:07:10] on threat of inflation, but I think um, Again let's you know kind of
[00:07:14] isolate
[00:07:15] the the events and then see their various implications right, so the first one is the
[00:07:18] political implication of this, now the fact that we are seeing
[00:07:22] increase in um salary payments clearly means that some the
[00:07:26] conversations I've been seeing a social level and civic level are beginning to
[00:07:29] make impact on um the decisions that we see with the
[00:07:33] federal government and not only even the federal government within the state
[00:07:37] governments as well and I think that this this increases that
[00:07:41] level of... and public participation and how that eventually
[00:07:45] translates to better policies and better decisions across the
[00:07:49] board. I think this is a green light um for public participation
[00:07:52] and civic duty, and if this continues, it should further strengthen the
[00:07:56] voice and begin to reduce that trust deficit what we're seeing between
[00:08:00] the government and its people, and it's not so much of an administration
[00:08:04] thing, but more importantly, in my opinion, I think it's about the
[00:08:07] broader change that is happening within Nigeria's political
[00:08:11] landscape. the public and the the elect or the
[00:08:15] elected. now the second bit of is the economic
[00:08:18] impact where um of course this situation means that
[00:08:22] there's more cash in circulation right? there will be more cash in
[00:08:25] circulation which would likely have inflationary um
[00:08:29] impact on the economy, but it's not um this
[00:08:32] singular you know
[00:08:34] uh um injection of funds or cash into the system that would likely
[00:08:38] you know nodge inflation. there are other factors that we need to put in place
[00:08:42] here. and one the biggest things of course is the significant
[00:08:45] increase that we have seen over the last couple of months in
[00:08:49] you know petrol prices, transportation cost and food prices
[00:08:53] and that chain in itself is more
[00:08:56] substantial than this um injection so I think while there is
[00:09:00] the outlook for um inflationary impact I
[00:09:04] think it's
[00:09:04] important that we don't isolated to just this one event yeah
[00:09:08] but maybe we have other threats um um the ban
[00:09:12] or the opening of a political campaign
[00:09:16] opens really soon and we know that our own
[00:09:20] politics is very related to cash so that's another threats and
[00:09:24] then we're getting to the end the year so it seems like we need to
[00:09:28] braise ourself realistically for inflation this
[00:09:31] uh concluding part the year
[00:09:35] yes I think you're very right there but I think the most impact
[00:09:39] you know or the the chain of reaction here is the N and then
[00:09:42] inflation
[00:09:44] so the increase in um election
[00:09:47] spending um of course has an impact on on the nira because there's
[00:09:51] more you know cash in circulation and increase in
[00:09:54] you know campaign spending and that in itself while it has you know
[00:09:57] inflationary impact it's important that we also know that there will be huge demand for
[00:10:01] forex and also huge demand for nara that would impact the stability of
[00:10:05] the forex market the second bit of it as well is the
[00:10:09] increase in new orders that we have been seeing from businesses "the
[00:10:13] PMI numbers that came out from Stanbig earlier um in the week,
[00:10:17] did tell us that there was increase in new orders, increase in inventory stock
[00:10:20] up, and that tells us that businesses are demanding more for foreig to import
[00:10:24] things." to bring in goods so that they're able to sell towards the end the year,
[00:10:28] meaning that they are predicting some level of instability, but
[00:10:32] coinciding that was increase in you know demand for their goods and
[00:10:35] services. now the third thing as well to to note here um beyond
[00:10:39] election spending and um and the increase
[00:10:43] in your forex man also school fees payments right? so international school fees
[00:10:47] payments are going to start picking up as we head into September and this means that
[00:10:51] there will be increase in forex demand as well um impacting the stability.
[00:10:55] the naira and with the Naira of course you know having some level
[00:10:58] of pressure we expect that to you have some level of impact
[00:11:02] on um inflation in in Nigeria, but I think that
[00:11:06] um the the trend of inflation is also worth
[00:11:09] noting. We do expect inflation for July to increase um
[00:11:13] almost going above the 16% benchmark that we've had over
[00:11:17] the last couple of months simply because the pressures that we have seen, but going
[00:11:21] into August there might be slow down because like you brightly seen ' crude
[00:11:25] oil prices are down, petrol prices are also falling and that might have
[00:11:29] a subtle impact on softening price pressures, but going into later
[00:11:33] parts the year where election spending would significantly ramp
[00:11:36] up and that's between September and to October and even November,
[00:11:40] price pressures could intensify even more. Yeah, this is our reality,
[00:11:44] we have to face it, thank you so much for painting the picture for us, research
[00:11:48] manager at the financial derivities
[00:11:50] company. All right,
[00:11:54] let's still stay. there around the oil and gas, the Nigerian
[00:11:57] upstream uh petroleum commission, that's the
[00:12:00] NUPRC says that the country is positioning
[00:12:04] 22 offshore oil and gas projects to
[00:12:07] attract $50 billion dollars in investment as a country
[00:12:11] intensifies effort to expand crude oil production and unlock
[00:12:15] new upstream opportunities. the commission says the project form part of a
[00:12:19] broader strategy to accelerate development of deep water and
[00:12:23] offshore assets. increase hydrocarbon reserves and
[00:12:27] strengthen Nigeria's competitiveness in global market. According to the
[00:12:31] NPLC, the planned investments are expected to boost crude oil and
[00:12:35] natural gas outputs, generate thousands of jobs,
[00:12:39] increase government's revenue and dipping local contents across
[00:12:42] petroleum value chain. And the commission adds that the project will also
[00:12:46] support energy security and provide a significant boost to
[00:12:50] Nigeria's foreign exchange
[00:12:52] earnings. outside the oil and gas sector
[00:12:56] now we see the market had rebound yesterday slightly
[00:13:00] 0.04 and uh lost the 245
[00:13:04] the day before and sustained the 244 thousand level
[00:13:08] yesterday market cap 158 point
[00:13:11] 086 trillion now top gainers link
[00:13:14] ashore ava cap and ftg insure while on the
[00:13:18] flip side horny well flow pzd and
[00:13:22] zikis losing almost 10% each of them top
[00:13:25] trade FCMB Charms first oco was shining again
[00:13:29] yesterday against gained seven naira so
[00:13:33] lot of um good news still trailing um
[00:13:37] news coming from the result as well as
[00:13:41] um the next move of Mr. Femi otedola and
[00:13:44] still from the market we saw o and oh they did uh report stronger
[00:13:48] financial and operational performance for the first half of
[00:13:51] 2026 driven by higher oil we expect that uh and
[00:13:55] gas production improve operation efficiency and continued
[00:13:59] investment in its expanded upstream so look at the result we see revenue up
[00:14:02] 20% 2.1 trillion nara profit
[00:14:06] after tax also increased 8% and gross domestic a gross
[00:14:10] profit that's increased more than
[00:14:13] 300% 331 at
[00:14:17] the same time um commenting on the result we saw the group chief
[00:14:21] executive mr wall wall tinubu said that the performance marks
[00:14:25] an important turning point following the successful
[00:14:28] integration of one of Africa's largest upstream acquisitions. He
[00:14:32] also says that improved asset
[00:14:34] reliability, um, stronger security, lower operating
[00:14:38] cost help deliver higher production, while the business generated
[00:14:42] 179.5 billion in operating cash, further
[00:14:46] straightening its liquidity. Mr. Tinibu says, O and do will maintain
[00:14:50] its focus on executing its seven well-
[00:14:53] drilling program. expanding well interventions and raising
[00:14:57] production to about 50,000 barrels per
[00:15:00] day. away
[00:15:04] from the market now, the Nigeria Deposit insurance Corporation, that's the
[00:15:08] NDIC has commenced the payment of ensured
[00:15:11] deposits to customers of 50s of
[00:15:14] 46 recently closed microfinance bank and is part
[00:15:18] of effort to protect the positors and strengthen confidence in the
[00:15:22] nation's financial system. the corporation says that the liquidation
[00:15:26] the affected microfinance banks follows the revocation
[00:15:30] the operating licenses by the central bank of mingeria due
[00:15:33] to regulatory concerns. it notes that the payout process
[00:15:37] is being carried out in line with the provisions the NDIC
[00:15:41] Act, which guarantees compensation for ensured depositors when
[00:15:45] a licensed financial institution fails. According to the
[00:15:48] NDIC, depositors will valid with valid bank
[00:15:52] verification numbers linked to Alternative bank
[00:15:55] accounts uh will receive their insured deposit
[00:15:58] automatically, and those without BVN so those whose details
[00:16:02] require verification, advised to visit the nearest NDIC office
[00:16:06] or complete the necessary. claims process to facilitate
[00:16:10] their payment. As
[00:16:13] governments increasingly focus on delivering measurable
[00:16:17] results, the role of monitoring and evaluation is gaining
[00:16:21] prominence in public sector governance, especially here in Lagos
[00:16:24] State. Policy makers, development partners and community
[00:16:28] stakeholders are exploring ways to strengthen
[00:16:31] accountability and improve the impact of government
[00:16:34] programs.
[00:16:39] As Lagos State pushes its development agenda, stakeholders are
[00:16:42] exploring how to enhance service delivery and ensure
[00:16:46] public projects deliver measurable results. The discussion is
[00:16:50] center at the 2026 monitoring and evaluation stakeholders
[00:16:54] forum themed leveraging monitoring and evaluation of
[00:16:58] advanced shared
[00:16:59] prosperity.
[00:17:03] The state ministry of economic planning and budgets believes that strengthening.
[00:17:07] monitoring and evaluation remains central to promoting
[00:17:11] transparency, accountability and better development
[00:17:15] outcomes. this forum is therefore expected to deeping
[00:17:19] collaboration among our stakeholders encourage
[00:17:22] the exchange of best practices and generate practical
[00:17:26] recommendation that we further strengthen
[00:17:30] our monitoring and evaluation system in legal
[00:17:33] space, but having done this to ensure that there is.
[00:17:51] the role of host communities is also on the four. first and
[00:17:55] foremost we want to appreciate the legal
[00:17:58] state government for consulting
[00:18:02] us before commensing a
[00:18:05] project. the communities are always been
[00:18:09] involved in the monitoring the
[00:18:12] execution of projects within our various
[00:18:16] communities and after the
[00:18:18] execution the state government is always
[00:18:22] handing over such projects to the community.
[00:18:26] you data is very key and
[00:18:28] the technology is also very key. so over the years we've developed our
[00:18:31] many uh capabilities from where you know things are done a lot more
[00:18:35] digital now as you said we have the... 360 app where you can go,
[00:18:39] we have things being done by civic and we can go and track uh the projects
[00:18:43] and people citizens can go for themselves and say look okay what's happening with the
[00:18:46] massy uh children's hospital they can go and they can log on they can say okay this is where
[00:18:50] we are, this is the stage we are at and this is where we
[00:18:52] are trying to get to at this point in time. stakeholders maintain that
[00:18:56] employing stronger collaboration, technology and continuous
[00:19:00] evaluation will be key to ensuring public
[00:19:03] investments deliver lasting benefits for Lagos resident.
[00:19:15] Well it's good news when you hear conversations around accountability
[00:19:18] and making impact especially when
[00:19:21] it comes from the public sector you because that's where we know that
[00:19:24] um impacts will be largely felt on the
[00:19:28] people now let's uh talk a little bit about startups
[00:19:31] programming and it's also coming from the government it's iide
[00:19:35] uh so there's the ids program id startup
[00:19:39] bridge, which is an initiative the federal government, we've had the
[00:19:43] conversation, I believe at the beginning of this year, but we're going to they have
[00:19:47] some updates and invitation for you, so we
[00:19:51] have right here in the studio, the divisional head
[00:19:54] multilaterals at the bank of industry,
[00:19:56] mr. mr. welcome to
[00:20:00] the program, and then we
[00:20:02] have chebuka, the head of
[00:20:06] growth lab. idais startup bridge,
[00:20:09] good to be here, you're welcome to the program, so um,
[00:20:13] idais, you are one because you are government, idice is
[00:20:16] government, so yeah, but help us to understand what
[00:20:20] iide is generally, um, what does it
[00:20:24] mean, we've had this conversation here before, but I mean for the sake of our
[00:20:28] viewers right, okay, thank you, thank you for having us,
[00:20:31] have you, good morning to the viewers, um, id stands for investments in
[00:20:35] digital and creative enterprises, um, and it's a 617
[00:20:39] million uh program by
[00:20:42] the federal government of Nigeria um it has three for
[00:20:45] financiers Africa Development Bank uh French Development
[00:20:49] Agency. Islamic development bank and bank of industry on behalf the
[00:20:53] federal government uh bank of industry also doubles as the implementing
[00:20:56] partner um so idice is situated uh within bank of
[00:21:00] industry um and there are three broad components to idice
[00:21:04] uh first is skills and enterprise
[00:21:07] development the next one is access to finance which is
[00:21:11] massive and very very important in in business and of course the third
[00:21:15] is policy and advocacy so at the end the day id is a program
[00:21:19] that intends to support tens of thousands of entrepreneurs
[00:21:22] across the digital and creative space ecosystem with
[00:21:26] various forms of capacity building and opportunities for
[00:21:29] funding. so coming down to what we're discussing
[00:21:33] today, which is the uh growth
[00:21:36] lab aspect the startup bridge
[00:21:40] initiative. this is been implemented by ventures platform, which is our
[00:21:44] so ventures platform is the partner, absolutely, absolutely, so
[00:21:47] ventures platform is the technology fund. manager of
[00:21:51] id, so their role is to
[00:21:54] catalyze various activities towards
[00:21:58] ensuring that we support the tech industry, especially the
[00:22:01] youth from the process of ideation their of
[00:22:05] ideas, going through to being becoming a
[00:22:08] startup through various funding and capacity
[00:22:12] building structures, so for growth lab, it's
[00:22:16] the second aspect the process, we've gone through the finders lab. which
[00:22:20] deals with having your idea, cultivating the idea and also
[00:22:24] helping helping you put through various structures towards
[00:22:28] building a minimum viable product which is called the MVP, so the
[00:22:32] growth lab is the next step to
[00:22:34] it, yes um, thank you very
[00:22:37] much uh, for
[00:22:38] the growth live is a component of what he talked about which is the idee start of breach
[00:22:42] and it's a 12 weeks accelerator program designed for Nigerian entrepreneurs
[00:22:46] and we we've designed in such a way that they're going to access
[00:22:50] investment, um, attract investment, get
[00:22:54] access to uh industry experts and it's designed
[00:22:58] over a 12 weeks period, and at the end the day these startups will
[00:23:02] have $100,000 given to them in invest in
[00:23:06] equity investments, yeah, so I know it's
[00:23:08] not everybody that can just go and take the 10000, so how do people qualify, what's the
[00:23:12] process like, I mean, this is very um critical, that's a
[00:23:16] very important question, we would love to give as many people as possible. all the
[00:23:20] money um, but unfortunately we cannot give everybody. um, for you
[00:23:24] to qualify for this id growth lab, you have to be between, you have to first of
[00:23:28] all be a Nigerian, living in Nigeria, you have to be between the ages
[00:23:32] of 18 to 35, you have to have what we call an MVP or being the post
[00:23:36] MDP stage, and you have to be willing to accept our
[00:23:39] investment um um terms, yeah, so
[00:23:43] um, I have to be a Nigerian living in Nigeria, I have to be a youth, is
[00:23:47] that part of it, 18 to 35, yeah. to 35 uh, do
[00:23:51] I need the precedence uh to qualify, am I
[00:23:55] supposed to have been in business, so I just have an idea or what? so thank you,
[00:23:59] that's that's another good question uh, like he talked about, there's a founders lab and there's the growth
[00:24:03] lab, the founders lab is designed for individual nigerian who are focusing
[00:24:07] on idea validation and who are also trying to validate their
[00:24:10] prototype, but the growth lab is for already established startup
[00:24:13] businesses who have what we call an MVP, minimum valuable product
[00:24:17] and are looking to scale and attract into. situational investors,
[00:24:21] so you want you want to tell us more about that? okay, so um, just
[00:24:25] building up on what ebuka has mentioned, the the because you
[00:24:29] this is also national thingy, it's yeah, absolutely,
[00:24:33] absolutely, and speaking to the national aspect of it,
[00:24:36] we are deliberate and intentional to ensure that
[00:24:39] we uh get applicant pan Nigeria,
[00:24:43] because every part of Nigeria needs to feel the impact of of this sort of
[00:24:47] program, so from the governor structure. we've built
[00:24:51] ice the the the
[00:24:52] top governance uh sits directly
[00:24:56] within the uh vice president
[00:24:59] his excellency the vice president who is the chairman the steering committee
[00:25:03] so and there are about five ministers uh honorable ministers as part the
[00:25:07] steering committee down the line we have the technical committee
[00:25:10] which involves industry experts and also key government
[00:25:14] function functionalities and also at the state
[00:25:18] level we have state focal persons that were uh
[00:25:22] appointed by the state governors, all these structures have been put in place to ensure
[00:25:26] that all the critical stakeholders are involved in the process such that when we
[00:25:30] put things out there in terms of applications and
[00:25:34] all activities that we're carrying out under the ideas program we get the
[00:25:38] you know at
[00:25:39] the very least we get sizable number of people being
[00:25:42] aware and we have robust uh comps plan
[00:25:46] as well to ensure that we we carry the entire populace along and it's quite
[00:25:50] interesting from the founder's lab, the experience from the founders lab
[00:25:54] um applications were all over Nigeria and were able to also
[00:25:58] speak to
[00:25:59] you know uh specifically meeting the target that we've set for us. we
[00:26:03] respect to gender balance to ensure that women entrepreneurs are also integrated
[00:26:07] into happy to hear that, but before we get to the women's part, I'm
[00:26:10] glad you said that application came from all over uh,
[00:26:14] because sometime ago here on channels we had a youth
[00:26:17] program and um we invited lot of youths, it was like town
[00:26:21] hall, lot them say they are not aware when
[00:26:25] programs such as this, especially for the youths are being rolled
[00:26:29] out um especially when they're coming from the government so... I'm I'm
[00:26:32] happy you said is nationwide, but how widely
[00:26:36] penetrated is your message, how many people actually
[00:26:40] have this information and the
[00:26:43] accessibility you know to this program? yeah, okay, like
[00:26:47] I mentioned right, um, we're very intentional about that, because we
[00:26:50] we uh, as part the plan, ensuring
[00:26:54] that that balance takes place is very critical even putting things
[00:26:58] together in the first place, so we were very active on -
[00:27:02] instagram andle all the social media handles uh where you find the
[00:27:06] target market being very active on uh we're
[00:27:09] also very strong on radio programs in fact we
[00:27:13] recently uh had several programs on radio
[00:27:16] dealing in different languages in
[00:27:19] Nigeria Evo and Europa just to ensure that
[00:27:23] we reach the target and the interlands in the country and all
[00:27:27] these contacts that I've mentioned and working with ventures platform because
[00:27:31] their rich and also their experience in the industry, they know how
[00:27:35] to push out the story as well, so all of this did not happen by
[00:27:38] accident, ensuring that that geographical reach was achieved
[00:27:42] and also the gender balance, which I'm sure will speak more, and and especially you talk about
[00:27:46] the women's pass, yeah, before I even go to the women, which is very important part of what we're going to talk about
[00:27:50] today, um, the federal government of Nigeria, which boi and ventures
[00:27:54] platform, we 100% believe that innovation as a whole
[00:27:58] is not limited to any part the country, so whether from
[00:28:01] Lagos, from whether aqui bomb, anywhere,
[00:28:04] cattina, as far as bornu, we're looking forward to your application, as of today
[00:28:08] we've had hundreds and thousands of application from all the 36 states
[00:28:12] plus the fct, and moving forward to next question, we're talking about female
[00:28:16] inclusion, one the key ideas of Boi and also the federal
[00:28:20] government is the belief that diversity is what breeds
[00:28:23] innovation and innovation is what breeds a greater economy, so we
[00:28:27] have designed this program to ensure that minimum of 30% of people
[00:28:31] in the cohor are going to be female co-founders or female founders, does it mean
[00:28:35] that you compromise for women or what? when you say you
[00:28:39] went sure, doesn't mean you, do you
[00:28:43] understand
[00:28:44] what i'm trying, are you going to like maybe chill bit in the rules to to get more
[00:28:48] women, what if you don't have enough women applying? we are
[00:28:51] going to get as much women as possible, we're currently working with institutions,
[00:28:55] tech hobs, female techs, because we believe first
[00:28:59] and foremost they are wonderful creative. nigerian female startup
[00:29:03] entrepreneurs who have done incredibly well, so that that question
[00:29:06] about not getting enough female now, currently on our back end
[00:29:10] we have fantastic female startups who who are we're looking forward to
[00:29:14] looking through the application, so no, we're going to get exceedingly exciting
[00:29:18] startups from female startups and i see here the equity
[00:29:22] investments, you said that's that's what um they would have
[00:29:25] access to, yeah uh, could you speak to it, oh yes, that
[00:29:29] is also one the many, many, many, benefits of this program
[00:29:33] before even
[00:29:34] go to that buse most people look at you have too much to say before
[00:29:37] you go to okay please go ahead yeah so
[00:29:41] before i go to that the benefits of this program is so widespread we have
[00:29:45] support from AWS that's the amazon we have support from paystack we have support
[00:29:49] from Microsoft and we have designed this program to ensure that
[00:29:52] structured support growth is given to these startups who are selected
[00:29:55] investments training is giving to the setup are selected and then I
[00:29:59] will come to the most important. Yeah, the money
[00:30:03] each these startups will be giving 12, each these 12
[00:30:06] selected startups will be given
[00:30:08] $100,000 equity each them each
[00:30:12] them, $10000,
[00:30:15] $100,000 equity investment at 7.5%, and that's not
[00:30:19] all, at the end of this program, they have the ability to also
[00:30:22] move for up to $250,000 full of
[00:30:26] investments, okay, and then what's the
[00:30:29] difference, I know that we talked about the... founders lab
[00:30:33] which we we featured on the program and this one is the growth lab so what's the
[00:30:37] difference uh who goes for what okay so
[00:30:41] the founders lab like we've talked about from this from the
[00:30:45] start uh deals with you incubating ideas right
[00:30:49] towards building an MVP that's what the founder's lab deals with so you're an
[00:30:53] individual you have an idea you are thinking about it you haven't
[00:30:56] done you're doing some work but you need support to get