TVCNEWS — broadcast 20261012 133000 UTC 458 transcript segments Google Speech-to-Text API Automatic Transcription (Chirp) Data courtesy of The GDELT Project (https://www.gdeltproject.org/), from the Internet Archive TV News Archive. Machine transcription. Treat it as a searchable index of what was broadcast, not a verbatim quotation record. [00:00:32] of [00:00:44] All right, thank you for staying to [00:00:45] you, now the petroleum products retail outlet owners association of [00:00:49] Nigeria, Petroran has commended the federal [00:00:52] a government's petrol discount policy, saying it could reduce transport cost [00:00:56] and ease the financial pressure on Nigerian households, the associate. [00:01:00] says a 30-day initiative could also help lower cost of food, [00:01:03] essential goods and other services across the country. Petron's national [00:01:07] president, Billy Giliari says the intervention comes at the [00:01:11] critical time when many Nigerians are struggling with rising leaving [00:01:15] costts. He explains that um, reducing field expenses for public [00:01:19] a transport operators could help lower fairs and make it cheaper to move [00:01:22] goods from [00:01:23] a farm and businesses to markets. The association says the policy [00:01:27] could [00:01:27] of also support traders, farmers and factorers and small [00:01:31] businesses by reducing the [00:01:33] of transportation and logistics expenses. According to Petron, these savings [00:01:37] could ease inflationary pressures, improve business operations [00:01:40] and strengthen economic activities if the benefit reach consumers. [00:01:44] Pchan also urge federal governments to [00:01:46] of allocate [00:01:47] a 30% [00:01:48] of the discounted petrol volume to its members to expand access across [00:01:52] urban and rural communities. It has also called for transparent [00:01:55] implementation and [00:01:56] a review [00:01:57] of the program's impact on transport fairs, food price. in household [00:02:00] spending before further measures are considered, i have in the studio [00:02:04] the president [00:02:05] of the petroleum products, our retailers outlets association of [00:02:08] Nigeria, Mr. Billy Gi [00:02:11] is live in our Legos Studios, good afternoon, it's good to have you in, good afternoon [00:02:15] tolu, thank you so much for having me in your studio and good afternoon [00:02:18] Nigeria, thank you, so it's a great day, warm and happy, it's a great [00:02:22] day, well [00:02:24] in you've commended the federal government on this discount on PNS, [00:02:28] now how significant is this? in reducing cost of petrol for [00:02:31] Nigerians and what extent do you expect the discount to translate [00:02:35] a into lower pump prices for consumers? well, it's it's [00:02:38] very clear, from the analysis made by the [00:02:42] of honorable minister of finance and of course is team, the minister [00:02:45] of uh uh [00:02:46] petroleum was there um the [00:02:50] senatorry and quite a number of very [00:02:54] critical uh stakeholders in the economy were all [00:02:57] there uh the explanation he gave was very easy and [00:03:01] simple to understand. now what it is is that um to [00:03:05] bring it down [00:03:06] to the leman's understanding is assuming that NMPC was supposed to [00:03:10] sell product at 1,350 [00:03:14] per liter and there is a6 nira uh profit [00:03:18] in there. the [00:03:19] a of idea is NMPC will volunteer to [00:03:23] leave the 66 n and allow it to be [00:03:27] of end of you know by Nigeria. that is [00:03:30] significant, very significant, [00:03:34] because uh, when you look at it from one liter, from what I see, [00:03:38] some economist analysis and all of that, for us in this [00:03:42] business, even five nar a liter means a lot to [00:03:45] us, so if government is willing to [00:03:49] encourage NMPC to make that [00:03:53] kind of sacrifice, that is welcome, and that's why it's [00:03:56] completely different from what the, I mean [00:04:00] is, because subsidy will definitely mean [00:04:03] that okay, the cost of landing will be 1,350, government [00:04:07] will say, okay, we are going to pay 700, so just give the [00:04:11] remaining part to commuters to buy, so we [00:04:14] applaud [00:04:15] of it because we see the wisdom in there, Petron has been in the [00:04:19] forefront of asing for palliatives, seeking for [00:04:23] solutions out of, of course, if you are very conversent with [00:04:26] petrol, our members are focused on on [00:04:30] service, values and consistency in the business, [00:04:33] because the more efficient our business is, the more profit [00:04:37] we make, okay, and the more we can [00:04:41] encourage Nigerians to patronize our retail outlets, the easier [00:04:45] it will be for us to be able to meet up our own daily needs, [00:04:48] and - [00:04:49] so when this came, [00:04:50] we analyzed it instantly, and I [00:04:52] of was in the room, so I saw the honesty [00:04:55] of the conversation [00:04:56] of the honorable minister of finance, I saw the uh [00:05:00] the the shipping [00:05:01] of the [00:05:02] of the discussions from the point [00:05:05] of the size of crude oil that is allocated why [00:05:09] we are not able to give the local ref. is size [00:05:13] of uh crude oil that is needed, but such transparent [00:05:17] presentation, [00:05:17] you know, um, we are happy about that, and if something was wrong, also [00:05:21] will be the first ones to say, no, so this is not correct, i [00:05:24] know you would have gotten that press release immediately comment, but let's look at your [00:05:28] request for 30% allocation, petran is seeking 30% now, [00:05:32] what inform [00:05:33] the association's demand for this share, what criteria should the [00:05:37] government ensure to make the allocation reaches independent or eligible [00:05:41] retail outlets or? operating fairly or operators fairly, i [00:05:44] b: well, first of all, 30% [00:05:48] was just suggestion we have made. okay, the [00:05:52] government in its wisdom can look at [00:05:56] the value of what the petrol retail outlets will present in making [00:06:00] this policy [00:06:00] to be efficient, and they can increase it even to 40% or even [00:06:04] 60%. i will be happy to make sure that we serve [00:06:08] Nigerians, to make sure that the policy really, really penetrates into [00:06:12] all the... and cries so here is the thing [00:06:15] now assuming that because what this means is [00:06:19] once this really takes in the effect [00:06:21] even though today in NMPC stations if you're buying with their [00:06:25] wallets you buy lesser hope you know that yes yes [00:06:29] now um when this is [00:06:32] implemented and that 66 is taken away from the landing [00:06:35] price certainly their own price will now come up to [00:06:38] 1,200 200 and that's [00:06:42] it about, so for [00:06:46] us in the uh petrol space, we do [00:06:50] not have the the deep pocket to [00:06:54] take that hit that NMPC can [00:06:57] take, so we will like NMPC to work out different match with [00:07:01] us on how we can make sure that we sell at the same price [00:07:04] across the country, so now if we have [00:07:08] 30% of say um... [00:07:12] daily consumption today by projection is about 48. something [00:07:16] million liters per day, so if we have 30% [00:07:20] of that, do the mats, you will see that that will [00:07:23] be around about uh 12 uh, [00:07:27] between 12 and 15 million. so if that comes [00:07:31] to patron outlets, we can distribute that [00:07:34] to different outlets in the mechanics with which we [00:07:38] transparent, trackable and ensuring [00:07:42] that that we [00:07:43] can even move up to the point of announcing that look [00:07:47] so so product has moved in there and sure that NMDPR works [00:07:51] with us and even the NMPC itself takes cognisance the [00:07:55] size of product that is given to us and where we are pushing it to [00:07:59] so this way Nigerians will buy the same [00:08:02] price as in the NMPC retail out and [00:08:06] what the for us the most [00:08:07] important um [00:08:11] thing there. is that NPC has roughly between 700 [00:08:15] to 900 stations in the country today, yeah, we have [00:08:19] thousands, so we can look at very critical [00:08:23] stations that are in strategic [00:08:26] areas that can penetrate to the fishing ports [00:08:29] into the villages, into some the areas where NMPC did [00:08:33] not think about going, the same thing we're doing for our [00:08:36] local refiners, because we are the extension their [00:08:40] their refining capacity and to... [00:08:42] work sure well that we so with Petron being involved and government [00:08:46] looking at this as a good solution buse we are looking for solutions yeah we are [00:08:50] not complaining we do not want a situation where we are complaining we want [00:08:54] to be able to see if government's policy is going to work and [00:08:56] it if should something is not right in their [00:09:00] projection we should be able to tell the government that look this is not going to [00:09:04] help in making sure that nigerians are doing you better and this is [00:09:08] how um we think that we can solve Nigeria's needs [00:09:11] especially in this issue of PMS, gas, [00:09:15] diesel, that is firing our daily economy, so we appl the [00:09:19] government, in fact we indeed appl the minister of finance and minister [00:09:22] of [00:09:23] petroleum, mean oil [00:09:27] and also gas by the way, because these [00:09:31] people, including the president has really taken time to [00:09:35] look at how this solution works, so it's better for [00:09:38] us to test it out and then see how [00:09:42] works, but we have come with solution, and the solution we have come with, look, [00:09:46] expand the distribution, and that's all that patron is asking for, we are not [00:09:50] asking for anything too much. I think you hit on my next question, because I [00:09:54] was asking, I wanted to ask you what distribution framework you be [00:09:58] looking at for the discounted petroleum products, so you can say more about that, and your [00:10:02] members are including outlets, rural areas and unders [00:10:06] communities without diversion or supply disruption, [00:10:09] well we we in patron uh [00:10:12] 2022 we started developing what was called the petroleum product [00:10:16] passport, we tried to use it within our own um [00:10:20] association to monitor what we do, well it didn't get [00:10:24] the kind of. and the success we're looking for, we have improved it now to what is [00:10:28] called uh patron quality assurance quality control primice, [00:10:32] which is we try to make sure that the [00:10:35] quality of product we take, the quality of product is what is delivered [00:10:39] in our retail outlets and the price monitoring [00:10:43] intelligence system which is the premise is working, we are working today [00:10:47] with um [00:10:51] petroleumprice.ngng you know that's our member. [00:10:55] and very successful private company that's working with us to give [00:10:59] us price intelligence, so with that combination we can [00:11:03] do so much to ensure that even NMPC can take a [00:11:06] little queue from us on how we are going to [00:11:09] work, and even the technology we're using is is free and it's [00:11:13] available for anybody who wants to install it in their tankers and in [00:11:17] their retail outlets to be able to use, so with that kind [00:11:20] of forward thinking you know activity [00:11:24] and technology. "we can definitely save Nigeria even [00:11:27] better. Again, um, [00:11:31] would your association support a monitoring mechanism to, [00:11:35] you know, to track depot prices, retail pump prices and volume of [00:11:39] discounted products, we we're already doing it, we internally, so there's no reason [00:11:42] why we shouldn't give support to NMDPR or to the [00:11:46] FCCPC or to NMPC or [00:11:50] even to the tax office, because at the end the day [00:11:53] the..." Nigerian revenue service will [00:11:56] certainly be part the process, because there is money to be [00:12:00] spent, money to be put together, there must be some [00:12:04] way of how this money must be put together, and that's for us, [00:12:08] we are very proud of president, because we believe that [00:12:12] at all times is looking for solution to keep [00:12:15] Nigeria working, and he's not [00:12:18] distracted, personally I'm very happy and proud of that, [00:12:22] because and I would like to encourage him to. continue to be on that [00:12:25] track, because there will be no need to politic about the life of [00:12:29] nigerians, yes, it's important to do the politics so leadership can come, [00:12:33] so direction can be given from the perspective of his understanding, because when [00:12:37] he came in with the, it is my turn principle a lot of people didn't [00:12:41] take it seriously, including me, but today we take it very [00:12:45] serious, because uh anybody who can wake up and say it's my turn and make [00:12:48] it work a country of about 230 million people, you [00:12:52] certainly have to look at that man as genos. "and I see him as a political [00:12:56] genius that has the gift, of course, for some [00:13:00] reason I always believe that this president will [00:13:04] be the beginning of a change for Nigeria, we're already getting [00:13:07] all our generation, we soon past our children are coming, we need to be [00:13:11] quit to our children in Nigeria that works, and if we see [00:13:15] that President Bola Metinibu is doing a good job, there's no reason why we [00:13:19] shouldn't give him the best support, and that's what we do, at least those of [00:13:23] us in walking people United." "you know we are working [00:13:26] - seriously to make sure that these policies that he has put in the [00:13:30] work and they are able to deliver the value that is needed to [00:13:34] make Nigeria work again, it's not so much about political [00:13:37] power, it's is more about how 230 million [00:13:41] Nigerians will work, and this policy about [00:13:45] PMS discount is so very critical, and that's why [00:13:48] we support it. Again, [00:13:51] or let me say finally, before before I let you go, beyond this immediate discount with..." [00:13:55] talked about, what long-ter measures is Petroran proposing to [00:13:58] address challenges facing retailers like you, including [00:14:02] supplying cost, financing, logistics, all of this that you exchange rates [00:14:06] volatility that you face, where there's been stability with regards to that now, while [00:14:10] ensuring that petrol remains accessible and affordable to Nigeria, there [00:14:14] is only one solution we think should happen, first we [00:14:18] should encourage as much um investments in the [00:14:21] refining area, there should be quite a lot of... [00:14:25] um incentives given by the government to attract investors in that area, we need [00:14:29] capital, if if we have 20 [00:14:33] refiners that are doing say average [00:14:37] of 30 to 50 thousand barrels per day, and all them are working [00:14:41] in different parts of Nigeria uh, that will [00:14:44] work, and if you look if they are doing 50,000 [00:14:48] barriers per day, and we have 20, how many, how many, how many [00:14:51] liter, how many thousands of liters is that, mean? bars [00:14:55] of cruder is that we can work out a process [00:14:59] whereby that will now become the focus of how to grow in [00:15:03] domestic economy because we will then now be [00:15:07] net exporters that is one and patron as an [00:15:10] organization hopefully we should be working towards [00:15:14] getting to be in that business ourself because at the end the [00:15:17] day whatever any refinary buys it is petron members and other [00:15:21] stakeholders in the industry like meman like dabman uh like [00:15:25] Nogasa, like NATO, like Nupeng, like [00:15:28] PTZ, these are the people that ultimately we [00:15:32] consistently uh buy and make sure that these products [00:15:35] are uh delivered to... retail outlets that will be [00:15:39] useful to grow Nigeria's economy, so but more [00:15:43] than that is our request for domestic [00:15:47] energy bank to be established, because that will help [00:15:51] in reducing uh the cost of money, for instance today, if I [00:15:55] go to any commercial bank to to loan money, minimum i get will be [00:15:58] 41%, so but if there is an energy [00:16:02] bank that is maybe endowed with say average of say $10 [00:16:06] billion dollars. that will do [00:16:09] lot for refining buse all you need [00:16:13] is to put a good refinery to work will not be more than 1.5 [00:16:16] billion and if the modular small small areas are going to do 20 [00:16:20] 25 3000 barrels uh mean bar per [00:16:24] day will be able to get products internally and that will also [00:16:28] shock the system i mean to also show up the system to [00:16:32] ensure that there are no monopolistic tendences by anybody [00:16:36] because we will buy well want to buy and Nigerians will [00:16:40] be the better for it and that's what I think we should do, so the [00:16:43] energy bank is very important, incentives to bring uh in [00:16:47] more refineries should be done and encourage our [00:16:51] giant refinery that is operating Nigeria Dang [00:16:54] refinery to do as much as possible [00:16:58] to produce, get enough crude oil from Nigeria [00:17:01] and also work with stakeholders to ensure that we can [00:17:05] be able to distribute petroleum products and across the country, this way we [00:17:09] can have abundance, [00:17:13] we can have affordable pricing, we can have [00:17:17] stability and our energy mix will be right, so this [00:17:21] is what we think that can happen, let me thank you, president the [00:17:24] petroleum products retail outlet owners association of nigeria, sabily [00:17:28] gillaris, thank you so much for being on business Nigeria this afternoon, we really do [00:17:32] appreciate you as always, thank you so much for having us and we are very thankful, your [00:17:36] studio is uh getting better and better and uh [00:17:40] we hope that we keep coming to look at the beauty of [00:17:43] what uh arts uh science and the [00:17:47] media are doing to make Nigeria great yes we can't make Nigeria [00:17:51] great again and I think this is one example of how [00:17:55] Nigeria is growing thank you so much thank you very much it's really good to have you in [00:17:59] Lagos Thank you all right then well let's move to speak around [00:18:02] activities of trading at the Exchange Limited and joining me [00:18:06] already - is investment banker and a stock broker, [00:18:10] Mr. Tajudin or Lion car. Mr. Liying car, good afternoon to you [00:18:14] and thank you for joining the show today. [00:18:18] Yeah, okay, good afternoon tolu. Though soundly very low, but I [00:18:21] can hear you just just likely, [00:18:25] market, market, right now, market is still on [00:18:28] the [00:18:29] in the negative territory, just slightly [00:18:32] down, you know, the bread [00:18:36] is actually. [00:18:37] index we having a negative breath and initially it was a [00:18:41] positive breath then it [00:18:46] also turn to negative breath and then of course you declining know [00:18:48] so it's a [00:18:51] market that is in red at the moment but we never can tell [00:18:54] you know at close we might have different market you [00:18:58] know based on interactions between buyers and sellers [00:19:02] so right now it's a negative market and that is that that is [00:19:06] understandable because of air uh the the [00:19:08] the the period we have [00:19:09] you know um the ngote finally IPO [00:19:13] is closing today tomorrow by tomorrow I think it [00:19:17] we will not be talking about it as as we have done in the last one [00:19:21] month so more [00:19:23] and more investors who are not able to raise uh to raise cash [00:19:27] to people to fund that transaction are taking money from the market and those who have [00:19:31] money to to invest directly in in their po are also not [00:19:35] able to invest in the market you know creating some kind of a lot on one [00:19:38] side and the you know low demand on the other side, [00:19:42] so it's a market that is heavily way down [00:19:46] by uh what is happening in [00:19:50] the dang, that's the state we are at [00:19:51] the moment, interesting stuff [00:19:56] you we now are [00:19:56] on, moving as we move towards the end of 2026 gradually [00:20:00] and a point where we see investors sitting uh on the [00:20:03] fence, i don't know are you worried about the fact that it could [00:20:07] affect - market fundamentals, I'm talking about [00:20:11] pre-election here as we move few months now to election, it's even, it's just few [00:20:15] weeks to election now, so do you think that that could shapen our [00:20:18] markets in any form? I'm talking about the basic [00:20:21] fundamentals? okay, well [00:20:24] um, you know, the market on the zone is still very, very [00:20:28] good and you know is up and doing, but you see when [00:20:31] when uh, when you begin to hear different things [00:20:35] from key political actors, investors especially [00:20:38] those investors who who [00:20:40] are f investors might begin to to to stay on [00:20:44] the vents to to to watch out what's going what's going to happen let [00:20:48] me take you back to what happening. 2022 during that [00:20:52] campaign before before the 2023 election you know [00:20:56] it was obvious that three leading candidates there were pro [00:21:00] market so market didn't consider the usual [00:21:03] negative impact of any election [00:21:07] pre-election campaign and all those things market did not look at it as as [00:21:11] anything negative and so market began to move [00:21:14] upward even before the election proper and even before [00:21:18] president became [00:21:20] and so as soon as he became president he was now confirmed that one these three leading [00:21:23] candidates actually won the election and so before investors local inves everybody [00:21:27] believed that we are going to see a positive [00:21:30] factor about the economy so as soon [00:21:33] as president became president you [00:21:37] that that positive signal was now confirmed that everybody started buying [00:21:40] believe that the president was clow market now but what we are seeing [00:21:44] today we are seeing little a bit of reverse [00:21:48] to that to that scenario to what happened in [00:21:51] 2023 election we are you know we are having [00:21:55] only the president himself that is now a pro market is is the [00:21:59] one talking about the economy others are talking about reversing what [00:22:03] has happened so that might put some some [00:22:05] some some inversos on the edge to say a minute are we are we going to have different [00:22:09] thing entirely so that that that again will definitely [00:22:13] shape development going forward eventually after the election [00:22:17] everything positive will begin to come back. and in fact even [00:22:21] before the election as as as we as we move into the election proper and the [00:22:24] signals coming from different camps suggest that uh whoever is going to lead the [00:22:28] country will be a pro market of course market we going to kick into that [00:22:32] and begin to move forward again but that does not mean that we not see [00:22:36] some some semblance of rally and profit taking and what [00:22:40] are you but it's still going to be possible but the only thing that would make it positif is [00:22:44] if you have very strong president or [00:22:48] candidate that is suggest that is going to come to push to the [00:22:52] reform which has been which has been acknowledged all over the world by all rating [00:22:56] agencies so the positive news is for us to see that this [00:23:00] current president takes the mantal of leadership again to [00:23:04] the right to right the history of nigeria. investment banker and stock [00:23:07] broker mr. tajinka interesting charts with you as always thank you and [00:23:11] enjoy the rest of your day. thank you to it's my [00:23:14] pleasure. well Ethiopia has inaugurated its first [00:23:18] gold refinar a 50 million. dollar joint venture aimed that boosting local value [00:23:22] addition and position in the East African nation as regional [00:23:25] hub for precious metals processing. Prime Minister Abi Ahmed [00:23:29] announced a development over the weekend saying that the facility would process [00:23:33] gold sous from Ethiopia and other countries in the region. [00:23:37] According to government data, gold exports generated $5.6 [00:23:41] billion dollars in foreign exchange uh last year, [00:23:45] making the precious metal a major source of export earnings for the [00:23:48] country. a post on x uh RB [00:23:52] says the refinery would enable neighboring countries and [00:23:56] regional mining companies to access advanced refining [00:23:59] certification and market services within Africa, reducing the [00:24:03] need to send gold overseas for processing. facility would offer services [00:24:07] including melting, testing, refining, casting, gold bar [00:24:11] minting and die making in the move expected to support value [00:24:14] addition and strengthen Ethiopia's role in the regional gold [00:24:18] supply chain. meanwile [00:24:22] the international monetary fund says strong investment in artificial intelligence [00:24:26] infrastructure is helping sustain global economic growth [00:24:30] at around 3% with Asian economies among the major [00:24:33] beneficiaries. IMF Managing director Christlena Giorgiva [00:24:37] says the AR investment boom is generating a significant [00:24:40] boost to demand and capital spending, particularly [00:24:44] economy supplying the hardware needed to par the technology. now [00:24:48] she estimates that term the impact could lift [00:24:52] growth in advanced Asian countries by between half of [00:24:56] one percentage points, while emerging Asian economies could gain between 0.2 [00:24:59] to 0.8%. it points the funds july forecast projected [00:25:03] global growth at 3% in 2026 ahead of [00:25:07] its updated economic outlook. however, [00:25:10] jogiver warns that artificial intelligence could bring profound [00:25:14] changes to employment, education, economic growth and government revenue [00:25:17] describing the technology as slow. moving tsunami, IMF [00:25:21] estimates that AI could argument downgrade or [00:25:25] eliminate up to 40% of jobs over time, [00:25:28] underscoring the need for economies to prepare workers for rapidly [00:25:32] changing labor [00:25:33] market. [00:25:37] well indeed that's our show today, thank you so much for being a part of it, i see you same time [00:25:41] tomorrow, we talk more business, stay safe as always, get the money, [00:25:45] i'll [00:25:49] see you. [00:26:24] and the winner [00:26:25] is [00:26:28] TVC. [00:26:48] It's your street, your community and your [00:26:52] voice. Now you don't have to wonder [00:26:56] whom to complain to, from bad roads and poor waste management [00:27:00] to broken street lights, drainage problems. and other issues affecting your [00:27:03] neighborhood, see it, report it, appraise it, complain [00:27:07] about it, because your voice matters, and when your voice joins the [00:27:11] voices of your neighbors, it becomes a voice that cannot be [00:27:14] ignored, so how do you do this? visit [00:27:17] www.lgtracker.ng and follow [00:27:21] these steps. Step one: choose the local government you want to [00:27:25] commend or file report on. Step two: choose what [00:27:28] category your report falls under. Step three: write your... [00:27:32] report. Step four. Submit. Hold your local [00:27:36] government accountable. See it, rate it, report [00:27:40] it. Visit [00:27:40] www.lgtracker.ngg. [00:27:44] Together we can make our communities [00:27:46] better. [00:30:48] The Trump administration rejects all seven candidates of vine for the [00:30:52] UN secretary general job and maintains it will only support [00:30:56] candidate with strong interest in global reform and commitment.