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00:00:41It's another business day, good morning everyone, welcome to 55 minutes
00:00:45of currents and relevant business
00:00:48of conversations, that's what we do on business morning, I'm Innie
00:00:50of John Ma and we start as usual from what's going on in the
00:00:54of global oil space, we saw that prices slipped on Thursday, investors are
00:00:58assessing whether the progress in Iran oman talks could pave the
00:01:02way for a US Iran peace deal to end the five months
00:01:06war and reopen the straight of homes and
00:01:08of prizes have simply returned to the level seen when the
00:01:12United States and Iran signed an
00:01:14of interim peace agreement that was June 17 and
00:01:17investors closely watching whether the two sides can
00:01:21reach final deal uh a proposed deal between Iran
00:01:25and Oman to help
00:01:28of of end the US-Iran conflicts would give run control
00:01:31over ships entering the gulf through the straight of homos, um,
00:01:35this is according to Iranian
00:01:37of source, and
00:01:38of then one
00:01:38of the biggest concessions as yet uh to
00:01:42Iran is that there was no immediate US
00:01:46comment on the proposal, however President Donald Trump has said
00:01:49that deal reopening uh the straight of homos
00:01:53is imminent, and US officials have repeatedly insisted
00:01:56of that they would never agree to Iran controlling access to the world. most
00:02:01in important trade route for energy supplies, all of this put
00:02:04together, we see brands uh still sustaining the $79 level
00:02:08which we had yesterday yesterday about
00:02:10of this time, even though it's gain a bit
00:02:15of of 0.44% and WTI has also gained 0.32%. the
00:02:18price there is at $75.47 cents
00:02:22a barrel, so we will see us had promised us there will be
00:02:26announcement on Wednesday, unfortunately we did not get that announcement.
00:02:30but it does seem like uh
00:02:33a oman's
00:02:34of intervention perhaps is coming the nerve of investors and that's why we see uh
00:02:38this level of oil prizes
00:02:40and that spils over to what's going on in
00:02:44Nigeria Dangote refinery has reduced the ex-depot
00:02:48price of both petrol and diesel effective
00:02:51today uh the expo expo depot
00:02:55price of petrol has been caught by 50 nar to
00:02:581165 for liter and
00:03:011,215 naira for diesel and that has
00:03:05also been reduced by 18 nar to 1,570 naira
00:03:08for liter, that's used to be 1,650
00:03:12naira and danguti says that the price cut is part of its efforts to make
00:03:16feel more affordable, maintain steady supply and
00:03:20support economic activities across the country, let's
00:03:24discuss um this
00:03:27of withole is research manager, financial draves
00:03:30of company joins us virtually from London, hi domeb, good morning,
00:03:34well good news for us in Nigeria, unfortunately you cannot
00:03:38enjoy this, you can't buy petrol as a cheaper
00:03:41prize, I mean in
00:03:45good morning and while I can't buy petrol at the lower price, my
00:03:48parents can, my brother can, nice
00:03:51one, yeah, good news as
00:03:55well, yeah, but I mean, so we have to
00:03:58appreciate dangote. for helping bring a balance
00:04:02to the
00:04:02of space of because I
00:04:03of mean
00:04:04of um when Dangote stopped loading we know what happened to the other
00:04:08market as what they were doing so of course um we're all we
00:04:11of always of appreciate of
00:04:12of Dangote for this but the unfortunate thing is that there's still
00:04:16of a lot of uncertainty so even though we hear this
00:04:20of dropping price 15 lot of people may say it's not so much but it's save
00:04:24somebody some money um the uncertainty is still there and
00:04:28it's still a threat hanging down our head and can fall off
00:04:32any
00:04:34of time, you're very right there, but I think it's important that we put
00:04:37this in context right, um, what exactly is happening? the first thing is that
00:04:41globally,
00:04:42you know, um, crude oil prices have declined, and
00:04:46that in itself is one
00:04:47of the reasons or the major reason why we're seeing
00:04:50a dangute refinery actually reduce its prices,
00:04:53of and this is extremely important because it goes down to for that, but trust
00:04:57the point that we are now operating
00:04:59in a different... you know market for
00:05:01of downstream petroleum products, it's extremely important going forward because
00:05:05of the outlook is that this trend that we are seeing with higher global oil
00:05:08prices um and higher domestic ol higher domestic um
00:05:12prices and then lower oil prices and then lower domestic domestic
00:05:16petroleum prices will continually be the trend across um the
00:05:20board for Nigeria going forward. the second thing to also
00:05:24point out here um is your writing that there's uncertainty and the
00:05:28uncertainty right now is not so much of Nigeria's
00:05:31issue, it's more of a global issue and until that global
00:05:35uncertainty is somewhat stabilized, this dance that we
00:05:39have been seeing with petrol prices would largely be... the
00:05:42same. i think the final thing to also just highlight here is
00:05:46the issues that we have seen with um domestic crude all
00:05:50supply to dangute refinary to somewhat isolates
00:05:54Nigerians from this global issue. and i think until that
00:05:58supply chain is significantly strengthened and
00:06:01addressed. um, this rhythm that we have been seeing, this dance that we have
00:06:05been seeing would also continue. so i think where we want to get
00:06:09to with um stability in crude or price in domestic. petrol prices
00:06:13and more importantly is consistent reduction
00:06:16in um um domestic petrol prices really really
00:06:20bters really really bulls down to um the the domestic
00:06:23supply chain and that needs to be strengthen going forward
00:06:27yeah well that supply chain and now we did hear the minister a couple of days
00:06:31ago think i think uh talking about um the
00:06:35reduction in the crude obligation that Nigeria has so that should make more
00:06:38crude available uh especially for local refiners but I
00:06:42mean, other than that, perhaps it's better days now for the
00:06:46army, the the president has approved increase
00:06:49their their salaries, and of course other arms
00:06:53of both the public and the private sector will also be asking, so if we had
00:06:56lower prices for petrol and diesel, and then
00:07:00we have more salary, um, good days are here, right, but the threat
00:07:04of inflation also draws
00:07:06closer, yeah, you're right and the
00:07:10on threat of inflation, but I think um, Again let's you know kind of
00:07:14isolate
00:07:15the the events and then see their various implications right, so the first one is the
00:07:18political implication of this, now the fact that we are seeing
00:07:22increase in um salary payments clearly means that some the
00:07:26conversations I've been seeing a social level and civic level are beginning to
00:07:29make impact on um the decisions that we see with the
00:07:33federal government and not only even the federal government within the state
00:07:37governments as well and I think that this this increases that
00:07:41level of... and public participation and how that eventually
00:07:45translates to better policies and better decisions across the
00:07:49board. I think this is a green light um for public participation
00:07:52and civic duty, and if this continues, it should further strengthen the
00:07:56voice and begin to reduce that trust deficit what we're seeing between
00:08:00the government and its people, and it's not so much of an administration
00:08:04thing, but more importantly, in my opinion, I think it's about the
00:08:07broader change that is happening within Nigeria's political
00:08:11landscape. the public and the the elect or the
00:08:15elected. now the second bit of is the economic
00:08:18impact where um of course this situation means that
00:08:22there's more cash in circulation right? there will be more cash in
00:08:25circulation which would likely have inflationary um
00:08:29impact on the economy, but it's not um this
00:08:32singular you know
00:08:34uh um injection of funds or cash into the system that would likely
00:08:38you know nodge inflation. there are other factors that we need to put in place
00:08:42here. and one the biggest things of course is the significant
00:08:45increase that we have seen over the last couple of months in
00:08:49you know petrol prices, transportation cost and food prices
00:08:53and that chain in itself is more
00:08:56substantial than this um injection so I think while there is
00:09:00the outlook for um inflationary impact I
00:09:04think it's
00:09:04important that we don't isolated to just this one event yeah
00:09:08but maybe we have other threats um um the ban
00:09:12or the opening of a political campaign
00:09:16opens really soon and we know that our own
00:09:20politics is very related to cash so that's another threats and
00:09:24then we're getting to the end the year so it seems like we need to
00:09:28braise ourself realistically for inflation this
00:09:31uh concluding part the year
00:09:35yes I think you're very right there but I think the most impact
00:09:39you know or the the chain of reaction here is the N and then
00:09:42inflation
00:09:44so the increase in um election
00:09:47spending um of course has an impact on on the nira because there's
00:09:51more you know cash in circulation and increase in
00:09:54you know campaign spending and that in itself while it has you know
00:09:57inflationary impact it's important that we also know that there will be huge demand for
00:10:01forex and also huge demand for nara that would impact the stability of
00:10:05the forex market the second bit of it as well is the
00:10:09increase in new orders that we have been seeing from businesses "the
00:10:13PMI numbers that came out from Stanbig earlier um in the week,
00:10:17did tell us that there was increase in new orders, increase in inventory stock
00:10:20up, and that tells us that businesses are demanding more for foreig to import
00:10:24things." to bring in goods so that they're able to sell towards the end the year,
00:10:28meaning that they are predicting some level of instability, but
00:10:32coinciding that was increase in you know demand for their goods and
00:10:35services. now the third thing as well to to note here um beyond
00:10:39election spending and um and the increase
00:10:43in your forex man also school fees payments right? so international school fees
00:10:47payments are going to start picking up as we head into September and this means that
00:10:51there will be increase in forex demand as well um impacting the stability.
00:10:55the naira and with the Naira of course you know having some level
00:10:58of pressure we expect that to you have some level of impact
00:11:02on um inflation in in Nigeria, but I think that
00:11:06um the the trend of inflation is also worth
00:11:09noting. We do expect inflation for July to increase um
00:11:13almost going above the 16% benchmark that we've had over
00:11:17the last couple of months simply because the pressures that we have seen, but going
00:11:21into August there might be slow down because like you brightly seen ' crude
00:11:25oil prices are down, petrol prices are also falling and that might have
00:11:29a subtle impact on softening price pressures, but going into later
00:11:33parts the year where election spending would significantly ramp
00:11:36up and that's between September and to October and even November,
00:11:40price pressures could intensify even more. Yeah, this is our reality,
00:11:44we have to face it, thank you so much for painting the picture for us, research
00:11:48manager at the financial derivities
00:11:50company. All right,
00:11:54let's still stay. there around the oil and gas, the Nigerian
00:11:57upstream uh petroleum commission, that's the
00:12:00NUPRC says that the country is positioning
00:12:0422 offshore oil and gas projects to
00:12:07attract $50 billion dollars in investment as a country
00:12:11intensifies effort to expand crude oil production and unlock
00:12:15new upstream opportunities. the commission says the project form part of a
00:12:19broader strategy to accelerate development of deep water and
00:12:23offshore assets. increase hydrocarbon reserves and
00:12:27strengthen Nigeria's competitiveness in global market. According to the
00:12:31NPLC, the planned investments are expected to boost crude oil and
00:12:35natural gas outputs, generate thousands of jobs,
00:12:39increase government's revenue and dipping local contents across
00:12:42petroleum value chain. And the commission adds that the project will also
00:12:46support energy security and provide a significant boost to
00:12:50Nigeria's foreign exchange
00:12:52earnings. outside the oil and gas sector
00:12:56now we see the market had rebound yesterday slightly
00:13:000.04 and uh lost the 245
00:13:04the day before and sustained the 244 thousand level
00:13:08yesterday market cap 158 point
00:13:11086 trillion now top gainers link
00:13:14ashore ava cap and ftg insure while on the
00:13:18flip side horny well flow pzd and
00:13:22zikis losing almost 10% each of them top
00:13:25trade FCMB Charms first oco was shining again
00:13:29yesterday against gained seven naira so
00:13:33lot of um good news still trailing um
00:13:37news coming from the result as well as
00:13:41um the next move of Mr. Femi otedola and
00:13:44still from the market we saw o and oh they did uh report stronger
00:13:48financial and operational performance for the first half of
00:13:512026 driven by higher oil we expect that uh and
00:13:55gas production improve operation efficiency and continued
00:13:59investment in its expanded upstream so look at the result we see revenue up
00:14:0220% 2.1 trillion nara profit
00:14:06after tax also increased 8% and gross domestic a gross
00:14:10profit that's increased more than
00:14:13300% 331 at
00:14:17the same time um commenting on the result we saw the group chief
00:14:21executive mr wall wall tinubu said that the performance marks
00:14:25an important turning point following the successful
00:14:28integration of one of Africa's largest upstream acquisitions. He
00:14:32also says that improved asset
00:14:34reliability, um, stronger security, lower operating
00:14:38cost help deliver higher production, while the business generated
00:14:42179.5 billion in operating cash, further
00:14:46straightening its liquidity. Mr. Tinibu says, O and do will maintain
00:14:50its focus on executing its seven well-
00:14:53drilling program. expanding well interventions and raising
00:14:57production to about 50,000 barrels per
00:15:00day. away
00:15:04from the market now, the Nigeria Deposit insurance Corporation, that's the
00:15:08NDIC has commenced the payment of ensured
00:15:11deposits to customers of 50s of
00:15:1446 recently closed microfinance bank and is part
00:15:18of effort to protect the positors and strengthen confidence in the
00:15:22nation's financial system. the corporation says that the liquidation
00:15:26the affected microfinance banks follows the revocation
00:15:30the operating licenses by the central bank of mingeria due
00:15:33to regulatory concerns. it notes that the payout process
00:15:37is being carried out in line with the provisions the NDIC
00:15:41Act, which guarantees compensation for ensured depositors when
00:15:45a licensed financial institution fails. According to the
00:15:48NDIC, depositors will valid with valid bank
00:15:52verification numbers linked to Alternative bank
00:15:55accounts uh will receive their insured deposit
00:15:58automatically, and those without BVN so those whose details
00:16:02require verification, advised to visit the nearest NDIC office
00:16:06or complete the necessary. claims process to facilitate
00:16:10their payment. As
00:16:13governments increasingly focus on delivering measurable
00:16:17results, the role of monitoring and evaluation is gaining
00:16:21prominence in public sector governance, especially here in Lagos
00:16:24State. Policy makers, development partners and community
00:16:28stakeholders are exploring ways to strengthen
00:16:31accountability and improve the impact of government
00:16:34programs.
00:16:39As Lagos State pushes its development agenda, stakeholders are
00:16:42exploring how to enhance service delivery and ensure
00:16:46public projects deliver measurable results. The discussion is
00:16:50center at the 2026 monitoring and evaluation stakeholders
00:16:54forum themed leveraging monitoring and evaluation of
00:16:58advanced shared
00:16:59prosperity.
00:17:03The state ministry of economic planning and budgets believes that strengthening.
00:17:07monitoring and evaluation remains central to promoting
00:17:11transparency, accountability and better development
00:17:15outcomes. this forum is therefore expected to deeping
00:17:19collaboration among our stakeholders encourage
00:17:22the exchange of best practices and generate practical
00:17:26recommendation that we further strengthen
00:17:30our monitoring and evaluation system in legal
00:17:33space, but having done this to ensure that there is.
00:17:51the role of host communities is also on the four. first and
00:17:55foremost we want to appreciate the legal
00:17:58state government for consulting
00:18:02us before commensing a
00:18:05project. the communities are always been
00:18:09involved in the monitoring the
00:18:12execution of projects within our various
00:18:16communities and after the
00:18:18execution the state government is always
00:18:22handing over such projects to the community.
00:18:26you data is very key and
00:18:28the technology is also very key. so over the years we've developed our
00:18:31many uh capabilities from where you know things are done a lot more
00:18:35digital now as you said we have the... 360 app where you can go,
00:18:39we have things being done by civic and we can go and track uh the projects
00:18:43and people citizens can go for themselves and say look okay what's happening with the
00:18:46massy uh children's hospital they can go and they can log on they can say okay this is where
00:18:50we are, this is the stage we are at and this is where we
00:18:52are trying to get to at this point in time. stakeholders maintain that
00:18:56employing stronger collaboration, technology and continuous
00:19:00evaluation will be key to ensuring public
00:19:03investments deliver lasting benefits for Lagos resident.
00:19:15Well it's good news when you hear conversations around accountability
00:19:18and making impact especially when
00:19:21it comes from the public sector you because that's where we know that
00:19:24um impacts will be largely felt on the
00:19:28people now let's uh talk a little bit about startups
00:19:31programming and it's also coming from the government it's iide
00:19:35uh so there's the ids program id startup
00:19:39bridge, which is an initiative the federal government, we've had the
00:19:43conversation, I believe at the beginning of this year, but we're going to they have
00:19:47some updates and invitation for you, so we
00:19:51have right here in the studio, the divisional head
00:19:54multilaterals at the bank of industry,
00:19:56mr. mr. welcome to
00:20:00the program, and then we
00:20:02have chebuka, the head of
00:20:06growth lab. idais startup bridge,
00:20:09good to be here, you're welcome to the program, so um,
00:20:13idais, you are one because you are government, idice is
00:20:16government, so yeah, but help us to understand what
00:20:20iide is generally, um, what does it
00:20:24mean, we've had this conversation here before, but I mean for the sake of our
00:20:28viewers right, okay, thank you, thank you for having us,
00:20:31have you, good morning to the viewers, um, id stands for investments in
00:20:35digital and creative enterprises, um, and it's a 617
00:20:39million uh program by
00:20:42the federal government of Nigeria um it has three for
00:20:45financiers Africa Development Bank uh French Development
00:20:49Agency. Islamic development bank and bank of industry on behalf the
00:20:53federal government uh bank of industry also doubles as the implementing
00:20:56partner um so idice is situated uh within bank of
00:21:00industry um and there are three broad components to idice
00:21:04uh first is skills and enterprise
00:21:07development the next one is access to finance which is
00:21:11massive and very very important in in business and of course the third
00:21:15is policy and advocacy so at the end the day id is a program
00:21:19that intends to support tens of thousands of entrepreneurs
00:21:22across the digital and creative space ecosystem with
00:21:26various forms of capacity building and opportunities for
00:21:29funding. so coming down to what we're discussing
00:21:33today, which is the uh growth
00:21:36lab aspect the startup bridge
00:21:40initiative. this is been implemented by ventures platform, which is our
00:21:44so ventures platform is the partner, absolutely, absolutely, so
00:21:47ventures platform is the technology fund. manager of
00:21:51id, so their role is to
00:21:54catalyze various activities towards
00:21:58ensuring that we support the tech industry, especially the
00:22:01youth from the process of ideation their of
00:22:05ideas, going through to being becoming a
00:22:08startup through various funding and capacity
00:22:12building structures, so for growth lab, it's
00:22:16the second aspect the process, we've gone through the finders lab. which
00:22:20deals with having your idea, cultivating the idea and also
00:22:24helping helping you put through various structures towards
00:22:28building a minimum viable product which is called the MVP, so the
00:22:32growth lab is the next step to
00:22:34it, yes um, thank you very
00:22:37much uh, for
00:22:38the growth live is a component of what he talked about which is the idee start of breach
00:22:42and it's a 12 weeks accelerator program designed for Nigerian entrepreneurs
00:22:46and we we've designed in such a way that they're going to access
00:22:50investment, um, attract investment, get
00:22:54access to uh industry experts and it's designed
00:22:58over a 12 weeks period, and at the end the day these startups will
00:23:02have $100,000 given to them in invest in
00:23:06equity investments, yeah, so I know it's
00:23:08not everybody that can just go and take the 10000, so how do people qualify, what's the
00:23:12process like, I mean, this is very um critical, that's a
00:23:16very important question, we would love to give as many people as possible. all the
00:23:20money um, but unfortunately we cannot give everybody. um, for you
00:23:24to qualify for this id growth lab, you have to be between, you have to first of
00:23:28all be a Nigerian, living in Nigeria, you have to be between the ages
00:23:32of 18 to 35, you have to have what we call an MVP or being the post
00:23:36MDP stage, and you have to be willing to accept our
00:23:39investment um um terms, yeah, so
00:23:43um, I have to be a Nigerian living in Nigeria, I have to be a youth, is
00:23:47that part of it, 18 to 35, yeah. to 35 uh, do
00:23:51I need the precedence uh to qualify, am I
00:23:55supposed to have been in business, so I just have an idea or what? so thank you,
00:23:59that's that's another good question uh, like he talked about, there's a founders lab and there's the growth
00:24:03lab, the founders lab is designed for individual nigerian who are focusing
00:24:07on idea validation and who are also trying to validate their
00:24:10prototype, but the growth lab is for already established startup
00:24:13businesses who have what we call an MVP, minimum valuable product
00:24:17and are looking to scale and attract into. situational investors,
00:24:21so you want you want to tell us more about that? okay, so um, just
00:24:25building up on what ebuka has mentioned, the the because you
00:24:29this is also national thingy, it's yeah, absolutely,
00:24:33absolutely, and speaking to the national aspect of it,
00:24:36we are deliberate and intentional to ensure that
00:24:39we uh get applicant pan Nigeria,
00:24:43because every part of Nigeria needs to feel the impact of of this sort of
00:24:47program, so from the governor structure. we've built
00:24:51ice the the the
00:24:52top governance uh sits directly
00:24:56within the uh vice president
00:24:59his excellency the vice president who is the chairman the steering committee
00:25:03so and there are about five ministers uh honorable ministers as part the
00:25:07steering committee down the line we have the technical committee
00:25:10which involves industry experts and also key government
00:25:14function functionalities and also at the state
00:25:18level we have state focal persons that were uh
00:25:22appointed by the state governors, all these structures have been put in place to ensure
00:25:26that all the critical stakeholders are involved in the process such that when we
00:25:30put things out there in terms of applications and
00:25:34all activities that we're carrying out under the ideas program we get the
00:25:38you know at
00:25:39the very least we get sizable number of people being
00:25:42aware and we have robust uh comps plan
00:25:46as well to ensure that we we carry the entire populace along and it's quite
00:25:50interesting from the founder's lab, the experience from the founders lab
00:25:54um applications were all over Nigeria and were able to also
00:25:58speak to
00:25:59you know uh specifically meeting the target that we've set for us. we
00:26:03respect to gender balance to ensure that women entrepreneurs are also integrated
00:26:07into happy to hear that, but before we get to the women's part, I'm
00:26:10glad you said that application came from all over uh,
00:26:14because sometime ago here on channels we had a youth
00:26:17program and um we invited lot of youths, it was like town
00:26:21hall, lot them say they are not aware when
00:26:25programs such as this, especially for the youths are being rolled
00:26:29out um especially when they're coming from the government so... I'm I'm
00:26:32happy you said is nationwide, but how widely
00:26:36penetrated is your message, how many people actually
00:26:40have this information and the
00:26:43accessibility you know to this program? yeah, okay, like
00:26:47I mentioned right, um, we're very intentional about that, because we
00:26:50we uh, as part the plan, ensuring
00:26:54that that balance takes place is very critical even putting things
00:26:58together in the first place, so we were very active on -
00:27:02instagram andle all the social media handles uh where you find the
00:27:06target market being very active on uh we're
00:27:09also very strong on radio programs in fact we
00:27:13recently uh had several programs on radio
00:27:16dealing in different languages in
00:27:19Nigeria Evo and Europa just to ensure that
00:27:23we reach the target and the interlands in the country and all
00:27:27these contacts that I've mentioned and working with ventures platform because
00:27:31their rich and also their experience in the industry, they know how
00:27:35to push out the story as well, so all of this did not happen by
00:27:38accident, ensuring that that geographical reach was achieved
00:27:42and also the gender balance, which I'm sure will speak more, and and especially you talk about
00:27:46the women's pass, yeah, before I even go to the women, which is very important part of what we're going to talk about
00:27:50today, um, the federal government of Nigeria, which boi and ventures
00:27:54platform, we 100% believe that innovation as a whole
00:27:58is not limited to any part the country, so whether from
00:28:01Lagos, from whether aqui bomb, anywhere,
00:28:04cattina, as far as bornu, we're looking forward to your application, as of today
00:28:08we've had hundreds and thousands of application from all the 36 states
00:28:12plus the fct, and moving forward to next question, we're talking about female
00:28:16inclusion, one the key ideas of Boi and also the federal
00:28:20government is the belief that diversity is what breeds
00:28:23innovation and innovation is what breeds a greater economy, so we
00:28:27have designed this program to ensure that minimum of 30% of people
00:28:31in the cohor are going to be female co-founders or female founders, does it mean
00:28:35that you compromise for women or what? when you say you
00:28:39went sure, doesn't mean you, do you
00:28:43understand
00:28:44what i'm trying, are you going to like maybe chill bit in the rules to to get more
00:28:48women, what if you don't have enough women applying? we are
00:28:51going to get as much women as possible, we're currently working with institutions,
00:28:55tech hobs, female techs, because we believe first
00:28:59and foremost they are wonderful creative. nigerian female startup
00:29:03entrepreneurs who have done incredibly well, so that that question
00:29:06about not getting enough female now, currently on our back end
00:29:10we have fantastic female startups who who are we're looking forward to
00:29:14looking through the application, so no, we're going to get exceedingly exciting
00:29:18startups from female startups and i see here the equity
00:29:22investments, you said that's that's what um they would have
00:29:25access to, yeah uh, could you speak to it, oh yes, that
00:29:29is also one the many, many, many, benefits of this program
00:29:33before even
00:29:34go to that buse most people look at you have too much to say before
00:29:37you go to okay please go ahead yeah so
00:29:41before i go to that the benefits of this program is so widespread we have
00:29:45support from AWS that's the amazon we have support from paystack we have support
00:29:49from Microsoft and we have designed this program to ensure that
00:29:52structured support growth is given to these startups who are selected
00:29:55investments training is giving to the setup are selected and then I
00:29:59will come to the most important. Yeah, the money
00:30:03each these startups will be giving 12, each these 12
00:30:06selected startups will be given
00:30:08$100,000 equity each them each
00:30:12them, $10000,
00:30:15$100,000 equity investment at 7.5%, and that's not
00:30:19all, at the end of this program, they have the ability to also
00:30:22move for up to $250,000 full of
00:30:26investments, okay, and then what's the
00:30:29difference, I know that we talked about the... founders lab
00:30:33which we we featured on the program and this one is the growth lab so what's the
00:30:37difference uh who goes for what okay so
00:30:41the founders lab like we've talked about from this from the
00:30:45start uh deals with you incubating ideas right
00:30:49towards building an MVP that's what the founder's lab deals with so you're an
00:30:53individual you have an idea you are thinking about it you haven't
00:30:56done you're doing some work but you need support to get