Google Speech-to-Text API Automatic Transcription (Chirp). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:32of
00:00:44All right, thank you for staying to
00:00:45you, now the petroleum products retail outlet owners association of
00:00:49Nigeria, Petroran has commended the federal
00:00:52a government's petrol discount policy, saying it could reduce transport cost
00:00:56and ease the financial pressure on Nigerian households, the associate.
00:01:00says a 30-day initiative could also help lower cost of food,
00:01:03essential goods and other services across the country. Petron's national
00:01:07president, Billy Giliari says the intervention comes at the
00:01:11critical time when many Nigerians are struggling with rising leaving
00:01:15costts. He explains that um, reducing field expenses for public
00:01:19a transport operators could help lower fairs and make it cheaper to move
00:01:22goods from
00:01:23a farm and businesses to markets. The association says the policy
00:01:27could
00:01:27of also support traders, farmers and factorers and small
00:01:31businesses by reducing the
00:01:33of transportation and logistics expenses. According to Petron, these savings
00:01:37could ease inflationary pressures, improve business operations
00:01:40and strengthen economic activities if the benefit reach consumers.
00:01:44Pchan also urge federal governments to
00:01:46of allocate
00:01:47a 30%
00:01:48of the discounted petrol volume to its members to expand access across
00:01:52urban and rural communities. It has also called for transparent
00:01:55implementation and
00:01:56a review
00:01:57of the program's impact on transport fairs, food price. in household
00:02:00spending before further measures are considered, i have in the studio
00:02:04the president
00:02:05of the petroleum products, our retailers outlets association of
00:02:08Nigeria, Mr. Billy Gi
00:02:11is live in our Legos Studios, good afternoon, it's good to have you in, good afternoon
00:02:15tolu, thank you so much for having me in your studio and good afternoon
00:02:18Nigeria, thank you, so it's a great day, warm and happy, it's a great
00:02:22day, well
00:02:24in you've commended the federal government on this discount on PNS,
00:02:28now how significant is this? in reducing cost of petrol for
00:02:31Nigerians and what extent do you expect the discount to translate
00:02:35a into lower pump prices for consumers? well, it's it's
00:02:38very clear, from the analysis made by the
00:02:42of honorable minister of finance and of course is team, the minister
00:02:45of uh uh
00:02:46petroleum was there um the
00:02:50senatorry and quite a number of very
00:02:54critical uh stakeholders in the economy were all
00:02:57there uh the explanation he gave was very easy and
00:03:01simple to understand. now what it is is that um to
00:03:05bring it down
00:03:06to the leman's understanding is assuming that NMPC was supposed to
00:03:10sell product at 1,350
00:03:14per liter and there is a6 nira uh profit
00:03:18in there. the
00:03:19a of idea is NMPC will volunteer to
00:03:23leave the 66 n and allow it to be
00:03:27of end of you know by Nigeria. that is
00:03:30significant, very significant,
00:03:34because uh, when you look at it from one liter, from what I see,
00:03:38some economist analysis and all of that, for us in this
00:03:42business, even five nar a liter means a lot to
00:03:45us, so if government is willing to
00:03:49encourage NMPC to make that
00:03:53kind of sacrifice, that is welcome, and that's why it's
00:03:56completely different from what the, I mean
00:04:00is, because subsidy will definitely mean
00:04:03that okay, the cost of landing will be 1,350, government
00:04:07will say, okay, we are going to pay 700, so just give the
00:04:11remaining part to commuters to buy, so we
00:04:14applaud
00:04:15of it because we see the wisdom in there, Petron has been in the
00:04:19forefront of asing for palliatives, seeking for
00:04:23solutions out of, of course, if you are very conversent with
00:04:26petrol, our members are focused on on
00:04:30service, values and consistency in the business,
00:04:33because the more efficient our business is, the more profit
00:04:37we make, okay, and the more we can
00:04:41encourage Nigerians to patronize our retail outlets, the easier
00:04:45it will be for us to be able to meet up our own daily needs,
00:04:48and -
00:04:49so when this came,
00:04:50we analyzed it instantly, and I
00:04:52of was in the room, so I saw the honesty
00:04:55of the conversation
00:04:56of the honorable minister of finance, I saw the uh
00:05:00the the shipping
00:05:01of the
00:05:02of the discussions from the point
00:05:05of the size of crude oil that is allocated why
00:05:09we are not able to give the local ref. is size
00:05:13of uh crude oil that is needed, but such transparent
00:05:17presentation,
00:05:17you know, um, we are happy about that, and if something was wrong, also
00:05:21will be the first ones to say, no, so this is not correct, i
00:05:24know you would have gotten that press release immediately comment, but let's look at your
00:05:28request for 30% allocation, petran is seeking 30% now,
00:05:32what inform
00:05:33the association's demand for this share, what criteria should the
00:05:37government ensure to make the allocation reaches independent or eligible
00:05:41retail outlets or? operating fairly or operators fairly, i
00:05:44b: well, first of all, 30%
00:05:48was just suggestion we have made. okay, the
00:05:52government in its wisdom can look at
00:05:56the value of what the petrol retail outlets will present in making
00:06:00this policy
00:06:00to be efficient, and they can increase it even to 40% or even
00:06:0460%. i will be happy to make sure that we serve
00:06:08Nigerians, to make sure that the policy really, really penetrates into
00:06:12all the... and cries so here is the thing
00:06:15now assuming that because what this means is
00:06:19once this really takes in the effect
00:06:21even though today in NMPC stations if you're buying with their
00:06:25wallets you buy lesser hope you know that yes yes
00:06:29now um when this is
00:06:32implemented and that 66 is taken away from the landing
00:06:35price certainly their own price will now come up to
00:06:381,200 200 and that's
00:06:42it about, so for
00:06:46us in the uh petrol space, we do
00:06:50not have the the deep pocket to
00:06:54take that hit that NMPC can
00:06:57take, so we will like NMPC to work out different match with
00:07:01us on how we can make sure that we sell at the same price
00:07:04across the country, so now if we have
00:07:0830% of say um...
00:07:12daily consumption today by projection is about 48. something
00:07:16million liters per day, so if we have 30%
00:07:20of that, do the mats, you will see that that will
00:07:23be around about uh 12 uh,
00:07:27between 12 and 15 million. so if that comes
00:07:31to patron outlets, we can distribute that
00:07:34to different outlets in the mechanics with which we
00:07:38transparent, trackable and ensuring
00:07:42that that we
00:07:43can even move up to the point of announcing that look
00:07:47so so product has moved in there and sure that NMDPR works
00:07:51with us and even the NMPC itself takes cognisance the
00:07:55size of product that is given to us and where we are pushing it to
00:07:59so this way Nigerians will buy the same
00:08:02price as in the NMPC retail out and
00:08:06what the for us the most
00:08:07important um
00:08:11thing there. is that NPC has roughly between 700
00:08:15to 900 stations in the country today, yeah, we have
00:08:19thousands, so we can look at very critical
00:08:23stations that are in strategic
00:08:26areas that can penetrate to the fishing ports
00:08:29into the villages, into some the areas where NMPC did
00:08:33not think about going, the same thing we're doing for our
00:08:36local refiners, because we are the extension their
00:08:40their refining capacity and to...
00:08:42work sure well that we so with Petron being involved and government
00:08:46looking at this as a good solution buse we are looking for solutions yeah we are
00:08:50not complaining we do not want a situation where we are complaining we want
00:08:54to be able to see if government's policy is going to work and
00:08:56it if should something is not right in their
00:09:00projection we should be able to tell the government that look this is not going to
00:09:04help in making sure that nigerians are doing you better and this is
00:09:08how um we think that we can solve Nigeria's needs
00:09:11especially in this issue of PMS, gas,
00:09:15diesel, that is firing our daily economy, so we appl the
00:09:19government, in fact we indeed appl the minister of finance and minister
00:09:22of
00:09:23petroleum, mean oil
00:09:27and also gas by the way, because these
00:09:31people, including the president has really taken time to
00:09:35look at how this solution works, so it's better for
00:09:38us to test it out and then see how
00:09:42works, but we have come with solution, and the solution we have come with, look,
00:09:46expand the distribution, and that's all that patron is asking for, we are not
00:09:50asking for anything too much. I think you hit on my next question, because I
00:09:54was asking, I wanted to ask you what distribution framework you be
00:09:58looking at for the discounted petroleum products, so you can say more about that, and your
00:10:02members are including outlets, rural areas and unders
00:10:06communities without diversion or supply disruption,
00:10:09well we we in patron uh
00:10:122022 we started developing what was called the petroleum product
00:10:16passport, we tried to use it within our own um
00:10:20association to monitor what we do, well it didn't get
00:10:24the kind of. and the success we're looking for, we have improved it now to what is
00:10:28called uh patron quality assurance quality control primice,
00:10:32which is we try to make sure that the
00:10:35quality of product we take, the quality of product is what is delivered
00:10:39in our retail outlets and the price monitoring
00:10:43intelligence system which is the premise is working, we are working today
00:10:47with um
00:10:51petroleumprice.ngng you know that's our member.
00:10:55and very successful private company that's working with us to give
00:10:59us price intelligence, so with that combination we can
00:11:03do so much to ensure that even NMPC can take a
00:11:06little queue from us on how we are going to
00:11:09work, and even the technology we're using is is free and it's
00:11:13available for anybody who wants to install it in their tankers and in
00:11:17their retail outlets to be able to use, so with that kind
00:11:20of forward thinking you know activity
00:11:24and technology. "we can definitely save Nigeria even
00:11:27better. Again, um,
00:11:31would your association support a monitoring mechanism to,
00:11:35you know, to track depot prices, retail pump prices and volume of
00:11:39discounted products, we we're already doing it, we internally, so there's no reason
00:11:42why we shouldn't give support to NMDPR or to the
00:11:46FCCPC or to NMPC or
00:11:50even to the tax office, because at the end the day
00:11:53the..." Nigerian revenue service will
00:11:56certainly be part the process, because there is money to be
00:12:00spent, money to be put together, there must be some
00:12:04way of how this money must be put together, and that's for us,
00:12:08we are very proud of president, because we believe that
00:12:12at all times is looking for solution to keep
00:12:15Nigeria working, and he's not
00:12:18distracted, personally I'm very happy and proud of that,
00:12:22because and I would like to encourage him to. continue to be on that
00:12:25track, because there will be no need to politic about the life of
00:12:29nigerians, yes, it's important to do the politics so leadership can come,
00:12:33so direction can be given from the perspective of his understanding, because when
00:12:37he came in with the, it is my turn principle a lot of people didn't
00:12:41take it seriously, including me, but today we take it very
00:12:45serious, because uh anybody who can wake up and say it's my turn and make
00:12:48it work a country of about 230 million people, you
00:12:52certainly have to look at that man as genos. "and I see him as a political
00:12:56genius that has the gift, of course, for some
00:13:00reason I always believe that this president will
00:13:04be the beginning of a change for Nigeria, we're already getting
00:13:07all our generation, we soon past our children are coming, we need to be
00:13:11quit to our children in Nigeria that works, and if we see
00:13:15that President Bola Metinibu is doing a good job, there's no reason why we
00:13:19shouldn't give him the best support, and that's what we do, at least those of
00:13:23us 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
00:13:30work and they are able to deliver the value that is needed to
00:13:34make Nigeria work again, it's not so much about political
00:13:37power, it's is more about how 230 million
00:13:41Nigerians will work, and this policy about
00:13:45PMS discount is so very critical, and that's why
00:13:48we support it. Again,
00:13:51or let me say finally, before before I let you go, beyond this immediate discount with..."
00:13:55talked about, what long-ter measures is Petroran proposing to
00:13:58address challenges facing retailers like you, including
00:14:02supplying cost, financing, logistics, all of this that you exchange rates
00:14:06volatility that you face, where there's been stability with regards to that now, while
00:14:10ensuring that petrol remains accessible and affordable to Nigeria, there
00:14:14is only one solution we think should happen, first we
00:14:18should encourage as much um investments in the
00:14:21refining area, there should be quite a lot of...
00:14:25um incentives given by the government to attract investors in that area, we need
00:14:29capital, if if we have 20
00:14:33refiners that are doing say average
00:14:37of 30 to 50 thousand barrels per day, and all them are working
00:14:41in different parts of Nigeria uh, that will
00:14:44work, and if you look if they are doing 50,000
00:14:48barriers per day, and we have 20, how many, how many, how many
00:14:51liter, how many thousands of liters is that, mean? bars
00:14:55of cruder is that we can work out a process
00:14:59whereby that will now become the focus of how to grow in
00:15:03domestic economy because we will then now be
00:15:07net exporters that is one and patron as an
00:15:10organization hopefully we should be working towards
00:15:14getting to be in that business ourself because at the end the
00:15:17day whatever any refinary buys it is petron members and other
00:15:21stakeholders in the industry like meman like dabman uh like
00:15:25Nogasa, like NATO, like Nupeng, like
00:15:28PTZ, these are the people that ultimately we
00:15:32consistently uh buy and make sure that these products
00:15:35are uh delivered to... retail outlets that will be
00:15:39useful to grow Nigeria's economy, so but more
00:15:43than that is our request for domestic
00:15:47energy bank to be established, because that will help
00:15:51in reducing uh the cost of money, for instance today, if I
00:15:55go to any commercial bank to to loan money, minimum i get will be
00:15:5841%, so but if there is an energy
00:16:02bank that is maybe endowed with say average of say $10
00:16:06billion dollars. that will do
00:16:09lot for refining buse all you need
00:16:13is to put a good refinery to work will not be more than 1.5
00:16:16billion and if the modular small small areas are going to do 20
00:16:2025 3000 barrels uh mean bar per
00:16:24day will be able to get products internally and that will also
00:16:28shock the system i mean to also show up the system to
00:16:32ensure that there are no monopolistic tendences by anybody
00:16:36because we will buy well want to buy and Nigerians will
00:16:40be the better for it and that's what I think we should do, so the
00:16:43energy bank is very important, incentives to bring uh in
00:16:47more refineries should be done and encourage our
00:16:51giant refinery that is operating Nigeria Dang
00:16:54refinery to do as much as possible
00:16:58to produce, get enough crude oil from Nigeria
00:17:01and also work with stakeholders to ensure that we can
00:17:05be able to distribute petroleum products and across the country, this way we
00:17:09can have abundance,
00:17:13we can have affordable pricing, we can have
00:17:17stability and our energy mix will be right, so this
00:17:21is what we think that can happen, let me thank you, president the
00:17:24petroleum products retail outlet owners association of nigeria, sabily
00:17:28gillaris, thank you so much for being on business Nigeria this afternoon, we really do
00:17:32appreciate you as always, thank you so much for having us and we are very thankful, your
00:17:36studio is uh getting better and better and uh
00:17:40we hope that we keep coming to look at the beauty of
00:17:43what uh arts uh science and the
00:17:47media are doing to make Nigeria great yes we can't make Nigeria
00:17:51great again and I think this is one example of how
00:17:55Nigeria is growing thank you so much thank you very much it's really good to have you in
00:17:59Lagos Thank you all right then well let's move to speak around
00:18:02activities of trading at the Exchange Limited and joining me
00:18:06already - is investment banker and a stock broker,
00:18:10Mr. Tajudin or Lion car. Mr. Liying car, good afternoon to you
00:18:14and thank you for joining the show today.
00:18:18Yeah, okay, good afternoon tolu. Though soundly very low, but I
00:18:21can hear you just just likely,
00:18:25market, market, right now, market is still on
00:18:28the
00:18:29in the negative territory, just slightly
00:18:32down, you know, the bread
00:18:36is actually.
00:18:37index we having a negative breath and initially it was a
00:18:41positive breath then it
00:18:46also turn to negative breath and then of course you declining know
00:18:48so it's a
00:18:51market that is in red at the moment but we never can tell
00:18:54you know at close we might have different market you
00:18:58know based on interactions between buyers and sellers
00:19:02so right now it's a negative market and that is that that is
00:19:06understandable because of air uh the the
00:19:08the the period we have
00:19:09you know um the ngote finally IPO
00:19:13is closing today tomorrow by tomorrow I think it
00:19:17we will not be talking about it as as we have done in the last one
00:19:21month so more
00:19:23and more investors who are not able to raise uh to raise cash
00:19:27to people to fund that transaction are taking money from the market and those who have
00:19:31money to to invest directly in in their po are also not
00:19:35able to invest in the market you know creating some kind of a lot on one
00:19:38side and the you know low demand on the other side,
00:19:42so it's a market that is heavily way down
00:19:46by uh what is happening in
00:19:50the dang, that's the state we are at
00:19:51the moment, interesting stuff
00:19:56you we now are
00:19:56on, moving as we move towards the end of 2026 gradually
00:20:00and a point where we see investors sitting uh on the
00:20:03fence, i don't know are you worried about the fact that it could
00:20:07affect - market fundamentals, I'm talking about
00:20:11pre-election here as we move few months now to election, it's even, it's just few
00:20:15weeks to election now, so do you think that that could shapen our
00:20:18markets in any form? I'm talking about the basic
00:20:21fundamentals? okay, well
00:20:24um, you know, the market on the zone is still very, very
00:20:28good and you know is up and doing, but you see when
00:20:31when uh, when you begin to hear different things
00:20:35from key political actors, investors especially
00:20:38those investors who who
00:20:40are f investors might begin to to to stay on
00:20:44the vents to to to watch out what's going what's going to happen let
00:20:48me take you back to what happening. 2022 during that
00:20:52campaign before before the 2023 election you know
00:20:56it was obvious that three leading candidates there were pro
00:21:00market so market didn't consider the usual
00:21:03negative impact of any election
00:21:07pre-election campaign and all those things market did not look at it as as
00:21:11anything negative and so market began to move
00:21:14upward even before the election proper and even before
00:21:18president became
00:21:20and so as soon as he became president he was now confirmed that one these three leading
00:21:23candidates actually won the election and so before investors local inves everybody
00:21:27believed that we are going to see a positive
00:21:30factor about the economy so as soon
00:21:33as president became president you
00:21:37that that positive signal was now confirmed that everybody started buying
00:21:40believe that the president was clow market now but what we are seeing
00:21:44today we are seeing little a bit of reverse
00:21:48to that to that scenario to what happened in
00:21:512023 election we are you know we are having
00:21:55only the president himself that is now a pro market is is the
00:21:59one talking about the economy others are talking about reversing what
00:22:03has happened so that might put some some
00:22:05some some inversos on the edge to say a minute are we are we going to have different
00:22:09thing entirely so that that that again will definitely
00:22:13shape development going forward eventually after the election
00:22:17everything positive will begin to come back. and in fact even
00:22:21before the election as as as we as we move into the election proper and the
00:22:24signals coming from different camps suggest that uh whoever is going to lead the
00:22:28country will be a pro market of course market we going to kick into that
00:22:32and begin to move forward again but that does not mean that we not see
00:22:36some some semblance of rally and profit taking and what
00:22:40are you but it's still going to be possible but the only thing that would make it positif is
00:22:44if you have very strong president or
00:22:48candidate that is suggest that is going to come to push to the
00:22:52reform which has been which has been acknowledged all over the world by all rating
00:22:56agencies so the positive news is for us to see that this
00:23:00current president takes the mantal of leadership again to
00:23:04the right to right the history of nigeria. investment banker and stock
00:23:07broker mr. tajinka interesting charts with you as always thank you and
00:23:11enjoy the rest of your day. thank you to it's my
00:23:14pleasure. well Ethiopia has inaugurated its first
00:23:18gold refinar a 50 million. dollar joint venture aimed that boosting local value
00:23:22addition and position in the East African nation as regional
00:23:25hub for precious metals processing. Prime Minister Abi Ahmed
00:23:29announced a development over the weekend saying that the facility would process
00:23:33gold sous from Ethiopia and other countries in the region.
00:23:37According to government data, gold exports generated $5.6
00:23:41billion dollars in foreign exchange uh last year,
00:23:45making the precious metal a major source of export earnings for the
00:23:48country. a post on x uh RB
00:23:52says the refinery would enable neighboring countries and
00:23:56regional mining companies to access advanced refining
00:23:59certification and market services within Africa, reducing the
00:24:03need to send gold overseas for processing. facility would offer services
00:24:07including melting, testing, refining, casting, gold bar
00:24:11minting and die making in the move expected to support value
00:24:14addition and strengthen Ethiopia's role in the regional gold
00:24:18supply chain. meanwile
00:24:22the international monetary fund says strong investment in artificial intelligence
00:24:26infrastructure is helping sustain global economic growth
00:24:30at around 3% with Asian economies among the major
00:24:33beneficiaries. IMF Managing director Christlena Giorgiva
00:24:37says the AR investment boom is generating a significant
00:24:40boost to demand and capital spending, particularly
00:24:44economy supplying the hardware needed to par the technology. now
00:24:48she estimates that term the impact could lift
00:24:52growth in advanced Asian countries by between half of
00:24:56one percentage points, while emerging Asian economies could gain between 0.2
00:24:59to 0.8%. it points the funds july forecast projected
00:25:03global growth at 3% in 2026 ahead of
00:25:07its updated economic outlook. however,
00:25:10jogiver warns that artificial intelligence could bring profound
00:25:14changes to employment, education, economic growth and government revenue
00:25:17describing the technology as slow. moving tsunami, IMF
00:25:21estimates that AI could argument downgrade or
00:25:25eliminate up to 40% of jobs over time,
00:25:28underscoring the need for economies to prepare workers for rapidly
00:25:32changing labor
00:25:33market.
00:25:37well indeed that's our show today, thank you so much for being a part of it, i see you same time
00:25:41tomorrow, we talk more business, stay safe as always, get the money,
00:25:45i'll
00:25:49see you.
00:26:24and the winner
00:26:25is
00:26:28TVC.
00:26:48It's your street, your community and your
00:26:52voice. Now you don't have to wonder
00:26:56whom to complain to, from bad roads and poor waste management
00:27:00to broken street lights, drainage problems. and other issues affecting your
00:27:03neighborhood, see it, report it, appraise it, complain
00:27:07about it, because your voice matters, and when your voice joins the
00:27:11voices of your neighbors, it becomes a voice that cannot be
00:27:14ignored, so how do you do this? visit
00:27:17www.lgtracker.ng and follow
00:27:21these steps. Step one: choose the local government you want to
00:27:25commend or file report on. Step two: choose what
00:27:28category your report falls under. Step three: write your...
00:27:32report. Step four. Submit. Hold your local
00:27:36government accountable. See it, rate it, report
00:27:40it. Visit
00:27:40www.lgtracker.ngg.
00:27:44Together we can make our communities
00:27:46better.
00:30:48The Trump administration rejects all seven candidates of vine for the
00:30:52UN secretary general job and maintains it will only support
00:30:56candidate with strong interest in global reform and commitment.