1 00:00:02,520 --> 00:00:11,400 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Diamonds once propelled Botswana 2 00:00:11,400 --> 00:00:15,080 Speaker 1: to become the richest Sub Saharan nation per capita, but 3 00:00:15,160 --> 00:00:19,000 Speaker 1: that boom could be turning to bust. We now offer 4 00:00:19,160 --> 00:00:20,680 Speaker 1: lab grown dream diamonds. 5 00:00:20,720 --> 00:00:25,760 Speaker 2: You can actually afford discover real brilliance at fabulous prices. 6 00:00:25,840 --> 00:00:28,320 Speaker 3: It's time to upgrade your own engagement ring with a 7 00:00:28,400 --> 00:00:31,440 Speaker 3: lab grown diamond. They cost seventy five percent list. 8 00:00:31,960 --> 00:00:35,279 Speaker 1: Lab grown diamonds are flooding the market, leaving demand for 9 00:00:35,440 --> 00:00:39,680 Speaker 1: natural diamonds in crisis and Botswana's economy in decline. 10 00:00:40,080 --> 00:00:45,320 Speaker 4: For too long, Botana's economy has leaned and relied heavily 11 00:00:45,840 --> 00:00:51,239 Speaker 4: on diamonds. The limitations of this reliance are increasingly becoming unbearable. 12 00:00:51,880 --> 00:00:56,280 Speaker 4: If left unaddressed, there's a real risk of the situation 13 00:00:56,480 --> 00:01:02,320 Speaker 4: becoming not just an economic challenge but social time bline. 14 00:01:02,360 --> 00:01:05,479 Speaker 1: On today's episode of The Next Africa Podcast, we'll look 15 00:01:05,520 --> 00:01:08,920 Speaker 1: at what's gone wrong in Botswana's economy and where Botswana 16 00:01:09,040 --> 00:01:12,160 Speaker 1: turns if the diamonds in the ground become worth little 17 00:01:12,160 --> 00:01:19,480 Speaker 1: more than just rocks. I'm Jennifer Zabasaja and this is 18 00:01:19,520 --> 00:01:23,039 Speaker 1: the Next Africa Podcast, bringing you one story each week 19 00:01:23,040 --> 00:01:25,880 Speaker 1: from the continent, driving the future of global growth with 20 00:01:25,959 --> 00:01:30,720 Speaker 1: the context only Bloomberg can provide. Joining me this week 21 00:01:30,800 --> 00:01:35,200 Speaker 1: is Bloomberg's Matthew Hill and Botswana based reporter Bongani Mungumi. 22 00:01:35,480 --> 00:01:38,360 Speaker 1: They're also both the co authors of a report out 23 00:01:38,400 --> 00:01:41,240 Speaker 1: on Bloomberg right now about this guys, thank you both 24 00:01:41,280 --> 00:01:44,760 Speaker 1: for being here and really fascinating story that you've put out. Matthew, 25 00:01:44,760 --> 00:01:47,440 Speaker 1: maybe we can start with you and you can give 26 00:01:47,520 --> 00:01:50,360 Speaker 1: us a bit of context as to how important diamonds 27 00:01:50,440 --> 00:01:53,680 Speaker 1: have been to Botswana's economy. You talk about this sort 28 00:01:53,680 --> 00:01:56,680 Speaker 1: of in the historical sense in your story, but share 29 00:01:56,720 --> 00:02:00,360 Speaker 1: a bit about that with us. 30 00:02:00,840 --> 00:02:04,080 Speaker 3: I've got a question for you. Picture the scenario, all right. 31 00:02:04,160 --> 00:02:07,760 Speaker 3: You walking into a jewelry store. You want to buy 32 00:02:07,760 --> 00:02:11,760 Speaker 3: a diamond ring. You see two rings look exactly the same. 33 00:02:11,880 --> 00:02:15,080 Speaker 3: You pick them up, they feel exactly the same. One 34 00:02:15,520 --> 00:02:20,880 Speaker 3: costs one thousand dollars, the other costs five thousand dollars. 35 00:02:21,720 --> 00:02:22,800 Speaker 3: Which do you buy? 36 00:02:23,360 --> 00:02:26,079 Speaker 1: I mean, you're probably talking to the wrong girl. I'd 37 00:02:26,160 --> 00:02:29,040 Speaker 1: probably go with the cheaper option. I don't know if 38 00:02:29,040 --> 00:02:31,560 Speaker 1: that's necessarily a good thing, But so. 39 00:02:31,840 --> 00:02:35,920 Speaker 3: Gen Z, I know that you call yourself that on 40 00:02:35,960 --> 00:02:40,800 Speaker 3: your ex handle you are making the same choice as 41 00:02:40,960 --> 00:02:47,160 Speaker 3: two out of three US based buyers of engagement rings 42 00:02:47,320 --> 00:02:52,600 Speaker 3: that are from gen Z. That's according to the data 43 00:02:52,680 --> 00:02:57,480 Speaker 3: that jewelry insurance company Brighton Coke put out last month, 44 00:02:57,560 --> 00:03:04,040 Speaker 3: and that's basically what's helped to put Botswana in this 45 00:03:04,840 --> 00:03:10,240 Speaker 3: incredibly tight position. The diamond market has gone into an 46 00:03:10,280 --> 00:03:15,160 Speaker 3: incredibly deep slump, but started out after a spike in 47 00:03:15,400 --> 00:03:20,840 Speaker 3: twenty twenty one post COVID where everybody was essentially buying 48 00:03:20,919 --> 00:03:25,600 Speaker 3: everything and the price of everything went up. Then demand slumped. 49 00:03:25,720 --> 00:03:28,680 Speaker 3: There was a slowdown in demand in the US and 50 00:03:28,840 --> 00:03:33,880 Speaker 3: China because of difficult economic conditions inflation, etc. But then 51 00:03:33,960 --> 00:03:38,240 Speaker 3: in the years after that, this phenomenon of lab grown 52 00:03:38,360 --> 00:03:43,840 Speaker 3: diamonds rarely came to the fore. So for Botswana, a 53 00:03:43,880 --> 00:03:49,200 Speaker 3: small African economy, what this means is that eighty percent 54 00:03:49,400 --> 00:03:54,880 Speaker 3: of its exports diamonds are now taking a really, really 55 00:03:54,920 --> 00:03:59,040 Speaker 3: big hit. It also accounts for thirty three percent of 56 00:03:59,560 --> 00:04:03,680 Speaker 3: government revenues and makes up for a quarter of the 57 00:04:03,720 --> 00:04:08,160 Speaker 3: total economy. They've gone into contraction last year and are 58 00:04:08,320 --> 00:04:11,640 Speaker 3: likely to again this year. That means the first two 59 00:04:11,720 --> 00:04:16,800 Speaker 3: years of the economy shrinking since the country got independence 60 00:04:16,839 --> 00:04:23,000 Speaker 3: from the UK in nineteen sixty six. And also it 61 00:04:23,160 --> 00:04:26,840 Speaker 3: means that the budget shortfall that the government has is 62 00:04:27,520 --> 00:04:31,880 Speaker 3: the highest basically in Africa this year eleven percent of 63 00:04:32,080 --> 00:04:33,320 Speaker 3: gross domestic product. 64 00:04:33,800 --> 00:04:38,120 Speaker 1: Wow, and I mean you mentioned Matt, Botswana is a 65 00:04:38,200 --> 00:04:40,680 Speaker 1: small economy, but of course, as you were just pointing 66 00:04:40,680 --> 00:04:44,719 Speaker 1: out there clearly very resource rich, which brings me to 67 00:04:44,880 --> 00:04:48,360 Speaker 1: Umbongani because you are there on the ground. Can you, 68 00:04:48,720 --> 00:04:50,800 Speaker 1: as Matt was just pointing out there, can you talk 69 00:04:50,839 --> 00:04:53,880 Speaker 1: a bit about the diamond money and how it's affected 70 00:04:53,960 --> 00:04:57,880 Speaker 1: Botswana over the past few decades. How did it translate 71 00:04:57,960 --> 00:05:02,960 Speaker 1: into growth of infrastructure projects, public services. What's been the 72 00:05:03,000 --> 00:05:04,839 Speaker 1: transformation over the past few decades. 73 00:05:05,600 --> 00:05:08,480 Speaker 2: As Matt mentioned, from independence in nineteen sixty six, So 74 00:05:08,480 --> 00:05:10,560 Speaker 2: if you look at the Bosona economy at the time, 75 00:05:11,160 --> 00:05:14,960 Speaker 2: it was largely agrarian and that was subsistence farmers or 76 00:05:15,080 --> 00:05:17,920 Speaker 2: communal farmers. And then it was the budget was largely 77 00:05:18,080 --> 00:05:22,039 Speaker 2: don't led so from the former United Kingdom authority. And 78 00:05:22,080 --> 00:05:24,520 Speaker 2: so what diamonds did the revenues from those built up 79 00:05:24,560 --> 00:05:28,599 Speaker 2: primary and secondary infrastructure throughout the country. It's a very 80 00:05:28,640 --> 00:05:32,200 Speaker 2: expansive country, but with the sparse population so there was 81 00:05:32,240 --> 00:05:35,320 Speaker 2: are high costs and low returns for any kind of investment. 82 00:05:35,800 --> 00:05:40,359 Speaker 2: So diamonds allowed state led primary secondary infrastructure. Today we 83 00:05:40,440 --> 00:05:44,440 Speaker 2: have tertiary level infrastructure. It also allowed for the subsidized 84 00:05:44,480 --> 00:05:48,960 Speaker 2: rollout of services such as health education. More importantly, though, 85 00:05:49,120 --> 00:05:53,640 Speaker 2: beyond that, diamonds anchored the growth of the financial sector, 86 00:05:54,400 --> 00:05:58,680 Speaker 2: and it's through that financial sector that the broader development 87 00:05:58,720 --> 00:06:02,080 Speaker 2: and sophistication of the enemy has come about over the years. 88 00:06:02,320 --> 00:06:05,360 Speaker 2: The diamond industry is self employees about five thousand people. 89 00:06:06,080 --> 00:06:08,799 Speaker 2: Total employment in Botswana is anyway up to one hundred 90 00:06:08,800 --> 00:06:11,720 Speaker 2: and fifty thousand people on a full time basis. So 91 00:06:11,839 --> 00:06:15,480 Speaker 2: diamonds enabled the growth of these other sectors that are 92 00:06:15,520 --> 00:06:19,599 Speaker 2: now I wouldn't say tittering, but they're now unsteady because 93 00:06:19,640 --> 00:06:22,279 Speaker 2: of the impact on the anchor of the economy. 94 00:06:23,480 --> 00:06:25,640 Speaker 1: And that's sort of come at the foot of the 95 00:06:25,680 --> 00:06:29,280 Speaker 1: new President Dumaboko, who's not only having to deal with 96 00:06:29,320 --> 00:06:33,760 Speaker 1: the economic situation but also the negotiating happening with the 97 00:06:33,800 --> 00:06:38,000 Speaker 1: government and some of the diamond companies in the country. Matthew, 98 00:06:38,600 --> 00:06:41,800 Speaker 1: can you talk about what we've heard from Dumaboko and 99 00:06:41,880 --> 00:06:46,080 Speaker 1: what he's said publicly about the financial and the economic 100 00:06:46,160 --> 00:06:47,880 Speaker 1: situation that the country's in right now. 101 00:06:48,360 --> 00:06:54,640 Speaker 3: Yeah, that's an important question. I know. Before the Botswani elections, 102 00:06:54,680 --> 00:07:00,080 Speaker 3: when I interviewed Dumaboko, he mentioned that he had a 103 00:07:00,080 --> 00:07:03,280 Speaker 3: plan if he won the elections that happened at the 104 00:07:03,320 --> 00:07:06,520 Speaker 3: end of last year, his new government would want to 105 00:07:06,600 --> 00:07:11,080 Speaker 3: take a majority stake in the Beers, which is the 106 00:07:11,160 --> 00:07:15,760 Speaker 3: world's biggest diamond producer by value, against the vast majority 107 00:07:15,880 --> 00:07:20,400 Speaker 3: of its stones from Botswana, where it already has a 108 00:07:20,480 --> 00:07:26,800 Speaker 3: fifty to fifty joint venture with the Botswana government. That 109 00:07:26,920 --> 00:07:32,760 Speaker 3: might seem counterintuitive, because when your economy is absolutely bleeding 110 00:07:32,920 --> 00:07:37,240 Speaker 3: because of an over dependence on diamonds, it seems strange 111 00:07:37,360 --> 00:07:43,040 Speaker 3: to want to actually become even more dependent on diamonds. 112 00:07:43,240 --> 00:07:47,960 Speaker 3: But Bokor has said in the interview last year that 113 00:07:49,720 --> 00:07:54,680 Speaker 3: the perfect time to buy is during a crisis. His 114 00:07:54,760 --> 00:08:01,720 Speaker 3: government's also been trying to together with other diamond producing nations, 115 00:08:01,760 --> 00:08:10,320 Speaker 3: including neighboring Namibia and also Angola, to resuscitate demand for 116 00:08:10,480 --> 00:08:16,160 Speaker 3: natural diamonds over the much cheaper lab grown gems. These 117 00:08:16,160 --> 00:08:21,040 Speaker 3: countries have pledged to spend one percent of their diamond 118 00:08:21,120 --> 00:08:27,440 Speaker 3: revenues on marketing and promoting natural diamonds. But I mean, 119 00:08:27,800 --> 00:08:30,240 Speaker 3: we don't know how effective this is going to be 120 00:08:31,560 --> 00:08:35,199 Speaker 3: and how long it might take to win consumers back. 121 00:08:35,640 --> 00:08:38,079 Speaker 1: And hold that thought, Matthew. When we come back from 122 00:08:38,120 --> 00:08:40,800 Speaker 1: the break, we'll talk about what more the Botswana government 123 00:08:40,880 --> 00:08:44,200 Speaker 1: is trying to do to reinvigorate the economy and whether 124 00:08:44,320 --> 00:08:47,000 Speaker 1: or not it's actually going to work. We'll be right back. 125 00:08:51,240 --> 00:08:54,920 Speaker 1: Welcome back today and the podcast. We're talking about Botswana 126 00:08:55,000 --> 00:08:58,080 Speaker 1: and how the rise of lab grown diamonds is leaving 127 00:08:58,200 --> 00:09:02,520 Speaker 1: the economy in big trouble. We have Matthew Hill and 128 00:09:02,760 --> 00:09:07,280 Speaker 1: Bonganygouni joining us. So Bongany, before we went to the break, 129 00:09:07,520 --> 00:09:11,120 Speaker 1: Matthew was saying that the economy is bleeding. Talk about 130 00:09:11,200 --> 00:09:15,240 Speaker 1: what it's like on the ground there for Botswanans today. 131 00:09:15,360 --> 00:09:17,200 Speaker 1: Give us some color if you can. 132 00:09:17,840 --> 00:09:19,920 Speaker 2: I think what you can tell is that there's a 133 00:09:19,960 --> 00:09:23,680 Speaker 2: great appreciation just through public debate, through a lot of 134 00:09:23,679 --> 00:09:26,120 Speaker 2: engagements that we have with both the public and the 135 00:09:26,120 --> 00:09:29,280 Speaker 2: private sector, there's a lot of appreciation that diamonds can 136 00:09:29,320 --> 00:09:32,240 Speaker 2: no longer anchor the economy and that the attempts from 137 00:09:32,600 --> 00:09:35,880 Speaker 2: decades ago to diversify the equoding away from its reliance 138 00:09:35,920 --> 00:09:39,360 Speaker 2: on diamonds have become an urgency. I think the President's 139 00:09:39,440 --> 00:09:42,480 Speaker 2: Book of us an existential threat, and so you're seeing 140 00:09:42,480 --> 00:09:46,439 Speaker 2: a lot of efforts. And what's really quite evident is 141 00:09:46,559 --> 00:09:49,439 Speaker 2: the fact that it's the highest level of engagement between 142 00:09:49,800 --> 00:09:52,400 Speaker 2: the government and the private sector that we've seen in 143 00:09:52,520 --> 00:09:56,240 Speaker 2: years around transformation. It's quite clear that the new government's 144 00:09:56,280 --> 00:09:59,960 Speaker 2: openness to engage the private sector and infrastructure development is 145 00:10:00,040 --> 00:10:03,080 Speaker 2: something that was previously I would say it was lesser 146 00:10:03,160 --> 00:10:09,319 Speaker 2: regarded by the prior administrations because those efforts winters urgent 147 00:10:09,400 --> 00:10:12,280 Speaker 2: when the revenues from diamonds are coming in. So just 148 00:10:12,320 --> 00:10:14,600 Speaker 2: in terms of the picture on the ground, that's what 149 00:10:14,640 --> 00:10:17,240 Speaker 2: we're seeing. We're seeing that the private sector has risen 150 00:10:17,280 --> 00:10:19,720 Speaker 2: to the fore they've always been asking for government to 151 00:10:19,760 --> 00:10:23,520 Speaker 2: open the door and reduce its size in the economy 152 00:10:23,520 --> 00:10:26,160 Speaker 2: in certain sectors so that the private sector could play 153 00:10:26,200 --> 00:10:28,600 Speaker 2: a much sharper role. I think that's what is quite 154 00:10:28,640 --> 00:10:29,360 Speaker 2: clear at the moment. 155 00:10:29,760 --> 00:10:32,679 Speaker 1: Is there any sense whether or not these plans are 156 00:10:32,720 --> 00:10:36,440 Speaker 1: actually realistic? Are people hopeful this time around? 157 00:10:37,120 --> 00:10:40,760 Speaker 2: Absolutely. One thing that has been said again and again 158 00:10:40,800 --> 00:10:43,439 Speaker 2: by analysts is that the coming in of the new 159 00:10:43,440 --> 00:10:49,000 Speaker 2: administration brings in people who don't own the architecture, the culture, 160 00:10:49,559 --> 00:10:53,520 Speaker 2: the systems and the attitudes of the old administration. So 161 00:10:54,000 --> 00:10:56,080 Speaker 2: they don't own it. They don't need to have the 162 00:10:56,160 --> 00:10:59,839 Speaker 2: same attitudes and approach that the previous administration had over 163 00:10:59,880 --> 00:11:02,760 Speaker 2: the is fifty eight years in power. So even as 164 00:11:03,080 --> 00:11:06,000 Speaker 2: President Boco works on his first National Development Plan, it's 165 00:11:06,040 --> 00:11:08,120 Speaker 2: going to run for about five years, there is the 166 00:11:08,240 --> 00:11:11,320 Speaker 2: sense of optimism and as I said, the private sector 167 00:11:11,360 --> 00:11:15,760 Speaker 2: which has they've become tired of promises of public private 168 00:11:15,880 --> 00:11:18,320 Speaker 2: participation in the kind of thing. But this time around 169 00:11:18,400 --> 00:11:21,480 Speaker 2: they're actually leading the conversations and they're holding these engagements. 170 00:11:21,840 --> 00:11:23,480 Speaker 2: So the plan that has been developed is called the 171 00:11:23,559 --> 00:11:28,280 Speaker 2: Economic Transformation Plan. President Boco put this together with some 172 00:11:28,440 --> 00:11:32,760 Speaker 2: advisors from Malaysia. They've gone around the country collating, testing, 173 00:11:32,920 --> 00:11:36,920 Speaker 2: costing projects that they believe are transformational projects that are 174 00:11:36,920 --> 00:11:41,040 Speaker 2: going to be leading to diversification. Just this Tuesday, some 175 00:11:41,120 --> 00:11:43,880 Speaker 2: of these projects that the banko Botswana, there was an 176 00:11:44,000 --> 00:11:48,440 Speaker 2: investor road show. So these projects were set before asset managers, 177 00:11:48,480 --> 00:11:53,120 Speaker 2: before insurance funds, before pension funds for potential investments. And 178 00:11:53,160 --> 00:11:55,760 Speaker 2: you could see from the engagements that were taking place 179 00:11:55,800 --> 00:12:00,400 Speaker 2: there were people are talking about potential yields, potential returns packed. 180 00:12:01,240 --> 00:12:04,720 Speaker 2: This has never been seen before in Boswana. Infrastructure development 181 00:12:04,800 --> 00:12:07,920 Speaker 2: and transformational projects have always been under the purview of 182 00:12:07,920 --> 00:12:10,520 Speaker 2: the government. The government has got its own agenda that 183 00:12:10,559 --> 00:12:12,280 Speaker 2: it develops and it says this is what we're going 184 00:12:12,360 --> 00:12:15,680 Speaker 2: to do. And so boco's new administration has come at 185 00:12:15,720 --> 00:12:19,720 Speaker 2: a point when this crisis is enabling that faster transformation 186 00:12:19,840 --> 00:12:22,120 Speaker 2: and there's a lot of injection of hope in the economy. 187 00:12:22,559 --> 00:12:26,280 Speaker 1: That is an optimistic point there. Mangani Matt, if you 188 00:12:26,320 --> 00:12:30,240 Speaker 1: could just wrap things up for us here, because the 189 00:12:30,280 --> 00:12:33,920 Speaker 1: story that you both worked on really sort of culminates 190 00:12:33,960 --> 00:12:37,560 Speaker 1: in a tail right for economies that are focused on 191 00:12:37,600 --> 00:12:40,360 Speaker 1: a single commodity. I wonder if there's a lesson you 192 00:12:40,480 --> 00:12:43,160 Speaker 1: think to be learned when we look at some of 193 00:12:43,200 --> 00:12:46,800 Speaker 1: the other African economies that are potentially reliant on a 194 00:12:46,840 --> 00:12:50,800 Speaker 1: single commodity. Are we seeing a change? Are there different 195 00:12:51,920 --> 00:12:55,600 Speaker 1: perspectives that you think we'll see going forward? 196 00:12:56,200 --> 00:13:01,199 Speaker 3: This is one hundred percent coutiary tale to other countries 197 00:13:01,679 --> 00:13:06,120 Speaker 3: that are too heavily reliant on any single commodity. I mean, 198 00:13:06,720 --> 00:13:09,440 Speaker 3: bots one has always been held up as this real 199 00:13:09,640 --> 00:13:14,520 Speaker 3: African success story where a government has avoided the resource curse, 200 00:13:15,120 --> 00:13:21,440 Speaker 3: but for decades the government became incredibly complacent in not 201 00:13:21,640 --> 00:13:26,160 Speaker 3: pushing these diversification efforts. But what's one is still a 202 00:13:26,200 --> 00:13:29,160 Speaker 3: country with massive promise. It's got some of the best 203 00:13:29,200 --> 00:13:36,000 Speaker 3: tourism assets in Africa. Its nature parts are favorites among 204 00:13:36,440 --> 00:13:40,040 Speaker 3: celebrities like Prince Harry and Megan Merkel. It's got a 205 00:13:40,120 --> 00:13:44,520 Speaker 3: nascent copper mining industry. But yet if the government had 206 00:13:45,040 --> 00:13:51,160 Speaker 3: promoted and pushed for the growth of these industries years ago, 207 00:13:51,320 --> 00:13:55,400 Speaker 3: or even decades ago, preferably, then the outcome could have 208 00:13:55,480 --> 00:14:00,079 Speaker 3: been far better for the country. Other countries that are 209 00:14:00,120 --> 00:14:04,839 Speaker 3: benefiting from booms in commodities right now, you've got Congo 210 00:14:04,920 --> 00:14:08,360 Speaker 3: and Zambia really riding the copper wave. This is really 211 00:14:08,400 --> 00:14:12,080 Speaker 3: a lesson to them not to grow complacent and make 212 00:14:12,160 --> 00:14:15,079 Speaker 3: sure that you do diversify into other industries. 213 00:14:15,120 --> 00:14:18,320 Speaker 1: To you and you can read all of Bongeny and 214 00:14:18,480 --> 00:14:22,240 Speaker 1: Matthew's reporting from Botswana and elsewhere around the region on 215 00:14:22,320 --> 00:14:27,080 Speaker 1: Bloomberg platforms. Now here's some of the other stories we've 216 00:14:27,080 --> 00:14:30,520 Speaker 1: been following across the region this week. The National Bank 217 00:14:30,520 --> 00:14:33,960 Speaker 1: of Ethiopia governor has resigned after serving the role for 218 00:14:34,040 --> 00:14:37,040 Speaker 1: two and a half years, during which he helped implement 219 00:14:37,200 --> 00:14:42,920 Speaker 1: extensive reforms to overhaul the nation's economy and oil giant 220 00:14:43,000 --> 00:14:46,479 Speaker 1: Shell is returning to Angola after a twenty year hiatus, 221 00:14:46,560 --> 00:14:49,920 Speaker 1: highlighting a shift in sentiment towards the nation's oil sector 222 00:14:50,320 --> 00:14:54,560 Speaker 1: as reforms aimed at attracting global capital start to show results. 223 00:14:55,040 --> 00:14:57,920 Speaker 1: And you can follow these stories across Bloomberg platforms now, 224 00:14:57,920 --> 00:15:01,040 Speaker 1: including the Next African Newsletter. Put a link to that 225 00:15:01,080 --> 00:15:06,000 Speaker 1: in the show notes. This program was produced by Adrian 226 00:15:06,080 --> 00:15:09,480 Speaker 1: Bradley and tiwa Adebayo. Don't forget to follow and review 227 00:15:09,520 --> 00:15:13,800 Speaker 1: this show wherever you usually get your podcasts. I'm Jennifer's Abasaga. 228 00:15:13,920 --> 00:15:15,240 Speaker 1: Thanks as always for listening.