1 00:00:02,440 --> 00:00:06,800 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:08,039 --> 00:00:11,400 Speaker 2: Africa's richest person says the time is right for Nigeria 3 00:00:11,440 --> 00:00:12,920 Speaker 2: to end its fuel subsidy. 4 00:00:13,280 --> 00:00:17,160 Speaker 3: The removal of subsidy is totally dependent on the government, 5 00:00:17,400 --> 00:00:19,799 Speaker 3: not on us. But I think at the end of 6 00:00:19,840 --> 00:00:22,480 Speaker 3: the day, this subsidy will have to do. 7 00:00:23,000 --> 00:00:26,560 Speaker 2: But can the billionaire's latest venture help revive the economy 8 00:00:26,600 --> 00:00:28,600 Speaker 2: of Africa's top oil producer. 9 00:00:29,120 --> 00:00:32,800 Speaker 3: Ninety percent of the entire world did not really give 10 00:00:32,880 --> 00:00:36,480 Speaker 3: us a chance. Nobody really believe we'll come fully talk, 11 00:00:36,880 --> 00:00:37,600 Speaker 3: but we did. 12 00:00:37,960 --> 00:00:40,959 Speaker 2: On this episode of The Next Africa Podcast, we'll take 13 00:00:41,000 --> 00:00:44,479 Speaker 2: a deeper look at Alico dan Gote's exclusive interview with 14 00:00:44,520 --> 00:00:48,000 Speaker 2: Bloomberg and why what he says about the Nigerian economy 15 00:00:48,240 --> 00:00:55,120 Speaker 2: really matters. I'm Jennifer's Abasaja and this is the Next 16 00:00:55,160 --> 00:00:58,400 Speaker 2: Africa Podcast, bringing you one story each week from the 17 00:00:58,400 --> 00:01:01,640 Speaker 2: continent driving the future of global growth, but the context 18 00:01:01,720 --> 00:01:09,200 Speaker 2: only Bloomberg can provide. And Nduka Orgimo is a Bloomberger 19 00:01:09,240 --> 00:01:12,480 Speaker 2: reporter based in Abuja and he's joining us now and 20 00:01:12,520 --> 00:01:14,360 Speaker 2: also has been covering this story very closely. 21 00:01:14,480 --> 00:01:16,200 Speaker 4: Hi in Duka, how are you hi? 22 00:01:16,280 --> 00:01:17,160 Speaker 1: Jenna fine? Thank you? 23 00:01:17,800 --> 00:01:21,840 Speaker 2: Good So this was a pretty extensive interview and some 24 00:01:21,959 --> 00:01:25,520 Speaker 2: word that we got from dan Gote. But let's maybe 25 00:01:25,560 --> 00:01:28,840 Speaker 2: start with some background about who he is. Who is 26 00:01:28,880 --> 00:01:31,520 Speaker 2: the Lego dan Gote and how did he get to 27 00:01:32,040 --> 00:01:34,920 Speaker 2: being the richest person in Africa right now? 28 00:01:36,120 --> 00:01:39,800 Speaker 5: He's an old school industrialis Yeah, it almost feels like 29 00:01:39,959 --> 00:01:43,720 Speaker 5: he's from another era. He comes from you a wealthy family. 30 00:01:43,720 --> 00:01:46,440 Speaker 5: I mean, he says to himself. His great grandfather was 31 00:01:46,480 --> 00:01:50,160 Speaker 5: one of the richest presents in Africa in the nineteen forties. 32 00:01:50,600 --> 00:01:54,440 Speaker 5: His late grandfather was also one of the wealthiest ninetels 33 00:01:54,480 --> 00:01:58,560 Speaker 5: at the time. His father was Fela Vishtu, died when Dangote. 34 00:01:58,320 --> 00:02:00,840 Speaker 1: Was ets old. He's cold in Egypt. 35 00:02:01,080 --> 00:02:05,320 Speaker 6: Came back to n Nigeria in nineteen seventy eight ish 36 00:02:05,400 --> 00:02:09,800 Speaker 6: and started trading in in cements, started trading in sugar 37 00:02:09,880 --> 00:02:11,280 Speaker 6: and in other commodities. 38 00:02:11,639 --> 00:02:13,800 Speaker 1: But it was in two thousand and. 39 00:02:13,560 --> 00:02:16,720 Speaker 5: Seven that he began to manufacture his own cements here 40 00:02:17,160 --> 00:02:18,240 Speaker 5: in Nigeria and. 41 00:02:18,560 --> 00:02:21,280 Speaker 1: That's when his wealth really took off. 42 00:02:21,720 --> 00:02:23,480 Speaker 5: But if you want to trace his wealth, I think 43 00:02:23,480 --> 00:02:27,440 Speaker 5: it's down to that explosion of his cement's manufacturing in 44 00:02:27,720 --> 00:02:30,840 Speaker 5: Nigeria and then his expansion to other Africa countries. 45 00:02:31,680 --> 00:02:35,160 Speaker 1: His at the moments, he's transitioning. 46 00:02:34,480 --> 00:02:38,520 Speaker 5: Into what we think is the next face of his empire, 47 00:02:38,600 --> 00:02:41,800 Speaker 5: which is still in this mega refinery in Legos. That 48 00:02:41,840 --> 00:02:46,120 Speaker 5: refinery is the largest in Africa. It can refine fifty 49 00:02:46,120 --> 00:02:47,760 Speaker 5: thousand bars of fruit per day. 50 00:02:48,360 --> 00:02:51,200 Speaker 2: And I think what's important to note too in Duka 51 00:02:51,240 --> 00:02:53,679 Speaker 2: is this was a long time coming. At the same 52 00:02:53,720 --> 00:02:56,560 Speaker 2: time he talks about now is the time to end 53 00:02:57,040 --> 00:02:59,960 Speaker 2: the subsidies because of the refinery that he has built. 54 00:03:00,160 --> 00:03:02,919 Speaker 2: Can you maybe give us some context as to how 55 00:03:03,040 --> 00:03:06,480 Speaker 2: oil is being and has been subsidized in Nigeria and 56 00:03:06,520 --> 00:03:08,160 Speaker 2: why he's saying now is the time. 57 00:03:08,800 --> 00:03:12,080 Speaker 5: You need to understand Aura's place in North Africa's top 58 00:03:12,400 --> 00:03:17,360 Speaker 5: all nations. Nigeria is the continuous largest fruit producer. However, 59 00:03:17,760 --> 00:03:22,080 Speaker 5: Nigeria is unable to refine its own fruit domestically. So 60 00:03:22,120 --> 00:03:25,639 Speaker 5: what has happened over time is that Nigeria has shipped 61 00:03:25,639 --> 00:03:28,360 Speaker 5: food oil to refine us a build in Asia and 62 00:03:28,400 --> 00:03:31,720 Speaker 5: in Europe and then has had to import refined fuel. 63 00:03:32,120 --> 00:03:35,120 Speaker 5: What has happened over time in Nigeria is that Nigermians 64 00:03:35,160 --> 00:03:38,360 Speaker 5: have had to pay one of the cheapests. 65 00:03:37,720 --> 00:03:40,840 Speaker 1: For gasoline in the world that's refined. 66 00:03:40,880 --> 00:03:45,000 Speaker 5: Photograts imported by the government is then subsidized. Wearing Nigerias 67 00:03:45,040 --> 00:03:49,000 Speaker 5: don't pay the full market value at the pump. Nigeria's 68 00:03:49,000 --> 00:03:52,080 Speaker 5: have paid the cheapest for a very long time, since 69 00:03:52,280 --> 00:03:56,880 Speaker 5: probably nineteen seventies. That's when the government first introduced the 70 00:03:56,960 --> 00:04:01,000 Speaker 5: subsidy into into the economy, and Juras tend to see 71 00:04:01,000 --> 00:04:03,960 Speaker 5: it as their own share of what they call the 72 00:04:04,040 --> 00:04:09,040 Speaker 5: national kick, and this is governments in ability to provide 73 00:04:09,200 --> 00:04:12,720 Speaker 5: other basic amenities. The schools are not in the best shape. 74 00:04:13,560 --> 00:04:15,920 Speaker 5: What are in most cities. The roads are not in 75 00:04:16,200 --> 00:04:18,640 Speaker 5: the best shape. You know, you don't have stable electricity. 76 00:04:19,000 --> 00:04:21,320 Speaker 5: So I think the government has how to compensate for 77 00:04:21,360 --> 00:04:27,159 Speaker 5: this incompetence, almost by then subsidizing gasoline that Nigerians think 78 00:04:27,360 --> 00:04:31,280 Speaker 5: is giving resources that it should be paying the cheapest 79 00:04:31,400 --> 00:04:31,760 Speaker 5: value for. 80 00:04:32,200 --> 00:04:34,599 Speaker 2: That sort of paints the picture very clearly in Duga 81 00:04:34,600 --> 00:04:37,000 Speaker 2: about how sensitive potentially the issue is. 82 00:04:37,279 --> 00:04:40,240 Speaker 4: Let's hear from dan Gote on this in particular. 83 00:04:40,400 --> 00:04:43,479 Speaker 3: Subsidy is a very sensitive issue. If you know, I 84 00:04:43,600 --> 00:04:46,839 Speaker 3: believe the problem is not only the subsidy. It is 85 00:04:47,000 --> 00:04:49,680 Speaker 3: problem that you know, once you are subsidizing something, then 86 00:04:49,720 --> 00:04:53,440 Speaker 3: people will be blotting the numbers and government will end 87 00:04:53,520 --> 00:04:56,719 Speaker 3: up paying what they're not supposed to be paying. But 88 00:04:57,440 --> 00:05:02,480 Speaker 3: this refinerary will bring quite a lot of issues up there, 89 00:05:02,640 --> 00:05:05,640 Speaker 3: you know, it will show the real consumption of Nigeria. 90 00:05:06,200 --> 00:05:10,359 Speaker 3: We have to make a profit. We build something worth 91 00:05:10,400 --> 00:05:13,080 Speaker 3: twenty billion dollars, so definitely we have to make money. 92 00:05:13,160 --> 00:05:17,000 Speaker 3: The removal of subsidy is totally dependent on the government, 93 00:05:17,240 --> 00:05:21,240 Speaker 3: not on us. We cannot change you know, price, but 94 00:05:21,320 --> 00:05:23,960 Speaker 3: I think, you know, the government will have to, you know, 95 00:05:24,080 --> 00:05:27,200 Speaker 3: give up something for something, you know, so I think 96 00:05:27,240 --> 00:05:30,240 Speaker 3: at the end of the day, the subsidy would have 97 00:05:30,320 --> 00:05:30,480 Speaker 3: to go. 98 00:05:31,560 --> 00:05:33,680 Speaker 2: You know, when Duga you were just talking about the 99 00:05:33,720 --> 00:05:39,000 Speaker 2: complexities with the subsidies for all people involved, especially for 100 00:05:39,080 --> 00:05:43,480 Speaker 2: the government, right because removing it would create people upset 101 00:05:43,560 --> 00:05:45,800 Speaker 2: and uproar, especially considering the cost of living. 102 00:05:46,520 --> 00:05:51,520 Speaker 5: Exactly, it's more a political issue than an economic one. 103 00:05:51,920 --> 00:05:55,200 Speaker 5: And you have to understand that it's a huge drain 104 00:05:55,240 --> 00:06:00,359 Speaker 5: on Nigeria's resources. So in twenty two, Nigeria's pains you know, 105 00:06:00,400 --> 00:06:05,320 Speaker 5: around ten billion dollars to subsidize gasoline, So that's monion 106 00:06:05,320 --> 00:06:07,279 Speaker 5: that could have been spent on many other things. 107 00:06:07,400 --> 00:06:09,080 Speaker 1: And the World Bank and IMF. 108 00:06:09,080 --> 00:06:11,280 Speaker 5: And you have long called for the government to self 109 00:06:11,279 --> 00:06:15,320 Speaker 5: subsidize in fuel, especially gasoline, but it's difficult to do so. 110 00:06:15,760 --> 00:06:19,320 Speaker 5: And I'll take you back to twenty twelve when the 111 00:06:19,680 --> 00:06:25,080 Speaker 5: government of then President Bulog Jonathan attempted to remove fuel 112 00:06:25,160 --> 00:06:28,680 Speaker 5: subsidi on gasoline, and there was this huge protest and 113 00:06:28,800 --> 00:06:33,440 Speaker 5: that protest governized your position to then topple the incumbent, 114 00:06:33,520 --> 00:06:37,240 Speaker 5: that's Bulllogjenathan three years later at the general elections in 115 00:06:37,279 --> 00:06:41,960 Speaker 5: twenty fifteen. When President Bonatino came in last year in May, 116 00:06:42,120 --> 00:06:46,040 Speaker 5: he promised to remove the subsidient gasoline and then reinvest 117 00:06:46,040 --> 00:06:49,320 Speaker 5: all that money elsewhere. What then happened was that inflation 118 00:06:49,440 --> 00:06:53,719 Speaker 5: that was already high, skyrocketed, and then price of transport 119 00:06:53,800 --> 00:06:55,280 Speaker 5: went up, and of course went up. 120 00:06:55,520 --> 00:07:00,000 Speaker 1: Price went up, and the government ceotic was unsustained. 121 00:07:00,640 --> 00:07:04,400 Speaker 5: So two months later, in August, there was a cap 122 00:07:04,839 --> 00:07:08,760 Speaker 5: on the price of gasoline. So in effect, subsidy of 123 00:07:08,839 --> 00:07:12,200 Speaker 5: gasoline was re introduced by President Polacin. 124 00:07:12,320 --> 00:07:13,840 Speaker 1: But just to give you an idea of how. 125 00:07:13,680 --> 00:07:17,720 Speaker 5: Difficult it's being to to actually end and the subsidy, 126 00:07:17,720 --> 00:07:21,400 Speaker 5: andreas are still not paying the true cost of gasoline. 127 00:07:21,520 --> 00:07:24,400 Speaker 5: But the government is hoping now that we the refinery 128 00:07:24,440 --> 00:07:29,600 Speaker 5: coming on board, it can effectively end any subsidy on gasoline. 129 00:07:29,720 --> 00:07:31,880 Speaker 5: But I think the truth test of whether or not 130 00:07:31,960 --> 00:07:35,680 Speaker 5: Nigerians want to start paying the true value of gasoline 131 00:07:35,720 --> 00:07:38,360 Speaker 5: at the comps is when we see that fluctuation again 132 00:07:38,680 --> 00:07:41,200 Speaker 5: of food. Gwen pop So Andrians are getting to the 133 00:07:41,240 --> 00:07:43,960 Speaker 5: market at the time when crude when it goes up. 134 00:07:44,200 --> 00:07:47,680 Speaker 5: I guess doesn't see the truth test of this policy. 135 00:07:48,160 --> 00:07:50,920 Speaker 2: That was a really great picture that you just painted 136 00:07:50,920 --> 00:07:54,880 Speaker 2: in Duga and just the fluctuations and the really the 137 00:07:54,920 --> 00:07:58,680 Speaker 2: history and the story of crude and Nigeria and its 138 00:07:58,680 --> 00:08:01,560 Speaker 2: effect on Nigerians with us and DUCA. When we come back, 139 00:08:01,600 --> 00:08:11,320 Speaker 2: we'll have more on Africa's purchase man. Welcome back today 140 00:08:11,320 --> 00:08:15,480 Speaker 2: on the podcast, we're looking at Africa's industrialists. Aliko, Deng 141 00:08:15,520 --> 00:08:19,160 Speaker 2: Goote and Duka is still with us SO and Duka. 142 00:08:19,360 --> 00:08:23,960 Speaker 2: Let's look more at the man behind the empire. Right. 143 00:08:24,680 --> 00:08:26,000 Speaker 4: He talked about how he. 144 00:08:26,080 --> 00:08:29,800 Speaker 2: Is a massive Arsenal fan and has been linked with 145 00:08:29,880 --> 00:08:33,560 Speaker 2: the club in the past, but perhaps the dreams that 146 00:08:33,600 --> 00:08:36,880 Speaker 2: he had of yesteryear have have moved on. 147 00:08:37,559 --> 00:08:40,120 Speaker 4: Let's play a clip from what he told us earlier. 148 00:08:39,800 --> 00:08:42,560 Speaker 3: This week, Asina is doing extremely very well. That time 149 00:08:42,679 --> 00:08:46,440 Speaker 3: Asenau wasn't doing well. I think, you know, I don't 150 00:08:46,520 --> 00:08:51,079 Speaker 3: have that kind of excess liquidity to go and buy 151 00:08:51,160 --> 00:08:55,199 Speaker 3: a club for four billion dollars so to speak, or 152 00:08:55,280 --> 00:08:57,080 Speaker 3: rather do something of the money. What I will do, 153 00:08:57,480 --> 00:09:01,520 Speaker 3: I'll continue to be the biggest fan of Arsenal. Every day, 154 00:09:01,640 --> 00:09:03,880 Speaker 3: anytime that they are planing, I would watch, So I 155 00:09:03,880 --> 00:09:08,679 Speaker 3: will remain a major supporter of Arsenal. But I don't 156 00:09:08,679 --> 00:09:11,640 Speaker 3: think if it makes sense today to buy Arsenal. 157 00:09:11,760 --> 00:09:13,360 Speaker 4: Do you regret not buying it before? 158 00:09:13,920 --> 00:09:17,160 Speaker 3: We Actually I regret not buying is before. But you know, 159 00:09:18,360 --> 00:09:22,440 Speaker 3: my money was more needed in completing my project than 160 00:09:22,520 --> 00:09:23,320 Speaker 3: buying Arsenal. 161 00:09:24,040 --> 00:09:26,199 Speaker 4: So you would have bought it for two billion, I would. 162 00:09:26,040 --> 00:09:27,600 Speaker 3: Have bought it for two billion, yeah, but you know 163 00:09:27,640 --> 00:09:30,840 Speaker 3: I wouldn't have been able to finish my project, you know. 164 00:09:30,960 --> 00:09:35,000 Speaker 3: So it's either finished your project, will go and buy Arsenal, 165 00:09:35,040 --> 00:09:37,720 Speaker 3: And I think the best decision was for us to 166 00:09:37,760 --> 00:09:39,640 Speaker 3: now go and complete our refinery. 167 00:09:39,920 --> 00:09:42,800 Speaker 2: So Druka football is important to many people, but maybe 168 00:09:42,840 --> 00:09:45,280 Speaker 2: you can tell us just how important is it to 169 00:09:45,360 --> 00:09:45,920 Speaker 2: a legal. 170 00:09:45,840 --> 00:09:48,840 Speaker 5: And go to Well, this is my favorite part of 171 00:09:48,840 --> 00:09:51,520 Speaker 5: the show because I can talk about us now. And 172 00:09:51,559 --> 00:09:54,520 Speaker 5: that's one thing I share a couple with with We 173 00:09:54,559 --> 00:09:57,360 Speaker 5: are both Arsenal fans. He's a big fan of the 174 00:09:57,360 --> 00:10:01,080 Speaker 5: North London club. He's been a lifelong supporter and a 175 00:10:01,120 --> 00:10:03,880 Speaker 5: few years back he started hearing that he was interested 176 00:10:04,480 --> 00:10:07,319 Speaker 5: in buying Arsenal Football Club. Whether or not the club 177 00:10:07,440 --> 00:10:10,400 Speaker 5: was up for sale was a different math altogether, but 178 00:10:10,960 --> 00:10:14,400 Speaker 5: it seemed like she was serious about buying Arsenal. He 179 00:10:14,480 --> 00:10:16,400 Speaker 5: was interested in buying the club when they were not 180 00:10:16,600 --> 00:10:18,960 Speaker 5: doing quite well in the English Premier League. 181 00:10:19,000 --> 00:10:21,280 Speaker 1: But now if we are competing for the Championship once again. 182 00:10:21,679 --> 00:10:23,880 Speaker 5: But he thinks that his money is his best it 183 00:10:24,120 --> 00:10:27,199 Speaker 5: lies elsewhere and he's giving up a north farce of 184 00:10:27,200 --> 00:10:30,520 Speaker 5: buying the club. What he insisted he still remain the 185 00:10:30,520 --> 00:10:32,080 Speaker 5: biggest fan of the club in Nigeria. 186 00:10:33,360 --> 00:10:38,160 Speaker 2: Wow, bigger than in Duka. Really we'll see. So, I 187 00:10:38,200 --> 00:10:40,760 Speaker 2: guess on the one hand, it's a dream loss. But also, 188 00:10:40,800 --> 00:10:44,000 Speaker 2: as you said, as an Arsenal fan for yourself, the 189 00:10:44,040 --> 00:10:46,760 Speaker 2: team is doing well right, so potentially good for both 190 00:10:46,800 --> 00:10:49,600 Speaker 2: of you. And let's just finish on what more we 191 00:10:49,720 --> 00:10:53,880 Speaker 2: learned from Dan Gote. What really stood out to you, 192 00:10:54,200 --> 00:10:56,800 Speaker 2: as somebody who is covering what is happening in the 193 00:10:56,840 --> 00:10:59,920 Speaker 2: country day and day out, what is it that you 194 00:11:00,320 --> 00:11:01,480 Speaker 2: are paying close attention to? 195 00:11:01,600 --> 00:11:03,160 Speaker 4: Based on what deng Goo tees. 196 00:11:04,320 --> 00:11:06,320 Speaker 5: We learned for the first time that he's now opening 197 00:11:06,360 --> 00:11:10,600 Speaker 5: a family office in Dubai and it's going to be 198 00:11:10,679 --> 00:11:14,200 Speaker 5: headed by his daughter Halima. Now this this office in 199 00:11:14,280 --> 00:11:17,200 Speaker 5: Dubai is going to seek out global investments to basically 200 00:11:17,240 --> 00:11:22,160 Speaker 5: diversify the grovesholders beyond its industrials. At the moments, we 201 00:11:22,559 --> 00:11:25,800 Speaker 5: have for a while now been wondering what's his succession 202 00:11:25,880 --> 00:11:28,800 Speaker 5: plan is, and that give us an idea how he 203 00:11:28,880 --> 00:11:32,640 Speaker 5: sees the empire progressing when he's no longer here. And 204 00:11:32,679 --> 00:11:36,439 Speaker 5: then the big bid for me was him saying that 205 00:11:36,960 --> 00:11:38,840 Speaker 5: he thought it was a big mistake on the part 206 00:11:38,880 --> 00:11:42,240 Speaker 5: of the States owned NNPC, so I've dropped their stake 207 00:11:42,280 --> 00:11:45,559 Speaker 5: in its refinery. The NFPC is okay twenty percent stake 208 00:11:45,640 --> 00:11:48,920 Speaker 5: in the Dangote refinery, but re learned in June this 209 00:11:49,080 --> 00:11:51,640 Speaker 5: year that that stick had been cut to seven percent, 210 00:11:52,320 --> 00:11:54,680 Speaker 5: and he's said in that interview that it was a 211 00:11:54,720 --> 00:11:57,920 Speaker 5: big mistake for the NPSIS to QUOTDS stakes. So I 212 00:11:58,000 --> 00:12:00,880 Speaker 5: think it tells you a lot about what he sees 213 00:12:01,280 --> 00:12:06,240 Speaker 5: the potentials of their finarity, thinks he's going with that project. 214 00:12:06,920 --> 00:12:09,560 Speaker 5: To say that the state's minute dig mistake taking up 215 00:12:09,600 --> 00:12:12,160 Speaker 5: the full twenty percent, I think speaks a lot about 216 00:12:12,640 --> 00:12:16,040 Speaker 5: how do antipas himself to really make a killing off 217 00:12:16,120 --> 00:12:17,240 Speaker 5: of the projects in Legos. 218 00:12:18,360 --> 00:12:21,760 Speaker 2: It was really a wide ranging interview and fascinating to 219 00:12:21,840 --> 00:12:24,280 Speaker 2: hear from him and Duka. Thank you so much for 220 00:12:24,400 --> 00:12:26,160 Speaker 2: joining us, for walking us through it, and also for 221 00:12:26,280 --> 00:12:28,040 Speaker 2: your reporting today and every day. 222 00:12:28,240 --> 00:12:29,000 Speaker 4: Really appreciate it. 223 00:12:29,800 --> 00:12:34,199 Speaker 1: Pleasure and you can see. 224 00:12:34,040 --> 00:12:37,080 Speaker 2: The interview on Bloomberg right now, and we'll also link 225 00:12:37,120 --> 00:12:40,240 Speaker 2: it to Induka's Nigeria coverage that will be in our 226 00:12:40,280 --> 00:12:43,160 Speaker 2: show notes. Other stories we're watching in the region this week. 227 00:12:43,400 --> 00:12:45,560 Speaker 2: The World Bank is in talks with Uganda to find 228 00:12:45,640 --> 00:12:50,320 Speaker 2: a compromise over anti LGBTQ legislation to try to end 229 00:12:50,320 --> 00:12:54,439 Speaker 2: a freeze in lending. Civil rights groups are warning any leniency, though, 230 00:12:54,800 --> 00:12:58,439 Speaker 2: will set a global precedent. Also, President Biden is set 231 00:12:58,520 --> 00:13:01,000 Speaker 2: to make a trip to Ngola of filling his promise 232 00:13:01,040 --> 00:13:04,320 Speaker 2: to visit the continent before his presidency is over. He'll 233 00:13:04,360 --> 00:13:06,640 Speaker 2: hope to use the trip to convince African leaders that 234 00:13:06,760 --> 00:13:10,079 Speaker 2: the region is still a priority for the US. You 235 00:13:10,160 --> 00:13:14,160 Speaker 2: can follow these stories across Bloomberg, including the Next Africa Newsletter. 236 00:13:14,520 --> 00:13:16,840 Speaker 2: We'll put a link to our newsletter in the show notes. 237 00:13:21,920 --> 00:13:25,160 Speaker 2: This program was produced by Adrian Bradley. Don't forget to 238 00:13:25,240 --> 00:13:28,319 Speaker 2: follow and review this show wherever you usually get your podcast. 239 00:13:29,160 --> 00:13:31,640 Speaker 2: I'm Jennifer's Abisanja. Thank you so much for listening.