Return to Transcripts main page
Quest Means Business
New Nigerian Vigor in Fight Against Corruption; Nigerian Stock Exchange Focuses on Trust; Nigeria's Love Affair with Film; U.S. GDP Grows at Weak 0.7 Percent. Aired 4-5p ET
Aired April 28, 2017 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:00] RICHARD QUEST, CNN ANCHOR: Hello and welcome to QUEST MEANS BUSINESS, day two of Nigeria at the crossroads. I'm in the market, the
backbone of retailing here, selling local fabrics, many of which actually have to be imported. Also, where you see the traditional form of lunch
which is being prepared and served. The issue facing Nigeria is really very simple. How do you take something traditional like this and yet move
the country into the 21st century? Keep the good but advance to even better. It's the question we'll be looking at on this QUEST MEANS
BUSINESS, live from Lagos. I'm Richard Quest. And yes, I mean business.
And a very good evening from Lagos, Nigeria, day two of our coverage, our special programs looking at this powerhouse of Africa, the largest country
with the largest economy, the largest population. A little perspective on the country and where we are, and what we'll be looking at in tonight's
program. Nigeria's current president came to power in 2015. And it was an extraordinary moment of democracy. The first time in the country's history
that an incumbent had lost and there had been a peaceful transition to a new government. The message was one of anticorruption. Two years on, is
the vigor still there to tackle the problem? You're going to hear from government ministers as we put that to the test. And it all is against a
backdrop of an economy coming out of recession. These are the numbers and this is how we got here.
The economy has slowed down, both on the back of corruption, which was endemic and wide surprised and seemingly never ending. And cheap oil.
When oil fell in 2014 and `15, it took Nigeria's economy with it. In 2016, it ground to a halt, and for the first time in a quarter century, the
economy in Nigeria contracted. Now, what's the government doing? It's all about local production, and it's all about a corruption crackdown. And the
goal is to get the cogs spinning, to move the economy, not just get it moving, but get it back to, I suppose the minister will agree with me,
velocity speed. Tonight, you're going to hear from the officials responsible for delivering change. Yesterday you heard from the
entrepreneurs.
Today, the minister is on the spot, answering the questions. The minister of industry, trade, and investment will join me. You'll hear from the head
of the Nigerian stock exchange. The minister from tourism and culture will be with me as well. First of all, two of the world's biggest oil companies
endured major slumps during the fall in oil prices. Today we saw a recovery in prices as a result of what's happened. ExxonMobil's first
quarter profit was $4 billion. Chevron had a first quarter profit of $2.7 billion. And both had seen losses after 2014 in the price. Now, Nigeria's
barely recovered. The prices have been rising. The stock market's been rising. When it comes to oil, the pipelines have been attacked, and money
spent to prop it up. The minister of state petroleum resources, good to see you.
EMMANUEL IBE KACHIKIWU, MINISTER OF INDUSTRY, TRADE, AND INVESTMENT, NIGERIA: Thank you, Richard, good to see you.
QUEST: I think I've got a fair assessment on the state of the economy.
KACHIKIWU: Yes, not too far from what it is. It's struggled, difficult times. I think you put your hand on the button, which is a push on
corruption, a push on the velocity of the economy, and target local production and local emphasis. I think you got it right.
QUEST: How is the oil economy here, the petroleum economy, recovering in a way? I mean, you need a higher oil price for your budget than just about
anybody else. Up to 100 and above.
KACHIKIWU: We're no longer living with those illusions. 100 is never going to come. We're trying to use the recovery we've seen in 2015, trying
to see what we can do with the little we have, push down on costs, create efficiency, given the incentives, depending on how you spend that money.
QUEST: But is it realistic, is it realistic, minister, to have a diversified economy? I mean, how long will it take? 70 percent of
government revenues come from a high amount of petroleum.
KACHIKIWU: I said to everybody, petroleum has gotten into this problem, it has to get us out by creating a level of returns so the government can
spend its way through the deficit we've seen today.
QUEST: There have been numerous cases of corruption as related to the oil industry. That's not surprising in many ways, because the sums involved
are so huge. How can you now clean it up, as well as ensuring a secure Niger delta region? And of course, there isn't billions of dollars' worth
just being wasted out of like leaky pipes.
KACHIKIWU: The problem has been in the past governments, you've had sporadic attempts to find a solution to the problem. What we've done right
now is working with the presidency and beginning to engage substantially. We've created a 20 points agenda to address the key attributes of these
communities.
[16:05:00] We're beginning to see for the first time, after a troubled several months, that is a plus. Now, you talk about corruption. The first
thing the government did when it came in was look at the commercial oil companies. We began to organize, publish our accounts, create
transparency, and began to open up the sector to the private sector.
QUEST: On a percentage basis, how far do you think the reforms are at the moment? 5 percent? 10 percent? 30 percent? 50 percent?
KACHIKIWU: I think about 50 percent. We're growing by far. But we need to take on the goal. The problem is the way you're doing it changes, in
the midst of this economy it's difficult. Because of concerns for politics and concern for your citizens, you roll back a little bit. We need to
drive it in such a way that the economy runs itself.
QUEST: Finally, is it likely, because within another year, your president or at least your party will be fighting an election. And pretty much
you're already in electioneering mode, it's under way.
KACHIKIWU: The government was focused on getting the work done. The president is going to win it anyway.
QUEST: You're a politician, you would say that.
KACHIKIWU: I mean, his issues, fighting corruption, reinvigorating the economy, and security.
QUEST: I would shake your hand but I've got a microphone in it, forgive me. Thank you very much. I'm really grateful, I know you flew in today,
we're grateful that you managed to make it. Thank you very much indeed.
As we are just absolutely delighted here, because as one of the things that I was privileged to do yesterday, I showed you I was ringing the closing
gong at the Nigerian stock exchange. Incidentally, the stock exchange actually rose for the second day in a row. I wish we could say QUEST MEANS
BUSINESS' presence helped that. We had Muslim prayers at the beginning of the trading, Christian prayers at the end of the day. I turned to the
chief executive of the Nigerian stock exchange. How does integrity play out?
[15:35:00] OSCAR ONYEMA, CEO, NIGERIAN STOCK EXCHANGE: We do have a zero- tolerance policy to market infractions. I will put in place significant initiatives to provide the trust people need in order to participate in the
market, from a world class trading platform to a world class surveillance platform to an electronic rule book, the list goes on.
QUEST: Because you'd better than anybody else in this building that if there is a lack of trust or a feeling that this is the wild west, you're
out of business.
ONYEMA: Correct.
QUEST: No one will want to put any money in here.
ONYEMA: Correct. Trust and confidence is really what we sell. We have to provide a platform that provides for just and equitable principles of
trading that is fair, and where integrity is very key to us.
(BEGIN VIDEOTAPE)
QUEST: Integrity is the watchword. Joining me is the chief executive of United Capital. Really good of you to come on a Friday night, thanks for
joining us on QUEST MEANS BUSINESS. tell me, the issue that we're talking about, reform. How far is it your perspective that reform has actually
gone and how much more has the government got to do?
OLUWATOYIN SANNI, CEO, UNITED CAPITAL: Well, I will start by saying the government has commenced some reforms in the area of the anticorruption
initiative, and increasingly, as you must have discovered, it's becoming harder to hide corrupt wealth. And so, you're finding people having to
account for cash. It's becoming harder, for example.
QUEST: This extraordinary story, you know where I'm going with this, the $43 million that has been found in an apartment here in Lagos where
supposedly the money was being used for secret, covert operations. Is this a big case where an example needs to be made?
SANNI: I will start by saying it is a good thing that questions are being asked. It is a good thing that people now know that you cannot hide funds,
and you have to account for how you got the funds. I'm also happy that there is an investigation going on, and no less a person than the vice
president is heading that inquiry. So, I am hoping at the end of the day we will know exactly what the facts are behind this story.
[16:10:00] QUEST: You were listening to the petroleum minister, and obviously, you know the government strategy. But to get to I would say
high single digit growth, which is what you need for an emerging market, isn't it?
SANNI: Absolutely.
QUEST: How difficult is that going to be?
SANNI: The good news is that I think we have begun the climb forward. So, if you look at the q4 2016 GDP growth, you had a lower contraction rate in
GDP numbers, whilst the new GDP numbers won't be out until May, there is probably growth. So, we're on the way up. There is a lot that the
government needs to do.
QUEST: Such as?
SANNI: Such as I think a liberalized foreign exchange regime which will encourage the inflow and outflow of capital, which will give investors more
confidence in the economy. We advise a lot of investors at united capital. And the feedback we get from investors is that they want a transparent
foreign exchange regime.
QUEST: If there is one question, besides which is the best Jollof Rice which we can ask on another occasion, if there is one question of foreign
investors, what would it be?
SANNI: The business environment. There are concerns that the business environment can be more friendly and can be more favorable to investment.
QUEST: You're optimistic?
SANNI: I am optimistic. The one thing that government needs to work on is consistent articulation of monetary and fiscal policy, and of course
government needs to encourage -- remember, these entrepreneurs are the engine of growth. So, to do that you need to partner with organizations
that are working with entrepreneurs.
QUEST: Good for you to come, it's a cooler night tonight.
SANNI: It is.
QUEST: Good to have you on the program.
SANNI: A pleasure, thank you.
QUEST: As we continue, let's look at the economic numbers in the United States and the Dow Jones industrials. The final trading day of Donald
Trump's first 100 days, the Dow Jones fell marginally overall. It has been a rocky session over the past few weeks for the U.S. Dow. The U.S. markets
are focused on economic data. The U.S. GDP grew 7/10ths of 1 percent in the first quarter. Remember, the U.S. is based on an annualized basis.
Exxon and chevron earnings beat easily expectations, we talked about that earlier in the program. There were five, yes, one, two, three, four, five
IPOs at the New York stock exchange during the course of the day. Paul La Monica, guru La Monica is with me in New York. Paul, that GDP number, it's
not really Donald Trump's, is it? Even though it covers the first quarter of his administration.
PAUL R. LA MONICA, CNN MONEY CORRESPONDENT: Yes, I think it is fair to say, Richard, that the economy in the first quarter wasn't entirely due to
policies or the lack thereof from president Donald Trump. The bottom line was that consumers spent a lot, like they often do in the fourth quarter.
Then there is a little bit of a hangover in the first quarter. The good news is that even though consumers weren't spending that much, they're
saving more, and personal incomes are higher too. So, there are hopes that heading into the rest of the year, consumers, much like companies that are
sitting on lots of cash, will eventually start using it more to boost the economy.
QUEST: All right. Now, if they do, all well and good. If they don't, the rally that's priced in doing this suddenly becomes unsustainable. And I
know the jury is out on this, isn't it?
LA MONICA: Yes, many people are still skeptical about just how much the economy can really increase. Are we going to be stuck in a sluggish, slow-
growth type of environment for a while? Something I used to call the barbecue recovery, because it was low and slow. That's great when you're
cooking meat but it may not be great when you're a consumer or investor.
QUEST: Somebody said to me today, you're to remember this old saying, Paul, sell in May, go away. It used to be the old days of the exchange
when people would head off to their long island retreats for the next three months and not look after their stocks. That doesn't happen anymore, does
it?
[16:15:00] LA MONICA: Not so much. It is seasonally slower, you'll see some volume coming down. The news flow is unrelenting, of course that's
going to continue to be the case with Donald Trump and his administration. So, I doubt that people could just turn off their phones and really not
focus on the markets, because they're on the Hamptons jitney. By the way, I'm older than you think, I do remember sell in May, go away. I'm in my
mid-40s. I just look young. The beard covers all sins.
QUEST: Thank you for reminding me that you're a good ten years younger than me, Mr. Lamonica.
LA MONICA: At least I'm not in my 30s.
QUEST: Oh, you're talking about Samuel Burke, is he barely 30 yet? We'll argue about that another day. All right. Have a lovely weekend, enjoy
yourself. Paul La Monica, guru La Monica joining us. London's FTSE was the worst performer in the session. The GDP in the U.K. rose a
disappointing 3/10ths of a percent in the first quarter, the worst economy for the U.K. economy for a year. French GDP is also weak but there's the
final round of the presidential election that happens on May 7th.
As we continue on QUEST MEANS BUSINESS from Lagos tonight, a picture may be worth a thousand words. Moving pictures are worth millions. We'll look at
the Nigerian film industry. Assuming it all works according to plan, we'll have some live dancing. No, not me. Some real dancing. QUEST MEANS
BUSINESS from Nigeria.
(COMMERCIAL BREAK)
QUEST: Welcome back. Right now, in Nigeria, in a country that often seems to be riven by differences between the north and the south, there are
unifying forces. You have probably not heard of Nollywood, an industry that's captured the imagination of the country. It shows there's more to
Nigeria's country than oil. The film industry is the second largest employer after agriculture, with $600 million annual revenue. And this is
the most extraordinary detail. This is the most extraordinary fact. It makes more than 50 movies a week. 50 movies a week. The minister
responsible is Nigerian minister of information and culture. Nice to see you, sir.
[16:20:00] ALHAJI LAI MOHAMMED, NIGERIAN MINISTER OF INFORMATION AND CULTURE: A pleasure.
QUEST: When you're talking about Nollywood, how significant is it for you to promote Nollywood as a way forward?
MOHAMMED: Extremely important. We must look at Nollywood as another platform where we can really bring in revenue, create jobs, and also take
advantage of the creative artists in Nigeria. As of today, we produce more than 50 films a week, which is more than what Hollywood does.
QUEST: But are you just producing for the Nigerian market? When I say "just," it's a market of 170 million people.
MOHAMMED: I think Nollywood is seen not just in the whole of Africa, even the diaspora. We produce for the entire world.
QUEST: Is this part of your strategy in relation to tourism? Because people frankly are not -- you know, if you want to go on safari, you'll go
down to the big five. For luxury, you'll go to Dubai, if you want something else, you'll go to Cairo, Marrakesh. Where are you positioning
your party?
MOHAMMED: We intend to leverage on the film industry especially. We believe that's one area where we are strong. The narratives, the content.
What we need to do is protect the industry and promote it. We know the abilities we have today. There's lack of access to funds. Even though we
produce more movies than Hollywood, we admit that the quality of these films can be much better.
QUEST: The culture of this country is rich. Do you think it is rich sufficient to build a tourism industry on the back of it?
MOHAMMED: Absolutely. I believe so. This is a country of, you know, not just 170 million people, languages, a diversity of culture. If we build
the content and we're able to allow our people to tell our story from our own perspective, we'll be able to drive tourism.
QUEST: You've been in politics for a while, minister, on the opposition side.
MOHAMMED: Quite a while, I agree with you.
QUEST: I know many politicians say the view is a lot better from the government benches.
MOHAMMED: The view is better from the benches or the trenches?
QUEST: Both. Are you in this for the long haul in terms of the reform? Earlier the lady from united capital and the petroleum minister said he
thought it was about 50 percent through the reform process, do you agree with that?
MOHAMMED: I do. What this government has achieved is significant. We have focused on the ease of doing business. And within the last 60 days,
we've been able to achieve 30 major reforms across indicators.
QUEST: Be kind enough and hold this for just a moment as I thank you. This is something that is extraordinary. This is going to have people
arguing over a drink. This is Jollof Rice. We'll talk about Jollof in just a moment. Which country makes the best Jollof Rice?
MOHAMMED: I would say probably Senegal.
QUEST: Senegal? I hear a shock across the country. I hear a sigh across the country. Minister, wonderful to see you. Why did I show you the
question of Jollof Rice? What have I been up to? I had a kiss from Miss Nigeria. Then I spent time chatting with the local street cleaners. Then
there was more. What else did I get up to? I also tried on a traditional Nigerian dress. And I ate the local cuisine, Jollof Rice. There were tons
of Jollof Rice. Wherever I went, everybody said are you enjoying Jollof Rice? Which frankly is rice with tomato sauce and a few spices. I got the
chance to try an entirely different local cuisine just a few weeks ago. Some people love it, others loathe it. Some can't tell the smell.
[16:25:00] Whatever you think about durian, the king of fruits in Malaysia, everyone has a view on this fruit.
(BEGIN VIDEOTAPE)
QUEST: Ah, durian. There are topics that are divisive. And then there is durian. It's called the king of fruits. That might have something to do
with its aggressive size and the thorny appearance, with an aroma that has a bad reputation in many eyes. Those who love it are messianic about its
delights, seduced by its smell and its taste. They see a connection so strong, a dedication that's hard to reason.
UNIDENTIFIED MALE: We drove 3 1/2 hours from Singapore to here to buy durian. I love it.
QUEST: Fragrant. Smooth. Thick. Creamy. He's been selling it for the past 17 years.
CHEAH KIM WAH: Best of the best.
QUEST: It wouldn't be an exaggeration to class durian is amongst one of the highest demanded fruits in the world right now. Where is that demand
coming from?
UNIDENTIFIED MALE: I would say China and Singapore.
QUEST: The price has more than doubled in five years, largely due to one specific kind of durian. The creme de la creme of durians. Just outside
of would Kuala Lumpur, he's been farming durians for 20 years. His wife is a self-proclaimed durian addict. Over recent years, China has seen the
profits skyrocket. And the varieties that Malaysia grows keeps the country with a competitive edge.
NG SWEE PEN, DURIAN FARMER: Everybody says that the Malaysian durian equals to we can just say Musang King. They only know Musang King. After
taking Musang King other fruits are more or less tasteless.
QUEST: Just outside of Kuala Lumpur Mr. Ng has been farming durians for more than 20 years. His farm is love letter to his wife, a self-proclaimed
durian addict.
NG SWEE PEN: My wife is the durian queen breakfast, lunch and dinner.
QUEST: Over the recent years China's appetite for durian has seen its profits skyrocket. And the varieties that Malaysia grows keeps the country
with its competitive edge.
NG SWEE PEN: We have I think 100s of clones. Compared to Thailand they only have three. We have the quality, the color, the aroma, we have
everything.
QUEST: Since I'm in Malaysia, I must try the king of fruits. How do I eat it? No idea what all the fuss is about with the smell. It smells like
fruit. It smells like a ripe banana. Nowhere near as bad as people would have you believe. That's durian.
(END VIDEOTAPE)
QUEST: I need to clarify something before there's a nasty incident. The minister heard my question as being where did Jollof Rice originate, where
did it come from, which is why he said Senegal. He misheard me, he didn't think I was asking which is the best Jollof Rice. Needless to say, that
will be an incident otherwise, because between Ghana, Senegal, and Nigeria, they take no prisoners when it comes to this delicatessen of the ding room.
Minister, Senegal is where it came from, and I'm pretty certain he would go to the mat to say Nigeria -- they make such a fuss about this thing here.
I promise you, it's all out of proportion. It's rice with tomato sauce and a few spices. When we come back, we'll talking about Donald Trump, now
talking about his time in the White House. The issue is whether or not he's happy there.
[16:30:00] (COMMERCIAL BREAK)
QUEST: Hello, I'm Richard Quest. There's more QUEST MEANS BUSINESS in just a moment. The economic growth of the Trump administration, the first
quarter, the number is out. We need to analyze what it actually means.
Nigeria first. The country's plans to move beyond oil. We were talking to the trade and investment minister.
This is CNN, and on this network, the news always comes first.
The U.S. secretary of state Rex Tillerson says the U.N. needs to enforce its resolutions against North Korea. He singled out China, saying Beijing
has unique economic leverage over Pyongyang. China's foreign minister says South Korea and the U.S. are raising tensions by conducting military
exercises.
Donald Trump says an eight-year assault on gun rights in the United States is over. He became the first sitting president to address the nation's
most powerful gun lobby since Ronald Reagan. The president told NRA members in Atlanta his government will ensure, in his words, the sacred
right of self-defense. Earlier he had signed yet another executive order aiming to roll back former president Barack Obama's environmental
protections. His new directive seeks a development plan for expanding offshore oil drilling in areas currently off-limits. It's his third
executive order in the first 99 days in office.
American congressional leaders voted Friday on a bill to fund government operations through May 5th. The house passed the legislation and it was
approved by the senate. Lawmakers must now hash out differences on health care and immigration.
Pope Francis is encouraging fellowship among Muslins and Christians on his trip to the Middle East and showing solidarity with the Coptic Christian
minority. He urged the audience to reject violence in the name of religion or god.
Donald Trump marks his first hundred days in office on Saturday, which is tomorrow. Now, new economic numbers show how hard it will be to jump-start
the economy at the moment. The U.S. economy grew at an annual rate of just 7/10ths of a percent in the first quarter, the weakest quarter in three
years. It is so far below Donald Trump's numbers of 4 percent, his target. The administration hopes to revive growth with massive tax cuts. Mohammed
El-Erian joins me from California. Is that sentence or two, why should Q1 have been so weak? The usual reasons somebody turns up with is, weather-
related.
MOHAMMED EL-ERIAN, CHIEF ECONOMIST, ADVISER, ALLIANZ: Yes, I think there are three reasons. One is seasonal effects, they will go away. Two are
reversible rescues, running down inventory. That's going to go away. But there's a third element, the growth dynamics remain sluggish in the U.S.
QUEST: That growth, dynamic of sluggish growth, if we factor it in, does the economy speed up in q2 and thereafter?
[16:35:00] EL-ERIAN: It will speed up in Q2. I wouldn't be surprised if the Q2 number is 3 percent. The biggest contrast is that the soft data,
the data that measures the confidence of the household and corporate sector, is off the chart, Richard. But it's not translating into the hard
data. And that is a divergence that is very, very strange.
QUEST: Now, let me go on a frolic of my own. I warned you about this, but you are an expert on global economics. When we look at a country like
Nigeria here and how it fits into the international economy, how optimistic or pessimistic should we be that Nigeria as it comes out of recession can
pick up growth so that poverty, the poverty alleviation continues?
EL-ERIAN: So, I thought you were going to ask me about rice and fruits. But if you look at Nigeria, I will make three comments. One, still over
reliant on oil. So, economic diversification has to accelerate. Two, there are tremendous gains to be made by running the country better. There
are a lot of wasted resources that can go to poverty alleviation. Third, if I was Nigerian, I would make sure that OPEC discipline and non-OPEC
discipline stays high, otherwise oil prices will have quite a downside.
QUEST: You are well familiar from your many years in global economics with the syndrome of African promise which fails into African delivery. There
always seems to be an issue of execution, not just here but other countries, whether it's Kenya or South Africa, which has had such terrible
troubles with its currency, its finances minister and the like. Do you see a situation with the African continent, vast though it is, getting better?
EL-ERIAN: I do. And the last few years have generally been better. In the old days, it would say financing is hard, in the old days you could say
getting technology is hard. That's no longer the case today. You can leapfrog levels of development. And that's why one should be more
optimistic. But it brings into focus the issue that you cited, which is you need better management, more consistent domestic management. There's
no reason why Africa should always be the continent of tomorrow. It could be more of the continent of today, if only management was improved and
improved in a sustainable fashion.
QUEST: Brilliantly put. Good to see you, sir, thank you. We'll be back in New York and hope to talk to you there next week. Mohammed El-Erian
joining me.
When we come back, the government of Nigeria is starting to move Nigeria first, made in Nigeria. We'll talk about that and what needs to happen to
make this a reality. The minister for trade and investments is with me after the break.
[16:40:00] (COMMERCIAL BREAK)
QUEST: The number one issue is diversification of the economy. You heard it from our guests tonight. This man has to do it. He is the trade and
investment minister. Industry, trade, and investment. How are you going to do it?
OKECHUKWU ENELAMAH, TRADE AND INVESTMENT MINISTER, NIGERIA: First, thank you for coming, you did promise you would come and I am glad you are here.
You made a point to begin with which is first is the plan, then the execution. But I think it's important to point out that a plan here is
reasonably clear. We have to focus on, you know, the few key areas. We define these areas as food and agriculture, energy, and infrastructure,
including transportation and industrialization.
QUEST: That energy issue, part privatization, part improving the generation and the transmission. But it really comes down to ensuring that
the lights stay on.
ENELAMAH: Yes.
QUEST: Privatize the industry.
ENELAMAH: We have already started to privatize. When it comes to energy, you have to get all the elements right. It's a public/private partnership,
in terms of the private sector doing its part in terms of investing.
QUEST: The government has a problem, you only have two years left before an election. To some extent, haven't you left it rather late to introduce
what is a major diversification program?
ENELAMAH: Let me say a couple of things. First, you are right that this particular government has roughly two years. But the country has a long
road. The government must look at this road as being part of a longer stretch. What we're trying to do is built on the fundamentals. If you lay
a solid foundation, the growth can continue beyond the next two years.
QUEST: You travel the world and talk to other ministers. You know, frankly, the myths about Nigeria and the realities of the country. How far
are you from being able to dispel some of those myths? The myths include the security problem. There are major changes taking place but you haven't
got those messages out yet.
ENELAMAH: That's why we're glad you've come. You're right, messaging is important, performances are important, and time is important. All those
have to work in our favor. We have to be consistent in our messaging and our performance and have to do it over time. And I believe we're doing
that. I wouldn't be overly anxious about not winning the war in the short term. In the long term, it's important that we stay on course and stay
committed. It's very important that we're consistent. And I believe that we're doing deals on a much more solid footing.
QUEST: All I can tell you, minister, finally, is that if this country could run on the enthusiasm of Jollof rice, you would be home and dry.
Everybody loves it.
ENELAMAH: Absolutely.
QUEST: I'm not going to ask you which country makes the best Jollof rice.
ENELAMAH: Nigeria first.
QUEST: You got the answer right. Good to see you, minister, thank you very much indeed, kind of you to talk to us.
ENELAMAH: Thank you for coming.
QUEST: We'll come again, I promise it won't be ten years before I return. The minister of trade and investment.
One of the most important aspects in Nigeria happened two or three years ago, it was that transition of power from an incumbent government to a
challenger. The first time it had happened in Nigeria's relatively short democracy. As Anna Stewart now tells us, whatever else has happened,
getting where we are now has not been easy.
(BEGIN VIDEOTAPE)
[16:45:00] ANNA STEWART, CNN CORRESPONDENT: Reporter: Nigeria gained independence from Britain in 1960 with a Democratically elected parliament
and its first prime minister. He was overthrown and murdered six years later. It started a bloody civil war lasting 2 1/2 years. Nigeria's
history is checkered with military coups and military upheaval. Democracy wasn't reinstated until 1999. Until then, Nigeria's presidential handovers
have been peaceful.
(BEGIN VIDEO CLIP)
MUHAMMADU BUHARI, PRESIDENT, NIGERIA: I promise the country free elections. I kept my word.
(END VIDEO CLIP)
STEWART: President Bahari, a former military leader in Nigeria, swept to victory in March 2015 with an overwhelming majority of votes. He pledged
to fight corruption and crack down on Nigeria's Islamist terrorists, Boko Haram. His predecessor's five-year term was overshadowed by Boko Haram's
kidnapping of girls and women from a boarding school in northern Nigeria. Some have escaped. But 196 girls are still unaccounted for.
UNIDENTIFIED FEMALES: Bring back our girls now, and alive
STEWART: President Bahari is facing conflict from Boko Haram in the north and a militant group in the south responsible for attacking oil facilities
and pipelines, Nigeria's main source of revenue. With an economy in recession and a fight against corruption ongoing, President Bahari has much
to achieve before the next election in 2019. Anna Stewart, CNNMoney, London.
(END VIDEOTAPE)
QUEST: When we come back, we have the future of Nigeria in our hands, live with the dancers from legacy, they're ready for us, as you can see, after
the break. QUEST MEANS BUSINESS in Lagos.
[16:50:00] (COMMERCIAL BREAK)
QUEST: Welcome back to QUEST MEANS BUSINESS in Lagos. So, we've talked a huge amount about politics. We've even talked about the economy. We've
talked about Jollof rice to the nth degree. I seem to have eaten more Jollof rice than you can possibly imagine. Legacy is the group, you can
see them already getting ready to dance for us over there. Tell us about Legacy.
(BEGIN VIDEOTAPE)
UNIDENTIFIED PRODUCER: Legacy is a stage production which is centered around dancing and singing and talking about how they've been abused over
the years.
QUEST: This is a really crucial point. We do have the permissions for all the children you're about to be seeing dancing on the program. How big is
it becoming, this sort of movement?
UNIDENTIFIED PRODUCER: We just had the premier yesterday. We had 3 to 400 people come to the show.
QUEST: And all the children that legacy assists have been abused in some shape or form? Not that we're going to see now, but the purpose of legacy.
UNIDENTIFIED PRODUCER: Yes, that's the purpose of legacy. One was sexually abused.
QUEST: How rewarding is it for you to do this sort of work here in Nigeria? I saw you yesterday, you've got all these kids who frankly, I'll
be honest, it's like herding cats, trying to get them all to do the same thing at the same time.
UNIDENTIFIED PRODUCER: Honestly, the country, if you love it, if it's your passion.
QUEST: Is it your passion?
UNIDENTIFIED PRODUCER: I love kids. I will make sure that everything happens for them, basically. It's not just a Nigerian thing. If I have
the assets to talk about this, I will do that.
QUEST: Time for us to enjoy some of the dancing. You're looking worried. On the count of three, one, two, three. Dance!
Thank you so much. When you see kids like this, you know you want to put your neck on the line to make sure they're the best in the world.
Excellent. We will have a meaningful, I hope, profitable moment after the break. QUEST MEANS BUSINESS in Lagos.
(COMMERCIAL BREAK)
Tonight's profitable moment from Lagos. So, it was ten years since I was last here. And quite clearly there has been dramatic change. Yet the
roads are still dilapidated, and there's still too much corruption. But overall one can simply say there is progress. And if there's one thing
more than anything else, forget Jollof rice, it's all about the youngsters that we're going to show you once again. That's QUEST MEANS BUSINESS for
this Friday night. I'm Richard Quest in Lagos, Nigeria. Whatever you're up to in the hours ahead, I hope it's profitable.
END
