[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.93,0:00:02.53,Default,,0000,0000,0000,,So in 2011,
Dialogue: 0,0:00:02.56,0:00:04.72,Default,,0000,0000,0000,,someone broke into my sister's office
Dialogue: 0,0:00:04.74,0:00:07.64,Default,,0000,0000,0000,,at the university\Nwhere she teaches in Nigeria.
Dialogue: 0,0:00:08.28,0:00:12.52,Default,,0000,0000,0000,,Now thankfully, the person was caught,\Narrested and charged to court.
Dialogue: 0,0:00:13.18,0:00:14.86,Default,,0000,0000,0000,,When I get into court,
Dialogue: 0,0:00:14.89,0:00:18.27,Default,,0000,0000,0000,,the clerks who were assigned\Nto my sister's case informed her
Dialogue: 0,0:00:18.29,0:00:20.76,Default,,0000,0000,0000,,that they wouldn't be able\Nto process the paperwork
Dialogue: 0,0:00:20.78,0:00:22.43,Default,,0000,0000,0000,,unless she paid a bribe.
Dialogue: 0,0:00:23.04,0:00:26.32,Default,,0000,0000,0000,,Now, at first she thought\Nit was part of a practical joke.
Dialogue: 0,0:00:26.35,0:00:28.72,Default,,0000,0000,0000,,But then she realized they were serious.
Dialogue: 0,0:00:28.74,0:00:30.63,Default,,0000,0000,0000,,And then she became furious.
Dialogue: 0,0:00:30.65,0:00:35.74,Default,,0000,0000,0000,,I mean, think about it: here she was,\Nthe recent victim of a crime,
Dialogue: 0,0:00:35.76,0:00:38.74,Default,,0000,0000,0000,,with the very people\Nwho were supposed to help her,
Dialogue: 0,0:00:38.76,0:00:41.13,Default,,0000,0000,0000,,and they were demanding a bribe from her.
Dialogue: 0,0:00:41.91,0:00:44.09,Default,,0000,0000,0000,,That's just one of the many ways
Dialogue: 0,0:00:44.11,0:00:47.53,Default,,0000,0000,0000,,that corruption impacts\Nmillions of people in my country.
Dialogue: 0,0:00:48.25,0:00:50.05,Default,,0000,0000,0000,,You know, growing up in Nigeria,
Dialogue: 0,0:00:50.07,0:00:53.65,Default,,0000,0000,0000,,corruption permeated\Nvirtually every element of the society.
Dialogue: 0,0:00:54.18,0:00:58.70,Default,,0000,0000,0000,,Reports of politicians embezzling\Nmillions of dollars were common.
Dialogue: 0,0:00:59.46,0:01:02.01,Default,,0000,0000,0000,,Police officers stealing money
Dialogue: 0,0:01:02.04,0:01:05.57,Default,,0000,0000,0000,,or extorting money\Nfrom everyday hardworking citizens
Dialogue: 0,0:01:05.60,0:01:07.20,Default,,0000,0000,0000,,was routine practice.
Dialogue: 0,0:01:08.21,0:01:11.95,Default,,0000,0000,0000,,I felt that development\Ncould never actually happen,
Dialogue: 0,0:01:11.97,0:01:14.26,Default,,0000,0000,0000,,so long as corruption persisted.
Dialogue: 0,0:01:15.28,0:01:16.94,Default,,0000,0000,0000,,But over the past several years,
Dialogue: 0,0:01:16.96,0:01:20.41,Default,,0000,0000,0000,,in my research on\Ninnovation and prosperity,
Dialogue: 0,0:01:20.44,0:01:25.15,Default,,0000,0000,0000,,I've learned that corruption is actually\Nnot the problem hindering our development.
Dialogue: 0,0:01:25.79,0:01:26.94,Default,,0000,0000,0000,,In fact,
Dialogue: 0,0:01:26.97,0:01:30.86,Default,,0000,0000,0000,,conventional thinking on corruption\Nand its relationship to development
Dialogue: 0,0:01:30.88,0:01:35.96,Default,,0000,0000,0000,,is not only wrong, but it's holding\Nmany poor countries backwards.
Dialogue: 0,0:01:36.83,0:01:38.73,Default,,0000,0000,0000,,So, the thinking goes like this:
Dialogue: 0,0:01:38.75,0:01:41.06,Default,,0000,0000,0000,,in a society that's poor and corrupt,
Dialogue: 0,0:01:41.08,0:01:45.47,Default,,0000,0000,0000,,our best shot at reducing corruption\Nis to create good laws,
Dialogue: 0,0:01:45.50,0:01:47.02,Default,,0000,0000,0000,,enforce them well,
Dialogue: 0,0:01:47.04,0:01:50.94,Default,,0000,0000,0000,,and this will make way for development\Nand innovation to flourish.
Dialogue: 0,0:01:51.63,0:01:53.12,Default,,0000,0000,0000,,Now, it makes sense on paper,
Dialogue: 0,0:01:53.15,0:01:56.32,Default,,0000,0000,0000,,which is why many governments\Nand development organizations
Dialogue: 0,0:01:56.34,0:01:59.07,Default,,0000,0000,0000,,invest billions of dollars annually
Dialogue: 0,0:01:59.09,0:02:02.74,Default,,0000,0000,0000,,on institutional reform\Nand anti-corruption programs.
Dialogue: 0,0:02:03.35,0:02:06.57,Default,,0000,0000,0000,,But many of these programs\Nfail to reduce corruption,
Dialogue: 0,0:02:06.60,0:02:08.90,Default,,0000,0000,0000,,because we have the equation backwards.
Dialogue: 0,0:02:09.73,0:02:14.22,Default,,0000,0000,0000,,You see, societies don't develop\Nbecause they've reduced corruption.
Dialogue: 0,0:02:14.96,0:02:19.36,Default,,0000,0000,0000,,They're able to reduce corruption\Nbecause they've developed.
Dialogue: 0,0:02:20.03,0:02:23.84,Default,,0000,0000,0000,,And societies develop\Nthrough investments in innovation.
Dialogue: 0,0:02:25.16,0:02:27.27,Default,,0000,0000,0000,,Now, at first, I thought\Nthis was impossible.
Dialogue: 0,0:02:27.29,0:02:29.08,Default,,0000,0000,0000,,Why would anyone in their right mind
Dialogue: 0,0:02:29.10,0:02:32.54,Default,,0000,0000,0000,,invest in a society where,\Nat least on the surface,
Dialogue: 0,0:02:32.56,0:02:35.07,Default,,0000,0000,0000,,it seems a terrible place to do business?
Dialogue: 0,0:02:35.09,0:02:38.04,Default,,0000,0000,0000,,You know, a society where\Npoliticians are corrupt
Dialogue: 0,0:02:38.07,0:02:39.66,Default,,0000,0000,0000,,and consumers are poor?
Dialogue: 0,0:02:40.39,0:02:42.08,Default,,0000,0000,0000,,But then, the more I learned about
Dialogue: 0,0:02:42.11,0:02:45.54,Default,,0000,0000,0000,,the relationship\Nbetween innovation and corruption,
Dialogue: 0,0:02:45.56,0:02:47.88,Default,,0000,0000,0000,,the more I started\Nto see things differently.
Dialogue: 0,0:02:49.07,0:02:52.05,Default,,0000,0000,0000,,Here's how this played out\Nin sub-Saharan Africa
Dialogue: 0,0:02:52.07,0:02:55.29,Default,,0000,0000,0000,,as the region developed\Nits telecommunications industry.
Dialogue: 0,0:02:56.10,0:02:57.51,Default,,0000,0000,0000,,In the late 1990s,
Dialogue: 0,0:02:57.53,0:03:01.68,Default,,0000,0000,0000,,fewer than five percent of people\Nin sub-Saharan Africa had phones.
Dialogue: 0,0:03:01.70,0:03:06.63,Default,,0000,0000,0000,,In Nigeria, for example, the country\Nhad more than 110 million people
Dialogue: 0,0:03:06.66,0:03:10.06,Default,,0000,0000,0000,,but fewer than half a million phones\Nin the whole nation.
Dialogue: 0,0:03:10.08,0:03:14.02,Default,,0000,0000,0000,,Now, this scarcity fueled\Nwidespread corruption in the industry.
Dialogue: 0,0:03:14.60,0:03:17.98,Default,,0000,0000,0000,,I mean, public officials who worked\Nfor the state-owned phone companies
Dialogue: 0,0:03:18.00,0:03:20.43,Default,,0000,0000,0000,,demanded bribes from people\Nwho wanted phones.
Dialogue: 0,0:03:20.92,0:03:23.65,Default,,0000,0000,0000,,And because most people\Ncouldn't afford to pay the bribes,
Dialogue: 0,0:03:23.68,0:03:26.41,Default,,0000,0000,0000,,phones were only available\Nto those who were wealthy.
Dialogue: 0,0:03:27.31,0:03:29.67,Default,,0000,0000,0000,,Then an entrepreneur named Mo Ibrahim
Dialogue: 0,0:03:29.69,0:03:32.99,Default,,0000,0000,0000,,decided that he would set up\Na telecommunications company
Dialogue: 0,0:03:33.01,0:03:34.20,Default,,0000,0000,0000,,on the continent.
Dialogue: 0,0:03:34.72,0:03:38.90,Default,,0000,0000,0000,,Now, when he told his colleagues\Nabout his idea, they just laughed at him.
Dialogue: 0,0:03:38.93,0:03:40.74,Default,,0000,0000,0000,,But Mo Ibrahim was undeterred.
Dialogue: 0,0:03:40.76,0:03:44.16,Default,,0000,0000,0000,,And so in 1998, he set up Celtel.
Dialogue: 0,0:03:45.12,0:03:48.50,Default,,0000,0000,0000,,The company provided affordable\Nmobile phones and cell service
Dialogue: 0,0:03:48.52,0:03:50.20,Default,,0000,0000,0000,,to millions of Africans,
Dialogue: 0,0:03:50.22,0:03:53.82,Default,,0000,0000,0000,,in some of the poorest and most corrupt\Ncountries in the region --
Dialogue: 0,0:03:53.84,0:03:56.66,Default,,0000,0000,0000,,I mean countries such as Congo, Malawi,
Dialogue: 0,0:03:56.69,0:03:59.45,Default,,0000,0000,0000,,Sierra Leone and Uganda.
Dialogue: 0,0:04:00.40,0:04:03.85,Default,,0000,0000,0000,,You see, in our research,\Nwe call what Mo Ibrahim built
Dialogue: 0,0:04:03.87,0:04:06.49,Default,,0000,0000,0000,,a "market-creating innovation."
Dialogue: 0,0:04:07.21,0:04:12.13,Default,,0000,0000,0000,,Market-creating innovations transform\Ncomplicated and expensive products
Dialogue: 0,0:04:12.16,0:04:14.30,Default,,0000,0000,0000,,into products that\Nare simple and affordable,
Dialogue: 0,0:04:14.32,0:04:18.09,Default,,0000,0000,0000,,so that many more people in society\Ncould access them.
Dialogue: 0,0:04:18.78,0:04:20.89,Default,,0000,0000,0000,,Now in this case, phones were expensive
Dialogue: 0,0:04:20.92,0:04:23.74,Default,,0000,0000,0000,,before Celtel made them\Nmuch more affordable.
Dialogue: 0,0:04:24.86,0:04:27.86,Default,,0000,0000,0000,,As other investors --\Nsome of his colleagues, actually --
Dialogue: 0,0:04:27.88,0:04:31.67,Default,,0000,0000,0000,,saw that it was possible to create\Na successful mobile phone company
Dialogue: 0,0:04:31.70,0:04:33.01,Default,,0000,0000,0000,,on the continent,
Dialogue: 0,0:04:33.04,0:04:36.35,Default,,0000,0000,0000,,they flooded in with billions\Nof dollars of investments.
Dialogue: 0,0:04:36.37,0:04:39.36,Default,,0000,0000,0000,,And this led to significant\Ngrowth in the industry.
Dialogue: 0,0:04:40.19,0:04:42.59,Default,,0000,0000,0000,,From barely nothing in 2000,
Dialogue: 0,0:04:42.62,0:04:45.41,Default,,0000,0000,0000,,today, virtually every\NAfrican country now has
Dialogue: 0,0:04:45.43,0:04:48.15,Default,,0000,0000,0000,,a vibrant mobile\Ntelecommunications industry.
Dialogue: 0,0:04:48.76,0:04:53.22,Default,,0000,0000,0000,,The sector now supports\Nclose to one billion phone connections,
Dialogue: 0,0:04:53.25,0:04:56.45,Default,,0000,0000,0000,,it has created nearly four million jobs
Dialogue: 0,0:04:56.48,0:05:00.98,Default,,0000,0000,0000,,and generates billions of dollars\Nin taxes every year.
Dialogue: 0,0:05:01.00,0:05:05.14,Default,,0000,0000,0000,,These are taxes that governments\Ncan now reinvest into the economy
Dialogue: 0,0:05:05.16,0:05:07.28,Default,,0000,0000,0000,,to build their institutions.
Dialogue: 0,0:05:08.11,0:05:09.63,Default,,0000,0000,0000,,And here's the thing:
Dialogue: 0,0:05:09.66,0:05:12.79,Default,,0000,0000,0000,,because most people no longer\Nhave to bribe public officials
Dialogue: 0,0:05:12.82,0:05:14.31,Default,,0000,0000,0000,,just to get a phone,
Dialogue: 0,0:05:14.33,0:05:18.87,Default,,0000,0000,0000,,corruption -- at least within\Nthis industry -- has reduced.
Dialogue: 0,0:05:20.47,0:05:23.71,Default,,0000,0000,0000,,Now, if Mo Ibrahim had waited\Nfor corruption to be fixed
Dialogue: 0,0:05:23.73,0:05:27.08,Default,,0000,0000,0000,,in all of sub-Saharan Africa\Nbefore he invested,
Dialogue: 0,0:05:27.10,0:05:28.99,Default,,0000,0000,0000,,he would still be waiting today.
Dialogue: 0,0:05:29.86,0:05:34.44,Default,,0000,0000,0000,,You know, most people who engage\Nin corruption know they shouldn't.
Dialogue: 0,0:05:34.89,0:05:38.48,Default,,0000,0000,0000,,I mean, the public officials\Nwho were demanding bribes from people
Dialogue: 0,0:05:38.51,0:05:39.66,Default,,0000,0000,0000,,to get phones
Dialogue: 0,0:05:39.68,0:05:41.74,Default,,0000,0000,0000,,and the people\Nwho were paying the bribes --
Dialogue: 0,0:05:41.76,0:05:43.55,Default,,0000,0000,0000,,they knew they were breaking the law.
Dialogue: 0,0:05:43.58,0:05:45.09,Default,,0000,0000,0000,,But they did it anyways.
Dialogue: 0,0:05:45.64,0:05:47.40,Default,,0000,0000,0000,,The question is: Why?
Dialogue: 0,0:05:47.97,0:05:49.32,Default,,0000,0000,0000,,The answer?
Dialogue: 0,0:05:49.35,0:05:50.64,Default,,0000,0000,0000,,Scarcity.
Dialogue: 0,0:05:52.13,0:05:54.75,Default,,0000,0000,0000,,See, whenever people would benefit\Nfrom gaining access
Dialogue: 0,0:05:54.77,0:05:56.28,Default,,0000,0000,0000,,to something that scarce,
Dialogue: 0,0:05:56.31,0:05:58.67,Default,,0000,0000,0000,,this makes corruption attractive.
Dialogue: 0,0:05:59.64,0:06:03.67,Default,,0000,0000,0000,,You know, in poor countries, we complain\Na lot about corrupt politicians
Dialogue: 0,0:06:03.69,0:06:05.19,Default,,0000,0000,0000,,who embezzle state funds.
Dialogue: 0,0:06:05.21,0:06:09.14,Default,,0000,0000,0000,,But in many of those countries,\Neconomic opportunity is scarce,
Dialogue: 0,0:06:09.17,0:06:12.88,Default,,0000,0000,0000,,and so corruption becomes\Nan attractive way to gain wealth.
Dialogue: 0,0:06:13.99,0:06:17.47,Default,,0000,0000,0000,,We also complain about\Ncivil servants like police officers,
Dialogue: 0,0:06:17.50,0:06:21.03,Default,,0000,0000,0000,,who extort money from everyday\Nhardworking citizens.
Dialogue: 0,0:06:21.86,0:06:24.69,Default,,0000,0000,0000,,But most civil servants\Nare grossly underpaid
Dialogue: 0,0:06:24.72,0:06:26.71,Default,,0000,0000,0000,,and are leading desperate lives.
Dialogue: 0,0:06:26.73,0:06:33.20,Default,,0000,0000,0000,,And so for them, extortion or corruption\Nis a good way to make a living.
Dialogue: 0,0:06:34.24,0:06:38.44,Default,,0000,0000,0000,,You know, this phenomenon also plays\Nitself out in wealthy countries as well.
Dialogue: 0,0:06:39.72,0:06:42.52,Default,,0000,0000,0000,,When rich parents\Nbribe university officials --
Dialogue: 0,0:06:42.54,0:06:47.20,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:47.22,0:06:50.13,Default,,0000,0000,0000,,When rich parents\Nbribe university officials
Dialogue: 0,0:06:50.15,0:06:54.87,Default,,0000,0000,0000,,so their children can gain admission\Ninto elite colleges,
Dialogue: 0,0:06:54.90,0:06:57.18,Default,,0000,0000,0000,,the circumstance is different,
Dialogue: 0,0:06:57.20,0:06:58.91,Default,,0000,0000,0000,,but the principle is the same.
Dialogue: 0,0:06:59.36,0:07:02.25,Default,,0000,0000,0000,,I mean, admission\Ninto elite colleges is scarce,
Dialogue: 0,0:07:02.28,0:07:05.45,Default,,0000,0000,0000,,and so bribery becomes attractive.
Dialogue: 0,0:07:07.94,0:07:09.12,Default,,0000,0000,0000,,The thing is,
Dialogue: 0,0:07:09.14,0:07:13.17,Default,,0000,0000,0000,,I'm not trying to say there shouldn't\Nbe things that are scarce in society
Dialogue: 0,0:07:13.20,0:07:14.74,Default,,0000,0000,0000,,or things that are selective.
Dialogue: 0,0:07:15.44,0:07:17.11,Default,,0000,0000,0000,,What I'm just trying to explain
Dialogue: 0,0:07:17.13,0:07:20.89,Default,,0000,0000,0000,,is this relationship\Nbetween corruption and scarcity.
Dialogue: 0,0:07:21.42,0:07:26.32,Default,,0000,0000,0000,,And in most poor countries,\Nway too many basic things are scarce.
Dialogue: 0,0:07:26.35,0:07:27.99,Default,,0000,0000,0000,,I mean things like food,
Dialogue: 0,0:07:28.01,0:07:29.38,Default,,0000,0000,0000,,education,
Dialogue: 0,0:07:29.41,0:07:30.69,Default,,0000,0000,0000,,health care,
Dialogue: 0,0:07:30.72,0:07:32.26,Default,,0000,0000,0000,,economic opportunity,
Dialogue: 0,0:07:32.29,0:07:33.52,Default,,0000,0000,0000,,jobs.
Dialogue: 0,0:07:34.52,0:07:38.68,Default,,0000,0000,0000,,This creates the perfect breeding ground\Nfor corruption to thrive.
Dialogue: 0,0:07:39.88,0:07:43.09,Default,,0000,0000,0000,,Now, in no way does this\Nexcuse corrupt behavior.
Dialogue: 0,0:07:43.11,0:07:45.100,Default,,0000,0000,0000,,It just helps us\Nunderstand it a bit better.
Dialogue: 0,0:07:46.67,0:07:50.49,Default,,0000,0000,0000,,Investing in businesses\Nthat make things affordable
Dialogue: 0,0:07:50.52,0:07:52.100,Default,,0000,0000,0000,,and accessible to so many more people
Dialogue: 0,0:07:53.02,0:07:54.74,Default,,0000,0000,0000,,attacks this scarcity
Dialogue: 0,0:07:54.76,0:07:59.30,Default,,0000,0000,0000,,and creates the revenues for governments\Nto reinvest in their economies.
Dialogue: 0,0:07:59.99,0:08:03.13,Default,,0000,0000,0000,,Now, when this happens\Non a countrywide level,
Dialogue: 0,0:08:03.15,0:08:05.34,Default,,0000,0000,0000,,it can revolutionize nations.
Dialogue: 0,0:08:06.28,0:08:08.70,Default,,0000,0000,0000,,Consider the impact in South Korea.
Dialogue: 0,0:08:09.82,0:08:11.30,Default,,0000,0000,0000,,Now, in the 1950s,
Dialogue: 0,0:08:11.33,0:08:14.86,Default,,0000,0000,0000,,South Korea was\Na desperately poor country,
Dialogue: 0,0:08:14.89,0:08:16.56,Default,,0000,0000,0000,,and it was very corrupt.
Dialogue: 0,0:08:17.51,0:08:20.68,Default,,0000,0000,0000,,The country was ruled\Nby an authoritarian government
Dialogue: 0,0:08:20.70,0:08:23.50,Default,,0000,0000,0000,,and engaged in bribery and embezzlement.
Dialogue: 0,0:08:23.86,0:08:29.53,Default,,0000,0000,0000,,In fact, economists at the time\Nsaid South Korea was trapped in poverty,
Dialogue: 0,0:08:29.55,0:08:33.15,Default,,0000,0000,0000,,and they referred to it\Nas "an economic basket case."
Dialogue: 0,0:08:34.24,0:08:36.43,Default,,0000,0000,0000,,When you looked\Nat South Korea's institutions,
Dialogue: 0,0:08:36.45,0:08:38.02,Default,,0000,0000,0000,,even as late as the 1980s,
Dialogue: 0,0:08:38.04,0:08:41.94,Default,,0000,0000,0000,,they were on par with some of the poorest\Nand most corrupt African countries
Dialogue: 0,0:08:41.96,0:08:43.21,Default,,0000,0000,0000,,at the time.
Dialogue: 0,0:08:43.94,0:08:48.67,Default,,0000,0000,0000,,But as companies like\NSamsung, Kia, Hyundai
Dialogue: 0,0:08:48.69,0:08:52.42,Default,,0000,0000,0000,,invested in innovations\Nthat made things much more affordable
Dialogue: 0,0:08:52.45,0:08:54.63,Default,,0000,0000,0000,,for so many more people,
Dialogue: 0,0:08:54.66,0:08:57.27,Default,,0000,0000,0000,,South Korea ultimately became prosperous.
Dialogue: 0,0:08:57.92,0:09:00.68,Default,,0000,0000,0000,,As the country grew prosperous,
Dialogue: 0,0:09:00.71,0:09:03.78,Default,,0000,0000,0000,,it was able to transition\Nfrom an authoritarian government
Dialogue: 0,0:09:03.81,0:09:06.01,Default,,0000,0000,0000,,to a democratic government
Dialogue: 0,0:09:06.03,0:09:10.43,Default,,0000,0000,0000,,and has been able to reinvest\Nin building its institutions.
Dialogue: 0,0:09:10.45,0:09:12.69,Default,,0000,0000,0000,,And this has paid off tremendously.
Dialogue: 0,0:09:13.70,0:09:15.66,Default,,0000,0000,0000,,For instance, in 2018,
Dialogue: 0,0:09:15.68,0:09:19.64,Default,,0000,0000,0000,,South Korea's president\Nwas sentenced to 25 years in prison
Dialogue: 0,0:09:19.66,0:09:21.64,Default,,0000,0000,0000,,on corruption-related charges.
Dialogue: 0,0:09:22.26,0:09:26.32,Default,,0000,0000,0000,,This could never have happened decades ago\Nwhen the country was poor
Dialogue: 0,0:09:26.34,0:09:29.14,Default,,0000,0000,0000,,and ruled by an authoritarian government.
Dialogue: 0,0:09:30.45,0:09:35.10,Default,,0000,0000,0000,,In fact, as we looked at most prosperous\Ncountries today, what we found was,
Dialogue: 0,0:09:35.12,0:09:39.17,Default,,0000,0000,0000,,they were able to reduce corruption\Nas they became prosperous --
Dialogue: 0,0:09:39.20,0:09:40.70,Default,,0000,0000,0000,,not before.
Dialogue: 0,0:09:41.91,0:09:43.58,Default,,0000,0000,0000,,And so where does that leave us?
Dialogue: 0,0:09:44.67,0:09:48.82,Default,,0000,0000,0000,,I know it may sound like I'm saying\Nwe should just ignore corruption.
Dialogue: 0,0:09:49.26,0:09:51.03,Default,,0000,0000,0000,,That's not what I'm saying at all.
Dialogue: 0,0:09:51.85,0:09:53.37,Default,,0000,0000,0000,,What I'm suggesting, though,
Dialogue: 0,0:09:53.39,0:09:58.17,Default,,0000,0000,0000,,is that corruption, especially\Nfor most people in poor countries,
Dialogue: 0,0:09:58.20,0:09:59.49,Default,,0000,0000,0000,,is a work-around.
Dialogue: 0,0:10:00.20,0:10:01.35,Default,,0000,0000,0000,,It's a utility
Dialogue: 0,0:10:01.37,0:10:04.95,Default,,0000,0000,0000,,in a place where there are fewer\Nbetter options to solve a problem.
Dialogue: 0,0:10:05.77,0:10:09.36,Default,,0000,0000,0000,,Investing in innovations that make\Nproducts much more affordable
Dialogue: 0,0:10:09.38,0:10:11.14,Default,,0000,0000,0000,,for many people
Dialogue: 0,0:10:11.16,0:10:13.38,Default,,0000,0000,0000,,not only attacks this scarcity
Dialogue: 0,0:10:13.40,0:10:16.12,Default,,0000,0000,0000,,but it creates a sustainable\Nsource of revenue
Dialogue: 0,0:10:16.14,0:10:19.37,Default,,0000,0000,0000,,for governments to reinvest\Ninto the economies
Dialogue: 0,0:10:19.39,0:10:21.91,Default,,0000,0000,0000,,to strengthen their institutions.
Dialogue: 0,0:10:22.50,0:10:26.22,Default,,0000,0000,0000,,This is the critical missing piece\Nin the economic development puzzle
Dialogue: 0,0:10:26.24,0:10:29.56,Default,,0000,0000,0000,,that will ultimately\Nhelp us reduce corruption.
Dialogue: 0,0:10:31.01,0:10:33.56,Default,,0000,0000,0000,,You know, I lost hope\Nin Nigeria when I was 16.
Dialogue: 0,0:10:34.40,0:10:37.36,Default,,0000,0000,0000,,And in some ways, the country\Nhas actually gotten worse.
Dialogue: 0,0:10:38.10,0:10:42.28,Default,,0000,0000,0000,,In addition to widespread poverty\Nand endemic corruption,
Dialogue: 0,0:10:42.30,0:10:45.19,Default,,0000,0000,0000,,Nigeria now actually deals\Nwith terrorist organizations
Dialogue: 0,0:10:45.21,0:10:46.92,Default,,0000,0000,0000,,like Boko Haram.
Dialogue: 0,0:10:47.79,0:10:51.28,Default,,0000,0000,0000,,But somehow, I am more hopeful\Nabout Nigeria today
Dialogue: 0,0:10:51.30,0:10:53.01,Default,,0000,0000,0000,,than I have ever been before.
Dialogue: 0,0:10:53.47,0:10:57.34,Default,,0000,0000,0000,,When I see organizations\Ninvesting in innovations
Dialogue: 0,0:10:57.36,0:10:59.67,Default,,0000,0000,0000,,that are creating jobs for people
Dialogue: 0,0:10:59.70,0:11:01.81,Default,,0000,0000,0000,,and making things affordable --
Dialogue: 0,0:11:01.84,0:11:04.85,Default,,0000,0000,0000,,I mean organizations\Nlike Lifestores Pharmacy,
Dialogue: 0,0:11:04.87,0:11:09.25,Default,,0000,0000,0000,,making drugs and pharmaceuticals\Nmore affordable for people;
Dialogue: 0,0:11:09.28,0:11:11.41,Default,,0000,0000,0000,,or Metro Africa Xpress,
Dialogue: 0,0:11:11.44,0:11:16.45,Default,,0000,0000,0000,,tackling the scarcity of distribution\Nand logistics for many small businesses;
Dialogue: 0,0:11:16.48,0:11:21.60,Default,,0000,0000,0000,,or Andela, creating economic opportunity\Nfor software developers --
Dialogue: 0,0:11:21.63,0:11:24.37,Default,,0000,0000,0000,,I am optimistic about the future.
Dialogue: 0,0:11:24.40,0:11:26.12,Default,,0000,0000,0000,,I hope you will be, too.
Dialogue: 0,0:11:26.15,0:11:27.34,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:11:27.36,0:11:32.28,Default,,0000,0000,0000,,(Applause)