Movers and shakers of the Nigerian movie industry are expected in Ilorin in November as Kwara State hosts the 16th edition of the Best of Nollywood awards in November.

Receiving the hosting rights of the award on Wednesday in Ilorin, Governor Abdulrazaq said the event will hold at the iconic Sugar Factory Film Studio which he said had been built to take the Nigerian creative industry to the next level through cutting-edge last mile post production capabilities.

“We are honoured to be given the hosting rights for this year’s event (Best of Nollywood Award). As you can see, Kwara is ready to dominate the film industry. The intention for this Sugar Factory Film Studio is to take film production in Nigeria to another level” he said.

“What we have seen in Africa and globally is that what we are producing (in Nigeria) are mostly videos. We want to move to another level of cinematography so that we can win global awards in film production. This is a reason for this facility.”

The brief ceremony was attended by top government officials and some Nollywood stars from within and outside the state.

Attendees included the Chief of Staff to the Governor Alhaji AbdulKadir Mahe; Commissioner for Communication Bola Olukoju; Commissioner for Business, Innovation and Technology Damilola Yusuf-Adelodun; Commissioner for Finance Dr Hauwa Nuru; Commissioner for Works Engr. Abdulquawiy Olododo; Managing Director, Sugar Factory Film Studio Olugbenga Titiloye; Chairman Advisory Board for the BON Mr. Seun Oloketuyi; and President of the Ilorin Emirate Descendants Progressive Union (IEDPU) Alhaji Abdulmumeen Abdulmalik.

Others are General Manager, Sugar Factory Film Studio Mrs Grace Babasola; General Managers for Radio Kwara Kayode Aremu; General Manager Herald Newspaper Yomi Adeboye; Executive Producer, BON Awards, Prince Feranmi Olaoye; and Nollywood actors Yemi Blaq and Feyi Hassan.

AbdulRazaq said hosting the BON Award will further market the Sugar Factory Film Studio to the movie industry, whose legends are coming for the event later this year.

“This is stage one of this facility. We intend to go to stage two and three, but we want stage one to be put in use. So, marketing this studio to the film industry is part of hosting this event and we will be glad to welcome at least 500 of the top film producers and active members of the film industry that day,” the Governor said.

“Kwara state is the place to be. We know that this place will definitely be a catalyst for future production in the film industry. I welcome you to Kwara and to the future in the movie industry in Nigeria.”

The Governor said the state is intentional about building a strong service and hospitality economy in phases to draw in quality human traffic. He said facilities like the Film Factory, visual arts centre, international conference centre, and the Kwara Hotel are a part of the plan.

Titiloye, for his part, commended the Governor for the huge investment in the facility and others, which he said would generate employment and revenue for the strategy.

He said Kwara was picked to organise the next event because of its peaceful atmosphere and the exceptional investments of the administration in the creative industry.

He said the Best of Nollywood Awards has always been a big event, and that close to 500 top film producers will attend the next edition in Kwara.

Outgoing chairman of the Manufacturers Association of Nigeria (MAN) for Kwara and Kogi, Bioku Rahman, has urged the Central Bank of Nigeria (CBN) to lower the current interest rate on loans for MAN members.

He made this plea on Tuesday in Ilorin, Kwara state, during the association’s 10th annual general meeting (AGM), themed “Tackling the Challenges of the Manufacturing Sector: A Win-Win For Government and Local Manufacturers”.

This request comes after the CBN increased the monetary policy rate (MPR) to 26.75 percent from 26.25 percent on July 23.

In its second quarter (Q2) ’24 MAN CEO’s Confidence Index (MCCI),’ MAN said commercial banks charge an average maximum lending rate of 35 percent on loans to its members between April and June.

Speaking at the AGM, Rahman said the present “interest rates are killing businesses”.

“We therefore ask the federal government to urgently direct the CBN to drastically reduce interest rates on industrial loans,” he said.

“The CBN should also direct commercial banks to reduce interest rates on industrial loans.

“The interest rates charged on industrial loans and other loans released as COVID-19 palliatives should be significantly reduced further to one percent.”

Also, Rahman asked the CBN to waive conditions on foreign exchange (FX) policies for local manufacturers.

“Similarly, CBN can widen the window of foreign exchange to local industries, while urging the federal government to harmonise taxes and levies at federal, state and local government levels.”

He also urged the Bank of Industry (BOI) to approve and urgently roll out further reductions in its lending rates to industries.

Rahman added that a heavy-duty gas-energy generation and distribution plant was exclusively needed for Kwara industrialists.

On her part, Damilola Adelodun, Kwara state commissioner for Business, innovation and technology, said the government will continue to support the association to boost the state’s economy.

Adelodun, who represented AbdulRahman AbdulRazaq, governor of Kwara, reiterated the government’s resolve to create a conducive environment for the manufacturers in the state.

“The state has undertaken several key initiatives to support the manufacturing sector and overall economic development,” she said.

“The Urban Renewal Initiative is transforming the architectural landscape of Kwara to enhance its aesthetic appeal and functionality, making it a more attractive place for businesses and residents.

In his address, Francis Meshioye, president of MAN, described the relationship between the state government and manufacturers as cordial.

Meshioye also appealed to the state government to upgrade the infrastructure around the industrial estates.

Oil marketers are eagerly awaiting the price of Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery as the plant commences a production test-run of PMS before its release in September.

According to a Reuters report, the refinery is undergoing test runs for petrol production, with full operation expected to commence by mid-September.

However, IIR Energy, an oil industry monitor, noted that “it is possible that there could be further extensions” to this timeline.

Members of the Major Energies Marketers Association of Nigeria and the Independent Petroleum Marketers Association of Nigeria are still awaiting the price of the product from the $20bn plant.

The Federal Government’s committee, established to ensure the implementation of crude oil sales to local refineries in naira, had previously reached an agreement with the Dangote Petroleum Refinery for the rollout of petrol in September this year.

The spokesperson for Dangote refinery, Anthony Chiejina, had not responded to enquiries regarding the matter at the time of contact.

IIR Energy provides real-time, supply-side global market intelligence for the commodity trading community.

The report stated that the Federal Government also disclosed that the sale of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this during a meeting with the Implementation Committee in Abuja.

Also at the meeting, the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month under existing agreements.”

When contacted and asked whether the price of PMS from the refinery had been made known to marketers, the National Operations Controller of IPMAN, Mustapha Zarma, said oil dealers were still waiting for the cost of a litre of petrol from the refinery.

“There is no cost yet. When the product is available, they will release the cost. But they are test-running the plants now,” Zarma stated.

He, however, pointed out that oil marketers may not be able to buy petrol from Dangote refinery if the cost is the actual market price, stressing that the pump price of PMS is currently lower than the actual market price.

“Even if there is a price from the refinery, you cannot buy their product. At the prevailing retail price, you cannot buy their product. You can only buy it if they (Dangote) go into agreement with the government or unless the policy on petrol pricing changes,” Zarma stated.

The IPMAN official reiterated the recent revelation of the Nigerian National Petroleum Company Limited that the pump prices of petrol in Nigeria were far below the landing cost of the commodity.

MEMAN recently stated that the landing cost of petrol was around N1,117/litre.

Zarma said Dangote would not sell his product below his cost price, except if the government intervenes. The government, through NNPC, is the sole importer of petrol into Nigeria and it bears the burden of subsidising the cost of the product.

• Changes In Dates

The President of Dangote Group, Alhaji Aliko Dangote, announced on May 18, 2024, that from June, the refinery would begin producing petrol, adding that Nigeria would not have to import the product again.

In June, he stated that due to a minor delay, the refinery would commence petrol supply in July.

The July target was then moved to August before the government announced on August 20 that the plant would release PMS in September.

An official of MEMAN stated that the refinery was taking its time to ensure that the product meets the required specifications for the country.

The official, who spoke to our correspondent in confidence due to lack of authorisation to speak on the matter, also explained what the test-run of PMS by the plant entails.

He said, “Under normal circumstances, when you make your product, you are not making it in a bucket, you are making it to fill massive tanks. Because when you start selling, you are going to be selling in ships. So, you make several millions of litres and you keep blending and testing until it reaches the right specifications.

“It is like when you are cooking a soup, when you put salt, you taste it, when you put seasoning you taste and that is how you continue until you reach the right taste. It is the same thing when they continue to blend and blend until it reaches the required specification.

“You blend, you mix it and you test if it has the right specs; if it’s not, you mix some more and blend it; you adjust your refinery, blend it, and test it. You keep blending and testing until it reaches the right specification. When it reaches the right specification, then you push up.”