FOREX: FG Gives 9 Month Grace To Those Keeping Dollars Outside Banking System

MINISTER of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed a new government policy that would permit Nigerians who are keeping dollars outside the banking system to bring those funds into the financial system.

Edun, said such individuals have a nine-month grace period to comply with the directive without attracting legal liability or financial penalties.

The Finance Minister disclosed this while briefing journalists at the end of the National Economic Council, NEC, presided over by the Vice President, Senator Kashim Shettima, at the Council Chamber, Presidential Villa, Abuja.

The Minister also gave an update on the Excess Crude Account currently standing at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62.

Edun equally gave update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas (CNG) initiatives.

He said, “One element of the cost increase is the foreign exchange rate, and that is demand and supply. There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money. There will be no penalty, there will be no taxes, there will be no questions.

“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.

“The details of that, the guidelines of that, will be released, first of all, the announcement by the Ministry of Finance and the guidelines later will follow very quickly by Central Bank.

French Embassy Collaborates NIFS to Position Nigerian Creative Sector for International Business at MIPCOM Cannes

Paris, France – In a remarkable step for Nigeria’s creative sector, the French Embassy, in collaboration with the Nigerian International Film and TV Summit (NIFS), sponsored over 20 Nigerian creatives to the prestigious MIPCOM event in Cannes. This delegation included a talented mix of Nigerian film writers, producers, audiovisual technologists, and film business entrepreneurs, representing the strength and diversity of Nigeria’s burgeoning Film and TV industry.

At the forefront of this delegation was the Nigerian Pavilion, a dynamic hub for showcasing Nigeria’s rich storytelling culture and fostering high-level discussions with global media and entertainment leaders. The Nigerian delegation’s engagements at MIPCOM opened up valuable new opportunities, reinforcing Nigeria’s growing presence in the international film and television landscape and highlighting the unique narratives Nigerian creators bring to global audiences.

Ijeoma Onah, the CEO/Founder of NIFS, and the co-leader of the Nigerian delegation with Mr Christophe Pecot, Audiovisual Attaché of the French Embassy in Nigeria, said that “This experience has been transformative for Nigeria’s creative industry, expanding business relationships with the French and global community through this strategic partnership with the French Embassy, and further affirming the role of collaboration in amplifying the reach of Nigerian storytelling on the global stage.”

Speaking further she said, “Indeed we are excited with the level of partnership from the French Embassy in supporting film and TV professionals with a Nigerian Pavilion at the largest global content distribution market MIPCOM Cannes. Through this partnership, our resolve to continue to drive international business for local Nigerian companies has been reinforced and with the Nigerian International Film and TV Summit we remain committed to the huge international revenue opportunities through licensing of local programs because this market and its outcome will definitely elevate and transform the dynamics of international distribution for local companies in Nigeria.”

She expressed gratitude to the French Embassy for collaboration and effective partnership in ensuring that the Nigerian delegation shone like a thousand stars in the Cannes festival firmament. “Thanks to the generous support and partnership of the French Embassy which made this possible. The Nigerian Pavilion became a space of impactful exchange, connecting Nigeria’s industry innovators with international stakeholders.” Our green white green colour was all over the place, proclaiming the beauty and flourish of our country, in the realm of entertainment, creativity, innovation, and technology.”

Christophe Pecot, highlighted the Embassy’s commitment to fostering partnerships within the Nigerian audiovisual sector. “My job is to build and implement cooperation between Nigeria and the French audiovisual industry, which is why we’re here at Cannes for MIPCOM,” Pecot explained. Co-leading a group of about 20 Nigerian companies Pecot underscores the goal of creating international opportunities. “We’re connecting Nigerian creators with global broadcasters, aiming to help them bring their content to audiences worldwide,” he added.

For Colette Otusheso, CEO, Accelerate Group, MIPCOM has provided a rewarding experience in strengthening Nigerian contents’ global reach. “The Nigerian Pavilion has been incredibly supportive,” Otusheso shared. “With a dedicated space for meetings, we’ve been able to explore strategic partnerships with production companies worldwide. It’s been encouraging to see filmmakers, studios, and distributors, actively seeking the kind of content we have,” she noted – reflecting the growing demand for Nigerian storytelling on the world stage.

Ferdinand Ademefe, CEO, Magic Carpet Studios, emphasizes the importance of international collaboration and shared inspiration. “As someone passionate about film and animation, MIPCOM offers us a view of what’s possible globally,” he stated. “From Europe, to Asia, to America, this platform allows us to see the diversity of creative expression and to position Nigeria as an essential part of that global dialogue.”
Over the course of four days, participants engaged in networking, knowledge sharing, and collaborative efforts aimed at pushing Nigerian content to the global forefront. Industry professionals, TV catalogue right holders came together to explore new opportunities and address the challenges facing the industry.

Through MIPCOM, Nigerian audiovisual leaders and creators are not only amplifying their voices but are also forging pathways for collaboration, innovation, and cultural exchange. This presence shows Nigeria’s expanding role in the global entertainment industry and its potential to be a hub for content that resonates with audiences everywhere.

The event underscored the importance of nurturing and expanding Nigeria’s position in global content markets, as conversations and partnerships established at MIPCOM Cannes pave the way for increased opportunities for Nigerian creators and productions. With newfound partnerships and future-focused dialogues, Nigeria is poised to make significant strides in the film, TV, and audiovisual sectors worldwide.

TY Buratai Literary Initiative Recognizes Excellence in Young Adult Literature

By Lawrence Bilal Audu

The Tukur Buratai Research Centre (TBRC) has announced plans to host the TY Buratai Literary Initiative Award Ceremony, celebrating exceptional writers in the Young Adult Literature category.

Scheduled for November 1, 2024, at the Tukur Buratai Research Centre, Gora, Abuja-Keffi Expressway, Nasarawa State, the event promises to be an unforgettable evening of literary excellence.

According to organizers, the ceremony aims to recognize and reward talented writers who have made significant contributions to young adult literature. The initiative seeks to promote literary talent, inspire future generations, and foster a culture of reading and writing.

The event will feature keynote addresses by renowned literary figures, award presentations, readings, and performances by young writers. Attendees will also have opportunities to network with publishing industry professionals.

The TY Buratai Literary Initiative Award Ceremony is expected to draw literary enthusiasts, writers, and industry experts from across Nigeria.

This epoque-making event highlights the importance of nurturing literary talent and promoting young adult literature in Nigeria.