Nigerian Govt Increases Landing Cost Of Petrol—-The Nigerian government has increased the landing cost for imported premium motor spirit (PMS), also known as petrol, by 4% to N956.13 per litre in October 2024, up from N919.55 in September 2024 .

This change is mainly driven by the fluctuating value of the Naira against the US dollar, with an exchange rate of N1,645/$ used for October, compared to N1,625/$ in September.

Breaking down the costs, the product cost is N887.45 per litre, with additional expenses including freight (N10.37), port charges (N7.37), NMDPRA Levy (N4.47), and storage cost (N2.58), totaling N913.12 per litre . Finance costs, such as letter of credit (N16.53) and total interest (N43.01), push the landing cost to N956.13 per litre.

Petroleum marketers are concerned that matching local and imported product prices may not be sustainable if exchange rates are left to market forces .

They advocate for openness and competitiveness to create a level playing field. With deregulation, marketers anticipate healthy competition in Nigeria’s domestic market, enabling them to source products from cheaper markets.

(VANGUARD)

French Embassy Partners NIFS to Sponsor Nigeria Delegation to MIPCOM—The French Embassy as part of its commitment to support industry development, has partnered with the Nigerian International Film and TV Summit (NIFS) to sponsor a Nigerian delegation, comprising about 20 companies with dedicated stands, at the Nigerian Pavilion at Cannes.

The Nigerian International Film and TV Summit (NIFS) is a leading platform dedicated to advancing the film and television industries in Nigeria, across Africa and beyond. By providing opportunities for collaboration, knowledge exchange, and innovation, NIFS plays a pivotal role in driving the growth and global recognition of African content.

MIPCOM is renowned as the Mother of all Entertainment Content Markets Globally with over 11,000 delegates, 3500 buyers, over 100 countries represented with more than 320 stands.

Located at the heart of the Palais des Festivals’ exhibition floor, this market combines a high-end conference setup with sessions on Connected TV Summit, Streamers Talk, MIP Global FAST & AVOD Summit as well as a networking lounge including a bar area, alongside a dedicated “Tech Demo zone”.

Over the course of four days, participants will engage in networking, knowledge sharing, and collaborative efforts aimed at pushing Nigerian content to the global forefront.

Industry professionals, TV catalogue right holders will come together to explore new opportunities and address the challenges facing the industry.

By accepting to join the Nigerian delegation to MIPCOM, participants reaffirm their commitment to highlighting and selling African stories that resonate not only on the continent but around the world.

Mr Laurent Favier, Consul General of France in Lagos stated that “After supporting a stand for Nigerian Animation Studios at Animation Film International Market in Annecy   for the past 3 years, the French Embassy in Nigeria will be providing Nigerian Industry professionals with an umbrella at MIPCOM. Coordinated with NIFS platform, this stand will be hosting more than fifteen studios who will sell their movies, TV series, TV shows to international broadcasters and platforms. This support to Nigerian Audiovisual Industry was made possible thanks to specific funds. This year again, the program called “Creation Africa” enables us to support entrepreneurship in the sector of cultural and Creative industries. This fund has been entrusted to us for a period of 18 months by the French Ministry of Europe and Foreign Affairs.”

Mrs Ijeoma ONAH, founder of NIFS added: “Indeed we are excited with the level of support 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 it outcome will definitely elevate and transform the dynamics of international distribution for local companies in Nigeria.”

Mrs Onah will lead the Nigerian delegation to Cannes along with Mr Christophe Pecot, Audiovisual Attaché of the French Embassy in Nigeria.

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