 Members of the Lagos State Executive Council present, Chairman of the Temple Company, Mr. Tunde Folaweyo, Chief Executive Officer of the Temple Company, Mr. Idris Olornibbe, the management of the Temple Company, honored guests, ladies and gentlemen. On the 14th of March 2021, Burner Boy and Whiskey took the entertainment industry by storm, winning the Grammy Awards, and they established themselves as amongst the best musicians in the world. Burner Boy won the Best Global Music Album category for the Twice-A-Stall Album and Whiskey'd the Real Style Boy in the Best Music Video category for the song Brown Skingle. But the real story is that both guys are homegrown. They started here, blew here, and the world heard them, bought their music, and last week, gave them the highest awards in their industry. An exciting story, but there's a problem. Every commercially successful enterprise or individual, whether in manufacturing or agriculture or entertainment, creates a value chain. That is a chain of people and institutions who make money as they render services in support of the talents or ideas of the successful business product brand or person. That is how economic opportunity and development is created. So for example, cocoa farmers create a value chain. In that chain, you have the processing plants, the chocolate manufacturers, and the stores and supermarkets who sell chocolate products. These are all in that value chain. All of them make money from the work of the farmer. The trick is that the more of that value chain that is local, the more jobs are created and the bigger the nation's economy. In the last few years, the entertainment industry in Nigeria has literally exploded and is potentially a billion dollar industry. And we have many outstanding internationally recognized stars, but for the most part, most of them, their lucrative services in the value chain they have created, are performed abroad. Recording, making promotional videos, etc. are done in foreign studios so that jobs and economic opportunities in the value chain created by our stars are appropriated by businesses in other countries. Now I've gone through this rather long story to demonstrate the importance of the launch of the Ogidi Studios for the entertainment industry in Nigeria and the world and for the Nigerian economy in particular. The Ogidi Studios, we are told, is a world-class creative complex, hosting, recording, film production, animation and writing studios. As the owners of the Temple Company point out, this is a full-scale production studio serving the entire value chain in the entertainment and creative industry. But perhaps more importantly, with the Ogidi Studios, Nigeria now operates on the same level of sound and video technology with the major global players. Now the stars, not just Nigerian stars, but from all over the world, have a place in Lagos that is as good as any studio they have ever recorded in. World-class scriptwriting, music recording, video making and editing can take place under one roof at the Ogidi Studios. The entire value chain in music and entertainment can now be local. So we are at the cusp of a revolution in entertainment production, creative talent services and a major economic opening for businesses in Nigeria. The world knows it and the smart money is already going after the trail. Last year, Netflix opened its first African office here in Lagos and is investing millions of dollars to buy and generate authentic African content on its platform. A couple of years earlier, the Universal Music Group established itself firmly here and there are many others waiting to make their bid for a piece of the action. The federal government also in recognizing the strategic importance of the sector for the growth of the Nigerian economy has introduced several initiatives to support the sector. Last year, the federal government handed over the control of the National Theater to the CBN and the Bankers Committee. The Bankers Committee has committed to an investment of 25 billion Naira as initial funding for the development of the Nigeria Creative Center to be located at the National Theater. These funds will receive support from the Central Bank of Nigeria's Creative Industry Funds Initiative, an initiative that gives financial support to the technology and creative sector at single-digit interest rates. The Bank of Industry also in collaboration with the National Council for Arts and Culture also has a 300 million loan package for the creative sector. The package provides the funds to the sector at single digit interest rates with a turnover of four to five years. The Temple Company, owners of the studios bring a great deal of credibility to this enterprise. The Chair, my brother Mr. Tsunde Folauwio is a highly reputable businessman with successful investments in the oil and gas sector in power and communications. The CEO is my dear guru Idris Oloronibbe, young dynamic entrepreneur and man of ideas with solid experience in government and a brilliant track record in talent and events management. So I'm sure the quality of these investors will catalyze even more investment in this sector. This is rarely the private sector putting its best foot forward in the entertainment industry. The future is certainly looking very bright for the industry and we're all looking forward to the exciting days, weeks, months and years ahead. It is now my very special pleasure to officially commission the Ogidi Studio for the benefit of the entertainment industry and the Nigerian economy and to the glory of God. Congratulations everyone. God bless you.