Media organisations to enjoy financing at single-digit interest rates – FG
President Bola Ahmed Tinubu has instructed the Federal Ministry of Industry, Trade, and Investment to provide single-digit interest-rate financing to media organizations via the Bank of Industry (BOI). Minister of Information and National Orientation, Mohammed Idris, announced this initiative in Abuja on Wednesday during a courtesy visit from members of the Independent Broadcasting Association of Nigeria (IBAN).The minister emphasized that this move aligns with the administration’s commitment to fostering a supportive business environment for the media sector in Nigeria.
“Let me say that the Federal Ministry of Information and National Orientation under my leadership, as part of our five pillars, will support all media platforms in this country, whether they are public or private.
“I can tell you that the President has directed the Federal Ministry of Industry, Trade and Investment to extend financing to media organizations at single-digit interest rates. I think you need to take advantage of that,” he said.
He urged IBAN members to develop viable proposals to access the financing facility offered by the Federal Government.The Minister also criticized the willful violation of advertising industry payment standards, condemning the practice of some practitioners failing to remit advertising payments to media organizations within the approved 90-day period.Idris announced that the Advertising Regulatory Commission of Nigeria (ARCON) would now be responsible for ensuring prompt release of advertising revenues due to media organizations.He advised private broadcasters to adopt the Federal Government’s Compressed Natural Gas (CNG) Initiative to reduce operational costs through cheaper energy access. Idris highlighted that with the commissioning of three gas projects and other initiatives by the President, Nigeria aims to achieve gas processing sufficiency for local consumption and export.Addressing the Digital Switch Over (DSO) rollout, the Minister expressed concerns over the historically slow progress and stressed the need for a renewed, vigorous approach to ensure timely completion. He conveyed that the President has instructed the ministry to expedite the DSO project by adopting successful models from countries that have effectively transitioned from analog to digital broadcasting.Earlier, the Chairman of IBAN, Alhaji Ahmed Tijjani Ramalan, outlined the challenges facing the broadcasting industry in Nigeria and called for urgent measures to revitalize the sector, stimulate innovation, and empower indigenous media owners.
“The Nigerian broadcast industry, a cornerstone of the nation’s information and entertainment landscape, faces significant challenges hindering its ability to reach its full potential. There is the urgent need to take the initiative with a design to revitalise the industry, stimulate innovation, unlock the potential media economy and empower indigenous media entities,” he said.
He highlighted the high cost of energy, shortage of analog frequencies, delays in advertising revenue payments, and unrealistic audience measurement systems as key challenges facing the broadcasting industry.
