Tinubu approves single-digit interest rate for media organisations

President Bola Tinubu has directed the Federal Ministry of Industry, Trade and Investment, through the Bank of Industry (BOI), to extend its single-digit interest rate financing to media organisations in the country.

Minister of Information and National Orientation Mohammed Idris made this known during a meeting with members of the Independent Broadcasting Association of Nigeria (IBAN) at his office in Abuja on Wednesday, May 15, 2024.

Idris said the gesture is in line with the administration’s resolve to create an enabling business environment for the media to operate in Nigeria.

The minister said: “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 organisations at single-digit interest rates. I think you need to take advantage of that.”

He therefore urged IBAN members to develop bankable proposals to access the financing facility being offered by the Federal Government.

‘They’ll boost industrial growth’: Tinubu inaugurates 3 gas projects

Idris also frowned at instances of a willful violation of advertising industry payment standards, condemning the habit by some practitioners of failing to remit advertising payments to media organisations within the approved 90 days.

Idris said, henceforth, the Advertising Regulatory Council of Nigeria (ARCON) would be mandated to ensure that all advertising revenues due to media organisations are released to them promptly.

The minister further enjoined private broadcasters to key into the Compressed Natural Gas (CNG) Initiative of the Federal Government to bring down the cost of their operations through cheaper access to energy.

Idris said with the commissioning of three gas projects by Tinubu and other initiatives of his administration, Nigeria aims to attain sufficiency in gas processing for local consumption and export.

In response to the request from IBAN regarding the resumption of the Digital Switch Over rollout, the minister, who expressed deep concerns over the historically slow progress of the DSO initiative, stressed the need for a renewed and vigorous approach to ensure timely completion.

In his remarks, IBAN Chairman Ahmed Ramalan complained of multifaceted challenges confronting the broadcasting industry in Nigeria and called for urgent steps to revitalise the sector to stimulate innovation and empower indigenous media owners.

The Star