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Tuesday, May 28, 2024

Media to enjoy single digit interest rate financing in Nigeria – Info minister

Media to enjoy single digit interest rate financing in Nigeria – Info minister

President Bola Ahmed Tinubu has directed Nigeria’s 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.

The minister of information and national orientation, Mohammed Idris stated this in Abuja on Wednesday when he received members of the Independent Broadcasting Association of Nigeria (IBAN) on a courtesy visit to his office.

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

READ ALSO: Burkina Faso suspends more foreign media

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

The minister frowned at instances of willful violation of advertising industry payment standards, condemning the habit by some practitioners of failing to remit advertising payments to media organizations within the approved 90 days.

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

The minister advised the 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 the president and other initiatives of his administration, Nigeria aims to attain sufficiency in gas processing for local consumption and export.

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