Pegasus Reporters Issues on the Wing
“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 revitalize the industry, stimulate innovation, unlock the potential media economy and empower indigenous media entities,” he said.
*Federal minister of Information and national orientation, Mr. Muhammed Idris
PEGASUS REPORTERS, LAGOS | MAY 17, 2024
President Bola Ahmed Tinubu has given a go-ahead order to the Federal Ministry of Industry, Trade and Investment, through the Bank of Industry (BOI) to extend the single-digit interest-rate financing to media organizations in the country.
Mohammed Idris, the minister of information and national orientation, made the announcement in Abuja on Wednesday during a courtesy visit to his office by members of the Independent Broadcasting Association of Nigeria (IBAN).
Idris said the single-digit interest rate financing gesture is a type of loan or credit facility where the interest rate is less than 10% per annum, 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.
He therefore urged the IBAN members to develop bankable proposals to access the financing facility being offered by the Federal Government.
Earlier, the chairman of IBAN, Alhaji Ahmed Tijjani Ramalan, complained of multifaceted challenges confronting the broadcast industry in Nigeria, and called for urgent steps to revitalize the sector to 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 revitalize the industry, stimulate innovation, unlock the potential media economy and empower indigenous media entities,” he said.
He identified the high cost of energy, shortage of analog frequencies, delay in the payment of advertising revenues, and unrealistic audience measurement systems as some of the challenges bedeviling the broadcasting industry.
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