President Bola Ahmed Tinubu has issued a crucial directive instructing the Federal Ministry of Industry, Trade and Investment to join forces with the Bank of Industry (BOI) in a significant endeavour: providing low-interest loans to media organisations in Nigeria.
The Minister urged private broadcasters to participate in the Federal Government’s Compressed Natural Gas (CNG) Initiative to reduce operational costs through more affordable energy.
The Minister of Information and National Orientation, Mohammed Idris, made the announcement during a meeting with the Independent Broadcasting Association of Nigeria (IBAN) in Abuja on Wednesday.
The Minister explained that this initiative aligns with the administration’s commitment to fostering a supportive business environment for the media sector in Nigeria.
In a statement made available to Pulse, Idris 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 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 encouraged IBAN members to create viable proposals to tap into the financing facility provided by the Federal Government.
The Minister criticised the intentional breaches of advertising industry payment standards, particularly the failure of some practitioners to pay media organisations within the stipulated 90-day period.
Idris announced that the Advertising Regulatory Commission of Nigeria (ARCON) will ensure that all advertising payments owed to media organisations are promptly made.
The Minister urged private broadcasters to participate in the Federal Government’s Compressed Natural Gas (CNG) Initiative to reduce operational costs through more affordable energy.
Idris noted that with the President’s recent commissioning of three gas projects and other related efforts, Nigeria strives to achieve sufficient gas processing capacity for local use and export.
In addressing IBAN’s request to resume the Digital Switch Over (DSO) rollout, the Minister, expressing serious concerns about the initiative’s historically slow progress, emphasised the need for a renewed and energetic approach to ensure timely completion.
He mentioned that the President had directed the ministry to speed up the DSO project by implementing successful strategies from countries that have transitioned from analogue to digital broadcasting.