To assist media organizations in the country to thrive during the current economic crisis President Bola Ahmed Tinubu has directed the Bank of Industry, BOI, to grant a single digit loan to them.
The Minister of Information, Mohammed Idris made the revelation in Abuja on Wednesday when members of the Independent Broadcasting Association of Nigeria, IBAN, paid him a courtesy visit in Abuja.
Media organisations in the country have been struggling under the harsh economic conditions prevailing in the country. While some have closed shop, others are barely surviving due to the high cost of production.
The former President Muhammadu Buhari was said to have refused to reduce the import duty on printing materials to reduce the cost of production, to assist media houses while in power.
The minister however stated that Tinubu’s order to the Federal Ministry of Industry, Trade and Investment, BOI, is part of the administration’s efforts to create a conducive business environment for the media to operate in Nigeria.
He 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 organizations at single-digit interest rates. I think you need to take advantage of that.”
