Statement in part!
President Bola Ahmed 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 organizations in the country.
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| Media organisations to enjoy financing at single-digit interest rates – FG. Photo: @FMINONigeria |
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.
According to the Minister, 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.
He therefore urged the IBAN members to develop bankable proposals to access the financing facility being offered by the Federal Government.
The Minister also 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.
Rabiu Ibrahim
Special Assistant (Media) to the Minister of Information and National Orientation.
May 15, 2024
