FG unveils single-digit interest loans for media organizations

In a major boost for Nigeria’s media industry, President Bola Tinubu has directed the Federal Ministry of Industry, Trade, and Investment to provide single-digit interest loans to media organizations through the Bank of Industry.

This announcement was made by Minister of Information and National Orientation, Mohammed Idris, during sectoral press briefings marking the first anniversary of Tinubu’s administration.

The federal government emphasized its commitment to fostering a supportive environment for the media and information sectors. Last week, Idris announced that instead of a formal ceremony for the first anniversary, ministers would hold briefings to highlight their achievements and initiatives.

On Monday, Idris reiterated the administration’s dedication to transparency and accountability, central elements of the Renewed Hope Agenda. “We are creating an enabling environment for all players and stakeholders in the media and information ecosystem to thrive,” he stated.

A key initiative of this commitment is President Tinubu’s directive for single-digit interest-rate financing for media organizations. Idris encouraged media practitioners to develop viable proposals to access this financing, emphasizing the government’s resolve to support the sector.

The minister urged media professionals to seize this opportunity, reinforcing the administration’s aim to rebuild public trust in communication and effectively promote its policies and programs. This initiative represents a significant step towards empowering the media industry and ensuring its sustainability in the long term.