FG: Media organisations can now access single-digit interest loans from BOI

Media organisations will now enjoy single-digit interest rates financing through the Bank of Industry (BOI). 

Mohammed Idris, minister of information and national orientation, said President Bola Tinubu issued the directive to the ministry of industry, trade and investment.

Idris spoke on Wednesday while receiving members of the Independent Broadcasting Association of Nigeria (IBAN) in his office.

The minister said the directive is in line with the administration’s resolve to create an enabling business environment for the media in the country to thrive.

“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,” Idris said, according to a statement issued by Rabiu Ibrahim, his special assistant on media.

“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.”

Idris urged IBAN members to develop bankable proposals to access the facility.

The minister also condemned scenarios where some practitioners fail to remit advertising payments to media organisations within the approved 90 days.

He added that going forward, the Advertising Regulatory Commission of Nigeria (ARCON) would be mandated to ensure that all advertising revenues due to media organisations are promptly released.