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FG Proposes Low-Interest Loans for Media Organizations

Published by Tope Fakinlede on May 28th, 2024.

FG Proposes Low-Interest Loans for Media Organizations

By Soni Daniel

Abuja – In response to the increasing costs of production, the federal government has announced plans to offer low-interest loans to media companies to help them remain operational.

Minister of Information and National Orientation, Mohammed Idris, revealed this initiative during a ministerial performance briefing celebrating the first year of President Tinubu’s administration.

The Bank of Industry (BOI) will oversee the provision of these loans to media organizations.

Idris stated, “We are fostering a supportive environment for all stakeholders in the media and information sector to prosper.

A significant development is President Tinubu’s directive for the Federal Ministry of Industry, Trade, and Investment, through BOI, to provide single-digit interest-rate loans to media firms in the nation.

Media practitioners are now encouraged to create viable proposals to benefit from this government-backed financing opportunity.”