In a bid to bolster the media industry, the Federal Government has unveiled plans to provide single-digit interest loans to media organizations through the Bank of Industry (BOI).
The Minister of Information and Orientation, Mohammed Idris, disclosed this during the Third Ministerial Sectoral Update held at the National Press Centre in Abuja on Monday.
Idris encouraged media houses to develop viable proposals to take advantage of this initiative, which will be facilitated by the Ministry of Trade and Investment in collaboration with BOI.
This move aims to provide financial support to media firms amidst the recent increase in interest rates by the Central Bank of Nigeria (CBN) from 24.75 percent to 26.25 percent.