Media Now Eligible for BoI Loans, Says Tinubu

President Bola Ahmed Tinubu has announced that media organisations in Nigeria can now access funding from the Bank of Industry (BoI) at a single-digit interest rate, as part of the Federal Government’s efforts to support the growth and development of the media industry.

The president made this announcement at the opening ceremony of the All Nigerian Editors Conference, held in Yenagoa, Bayelsa State, on Thursday.

Represented by the Minister of Information and National Orientation, Alhaji Mohammed Idris, President Tinubu emphasized that the media is an integral part of his administration’s Renewed Hope agenda.

The president commended the media’s critical role in Nigeria’s democratic journey, noting that the success of the country’s uninterrupted democracy over the past 25 years would not have been possible without the media’s dedication.

He described media practitioners as unsung heroes who have contributed significantly to nation-building through their unwavering commitment to truth and accountability.

In his speech, President Tinubu said, “The democracy we enjoy today is a direct result of the efforts of the media, who have stood firm in their duty to inform, educate, and hold the government accountable. It is a privilege for me to stand here and recognize the important work that many of you have done, not just during the pro-democracy struggle, but throughout the years of democratic rule.”

He added, “I was privileged to be in the thick of the pro-democracy struggle and can personally attest to the vital role the media played in securing and strengthening our democracy. Many of you here were at the forefront of those efforts. Today, as we celebrate 25 years of uninterrupted democracy, we salute you.”

Tinubu emphasised the symbiotic relationship between the government and the media, stating that both institutions are essential for a thriving democracy.

He acknowledged that while the media has a responsibility to hold the government accountable, it is equally important for both entities to work in harmony, rather than in opposition, to foster transparency, accountability, and mutual respect.

The president stated, “In a thriving democracy, the roles of the government and the media are interconnected. The media holds us accountable, and in doing so, strengthens democracy. It is important that we work together, not as adversaries, but as partners in the mission of nation-building. When we collaborate, we ensure that our country continues on the path of progress and prosperity.”

President Tinubu also highlighted the theme of the conference, “Economic Growth and Development Strategies in a Resource-Rich Country,” as timely and critical for Nigeria’s future.

He said the country is at a pivotal moment in its journey towards sustainable economic growth and prosperity, and the media has an important role to play in helping to drive informed public discussions and policies that will benefit all Nigerians.

The president’s announcement of funding access from BoI reflects his administration’s commitment to supporting key sectors, including the media, in building a stronger and more resilient economy.

With access to affordable loans, media organisations will be better positioned to expand their operations, improve their infrastructure, and continue to serve as critical players in Nigeria’s democratic and economic development.