FG Announces Single-Digit Interest Loans for Media Firms from BOI

The Bank of Industry (BOI) will now provide media organizations with access to loans at single-digit interest rates, according to the Federal Government.

Mohammed Idris, the Minister of Information and Orientation, made this announcement during the Third Ministerial Sectoral Update in Abuja. Idris encouraged media houses to develop viable proposals in order to benefit from these loans, which will be facilitated by the Ministry of Trade and Investment and the BOI.

This initiative comes at a time when the Central Bank of Nigeria (CBN) has increased interest rates. Additionally, the Minister of Agriculture and Food Security, Abubakar Kyari, revealed that the Nigerian economy has received an estimated 309 billion naira through harvest in the past year.

As part of efforts to address food and nutrition security, the government has launched dry season farming and distributed milled rice and fortified crops to all states and the Federal Capital Territory.

Measures have also been taken to distribute improved seeds, seedlings, and fertilizers to farmers across different value chains to enhance production and combat food inflation.