Nigeria’s Minister of information, Lai Mohammed has revealed that the Nigeria Television Authority (NTA) needs a huge sum of $500 million loan to compete with the likes of Cable News Network (CNN).
The minister made the statement when he appeared before the senate committee on local and foreign loans. Lai appeared before the lawmakers to convince them to approve the $500 million loan his ministry is seeking.
Bittertruth Media gathered that the $500 million is part of the $30 billion loan President Muhammadu Buhari is asking the national assembly to approve.
Mohammed said NTA can only achieve this feat when it is digitised, and that there is already manpower in place.
“If this project is approved, there will be more visibility for our people in the music, fashion and film industries,” he said.
“In 2014, we made $23 million from music alone and about $53 million in 2019 and we are looking forward to making $83 million in 2025.
“You can imagine the kind of growth we will have if only we digitise all the NTA stations in the country.”
The comment has received mixed reactions from Nigerians.