NTA upgrade: Nigeria seeks $500m loan to help state television compete with CNN
The federal government, according to the minister of information and culture, Lai Mohammed, is making a major move to upgrade the Nigerian Television Authority (NTA) to the status of the Cable News Network (CNN).
The minister said that this will be made possible if the $500 million which is part of the $29.96b loan requested by President Muhammadu Buhari is approved, The Guardian reports.
Mohammed said that going by the manpower and technology in the country, this is a possibility. He put forward this position to the Senate committee on local and foreign loans.
He said that the project will afford those in the music, fashion and film industries the needed visibility and growth.
The minister said that $245m of the fund will be used to upgrade the media and culture industry and that $11m will be used in funding projects targeted at digitalising all NTA stations.
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