First City Monument Bank (FCMB), has trained media practitioners on how to leverage social media platforms to generate sustainable income.

Mr Diran Olojo, Divisional Head, Corporate Affairs at FCMB

The training, a one-day masterclass titled “The Monetised Content: A Media Masterclass,” with the theme “Elevate & Earn: The Media Entrepreneurship Masterclass,” was held on Monday at FCMB’s office in Victoria Island, Lagos.

Speaking at the event, Mr Diran Olojo, Divisional Head, Corporate Affairs at FCMB, urged journalists and content creators to rethink the traditional practice of media as solely a public service, encouraging them to see it also as a viable business.

Olojo noted that the media landscape is rapidly evolving due to digital technology, creating new opportunities for professionals to build platforms that are both impactful and financially rewarding.

He explained that beyond informing the public, content creators can now monetise their skills through various digital channels, including advertising, sponsorships, and audience subscriptions.

According to him, strategic communication has become a powerful tool globally, citing how countries deploy digital media to shape narratives and influence public opinion.

Also speaking, Chris Ihidero, a filmmaker and former journalist, encouraged participants to embrace the shift from traditional media models to digital-first platforms.

He described the transition as moving from “media that is paid” — where journalists depend on salaries — to “media that pays,” where creators earn directly from their content.

Ihidero highlighted platforms such as YouTube and TikTok as key avenues where creators can build audiences and generate income through views, engagement, and partnerships.

He stressed the importance of building a strong personal brand, noting that credibility and trust are valuable assets in the digital age.

“Focus on a niche, create quality content consistently, and diversify your presence across platforms,” he advised.

He also emphasised that despite the shift to digital platforms, core journalistic principles such as research, accuracy, and fact-checking remain essential.

In his remarks, Fisayo Soyombo, Editor-in-Chief of the Foundation for Investigative Journalism (FIJ), highlighted the need for strong institutional values in media organisations.

Soyombo said that credibility, ethical practices, and staff welfare are critical to building sustainable media outfits and retaining talent.

He added that media organisations must prioritise transparency and accountability to maintain public trust and contribute meaningfully to society.

The initiative, organisers said, is part of ongoing efforts to equip media professionals with the skills needed to adapt to the changing media environment and tap into emerging economic opportunities.

Nigeria CommunicationsWeek reports that the growing influence of social media has transformed how information is produced, distributed, and consumed, creating new pathways for journalists and content creators to earn income while reaching wider audiences.

Bank of Industry (BOI), Nigeria’s foremost Development finance institution and the Raw Materials Research and Development Council (RMRDC) have sealed a strategic partnership agreement to strengthen Nigeria’s agricultural value-chain and boost country’s Gross Domestic Product (GDP) value.

The agreement was formalised on Friday, April 17, 2026 with the signing of a Memorandum of Understanding (MoU) between both organisations.

The agreement was the culmination of extensive engagements between key stakeholders of both institutions and seeks to enhance the value addition of key agricultural commodities and raw materials, addressing challenges in critical areas such as value chain development, harvesting, post-harvest losses, seedlings, cultivation, storage, processing, packaging, logistics, and marketing.

The initiative aligns with BOI’s mission to boost the Nigerian economy, entrench national goals of reducing post-harvest losses, drive promotion of import substitution, improve the nation’s GDP, enhance wealth sustainability through job creation, and foster entrepreneurship and industrial capacity in the country.

To ensure the sustainability of the MoU, BOI has established a Joint Steering Committee to oversee the implementation of the objectives which include: the development of a comprehensive strategy for minerals value-chain, agricultural value-chain development, covering seed development, cultivation, post-harvest management, processing, packaging, and market access, and facilitate the adoption and scaling of RMRDC’s locally developed machinery for raw materials value-chain development.

To address the challenges of post-harvest losses, the agreement ensures the development of a framework that improves storage, processing, logistics, and undertakes joint feasibility studies and pilot projects for key commodities such as onions, cassava, kenaf, leather, kaolin, and other industrial raw materials.

Speaking at the signing of the MoU, the Managing Director/CEO of Bank of Industry, Dr. Olasupo Olusi said, “This partnership brings together two institutions with complementary strengths: RMRDC’s deep expertise in raw materials research and development, and BOI’s capacity to translate viable projects into financed, executable industrial investments. Together, we can do what each institution cannot do as effectively on its own. We can convert research into bankable projects that add value, create jobs, and retain wealth within our economy.

“In practical terms, this means identifying and developing raw material-based opportunities across agro-processing, solid minerals, and industrial inputs, and channeling BOI financing to the entrepreneurs and enterprises ready to process local resources into finished and semi-finished goods. Nigeria’s raw materials should not be leaving our shores as commodities. They should be leaving as products.

“At BOI, we are ready. Ready to co-identify opportunities, structure financing, and support the enterprises that will turn this framework into concrete industrial outcomes. Let this be the beginning of a collaboration that Nigerians will feel, in the factories that open, the jobs that are created, and the value that stays here at home.”

In his remarks, the Director General/CEO, Raw Materials Research Development Council (RMRDC), Prof. Nnanyelugo Martin Ike-Muonso, said, “We, at the Raw Material Research and Development Council, deeply appreciate this relationship, and we are thrilled to initiate the formalisation process. We are uniting on key aspects, primarily focusing on value exchange development and promoting the advancement of process technologies.

“These elements serve as the foundation for industrialisation, the creation of prosperity, and the generation of employment, along with all the indicators that guarantee that people live the kind of lives that they deserve.

“The future, the prosperity, the happiness of this country, partially lies in your hands (BOI). So, by accepting to work with us to finance this, we are very grateful. We are also grateful that you’re taking us in to work together in co-designing, in co-sharing, data sharing, co-service programmess, and joint implementation of these programmes, as well as joint efforts on advocacy.

“So, by coming up strongly to say you are going to finance and work with us on this, it gives hope, and then it gives hope to the country and all the people who believe that this project will work.”

Federal Ministry of Finance has dismissed claims that a significant portion of Nigeria’s federation revenue is being diverted or concealed, describing such reports as a misinterpretation of the latest Nigeria Development Update released by the World Bank.

The World Bank recently said fuel prices in Nigeria have risen by more than 50 percent since the outbreak of the Iran conflict, a situation it said has intensified inflationary pressures and raising concerns over household welfare.

Speaking at the Nigeria Development Update (NDU) presentation in Abuja, Fiseha Haile, World Bank’s Lead Economist for Nigeria,  noted that the sharp increase in fuel prices has significantly increased transportation, food, and production costs across the economy.

Elsewhere, International Monetary Fund (IMF) advised Nigeria to focus on debt sustainability over the choice between external and domestic borrowing, as the country grapples with mounting fiscal pressures and global economic uncertainty.

In a statement on Sunday, Taiwo Oyedele, minister of State for Finance, , said media reports suggesting “hidden spending” and diversion of funds do not reflect the actual findings of the World Bank.

He explained that deductions by the Federation Account Allocation Committee (FAAC) have been wrongly portrayed as waste or missing funds, stressing that such deductions are legitimate and form part of established fiscal processes.

“FAAC deductions, as presented in the World Bank report, include:

“Statutory transfers,

Savings and investments,

Security-related expenditures,

Cost-of-collection charges,

Refunds to Ministries, Departments and Agencies (MDAs),

Transfers and interventions benefiting subnational governments.

“It is important to emphasise that refunds and transfers to states and other tiers of government are not leakages. They represent legitimate fiscal flows, including repayments of obligations and statutorily backed allocations.” he said.

The ministry also faulted what it described as the selective use of outdated data in some commentaries, noting that recent reforms highlighted in the World Bank report were ignored.

“The World Bank explicitly notes that reforms implemented in early 2026, including the recently signed Executive Order to safeguard remittance of petroleum revenues, are already addressing concerns around deductions, and are expected to improve transparency while increasing revenues available to all tiers of government by about 0.4% of GDP annually.

“Misinterpreting one aspect of the analysis without acknowledging the progressive reforms and measures already introduced to enhance distributable federation revenues gives a distorted picture.”

The statement further said the broader message of the World Bank report presents a positive outlook for Nigeria’s economy, citing more broad-based economic growth, declining inflation, improved external reserves, and a current account surplus.

It also noted an improvement in debt indicators, including a reduction in the debt-to-GDP ratio, which, the Ministry claimed, was the first recorded in over a decade.

The ministry stressed that the World Bank did not conclude that Nigeria’s fiscal system is failing, but rather indicated that ongoing reforms are yielding results and should be sustained.

The statement added, “The Federal Government remains committed to strengthening fiscal transparency, improving revenue mobilisation, ensuring efficient public spending, and deepening reforms to support inclusive economic growth.

“An accurate understanding and responsible reporting of fiscal information are critical to maintaining confidence in Nigeria’s reform trajectory and economic outlook.”

The ministry urged media organisations and stakeholders to ensure accurate reporting of fiscal issues, warning that misrepresentation could undermine public confidence and ongoing reform efforts.