The President of the Nigerian Guild of Editors (NGE), Mr Eze, says that the unavailability of resource materials is one of the biggest threats to the survival of the media industry in Nigeria.

” The biggest threat to media survival today is the unavailability of resource materials to produce our papers or broadcast on our TV stations,” Eze said at the ongoing All Nigerian Editors Conference 2024, in Yenagoa, Bayelsa State, with the theme: ‘Economic Growth and Development Strategies in a Resource-Rich Country.

He said: “We are here because we recognize the critical role that both a strong economy and a resilient media sector play in fostering a prosperous, informed, and democratic society.

As editors, we stand at a crossroads where our decisions, priorities, and strategies will shape the future of our country and journalism.

The truth is, there is no business right now. If the purpose of business is to make a profit, the newspaper business is dead.

” “The growth of our nation’s economy directly influences every sector, and our industry is no exception.

A strong economy fuels consumer spending, drives innovation, and creates opportunities for media organizations to expand and thrive. Yet, with these opportunities come new challenges.

The father of the day and publisher of Vanguard Newspaper, Mr. Sam Amuka, added : “The truth is, there is no business right now. If the purpose of business is to make a profit, the newspaper business is dead. Everything, including prices, has gone up to the extent that publishing as we knew it has died.

This week, I asked a financial controller how things were going, and she said the money earned from the sale of hardcopy newspapers was only enough to pay for the transportation of the papers. That was all.”

Amuka highlighted the dramatic rise in the cost of newsprint, from N600,000 two years ago to over N2 million today.

“This means that every day we publish a hardcopy newspaper, we don’t make any money; we lose,” he said.

He called for government involvement in the media business, noting that the cost of newsprint is unsustainable, and it is crucial to support the media to continue publishing hard copies.

Prince Nduka Obaigbena, the chairman of the conference and publisher of Thisday and Arise Television, lamented the challenges facing the media industry but expressed optimism for the future.

He said: “Nigeria is in a reset. We have reforms underway, and unlike others, I believe that the future can be better if we give these reforms a human face.

We should support the reforms, stay the course, and ensure that the poor and vulnerable are supported.

Obaigbena also spoke about global changes, particularly with the rise of Donald Trump, and urged Nigerians to prepare for these changes by first addressing internal issues.

He called for efforts to fix Nigeria and protect the country’s industries.

President Bola  Tinubu urged the media managers to engage in factual reporting and professional integrity.

He was represented by the Minister of Information and National Orientation, Mohammed Idris.

He emphasized the importance of the media in national development:

“As editors and media managers, your role in national development cannot be overemphasized. You are the custodians of public perception, the gatekeepers of information, and the voice of the people.” Tinubu spoke about the transformative potential of the media in shaping public understanding and contributing to the government’s efforts to address the nation’s challenges.

He called on media professionals to report truthfully and engage constructively to help the public understand the government’s actions.

“My administration is committed to turning our challenges into opportunities by ensuring that our vast resources bring prosperity to all Nigerians.

With a united effort from government, citizens, and the media, we can build a resilient, diversified economy that offers security, opportunity, and hope for all Nigerians,” he said.