Media Mogul Urges Govt To Prioritize Media In Economic Bailouts

Adeniyi Ifetayo, Chief Executive Officer of Megastar Media Communications, has called for immediate government intervention in Nigeria’s media industry, as the sector struggles to stay afloat amidst the current economic crisis.

He emphasized the vital role media plays in shaping the country’s image and urged that media organizations be given the necessary support, similar to the assistance extended to other industries during challenging times.

Speaking at the unveiling of Reigh Advertising and Megastar Communication, a new media consulting firm, in Abuja on Monday, Ifetayo explained the urgent need for media organizations to receive a bailout.

“The current economic crisis we’re facing is affecting everyone, and media organizations are no exception. Many are struggling to the point where some can’t even print newspapers,” he stated.

“In some parts of Europe, even during the lockdown, the government provided monthly financial support. While we might not be able to replicate that, there are critical sectors like media that deserve government intervention.”

Ifetayo underscored the importance of media as the fourth estate, explaining its role in projecting the nation’s progress and achievements.

“When Nigeria is doing well, the media plays a crucial role in projecting our successes to the world. If the media sector falters, it becomes difficult to showcase our national pride,” he said.

He also spoke passionately about the need for Nigerians to celebrate their wins more than their shortcomings. “Let’s focus more on celebrating our successes than on criticizing our failures. Even when we point out issues, it is important that we also offer solutions,” Ifetayo added.

Reflecting on his experiences working internationally, Ifetayo shared his belief that Nigeria holds vast potential.

“Having covered events across Canada, Europe, and the UK, I can confidently say that the freedom we enjoy here, the privilege of being within our own people, and the vast market in Nigeria make it one of the best places in the world,” he said.

“Despite the challenges some face and the misconceptions that some Nigerians may have about the country’s potential, people are still succeeding. We have the numbers, we have the market, and with focus, dedication, and speed, success is achievable.”

In a nod to the next generation, Ifetayo also highlighted his company’s efforts to invest in the education of young journalists, through a strategic partnership with Pan-Atlantic University.

“We believe that learning should extend beyond the classroom. Our partnership with Pan-Atlantic University allows students to gain hands-on experience, preparing them for real-world challenges,” he said.

He emphasized the importance of building a strong media and business network, stating, “In today’s globalized world, media partnerships can amplify your story. Whether in China or the Middle East, the right media partner can help project your brand to the right investors. Our goal at Megastar is to provide visibility for brands, businesses, and individuals through effective communication.”

Ifetayo’s remarks also touched on the importance of long-term partnerships in business.

“Many businesses in Nigeria fail when the founders pass away. The key to sustaining a successful enterprise is strategic partnerships, and that is what we aim to provide – a platform to amplify whatever you are doing, whether it’s your profile or your product,” he concluded.

Megastar Media is committed to enhancing brand visibility and providing a global platform for Nigerian businesses.