Former Economic Adviser to President Olusegun Obasanjo Prof. Ode Ojowu has said the country’s newspaper operators import newsprint worth N50 billion daily.
Ojowu spoke yesterday at a book presentation in Abuja by co-founder of Daily Trust Limited Malam Ishaq Ajibola.
The former presidential aide, who quoted author of the book, titled: Journalism and Business: My Newspaper Odyssey, said beyond news reporting, there was need for business efficiency in operating newspaper business.
He added that it is unsustainable for newspaper firms to import newsprint for their publications.
Quoting the author, Ojowu said the country imports about N50 billion worth of newsprint daily.
“Today, according to the book, we are consuming 100 tonnes of newsprint daily because there is no newsprint plant in Nigeria. Instead, we are importing newsprint worth N50 billion daily,” Ojowu said.
Former Kogi State Governor Capt. Idris Wada said some newspaper businesses failed due to poor business knowledge by media proprietors.
The former governor compared the newspaper business to airline operations in the country, where inconsistent policies and wrong business model threaten survival of the industry.
He decried the incessant collapse of newspaper businesses, stressing that it is important for media proprietors to acquire business skills before engaging in such business.
Wada said: “I mentioned that newspaper business and airline business are two businesses with similar mortality rate in Nigeria.
“In the airline industry, it is mainly unstable government policies. Every administration in Nigeria has misunderstood the essence of the airline industry as we continue to have many airlines going to their graves.
“As for newspapers, Ishaq has told us here that it is not just about policy, but considering newspapers as a business and using business knowledge to sustain the media.”
The author urged the traditional media to embrace new technology, as study showed that about 62 per cent of readers preferred to read news on tablets and other Internet mobile devices.