The Nigeria Economy has been regarded as one of the fastest growing in Africa, and potentially the biggest in the continent, if thoroughly explored. The contribution of other sectors of the industry cannot be overemphasized, as the inclusion of the Private Media Houses cannot be underestimated.
In the late 50s to 70ss, media outfits are controlled and owned by the government in power, with little contribution and inclusion of the private individual.
The late business mogul, Moshood Abiola, who owns the now defunct Concord Newspaper in the 70s, Tribune Newspaper, founded by the late Chief ObafemI Awolowo in the 60s.Their inception only influenced the economy of the country in a positive direction; with job creation, the population in the labour market would only reduced.
1.2 Statement of the Problem
In a democratic setting the mass media are regarded as the watchdog of the government, the mass are usually mobilized and informed to create awareness on the political, religious educational and economy situation of the country.
In addition to this, the media also influence the economy of the country with their presence or absence; in the positive with the former and negative way in case of the latter.
The media influences the economy by the creation of job opportunity for eligible citizens of the country, and the direct influence it has on the Nigeria economy, by reducing the population in the labor market, is an appluadable fit by the Media.
1.3 Objective of the Study
The level of the economy growth in Nigeria is on the arithmetic progression as opinioned by the late general manager of The guardian newspaper, Chief Alex Ibru *(2005), he stated that “there is need for the creation of more private media houses in the country…”He said further that, the creation of private media houses will only improve the economy, than abusing the freedom of ownership as the fear may be.
The purpose of this study is to identify the ways in which the private media organizations influenced the economy of Nigeria; also to discuss the ways in which to keep the trend going, seeing the emergence of more private media outfits in the country. Political playing ground, for both the government owned and private owned media outfit.
1.4 Significant of Study
It is expected that this study would be of immerse benefits to the government, the masses, the media houses and the country at large.
This study will highlight the importance of the mass media as a driving force to the development of Nigeria economy, especially in the transitional era.
Through the private media ownership, especially the radio and television, Nigeria could have the chance of a viable political culture, which helps to choose a leadership that will put in place viable and sustainable economy and democracy.
As rightly put by Goren Herero-Private media can create a political climate change by including new values, attitudes and models or behaviors favorable to the mobilization of effective good economy.
1.5 Research Questions
The basic research questions posed as a result of this problem include the followings;
1.6 Scope of the Study
Since the economy of Nigeria is been driven by crude oil, and contribution from other sectors like agricultural products are minimal, this study is to examine the potential contributions which the media, especially the private media could be to the economy of Nigeria. It will also examine the direct influence on the labor force in Nigeria at large. Since there is
numerous private media organization in Nigeria; our scope will be to take leading private organizations (African Independent Television AIT) as our scope of study, therefore generalizing the ideas.
1.7 Limitation of the Study
Due to inability to access all the available private media organizations, our study will be limited to the Africa Independent Television (AIT), as our case study. The result could be generalized, as AIT is one of the leading Private media houses in Nigeria.
1.8 Historical Background of Africa Independent Television (AIT)
According to the renowned journalist Momuoh Kubanji (2010), he gave a full account of the history of the Africa Independent Television via internet (www.ait.org). He clarified the roles played by the media houses during the pre-democratic and post-democratic era of Nigeria; he described the role as massive.
The Africa Independent Television which is a subsidiary of DAAR communications was borne out of pan cum-humanist vision of the founder, Chief Aleogho A Dokpesi, who holds a doctorate degree in Marine transport engineering, from the University of Gdanski, Poland. The vision of the founder is to rapidly integrate the Africa continent with the rest of the world, to encourage development in Africa by attracting investors from all over the world through communications. His desire was to bridge the yawning gap in the world’s information order, which perpetually places Africa and third world countries at the mercy of the western perspectives opinions and nuances.
Though DAAR communications is a private Independent communication outfit based in Lagos, Nigeria’s former federal capital and the economy nerve center of the west Africa sub-region. DAAR communications was in corporate on August 1998. It boast of successful background in the closely related fields of printing and publishing. DAAR launched its broadcast services in 1994 with the promotion of Nigeria’s first private radio station “Raypower” 100.5fm. The second Raypower channel 106.5fm commenced operation officially in April 1999, before then, DAAR communications had launched a 24hours global television services.
Africa Independent Television (AIT) has the philosophy that use geared towards the promotion of Africa values and traditions of the black people across the world.
In the last quarter of 1999, DAAR communications launched into the information super high waves with the commencement of DAAR broadband internet services with the capacity for invoice, internet access, video conferencing, data, telephony, and other multi-media capabilities. DAAR inter services complete the circles of DAAR communications.
In contribution to the economy of the Nigeria, DAAR communications limited with a staff of about 600 people in Nigeria, with a capital base of 3.5billion naira could only be a prove to there positive impact on the Nigeria economy.
In line with the global trend of jet information age which has achieved a convergence of broadcasting and telecommunications, DAAR communications has fully installed and integrated its international satellite gateway system capable of handling voice, data and video telecommunications to virtually every country in the world.
As a leading communication in Nigeria, it is only ideal to have be chosen AIT as a case study in this research. The effect of the over six hundred workers employed and the capital base of 3.5billion naira, which the stock brokers have described as one which would run into billions of naira in five years forecast. The positive contribution on the Nigeria economy could only be applauded.