The International Centre for Investigative Reporting (ICIR) will on Wednesday hold an event on media sustainability to mark its 10th year anniversary.

The event is scheduled to hold at Transcorp Hilton Hotel, Abuja.

In a statement made available to FIJ, Ajibola Amzat, ICIR managing editor, highlighted the reasons the medium decided to discuss media sustainability at the event.

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He said organisations around the world are trying to grapple with financial viability and sustainability daily, and the challenge is exacerbated by the erosion of advertising revenues through the rise of platforms like Facebook, Google, Twitter and several others, leaving the media business in a fragile condition.

“In the last two years, the impact of the Covid-19 pandemic has worsened the misfortunes of global media enterprise in ways never imagined before,” Amzat said.

“But while the Western media to a large extent seems to have found winning formulae to do business profitably, the media in the Global South, particularly countries in Africa, is still struggling to stay afloat.

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“It is in view of these multiple challenges that the ICIR is inviting media practitioners and other stakeholders to a conference on media sustainability in Nigeria.”

Dayo Aiyetan, executive director and founder of the ICIR, echoed Amzat’s position by saying, “The time is now to have a conversation on the future of the media in Africa, particularly its viability and profitability. Many news organisations are not profitable because of dwindling sales and ad revenue. Many media companies cannot pay salaries and are laying off staff. The media in Nigeria is hemorrhaging.”

Tshepo Mahloele, Chairperson of Arena Holdings, one of Africa’s largest English newspaper publishers in South Africa, will deliver a keynote address at the event.

After his address, there would be a panel discussion with Nduka Obaigbena, chairman, Thisday Newspapers; Chris Anyanwu, CEO, Hot FM; Mallam Kabir Yusuf, CEO, Daily Trust Newspapers; Kadaria Ahmed, CEO, RadioNow; and Abigail Ogwezzy-Ndisika of the University of Lagos (UNILAG).

Martins Oloja, managing director of Guardian Newspaper Ltd., will moderate the event, while Euginia Abu, a TV personality, will serve as compère.