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Bloomberg Media Initiative Africa Creates $1m Fund For African Media

By Lukmon Oloyede.
Following the success of the inaugural Bloomberg Africa Business Media Innovators forum in Johannesburg, Bloomberg Media Initiative Africa (BMIA) has announced the creation of a $1m fund to build capacity for civil society community media organisations in three countries – Nigeria, Kenya, South Africa.
The countries, according to BMIA, are working to advance a deeper understanding of business and financial journalism, social justice, innovation and data to support transparency, accountability and good governance across Africa.
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Support for community media organisation will be provided by Bloomberg Philanthropies, the Ford Foundation, and a number of foundations on the continent. Grants will be awarded over the next three years to small and mid-size NGOs, community-based organisations, and digital media entrepreneurs in the areas of social justice, media innovation, business journalism and data.
According to the founder of Bloomberg L.P., Philanthropist, Michael R. Bloomberg, “reliable data and financial analysis bring transparency to markets and promote sound economic development – and they can help keep Africa growing and creating opportunity.”
The program is intended to enhance citizen access to localised data and statistical information, drive the development of new technology to deliver new media content, and improve citizens’ understanding of business and finance principles to empower them to support policies and practices that accelerate economic and human development in Africa.
Vice-Chancellor, University of Lagos, Professor Rahamon A. Bello in his remark stated that “it will establish the missing link in the development of financial and business journalism, and infuse the genre with the requisite professionalism, ethical and normative values as expressed in international best practices.
Community Media Fund is a component of the Bloomberg Media Initiative Africa (BMIA), a pan-African program launched by Michael R. Bloomberg last year, to strengthen media capacity, promote innovation in the sector and improve access to high-quality data and information on the continent.

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