CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
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.