Yemisi Izuora
The Chartered Institute of Bankers of Nigeria (CIBN) has urged financial journalists to play a critical role in sustaining the gains of banking sector recapitalisation, tax reforms and the fintech revolution, saying the success of economic reforms depends largely on effective public communication.
The Institute said the financial press must remain at the forefront of explaining complex reforms to Nigerians, promoting informed public discourse and ensuring that the benefits and implications of government and industry initiatives are properly understood.
The Registrar/Chief Executive of CIBN, Mr. Akin Morakinyo, stated this while delivering a goodwill message at the annual conference of the Finance Correspondents Association of Nigeria (FICAN), held in Lagos.
The conference, with the theme, “Building on the Gains of Recapitalization, Tax Reforms & the Fintech Revolution,” brought together financial journalists, banking professionals, regulators and other stakeholders to deliberate on developments shaping Nigeria’s financial and economic landscape.
Morakinyo said the objectives of the conference could only be effectively advanced when the media continued to provide accurate, timely and responsible reporting on the reforms taking place across the economy.
According to him, reforms would have limited impact if the public was not adequately informed about their purpose, implementation and expected outcomes.
“Whatever you have and you do not use is of no use. When you talk of reforms, the topic of this conference will be worthless without your role,” he said.
He reminded finance correspondents of the strategic position of the media as the Fourth Estate of the Realm, stressing that its significance goes beyond reporting events to influencing public understanding and shaping societal conversations.
“We refer to the press, the media as the Fourth Estate of the Realm, not for saying sake but because of the power the press has. So my admonition on this auspicious occasion is to encourage us to keep that agenda flying,” Morakinyo stated.
The CIBN chief executive also drew attention to the Agenda-Setting Theory of communication, which, he said, underscores the media’s ability to determine the issues that receive public attention and influence the direction of societal discourse.
He therefore urged members of FICAN to deploy their professional influence responsibly in promoting national development, particularly at a time when Nigeria is implementing far-reaching reforms in the banking, taxation and technology sectors.
Morakinyo said financial journalists had an important responsibility to bridge the information gap between policymakers, financial institutions, businesses and the general public by providing objective and accessible reports on economic policies.
He noted that effective reporting could help Nigerians better understand the implications of reforms while also providing policymakers and industry stakeholders with feedback from the public and business community.
“My appeal to us is that as Nigerians, we have nowhere else to fall back on. No place is like home. As we travel outside this country, after spending two or three weeks, what are you eager to do? To go back home,” he added.
The CIBN chief also congratulated FICAN on attaining 36 years of existence, describing the milestone as significant and worthy of celebration.
He observed that an organisation that had remained active for 36 years had demonstrated resilience, continuity and relevance in Nigeria’s financial journalism landscape.
“Thirty-six years is no mean feat. A child born in 1990 is already a parent,” he remarked.
Morakinyo said CIBN was pleased to identify with FICAN because of the influence wielded by its members and the enduring legacy they were building through their professional contributions to financial journalism and national development.
He explained that his decision to attend the conference personally was an indication of the Institute’s support for the association, particularly as FICAN was transitioning to a new leadership.
He encouraged the incoming leadership and members of the association to build on the achievements of their predecessors while maintaining high standards of professionalism, accuracy and responsible journalism.
The CIBN’s position reinforces the growing importance of specialised financial reporting as Nigeria continues to implement reforms aimed at strengthening the banking sector, improving tax administration and accelerating digital financial innovation.
The Institute maintained that sustained collaboration among financial institutions, regulators, policymakers and the media would be essential to ensuring that reform initiatives translate into greater economic understanding, confidence and inclusive development.