Yemisi Izuora
Obinna Chima (PhD) has challenged the media to proactively develop its ability to provide better information to Nigerians yearning to understand the far-reaching changes taking place in the country’s financial system.
Obinna, who is the Saturday Editor of THISDAY Newspapers, and a former Chairman of the Finance Correspondents Association of Nigeria (FICAN), made the call on Saturday in Abuja while speaking at the 38th Seminar for Finance Correspondents and Business Editors, themed, “The Role of the Media in Building a Future-Ready Financial System.”
He said the rapid transformation of Nigeria’s financial sector, driven by bank recapitalisation, tax reforms, fintech innovation and the growing application of artificial intelligence, required journalists to develop stronger analytical and explanatory skills.
According to him, financial journalism must go beyond reporting figures, official statements and policy announcements to explain what such developments mean for businesses, consumers and the wider economy.
“Journalists must become interpreters of financial information rather than simply reporting figures, statements and official announcements.”
Chima said the media remained critical to the stability of the financial system because the sector depended not only on capital and technology but also on public confidence and trust.
He described financial journalists as a vital bridge between financial institutions, regulators and members of the public who may not have specialised knowledge of banking, monetary policy and financial markets.
He urged journalists to make financial information more accessible to a broad audience, including businesses, market women, students, teachers, policymakers and other stakeholders.
Chima identified bank recapitalisation, tax reforms and the fintech revolution as major developments reshaping Nigeria’s financial architecture.
He said journalists should report such developments within the context of their broader economic implications rather than presenting them merely as isolated policy announcements.
He stressed the need for journalists to examine how financial policies affect ordinary Nigerians and businesses, particularly as increasingly sophisticated financial products and digital platforms become more widespread.
Chima warned that greater access to financial services did not automatically translate into greater financial understanding.
He said the information gap could become as significant as the financial access gap if Nigerians adopted complex financial products without adequately understanding their risks, costs and implications.
Verification crucial in digital era
The media professional also highlighted the opportunities and risks created by the speed at which information travels across digital platforms.
While technology allows journalists to reach millions of Nigerians almost instantly, he noted that it also provides an avenue for misinformation and unverified claims to spread rapidly.
He therefore urged financial journalists to make verification a defining discipline of modern journalism by establishing credible sources, authenticating documents, independently checking claims and ensuring that information remains current.
Chima stressed that while speed was important in journalism, it should never come at the expense of accuracy and credibility.
Media must strengthen watchdog role
On governance and accountability, Chima urged journalists to intensify scrutiny of financial institutions and public-sector agencies and raise concerns early before governance weaknesses develop into major crises.
He, however, cautioned journalists against assuming the responsibilities of regulators or becoming extensions of the public relations departments of financial institutions.
According to him, the media’s watchdog responsibility must be exercised with knowledge, fairness, independence and professional judgment.
AI, data and the future of financial journalism
Chima also called for stronger collaboration among financial institutions, regulators, professional bodies and media organisations to improve the quality of financial journalism.
He advocated sustained capacity building for journalists, rather than relying mainly on occasional seminars and workshops.
He said future finance journalists would require knowledge spanning banking, economics, accounting, technology, data, cybersecurity, artificial intelligence and digital regulation.
He urged journalists to develop the ability to read annual reports, interpret balance sheets, analyse datasets and critically examine regulatory statements.
On artificial intelligence, Chima said the technology would significantly influence the future of journalism, making continuous professional development increasingly important.
He stressed that AI should complement rather than replace professional journalism, noting that the future of the profession would depend on combining technological capabilities with human judgment, verification and ethical responsibility.