Abuja:Dr. Obinna Chima, the Saturday Editor of ThisDay Newspaper, highlighted the need for Nigeria to establish a future-ready financial media to support a robust financial system.
According to News Agency of Nigeria, Chima made these remarks during the 38th Seminar for Finance Correspondents and Business Editors in Abuja. He emphasized that as Nigeria’s financial system undergoes significant changessuch as bank recapitalisation, tax reforms, fintech innovation, and the integration of Artificial Intelligence (AI)‚journalists must continuously enhance their knowledge and reporting skills to keep pace.
Chima underscored the critical role of the media, noting that financial systems rely on public trust in addition to capital and technology. He described financial journalists as vital connectors between complex financial institutions and the general public, who may not fully understand intricate banking and monetary policies.
He urged journalists to serve as interpreters of financial information, moving beyond simple reporting to explore how financial figures and policies impact businesses, consumers, and the broader economy. Chima pointed out that developments like bank recapitalisation and the fintech revolution are reshaping Nigeria’s financial landscape and should be viewed within the broader context of the country’s financial transformation.
Moreover, Chima highlighted the dual nature of technology in journalism: while it allows for rapid dissemination of information, it also facilitates the spread of misinformation. He called for journalists to prioritize verification, establish reliable information sources, and maintain accuracy and credibility in their reporting.
The editor also called for the media to improve financial literacy among Nigerians, warning that increased digital access does not necessarily equate to better financial understanding. He noted that an information gap could pose risks similar to those of the financial access gap.
Chima stressed the importance of governance and accountability, urging the media to maintain its watchdog role by scrutinizing financial institutions and public agencies to prevent governance failures. However, he cautioned against the media becoming alternative regulators or public-relations extensions for these institutions.
He advocated for stronger collaboration between financial institutions, regulators, and media organizations to enhance financial journalism. Chima called for sustained capacity building and training for finance journalists to equip them with the skills needed to understand complex financial concepts such as banking, economics, accounting, and digital regulation.
Finally, Chima stated that AI will significantly impact journalism, making ongoing professional development crucial. He emphasized that the future of journalism will involve integrating technology with professional judgment rather than replacing human journalists with technological solutions.