Mr. Komolafe highlighted that Nigeria's oil and gas sector, despite being rich with potential, encounters various issues that must not b...
Mr. Komolafe highlighted that Nigeria's oil and gas sector, despite being rich with potential, encounters various issues that must not be ignored.
Reporters from prominent news organizations throughout Nigeria have finished a two-day advanced course on business, economic, and financial journalism, arranged by the Premium Times Training Academy with assistance from the Central Bank of Nigeria (CBN).
The training occurred in Abuja on November 12 and 13, and was conducted by experts from the industry, with the goal of enabling journalists to create ethical, data-based, and influential reports that precisely portray Nigeria's economy and financial environment.
The training took place during a period when precise and ethical economic reporting is essential. Policy choices significantly impact living conditions, healthcare, transportation, and financial prospects, with facilitators emphasizing that journalists are crucial in influencing public perception and trust.
Data access
Musikilu Mojeed, the editor-in-chief of Premium Times, encouraged journalists to leverage existing economic data, highlighting that reliable information is easily found online. "To report with confidence, you need to rely on data and trustworthy sources," he stated.
He emphasized important sources, such as the World Bank, IMF, African Development Bank, and local platforms like the Federal Inland Revenue Service and the Budget Office, which release proposals, budget laws, implementation reports, and historical budgets starting from 2009.
These documents enable reporters to monitor governmental focuses, funding shortfalls, and changes in policy throughout the years.
Mr. Mojeed also highlighted the Nigeria Investment Promotion Commission, the Central Bank's research materials, and the Nigeria Exchange (NGX), where public companies share details about significant market events, changes in ownership, and annual reports that showcase their financial status.
He added, 'Journalists who are proficient with these tools will regularly create more powerful and influential business reports.'
Ethics standards
Idris Akinbajo, the head editor of the publication, highlighted that journalistic ethics should be universal rather than confined to specific regions.
"Ethical guidelines cannot be ignored. They serve as fundamental principles: truthfulness, impartiality, and transparency," he stated.
He cautioned against excessive dependence on local or cultural prejudices, unconfirmed information, and remarks from representatives lacking independent verification.
Mr. Akinbajo emphasized that reporters should enhance their skills, steer clear of conflicts of interest, and reject unethical behaviors like brown-envelope journalism. Trustworthiness and precision influence how nations and organizations are viewed globally.
Monetary policy
The Director of Monetary Policy at CBN, Victor Oboh, emphasized the intricacies of economic reporting, pointing out that inadequate coverage of monetary policy can lead to fear, mislead public expectations, and potentially disrupt an economy.
"Several headlines have the potential to create significant impacts on the economy," he stated.
He stated that monetary policy seeks to keep inflation low and stable, whereas fiscal officials concentrate on managing expenditures and generating employment.
Effective communication between both parties is crucial, but the Central Bank's main responsibility is to ensure stable prices.
News reporters need to differentiate between fundamental and food-related inflation, grasp monetary mechanisms such as OMO, CRR, and MPR, and take into account how surplus liquidity from Ways and Means, foreign exchange inflows, and previous actions should be managed to contain rising prices.
He also pointed out that the CBN has resumed traditional central banking practices, letting the naira determine its market value and prioritizing exchange rate stability over forced strength.
Enhancements in reserves, foreign capital inflows, trade surpluses, and banking sector revitalization, they noted, indicate fundamental strength, despite high interest rates persisting until inflation eases.
Context
Zeal Akaraiwe, a specialist in financial markets, emphasized the risks associated with partial reporting and biased stories. "Speak the truth, share the complete truth, and recognize its significance before you proceed to publish," he stated.
He called on reporters to offer complete background, investigate thorough data, and look for expert insights, especially while covering Central Bank changes and financial policy.
Hasty or incomplete coverage, he cautioned, may incite fear, mislead public opinion, and erode trust in the economy.
Fact checking
David Ajikobi, the editor of Africa Check, emphasized that fact-checking has become a worldwide field crucial for dealing with Nigeria's intricate information landscape.
"People who generate fake news think similarly to us journalists; while we seek out stories, they create them," he stated.
He stated that verification involves checking sources, examining evidence, seeking expert opinions, and making sure conclusions do not pose risks to people's safety.
Mr. Ajikobi cautioned that the expanding landscape of false information, such as altered videos, fake sources, and politically motivated lies, has the potential to misinform the public and twist national conversation.
Perception
The creator of The Africa Soft Power Group, Nkiru Balonwu, emphasized the importance of language and perspective in journalism, underlining how they influence public trust and views.
"If you are being truthful, ensure it is the complete truth, and be aware of how your truth affects your own household," she stated.
Ms. Balonwu contended that persistent negative stories in Nigerian media may erode public trust and economic security, highlighting the difference between local reporting and the more measured coverage seen in nations such as Britain and Ghana.
She encouraged reporters to combine criticism with proof of advancement, acknowledging that favorable signs frequently go unnoticed while negative stories take center stage.
Election spending
Paul Alaje, a senior economist with SPM Professionals, pointed out the financial dangers associated with election expenditures as Nigeria prepares for its 2027 national elections.
He pointed out that the history of politicians engaging in vote-buying frequently includes significant foreign currency spending, which can destabilize the economy.
The year before an election typically experiences the highest economic growth, but soon after, the economy begins to decline sharply. Politicians from every party play a role in this instability. To tackle this issue, all election-related expenses should be carried out in naira, and theEFCC"must ensure adherence to regulations," he stated.
Mr. Alaje cautioned that the influx of dollars during elections can drain reserves and lead to currency fluctuations, advising reporters to closely examine economic activities related to the election.
During the two-day event, 25 journalists, supported by nine facilitators, examined the impact of media reporting on economic results, the importance of ethics in building public confidence, and real-world methods for obtaining and confirming open-source economic information.
By the conclusion of the program, participants were tasked with applying ethical standards, interpreting important economic metrics, and creating stories that inform, educate, and ethically shape public conversation.
The training emphasized a key point: precise, ethical, and well-contextualized reporting is crucial not just for maintaining professional integrity, but also for the overall stability and public view of Nigeria's economy.
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Tagged: Nigeria, Press and Media, West Africa
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