The Saturday Editor of ThisDay Newspaper, Dr Obinna Chima, has called for sustained capacity building for financial journalists to enable them navigate the rapid transformation of Nigeria’s financial system and strengthen public confidence in the sector.
Chima made the call on Wednesday in Abuja at the 38th Seminar for Finance Correspondents and Business Editors, with the theme, “The Role of the Media in Building a Future-ready Financial System.”
He said Nigeria’s financial architecture was undergoing significant transformation driven by bank recapitalisation, tax reforms, fintech innovation and the growing adoption of artificial intelligence (AI).
According to him, the pace of change requires journalists covering the financial sector to continuously upgrade their knowledge, analytical skills and understanding of emerging technologies.
He said a future-ready financial media was essential to building a resilient financial system because financial markets and institutions depended not only on capital and technology but also on public trust.
Chima described financial journalists as a critical bridge between complex financial institutions and Nigerians who may not fully understand banking, monetary policy, financial markets and economic reforms.
He urged journalists to deepen their role as interpreters of financial information by explaining how policies and financial data affect businesses, consumers and the wider economy.
“Journalists must examine what financial figures mean and how policies affect businesses, consumers and the wider economy,” he said.
He identified bank recapitalisation, tax reforms and the fintech revolution as major developments reshaping Nigeria’s financial system, stressing that journalists must understand their implications within the broader transformation of the country’s financial architecture.
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Chima also warned that while digital platforms had expanded the reach of journalism, they had equally accelerated the spread of misinformation.
“Technology enables journalists to reach millions of Nigerians quickly, but also allows misinformation to spread rapidly,” he said.
He therefore urged financial journalists to make verification a defining principle of modern reporting by establishing credible sources, authenticating documents, independently verifying claims and ensuring that published information remained current.
“Speed is important in journalism, but accuracy and credibility should not be sacrificed,” he said.
Chima further called for a stronger media focus on financial literacy, warning that increased digital access did not automatically translate into greater financial understanding.
He said the information gap could become as dangerous as the financial access gap, particularly as Nigerians increasingly adopted sophisticated financial products and digital services.
“Citizens using sophisticated financial products without adequate understanding could remain vulnerable despite being financially included,” he said.
He also charged the media to strengthen its watchdog role by scrutinising financial institutions and public-sector agencies and identifying governance failures before they develop into major crises.
However, Chima cautioned journalists against becoming alternative regulators or public-relations extensions of financial institutions.
He said the media’s watchdog responsibility must be exercised with knowledge, fairness, independence and professional judgment.
Call for Continuous Training
Chima advocated stronger collaboration among financial institutions, regulators, professional bodies and media organisations to improve the quality of financial journalism.
He said training should move beyond occasional seminars to sustained capacity-building programmes for journalists covering the financial sector.
“Future finance journalists must understand banking, economics, accounting, technology, data, cybersecurity, artificial intelligence and digital regulation,” he said.
He added that journalists should be equipped to read annual reports, interpret balance sheets, analyse datasets and critically interrogate regulatory statements.
According to him, the growing influence of AI will further transform journalism, making continuous professional development indispensable.
Chima said the future of journalism would depend on combining technology with professional judgment rather than allowing technology to replace journalists.
