Obinna Chima Urges Journalists to Deepen Scrutiny as Nigeria’s Financial System Undergoes Transformation

THISDAY's Dr. Obinna Chima has called for a transformation in financial journalism within Nigeria's rapidly evolving financial system. Speaking at the Central Bank of Nigeria's 38th Seminar for Finance Correspondents and Business Editors, Chima urged journalists to shift their focus beyond reporting raw financial figures and institutional statements.

He emphasized the need to provide deeper interpretations of the forces driving the country's financial landscape, which has undergone significant changes due to developments such as banking recapitalisation, tax reform, and the fintech revolution.

Chima argued that financial journalists should no longer merely reproduce numbers or statements from financial institutions but instead delve into the underlying factors that drive financial performance. He stressed that the future financial journalist must embody the roles of an interpreter, investigator, educator, and watchdog, particularly as digital banking, fintech, and mobile payments reshape traditional boundaries within the financial services industry.

The quality of financial reporting directly impacts trust in the system, according to Chima. Credible financial media is crucial for fostering confidence among the public, investors, depositors, businesses, and policymakers. He warned against prioritizing speed over accuracy, emphasizing that "credibility is more valuable than being first."

Chima highlighted the vital role journalists play as a bridge between highly technical financial institutions and the general public, many of whom struggle to comprehend banking, monetary policy, and financial markets. He stressed that financial literacy is an essential responsibility of the media, particularly in explaining financial reforms, linking policy decisions to citizens, and promoting financial education.

He concluded by asserting that technology alone will not determine Nigeria's financial system's future. Instead, a credible media that builds trust, promotes accountability, and helps citizens navigate the rapidly changing financial landscape will be indispensable. Chima reaffirmed that the future of Nigeria's financial system hinges on both technological innovation and a robust, trustworthy media presence.