By ebosele@hotmail.com
The Chartered Institute of Bankers of Nigeria (CIBN) has charged financial journalists to play a critical role in sustaining the gains of banking sector recapitalisation, tax reforms and the fintech revolution through accurate, timely and responsible reporting.
The Institute said effective public communication remained essential to the success of economic reforms, urging the financial press to explain complex policies to Nigerians and promote informed public discourse on their implications.
The Registrar/Chief Executive of CIBN, Mr. Akin Morakinyo, stated this while delivering a goodwill message at the annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos.
City Business News reports that the conference, themed, “Building on the Gains of Recapitalization, Tax Reforms & the Fintech Revolution,” brought together financial journalists, banking professionals, regulators and other stakeholders to examine developments shaping Nigeria’s financial and economic landscape.
Morakinyo said the objectives of the conference could only be effectively achieved when the media continued to provide clear and accurate information on the reforms being implemented across the economy.
He noted that reforms could have limited impact if Nigerians were not adequately informed about their purpose, implementation and expected outcomes.
“Whatever you have and you do not use is of no use. When you talk about reforms, the topic of this conference will be worthless without your role,” he said.
The CIBN chief executive described the media as the Fourth Estate of the Realm, stressing that its role went beyond reporting events to influencing public understanding and shaping societal conversations.
“We refer to the press, the media as the Fourth Estate of the Realm, not for saying sake but because of the power the press has. So my admonition on this auspicious occasion is to encourage us to keep that agenda flying,” Morakinyo stated.
He also referenced the Agenda-Setting Theory of communication, which, according to him, underscores the media’s ability to determine issues that receive public attention and influence the direction of societal discourse.
Morakinyo therefore urged FICAN members to deploy their professional influence responsibly in support of national development, particularly as Nigeria implements far-reaching reforms in banking, taxation and technology.
He said financial journalists had an important responsibility to bridge the information gap between policymakers, financial institutions, businesses and the general public by providing objective and accessible reports on economic policies.
According to him, effective financial reporting would help Nigerians better understand the implications of reforms while also providing policymakers and industry stakeholders with feedback from citizens and the business community.
“My appeal to us is that as Nigerians, we have nowhere else to fall back on. No place is like home. As we travel outside this country, after spending two or three weeks, what are you eager to do? To go back home,” he added.
Morakinyo also congratulated FICAN on its 36th anniversary, describing the milestone as significant and worthy of celebration.
He noted that an organisation that had remained active for 36 years had demonstrated resilience, continuity and relevance in Nigeria’s financial journalism landscape.
“Thirty-six years is no mean feat. A child born in 1990 is already a parent,” he remarked.
He said CIBN was pleased to identify with FICAN because of the influence wielded by its members and the enduring contribution of financial journalists to professional reporting and national development.
Morakinyo explained that his decision to attend the conference personally was an indication of the Institute’s support for the association, particularly as FICAN transitions to a new leadership.
He encouraged the incoming leadership and members of the association to build on the achievements of their predecessors while maintaining high standards of professionalism, accuracy and responsible journalism.
The Institute maintained that sustained collaboration among financial institutions, regulators, policymakers and the media would be essential to ensuring that reform initiatives translate into greater economic understanding, confidence and inclusive development.
