Introduction to the Training Programme
A two-day intensive training on business, economic, and financial reporting was conducted for journalists from major newsrooms across Nigeria. Organised by Premium Times Training Academy with support from the Central Bank of Nigeria (CBN), the programme aimed to equip reporters with essential skills to produce ethical, data-driven, and impactful stories that accurately reflect Nigeria’s economy and financial landscape.
The training took place in Abuja on 12 and 13 November, led by industry professionals. It focused on addressing the challenges faced by Nigeria’s oil and gas industry, which is full of opportunities but also has several issues that need attention.
Data Access and Utilisation
Musikilu Mojeed, the editor-in-chief of Premium Times, urged reporters to use available economic data, noting that credible information is widely accessible online. He highlighted key sources such as the World Bank, IMF, African Development Bank, and domestic platforms like the Federal Inland Revenue Service and the Budget Office. These sources publish proposals, appropriation laws, implementation reports, and historical budgets dating back to 2009.
These records allow journalists to track government priorities, spending gaps, and shifts in policy over time. Mr. Mojeed also pointed to the Nigeria Investment Promotion Commission, the Central Bank’s research publications, and the Nigeria Exchange (NGX), where listed companies disclose market-moving information, ownership changes, and annual reports revealing their financial health.
Ethics Standards in Journalism
Idris Akinbajo, the managing editor of the newspaper, emphasized that journalism ethics must be global, not local. He stated that ethical rules are not optional but guiding principles: accuracy, fairness, and public accountability. He warned against over-reliance on local or cultural biases, unverified reports, and statements from spokespersons without independent checks.
Mr. Akinbajo stressed that journalists must build capacity, avoid conflicts of interest, and resist unethical practices such as brown-envelope journalism. Credibility and accuracy determine how the world perceives countries and institutions.
Monetary Policy and Reporting
Victor Oboh, the Director of Monetary Policy at the CBN, focused on the technicalities of economic reporting, highlighting how poor coverage of monetary policy can trigger panic, distort public expectations, and even destabilise an economy. He explained that monetary policy aims to maintain low and stable inflation, while fiscal authorities focus on spending and job creation.
Coordination between the two sides is essential, but the Central Bank’s primary mandate remains price stability. Journalists must distinguish between core and food inflation, understand monetary tools like OMO, CRR, and MPR, and consider how excess liquidity from Ways and Means, FX inflows, and past interventions must be controlled to curb inflation.
Context and Fact Checking
Zeal Akaraiwe, a financial market expert, highlighted the dangers of incomplete reporting and selective narratives. He urged journalists to provide full context, dig for comprehensive data, and seek expert explanations, particularly when reporting Central Bank reforms and economic policy. Rushed or partial reporting, he warned, can fuel panic, distort public perception, and weaken confidence in the economy.
David Ajikobi, the editor of Africa Check, stressed that fact-checking is now a global discipline essential for navigating Nigeria’s complex information environment. He explained that verification requires confirming sources, reviewing evidence, consulting experts, and ensuring conclusions do not endanger lives. Mr. Ajikobi warned that the growing misinformation ecosystem, including manipulated videos, impersonated sources, and politically driven disinformation, can mislead the public and distort national discourse.
Perception and Framing in Reporting
Nkiru Balonwu, founder of The Africa Soft Power Group, focused on framing and tone in reporting, highlighting their impact on public confidence and perception. She argued that repeated negative narratives in Nigerian media can undermine public confidence and economic stability, contrasting local coverage with more restrained reporting in countries like Britain and Ghana.
She urged journalists to balance criticism with evidence of progress, recognising that positive indicators often receive little attention while gloomy narratives dominate headlines.
Election Spending and Economic Risks
Paul Alaje, senior economist at SPM Professionals, highlighted the economic risks of election spending ahead of Nigeria’s 2027 general elections. He noted that politicians’ history of vote-buying often involves large foreign currency expenditures that destabilise the economy. The pre-election year often sees the highest economic growth, but immediately after, the economy starts to nose-dive.
Mr. Alaje warned that dollar inflows during elections deplete reserves and create exchange-rate instability, urging journalists to scrutinise election-related economic activity closely.
Conclusion
Over the two days, 25 journalists, guided by nine facilitators, explored how media coverage influences economic outcomes, the role of ethics in maintaining public trust, and practical tools for accessing and verifying open-source economic data. By the end of the programme, participants were charged to apply ethical principles, interpret key economic indicators, and produce stories that inform, educate, and responsibly influence public discourse.
The training reinforced a central message that accurate, ethical, and context-rich reporting is essential not only for professional credibility, but also for the broader stability and perception of Nigeria’s economy.
