For a small business owner trying to understand a new tax rule, an investor watching the capital market or a household adjusting to changes in banking and digital payments, economic policies can often be difficult to follow.
Stakeholders in Nigeria’s financial sector believe journalists have a critical role to play in bridging that information gap by translating complex economic policies and reforms into information that ordinary Nigerians can understand and use.
The Nigeria Deposit Insurance Corporation (NDIC), Nigeria Sovereign Investment Authority (NSIA), Asset Management Corporation of Nigeria (AMCON) and leading financial institutions have therefore pledged stronger support for capacity building in financial journalism.
The stakeholders made the commitment in Lagos as they rallied behind initiatives to equip financial journalists with specialised knowledge, improved access to data and professional mentorship.
They said stronger financial journalism would improve public understanding of economic policies, promote transparency and accountability, and help strengthen investor confidence at a time Nigeria’s financial system is undergoing major reforms.
The support is expected to enhance reporting of banking, public finance, investments, taxation and financial technology (fintech), particularly as changes in these areas increasingly affect businesses, investors and households.
Other institutions supporting the initiative include Coronation Group, Development Bank of Nigeria (DBN), Nigerian Communications Commission (NCC), Nigerian Inter-Bank Settlement System (NIBSS), Tatum Bank, GTCO, Strategic Effects Limited, National Pension Commission (PenCom), Moniepoint and Dangote Group.
Stakeholders noted that the growing complexity of economic policies makes specialised financial reporting increasingly important.
They said effective financial journalism should go beyond announcing new policies to explaining what such decisions mean for businesses, investors and ordinary Nigerians, while also examining implementation challenges and providing accurate information for financial decision-making.
The stakeholders pointed to ongoing changes in banking, taxation and capital markets, alongside the rapid expansion of fintech and digital financial services, as areas requiring deeper and more specialised media coverage.
Against this backdrop, the Finance Correspondents Association of Nigeria (FICAN) is set to bring together policymakers, regulators, banking executives, fintech innovators, economists and capital-market operators for its 36th Anniversary Annual Conference in Lagos.
The two-day conference, scheduled for September 19 and 20 at Orchid Hotels, Dreamworld Africana Way, Lekki, Lagos, will focus on the theme, “Building on the Gains of Recapitalisation, Tax Reform and Fintech Revolution.”
The conference is expected to examine how ongoing reforms can be consolidated to promote economic growth, attract investment, deepen financial inclusion and strengthen the resilience of Nigeria’s financial system.
It comes as banks adjust to the outcome of the recapitalisation exercise, the Federal Government implements major tax reforms and fintech companies continue to reshape how Nigerians make payments, access credit and use financial services.
Deputy Governor, Corporate Services, Central Bank of Nigeria (CBN), Dr Muhammad Abdullahi, is expected to deliver the keynote address, while the Group Managing Director and Chief Executive Officer of UBA, Dr Oliver Alawuba, will serve as guest speaker.
Panel discussions will feature representatives of NIBSS, OPay Digital Services Ltd., ProvidusUnity Bank, Coronation Group, the Office of the Tax Ombud and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The discussions will examine the gains and outstanding challenges associated with banking recapitalisation, tax reform and the fintech revolution, including their implications for financial stability, investment and economic growth.
In a jointly signed statement, FICAN Chairman, Mr Chima Nwokoji, and Secretary-General, Mr Sam Diala, described the conference as a strategic platform for reviewing the progress of the reforms and identifying practical measures to sustain economic growth.
Nwokoji said the convergence of banking recapitalisation, tax reforms and fintech expansion had created a defining moment for the Nigerian economy.
“This year’s conference comes at a defining moment for Nigeria’s economy. Banking recapitalisation, tax reforms and the rapid expansion of financial technology are reshaping the financial services landscape,” he stated.
He said the conference would bring policymakers, regulators and industry leaders together to assess the gains recorded so far and develop practical recommendations for deepening financial stability, promoting inclusive growth and enhancing investor confidence.
Nwokoji added that discussions would focus on sustaining investor confidence, strengthening financial stability, accelerating digital innovation and ensuring that the benefits of the reforms translate into tangible improvements for businesses and Nigerians.
FICAN, which comprises about 150 journalists and editors covering the financial industry across print, electronic and online platforms, has spent 36 years promoting responsible financial journalism and informed public debate on economic policies.
As Nigeria’s financial landscape continues to change, the association says its annual conference will remain a platform for stakeholders to examine developments affecting the financial system and find ways of ensuring that economic reforms are better understood—and ultimately felt—in the daily lives of Nigerians.
