Nigeria’s banking sector recapitalisation and other economic reforms require stronger public understanding and trust to deliver their intended gains, the Chartered Institute of Bankers of Nigeria (CIBN) has said.
The Institute said effective communication of reforms was critical to ensuring that Nigerians understood their purpose, implementation and expected outcomes, particularly as the country continues to implement changes across the banking, taxation and financial technology sectors.
Akin Morakinyo, registrar/chief executive of CIBN, stated this in a goodwill message at the annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos.
The conference, themed ‘Building on the Gains of Recapitalization, Tax Reforms and the Fintech Revolution,’ brought together financial journalists, banking professionals, regulators and other stakeholders to discuss developments shaping Nigeria’s financial and economic landscape.
Morakinyo said the media had a strategic role to play in ensuring that the gains of the reforms were sustained by providing accurate, timely and responsible reporting that could bridge the information gap between policymakers, financial institutions, businesses and the public.
He said reforms would have limited impact if the public was not adequately informed about their objectives and implications.
‘Whatever you have and you do not use is of no use. When you talk of 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 extended 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 highlights the ability of the media to determine the issues that receive public attention and influence the direction of societal discourse.
Morakinyo therefore urged financial journalists to deploy their professional influence responsibly in reporting the far-reaching reforms taking place in the banking, taxation and technology sectors.
He said specialised financial reporting was particularly important in helping Nigerians understand the implications of economic policies while also providing policymakers and industry stakeholders with feedback from the public and 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 evidence of the association’s 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 contribution of financial journalism to national development.
Morakinyo explained that his decision to attend the conference personally demonstrated CIBN’s support for the association, particularly as FICAN transitioned 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 CIBN’s position comes as Nigeria continues to implement reforms aimed at strengthening the banking sector, improving tax administration and accelerating digital financial innovation.
The Institute maintained that sustained collaboration among financial institutions, regulators, policymakers and the media would be important to ensuring that reform initiatives translate into greater economic understanding, confidence and inclusive development.