Former Director of Corporate Communications at the Central Bank of Nigeria (CBN) and Chairman/CEO of Communication Faculties Limited, Mazi Isaac Okorafor, has called for urgent reforms to reposition business journalism as a critical pillar of Nigeria’s economic development.
He made the call while presenting a paper titled “Enhancing the Quality of Business Journalism in Nigeria” at the 37th FICAN Seminar held on November 21, 2025, at The Providence Hotel, Ikeja, Lagos.
Okorafor defined business journalism as the field responsible for tracking, analyzing, and interpreting business, economic, and financial activities for public understanding. According to him, the profession’s primary mission is to ensure that economic and financial information is presented in a way that is credible, simple to understand, and useful, ultimately supporting Nigeria’s economic progress.
Repositioning the Role of the Business Journalist
He emphasized that business journalists must do more than report figures and announcements—they must interpret trends, provide context, highlight implications for markets, employment, trade, exchange rates, and explain how policies shape the everyday lives of citizens.
Deep-Rooted Challenges Confronting the Profession
Okorafor listed several structural obstacles weakening the impact and credibility of business journalism in Nigeria. These include:
- Widespread economic illiteracy among the public, some reporters outside FICAN, and even government officials
- Weak investigative capacity and inadequate balance in reportage
- Lack of media independence
- Absence of well-groomed successors to sustain the profession
- Poor grasp of digital tools and data interpretation
- The emerging demands and threats posed by Artificial Intelligence (AI)
- Failure to highlight how economic policies affect vulnerable groups
- Distortions caused by social media disruption, declining ethics, and unregulated publishing
“Facts are no longer sacred,” Okorafor warned, stressing that the unchecked erosion of professional standards undermines public trust.
A Strategic Roadmap for Revamping Business Journalism
In outlining solutions, he recommended comprehensive reforms focusing on knowledge-building, certification, and institutional support.
1. Stronger Business and Financial Literacy
He urged journalism schools, the CBN, NDIC, and educational ministries to embed business and financial literacy in training curricula. He pointed to the Monetary Policy Master Class pioneered for editors as a successful model that should be expanded nationwide.
2. Certification and Institutional Collaboration
Okorafor proposed a formal partnership between the CBN and institutions like the Nigerian Institute of Journalism (NIJ) to establish a basic certification for business journalists, which would serve as a prerequisite for accreditation to cover the CBN beat.
He praised the CBN for consistently sponsoring editors and correspondents to global financial meetings like the World Bank and African Development Bank conferences, urging that such exposure must continue.
3. Promote Constructive Journalism
He noted that business journalism must remain constructive and developmental in nature. While journalists must uphold truth, he said they should avoid adversarial coverage that damages public confidence in institutions.
“We may not always say all the truth if it will hurt the system, but we should never lie,” he stated, encouraging practitioners to embrace the roles of analysts, interpreters, and defenders of the citizen’s interests.
4. Safeguard Editorial Independence
He stressed that editorial independence is essential to ensure credibility, shield journalists from undue influence, and strengthen public confidence in business reportage.
Two Decades of Resilience
Reflecting on Nigeria’s economic journey over the past 20 years, Okorafor said the CBN and the economy have survived severe forex turbulence, global shocks, and structural challenges, yet managed to sustain a resilient banking and payments system.
He attributed part of this success to the longstanding partnership between the CBN and FICAN, describing it as a relationship of “unbroken romance” that should be preserved.
Former CBN Director, Mazi Isaac Okorafor, has urged a major reform of business journalism in Nigeria, advocating stronger financial literacy, certification, and editorial independence during the 37th FICAN Seminar in Lagos.
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