The media has only just begun to play a significant role in the development of the Nigerian economy, or rather in the expansion of the business environment. For many years, business journalism faced several daunting and debilitating challenges ranging from lack of capacity to absence of an entrepreneurial culture. Media owners have faced various distractions and undue pressures, preventing them from solely concentrating on providing the credible and qualitative information essential to advancing responsible business practices.
In the past, these challenges undermined efforts, however modest, aimed at breaking down barriers, providing platforms for public discourse, forcing positive changes in economic management, and influencing demand for business news and information. Consequently, there were very few reliable, timely and objective sources of business information. A significant service gap adversely affected the process of business decision-making in Nigeria.
Critical information required by the local business community was not readily available since it had to be collated from a wide range of sources, largely by word of mouth. Foreigners, particularly the international business community, had greater difficulty planning to enter or operate in Nigeria.
Yet today, the democratization process and the introduction of market-friendly moves toward good governance have begun to curtail these historical challenges to business. It would also be apt to state that the dawn of democracy has led to a more open society and this, in turn, is leading to an increased demand for news and information on business and economy. There is obviously an increased awareness of entrepreneurial and investment opportunities and, at the same time, increased confidence and interest in Nigeria. The effect of these positive changes on the media environment has led every credible media owner to seek to be a source of reliable, pertinent information.
What seems to be rather striking is the level of impact of government policies on perceptions and demand for information. It seems that the less the level of government coercion, the more the level of public interest in the media and their activities.
The recent changes in government policies, which have occurred rapidly since 2003, have greatly improved the environment for business and have provided enormous impetus for economic freedom. The media, in general, have actively promoted the various policies of government including the reform programs.
In a short space of time, Nigerians are beginning to experience some improvements, although the level of poverty is still very significant. Considering it will take a number of years of steady economic growth for poverty to begin to ease, the media have consistently called for the implementation of programs that can bring more immediate relief to the masses and, by so doing, increase public confidence in the ongoing reform process. Some actions are already being initiated in that direction, such as the settlement of pension arrears and payment of internal debts. The media is equally pushing for corporate social responsibility, and many businesses are beginning to react positively by acting responsibly.
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Media owners and practitioners know the enormous responsibility bestowed on them by society and have tried to work around countless challenges over the years. They understand the influence of an enabling environment on responsible business practices. They know that when an economy expands, employment opportunities increase and poverty reduces over time. Perhaps finally, business media in Nigeria will be able to appropriately focus on providing the information which is so critical for furthering the country’s emerging business climate.
This article originally appeared in the UN Global Compact Quarterly.
Stanley Egbochuku is Editor-in-Chief of Businessday Nigeria. A fellow of the Nigerian Guild of Editors, Stanley has worked as a journalist for nearly 35 years, mostly as an editor of business newspapers. He was the founding Editor of Business Concord and then later served as Deputy Managing Director of the Concord Group of Newspapers. Stanley was CEO of Business Media Limited, the publishers of Business Confidential, which was ultimately merged into Businessday Media Limited.
