NACCIMA Chief Calls on Editors to Bolster Watchdog Role Amid Economic Reforms
Dele Oye, President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has issued a rallying call to Nigerian editors, urging them to strengthen their role as vigilant watchdogs of government policy. Speaking at the 2024 All Nigerian Editors Conference in Yenagoa, Bayelsa State, Oye emphasised the crucial role of media scrutiny in ensuring that Nigeria’s recent economic reforms translate into tangible benefits for citizens.
In his address, Oye praised the economic reforms enacted by President Bola Tinubu’s administration, which include the removal of fuel subsidies, the unification of the exchange rate, and a raise in the national minimum wage. He commended these steps as essential for spurring foreign investment, boosting oil production, and significantly increasing government revenue. However, he was quick to underscore that these gains have yet to be felt evenly across Nigeria, with 56 per cent of Nigerians still living below the poverty line.
“While these policies have potential, they must be carefully monitored,” Oye insisted, stressing that the media’s oversight could prevent the waste and mismanagement that have long hindered economic growth. He highlighted Nigeria’s oil and gas sector, pointing to recent concerns over the Nigerian National Petroleum Corporation’s crude-for-loan deals. “Transparency is critically needed,” he said, calling for rigorous scrutiny of resource-backed loans to prevent costly inefficiencies.
Oye also directed his critique at the Central Bank’s high-interest policies, which he argued are stifling entrepreneurial growth. High rates have pushed banks to favour bond investments over supporting businesses, he noted, which stymies innovation and economic diversification.
To amplify their impact, Oye advised media houses to invest in investigative journalism and in-depth research, noting that enhanced credibility could attract sponsorship and open international avenues for Nigerian journalism. He concluded by challenging the Nigerian Guild of Editors to play a transformative role in the nation’s economic revival by restoring public trust and advocating for transparency.
“The power to transform lies within our collective hands as we embark on this journey of economic revival,” he remarked, calling on editors to prioritise Nigerians’ interests and act as agents of constructive change.
