The Nigerian government says it is confident that reforms undertaken by President Bola Tinubu since assuming office in 2023 are beginning to yield positive fruits as the economy is now on the right path.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who made the assertion on Thursday while speaking at the Access Bank Annual Corporate Forum 2024 in Lagos, said the government no longer depended on the Central Bank of Nigeria (CBN) to fund its emerging obligations, attributing the feat to fruits yielded by ongoing efforts to improve efficiency and ramp up revenues.

The minister said the government had also put a stop to the use of Ways and Means advances for meeting emerging financing obligations, a practice that had been rampant in the past, which was often the last resort to finance the government during periods of budget shortfalls.

According to Edun, “concerted fiscal measures being implemented by the government have recorded a 100 per cent increase in revenues, particularly the domestic components, which underlined improving efficiency due to the application of technology to government management.’

Edun stated that President Tinubu has fully supported the efforts of the financial management team to put in place a world-class management system that ensures that the country’s finances are managed in efficient ways.

“We have relative currency stability and we’ve seen a gradual elimination of multiple exchange rates. We also have foreign exchange liquidity,” Edun said.

“The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.

“On the fiscal side as well, government revenues are growing and the key to government revenue is not so much that government has revenue to compete with the private sector,” he added.

He noted that the government was working to plug all loopholes and optimise Nigeria’s financial potential by ensuring that the country’s sovereign assets are fully harnessed for growth and development.

Edun pointed out that as part of the gains of the government’s macroeconomic reforms, the country now records a monthly net inflow of about $2.35 billion into its foreign exchange (forex) reserves in the past seven months.

According to him, the increase in foreign reserves has contributed significantly to the stability of the naira in the forex market.

Zambia’s media landscape has undergone a major transformation in recent years, driven by technological advancements, evolving consumer behavior and changes in regulatory frameworks.

This shift has led to the fragmentation of traditional media, with the rise of online and social media platforms.

Over 100 online outlets have emerged, catering to diverse interests, and social media platforms like Facebook, Twitter and WhatsApp have become primary news sources for many Zambians.

Specialized outlets focused on specific topics—entertainment, sports, or business—have also gained traction, increasing competition for audiences, advertising revenue and influence.

A study by Peter Brooke, a former UK Member of Parliament, highlighted the significant impact of Zambia’s decolonization in the 1960s on media freedom, sparking the creation of new media outlets and fostering freedom of expression.

The proliferation of short-wave radio and affordable transistor radios further accelerated the growth of the media industry.

The Zambian government operated several state-owned media, including the Zambia National Broadcasting Corporation and newspapers like Times of Zambia and Daily Mail.

Private media, such as News Diggers, The Mast, and Daily Nation, offered alternative perspectives.

Digital-only platforms, like Lusaka Times and Zambian Watchdog, have grown in influence, boasting millions of followers on social media.

However, media fragmentation presented challenges.

The rise of so many platforms had led to information overload, making it harder for audiences to discern credible sources.

This fragmentation also risked creating echo chambers and contributing to national polarization.

Traditional media are struggling with declining ad revenue and sustainability.

Chief Government Spokesperson, Cornelius Mweetwa, expressed concern over the spread of misinformation on social media, which he said undermined the government’s achievements.

“It is unfortunate that social media is being used to sway citizens away from appreciating the progress made by the government,” Mweetwa said.

MISA Zambia, a media advocacy organization, had emphasized the importance of promoting media diversity and media literacy to combat misinformation and fragmentation.

In one of its publications, MISA Zambia stated, “Media fragmentation posed significant challenges to democracy… We must promote media literacy.”

There is a growing need for regular assessments of the media landscape, national media literacy programmes, guidelines for social media regulations and support for innovative media entrepreneurship to address the challenges brought by Zambia’s evolving media landscape.

This story is sponsored by Project Aliyense.