Economic Journalism: UNCOVERING THE TRUTH BEHIND AFRICA'S ECONOMIC CHALLENGES
As part of a two-day economic journalism workshop, journalists gathered to discuss the tools and techniques needed to uncover the truth behind Africa’s economic challenges. The workshop, organized by the Embassy of Spain in Nigeria in collaboration with the Nigeria Guild of Editors, focused on using data to tell compelling stories about the economy.
The Role of Data in Economic Journalism
One of the key tools discussed was the IMF Commodity Data, which provides valuable insights into global commodity markets. Participants learned how to use this data to identify trends and patterns in commodity prices, and how these trends impact African economies.
Other tools discussed included the World Bank Debt Study Database, COMTRADE, and Trading Economics. These tools provide a wealth of information on trade flows, debt levels, and economic indicators, which can be used to tell stories about the economy that might otherwise go untold.
The Impact of Currency Devaluation
One of the key themes discussed during the workshop was the impact of currency devaluation on African economies. Countries such as Nigeria, Turkey, Egypt, and Argentina are among the top countries in Africa investing in cryptocurrency due to poor currency devaluation driven by quick money.
“The financial factors where the crude oil price is below 20 dollars is a blow to any president,” said Jaume Portell Canõ, the trainer at the workshop who is also a journalist specializing in economics and international relations. “2020 was a big hit for the Nigerian economy, and 2022 was a squandered opportunity as production was low.”
For instance, Nigeria’s economy was heavily impacted by the COVID-19 pandemic, with crude oil prices plummeting to below $20 per barrel. This had significant implications for the country’s economy, which is heavily reliant on oil exports.
The Importance of Economic Diversification
The workshop also highlighted the importance of economic diversification for African countries. “Nigeria’s export basket needs to change,” Canõ emphasized. “We need to move beyond crude oil and explore other economic opportunities.”
This sentiment was echoed by the example of Kazakhstan, which produces more barrels of oil per day above policy agreed standards, although has limited impact on the global market size but has a direct huge impact on their local GDP. In contrast, Saudi Arabia reduces its oil production to influence price hikes, but this strategy has backfired, leading to cuts in real estate investments. The footballers salaries are still high, even if their vigor to sign players has receded a bit.
L-R: Godwin Ukeke (Voice of Nigeria), Eva Barta (The Spain Embassy), Dr. Sebastine Abu (Deputy President, Nigeria Guild of Editors), Juame Portell Canõ (Trainer), Lady E Ejiro Umukoro (Founder LightRay! Media), Juan Diego Martin Dembour (First Secretary, The Embassy of Spain) at the Economic Journalism Workshop, Abuja, held at the Cavic Centre on 8-9 September, 2025.
The Role of Energy in Economic Development
The workshop also discussed the role of energy in economic development. “If you want to have an industry, you need energy,” Canõ noted. “Every energy source has its costs and benefits, and we need to explore sustainable energy options to power our economies.”
For example, Ethiopia’s Grand Renaissance Dam is a hydroelectric project that will provide electricity to surrounding countries. However, the production of energy also has its costs and benefits, such as the use of cobalt and nickel in battery production, which can have environmental and social implications.
The Impact of Global Economic Trends on African Currencies
The workshop also examined the impact of global economic trends on African currencies. “The music of commodities will make currencies move in the same direction,” Canõ observed. “We need to understand these trends and their impact on our economies.”
For instance, the price of palm oil is not determined in dollars but in Malaysian and Indonesian currencies. This highlights the importance of understanding the complexities of global commodity markets and their impact on African economies.
Debt Dynamics and Financial Colonialism
The workshop also discussed the issue of debt dynamics and financial colonialism. “Monetary colonialism is the seed that explains it all,” Canõ noted. “The Francs, the dollar, and other currencies have been used to exert control over African economies.”
The IMF and World Bank have played a significant role in shaping Africa’s economic landscape, often with mixed results. “For every reckless lender, there’s a reckless investor,” Canõ warned. “We need to be cautious of the debt trap and explore alternative financing options.”
Conclusion
The economic journalism workshop provided participants with valuable insights into the tools and techniques needed to tell compelling stories about the economy. By using data and analysis, journalists can uncover the truth behind Africa’s economic challenges and provide readers with a deeper understanding of the issues that shape their world.
As Canõ concluded, “We need to rethink our economic strategies and explore new opportunities for growth and development. By working together, we can build a stronger, more prosperous Africa.”
References:
- IMF Commodity Data
- World Bank Debt Study Database
- COMTRADE
- Trading Economics
- Business Insider
- “Trading Fixed Income and FX in Emerging Markets” by Dirk Weller
WebsiteTools for Economic Journalism
- MIT Complexity
- COMTRADE
- Trading Economics
- Indonesia’s statistics department (for HS Codes)
- Business Insider
- Google Prospectus (for PDF documents)
By using these tools and techniques, journalists can provide readers with a deeper understanding of Africa’s economic challenges and opportunities, and help shape a more prosperous future for the continent. (source: lightray media). NNL.
