Media Framing and Financial Journalism in Nigeria: A Comparative Analysis of Capital Market Coverage Across Newspaper Types

Abstract

Financial journalism plays a critical role in shaping public understanding of economic realities and investor confidence. However, the framing of capital market news in Nigeria remains underexplored, particularly in the decade following the global financial crisis. This study examines how selected Nigerian newspapers reported and framed issues relating to the capital market between 2011 and 2021. Anchored on Framing Theory, the study adopted a mixed-method content analysis of 1,181 capital market stories drawn from six national newspapers—The Guardian, The Punch, This Day, The Nation, Business Day, and Vanguard. Quantitative analysis assessed the extent and structure of coverage, while qualitative thematic analysis examined dominant frames and narratives. The findings revealed varied levels of coverage, with Business Day and This Day showing the highest concentration of capital market stories. General-interest newspapers relied largely on episodic framing, whereas business-focused newspapers demonstrated more analytical depth. Thematic analysis identified dominant frames around market performance, regulatory interventions, and investment prospects, with minimal emphasis on transparency and accountability. The study concludes that financial journalism in Nigeria tends to privilege elite economic narratives while underrepresenting critical perspectives. It recommends enhanced professional training, source diversity, and accountability-oriented reporting to strengthen the interpretive quality and democratic role of financial news.