The Changing Tone of Western Media’s Coverage of The Global Economic Crisis

As a keen observer of the media, I find the slightly subtle changes in the tone and style of western media reportage of the global economic recession very positively interesting. I remember when the economic crisis really began to bite and seriously accumulate economic and human casualties (between December 2008 and early March 2009). The western media was awash with stories about the probable collapse of the global economic system. Some went as far as giving audience to pundits who claimed that capitalism was finally failing, and that Karl Max had been right all along!

But now, after some of the panic has subsided, the media has started to the see that the world as we know it may not be coming to end after all. Yes, the rules and regulations that govern global business may have to be redrawn, but western civilisation and the economic system underpining it was not going down the drain.

The media therefore slowly, but perceptibly, became more positive and upbeat in its coverage and analysis of the global economic slowdown and the efforts being taken to tackle it. So, from “World in Crisis”, CNN changed the title of its coverage of the crisis to “Road to Recovery”. More airtime and media space was devoted to “experts” and “business leaders” who were estimating that the crisis would soon “bottom-out” in x months, and that the global economy may start going into positive territory by Quarter X in year Y. Richard Quest, my favourite personality on CNN devoted virtually a whole episode of his “Quest Means Business” programme to the idea that so-called “green shoots” of economic recovery were beginning to show, that the global economy was slowly beginning to come out of the recession.

I personally was starting to get really tired of the constant barrage of bad news via the media, and am relieved that things seem to be looking up. I just hope the new optimism being chorused across western media is in line with the reality on ground. It would indeed be a huge shame if this was not the case.

Nigerian Companies - Now Playing Globally, But With A Very Local Mindset

It’s funny to see how Nigerian organisations have decided to play on the international stage without taking into cognisance the need for them to step their game to the level of excellence and professionalism that’s become second nature to players in other climes.

A clear example is Skye Bank (Nigeria) Plc. I was watching CNN the other day, and came across its television commercial, which used Whitehouse Family’s “I wish I could fly”, which was also a cover version of a U2’s song of the same title. Somehow, I doubt if the parties behind the commercial applied for or even got the rights to use the music.

Taking advantage of the local popularity of various European or American artistes’ works is common practice in Nigeria, and many advertisers and advertising agencies get away with it because Nigeria was more or less a backwater in the international entertainment industry. Music and movie Piracy is big business in Nigeria. Millions of CDs of these artistes are sold in the country annually, yet there are no representative offices of any of the international music labels in Nigeria.

However, when Nigerian firms begin to move their communication from Nigerian media to CNN, the BBC and The IHT, the need to learn how to “globalize” the quality and legality of their messages must not be forgotten or downplayed, as it can bring about serious reputational and other problems for Nigerian companies.

So, while I support Nigeria’s increasing share of the global business pie, I’d still advise our fellow Nigerian businesses to tread very carefully, as the errors being made now in the areas of marketing and corporate communications could find their way into other parts of their operations, with even more dire consequences.

“Advance with caution” is the catch phrase.