Nigerian Newspapers’ Coverage of the Capital Market from 2011 to 2021: An Empirical Analysis

Abstract

In the global economy, capital markets are fundamental to economic growth and stability, offering a vital platform for resource mobilisation. In Nigeria, the capital market is particularly significant, providing a means for companies to secure investments that drive economic resilience. Despite its importance, the public's understanding of the capital market remains limited, largely duet to the characteristics of media coverage. This study investigates the capital market stories in six Nigerian newspapers from 2011 to 2021, analysing variations in frequency, prominence, and placement of articles. Guided by the Agenda-Setting Theory, which explores how media coverage influences public perception, this study adopts a content analysis approach to examine 1,181 articles drawn from a sample of 393 newspaper editions. The findings reveal substantial variation in capital market coverage among newspapers, with a tendency to place these stories on inside pages rather than on the front page. Also, nearly half of the articles were under a quarter page, indicating limited depth and a potential impact on readers’ comprehensive understanding of market trends. The study recommends enhancing the visibility of capital market news by prioritising front-page placement, increasing article length to allow for in-depth analysis, and aligning coverage with economic events to maximise audience engagement.