…says it ‘ll create jobs, reduce capital flight
The Minister of Information, Alhaji Lai Mohammed has explained the decision of the Advertising Regulatory Council of Nigeria, (ARCON), to ensure more of local content in advertising.
Speaking at the opening ceremony of the 2022 National Advertising Conference themed “The Marketing Communication Industry in Nigeria, Trends, Challenges and Prospects holding in Abuja Alhaji Mohammed said this will create extra five thousand jobs annually and will also save the country of about N8bn capital flight due to the production of advertisement commercials outside the country.
According to him, the amendment of the law will increase competition and help increase quality, reduce capital flight, increase foreign exchange earnings, improve local participation and content by providing better access to content and help in creating mobilization and multidimensional structure of broadcasting.
“It will also provide a robust landing pact for the actualization of the digital heritage of the nation to curb challenges in marketing advertising industry,” he said.
The minister added that the ministry of information and culture in its own way has contributed to the growth of the industry and recently regulated the second amendment of the law in the effort to service the system.
“This is because the regulation of advertising and use of the law is an important element in advertising, advertisement and marketing communications directed at Nigeria markets,” he added.
Alhaji Mohammed commended ARCON for the conference disclosing that the conference is first under the new ARCON law after the maiden edition in 2019 and the repeal of the former law and enactment of the new one by the National Assembly.
Earlier in his welcome address, ARCON Director General, Dr. Olalekan Fadolapo said the 2022 National Advertising Conference is happening at a time the regulatory framework is going through some fundamental changes aimed at improving the practice and business of advertising in Nigeria.
He stated further that the recent repeal of the Advertising Practitioners (Registration Etc) Act which established the Advertising Practitioners Council of Nigeria (APCON) and the enactment of the Advertising Regulatory Council of Nigeria (ARCON) Act of 2022 is not just a name change but an improvement on the duties, mandates and responsibilities of the regulatory agency.
“As we are all aware our industry is threatened, there is growing feeling within and outside the industry that the business and practice of advertising are on the decline in order to arrest the apparent decline in performance standards as well as restore confidence and respect.”
He added that ARCON, in collaboration with all stakeholders has taken up the responsibility for interrogating the body of knowledge called advertising, as well as improving the business framework and standards.
“This conference therefore provides an opportunity to discuss the current and future needs and challenges of the advertising industry,” he explained.
The chairman, organizing committee of the conference, Mr. Tunji Adeyinka in his remarks said between 2019 when the inaugural edition of the National Advertising Conference took place and now, the world has changed significantly, and the marketing communications industry has witnessed a lot of changes.
“These challenges have been further exacerbated by a global economic downturn with a grim outcome as evidenced in sharp inflation rates like it has never been seen before and spikes in cost of living across the world.
“The picture in Nigeria is further compounded by the uneven distribution in income, growth in extreme poverty and consequent dip in purchasing power for the average consumer,” he said.
Adeyinka added that it can be argued therefore that the current situation is a perfect opportunity for marketing communications and marketing in general. “That is why we are meeting in the capital city of Abuja to deliberate about the different tropical issues that affect the trade.”
The conference had in attendance stakeholders in the sectorial bodies in the advertising industry as well as academia.
