The director-general of Advertising Regulatory Council of Nigeria, (ARCON), Dr. Olalekan Fadolapo has called on federal government to take urgent steps at reviving the declining advertising sector in the country noting that the branches of advertising sector in the country.
He noted that the sector is distressed and threatened by foreign models while urging President Muhammadu Buhari to streamline and restore confidence in advertising practices in Nigeria.
Speaking on the sidelines of the National Advertising Conference held in Abuja recently, Fadolapo said, this year’s edition of the advertising framework was going through fundamental changes aimed at improving the advertising sector which, he said, could possibly overhaul and reset the system.
ARCON boss cited some of the policies achieved by the regulatory council, such as; the ban of foreign models in media advertisement, local enquiry on investment, promoting equity and fairness within the ecosystem, among others, as ways of growing the media and advertising ecosystem in the country.
He opined that the marketing and advertising management industry in Nigeria was inspired by some facets of individuals, while stating that, the decline of the industry prompted the need to find resolutions to problems facing the industry.
According to him, the main centre of discourse were the challenges facing the advertising industry in Nigeria and the next step towards ensuring sustainable growth in industry.
This, he said, would provide opportunities to discuss current and future challenges of advertising industry under the new regulatory regime.
Some of the representative of the minister of FCT, Muhammad Musa Bello; president of advertising agency of Nigeria, Steve Baba Eko, president of Mipan, Femi Adelusi, Independent Consultant, Ademola Henry Adigun, among others.
The high points and key challenges highlighted at the conference were; depreciation of the Nigerian currency, inflation, energy crisis, debt servicing, amongst others.
Speaking earlier, Independent consultant, Ademola Henry Adigun, said with 50 per cent Inflation in the country, government has neglected the business of the advertising industry, adding that, excessive borrowing and debt servicing by government could no longer sustain the economy.
He affirmed that economic recession, poverty, and various regulations by government was mitigating some policies that could develop the industry with avoidance of self regulation.
He decried that consumption level was greater than income level due to having over 220 million citizens with under utilised means of providing for basic needs
The Independent Consultant, Mr Ademola Henry Adigun further noted that the high level of unemployment, debt servicing of over 90 per cent, poverty, inflation, among others.
He stated that good economic policies by the incoming president in 2023 has the surest way and good chance of improving the state of the economy.
In addition, chief executive officer, TVC Group, Mr Ranan Redmond said, the length of GDP of a country has a multiplier effect on advertising and sustainable development.
