AIC 2023: How advertising contributing to Nigeria’s economic growth -FG

… colloquium will build stronger synergy and promote effectual congruence among Advertising stakeholders- Fadolapo

Yetunde Asekun 

Advertising has come a very long way in contributing to and advancing the growth of Nigeria’s economy massively, the Minister of Information and Culture, Lai Muhammed has revealed.

The minister revealed this on Thursday at the maiden advertising industry colloquium organised by the Advertising Regulatory Council of Nigeria (ARCON), in Lagos.

Information minister who was represented by the director public communication, Federal Ministry of Information, Chikezie Charles, while declaring the event open, said that the role of advertising in academics and day-to-day business activities cannot be neglected or underestimated by any economy that genuinely seeks to develop and sustain the development of her economic progress.

According to him, the introduction of the industry Standard of Practice which seeks to provide a minimum expectation of business practices among stakeholders and eradicate unethical activities which are inimical to the general interest of the advertising industry in Nigeria is one of the high points of the Council.

“The implementation of a policy to ensure that a 75 per cent cumulative local content is integrated on all advertisement, advertising and marketing communication materials with effect from January 1, 2023, is meant to create a minimum of 500,000 jobs annually and save the country hundreds of millions of Naira in capital flight owing to the production of advertisement outside the country.

He explained that the convergence of the academia and core business practitioners will profitably motivate an industry like advertising and marketing communications, especially the young generation whose talents and skills are at the early stage mixing what was taught in preparation for practice and the actual practice holds. The challenges could be audacious and the potential enormous.

While commending the council for a great job, he said, “I’m delighted to see the progress the Council has been making to ensure that the advertising and marketing industry in Nigeria is ethically and professionally practised as it should be.

“The industry has recently witnessed a series of reforms and other developmental strides aimed to keep it consistent with the dynamic demands of the sector.

“The Federal Ministry of Information and Culture is pleased to work with the Council and her stakeholders in advancing the course of the industry and will be delighted to receive innovative ideas, suggestions and constructive criticisms based on the wealth of experience and valuable views”

“This colloquium, we trust, will give factual insight into the peculiarities of the systems in the academic ecosphere, that is in the actual course of business and practice, and the effects of the regulatory structures on them”, he added.

Also speaking at the event, the Director General of ARCON, Dr Olalekan Fadolapo in his welcome remarks said the colloquium is primarily organised to boost stronger synergy and promote effectual congruence between the academia and the practitioners in the advertising and marketing communications industry.

The DG added that ARCON sees the need to breach the gap between the town and gown. The colloquium will provide, enable students and young graduates to understand the routine business concepts and factual practical challenges experienced in the industry.

The council must ensure that the best practices are observed in the general course of advertising business engagements.