The Advertising Regulatory Council of Nigeria, (ARCON) has disclosed that Nigeria’s advertising industry loses over N120 billion annually to the production of advertisements, and marketing communication materials outside the country.
This was disclosed by the Director-General of ARCON, Dr. Olalekan Fadolapo who revealed that the exorbitant amount spent on advertising has continuously led to the huge loss of jobs which has retarded the growth and development of the Nigerian advertising industry.
He further revealed that this trend has disrupted the government’s effort in ensuring job creation, inclusive growth, and development.
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In his words, “Section 8[1][1] of the Advertising Regulatory Council of Nigeria Act No. 23 of 2022 empowers the Council to ensure the preservation of Nigerian local content and use of indigenous skills as an important element in advertising.
“Advertisement and marketing communication materials services directed at the Nigerian market, ARCON will commence implementation of a policy to ensure a minimum of 75 percent cumulative local content of all advertisement and marketing communication materials with effect from January 1, 2023.”
In implementing this policy, the DG of Arcon disclosed that models and voice-over artists must be Nigerians while the materials must also be done in the country and as well reflect its ambiance.
He however disclosed that while the production crew may include some foreigners, Nigerians, and Nigerian organizations must partake in the production process.
He added that the policy would enable Nigerians and the economy to benefit from an industry that had enjoyed tremendous local patronage.
The director-general also disclosed that implementation of the policy would lead to the creation of over 500,000 new job opportunities annually, within the advertising industry which will no doubt positively impact the nation’s economy.
The new policy would also attract foreign investment into the industry while capital flight would be discouraged.
It would be recalled that Nigeria’s president Muhammadu Buhari signed into law a bill giving ARCON the mandate of ensuring the preservation of local Nigerian content and the use of indigenous skills as an important element in local advertising marketing communication services following the ban of foreign models and voice-over artists in local advertisements.
For many years, advertisements often aired in Nigeria feature white actors and are narrated by those with a British accent.
The move was the Federal Government’s interest in developing local talent, inclusive economic growth, and also growing Nigeria’s advertising industry.