By Gloria Akudoro, Abuja.
As part of its effort to contribute to the wider economy of the nation, the Advertising Regulatory Council of Nigeria (ARCON) has stressed commitment to collaborating with industry key stakeholders to halt the apparent decline in advertising practice, performance standards as well as restore confidence and respect.
Speaking at the 2022 maiden edition of National Advertising Conference, the Director-General of ARCON, Dr. Olalekan Fadolapo stated this while delivering his keynote address on Wednesday at the opening ceremony of the 2-Day ongoing program at Transcope Hilton, Abuja.
While stressing on the theme, “The Marketing Communication industry in Nigeria: Trends, Challenges and Prospects,” he said the purpose of the conference is to spotlight the current, future needs and challenges of the advertising industry in Nigeria.
According to him, the industry is currently threatened, with a growing feeling within and outside that the business and practice of of Advertising are on the decline which must be arrested by collaboration with stakeholders to address and improve it business framework and standards.
Dr. Fadolapo who implored for a frank engagement reach and meaningful discussions that will grow the sector, disclosed that this is its first edition under the new regulatory regime that promises to be educative and insightful.
In his speech, the Minister of Information and Culture, Lia Muhammed who doubles as the Chief Host reeled out most of the benefits of the amendment Act for both Advertising industry and Nigeria Broadcasting Commission.
According to him, the Section 81J of the new Act enacted to empower ARCON is to ensure the observation of the Nigerian local content and use of indeginous skills which is an important element in advertising, Advertisement and marketing communication services in Nigeria and further source services directed at the Nigerian market.
“This amendment Act when combined with the broadcasting code especially amendment that deals with local content, you will understand that there’s a synergy between the ministry and ARCON; it has redefined the local content targeted at Nigerian audience to ensuring that about 75 percent of the lead actors of very advertising project are Nigerians,” he stressed.
The Minister further revealed that when the policy is fully integrated and functional will create additional 500 thousand jobs annually as well as save the country over N120 billion in capital flight due to production of advertisement outside the country.
He, however, added that with Compulsory Licensing, Assess to Premium Content Act under Paragraph 6.3 mandate to enable a level playing field by reducing barriers to entry and by allowing a carriage of robust brocade to channels resulting to healthy competition amongst players.
“The Introduction Regulations mandate media agencies and advertising sector to offset all outstanding invoices within 60 days related to advert placement thereby empowering ARCON to ban advertisers who are owing and unable to pay within 60 days as it leads to adverse effects of bankruptcy to both the media and ads industry.
“It also compelled to order the rights on a non exclusive basis to broadcasters and all platforms fostering far wide reaching followership of sporting content, disallows the contribution of multiple decoders in the industry,” said the Minister.
While working assiduously towards the implementation of the codes by creating a unit that will oversee all amendments Act, the Minister however warned on any bridge of this policy will incure a penalty of N100 thousand per broadcast and if shot outside the shores of the country will attract file of N500 thousand per broadcast which shall be invested into the local content development fund.
The DG however, extended his vote of thanks to President Muhammadu Buhari and the National Assembly through the Chairman of Senate on Information/National Orientation, Sen. Danladi Sankara and Chairman House Committee on Information, National Orientation Ethics and Values, Hon. Olusegun Odebunmi for the immense support. He also thanked the members of the planning committee for job well done.
At the occasion, the Chairman, House Committee on Information, National Orientation Ethics and Values, Honourable Olusegun Odebunmi also stressed on addressing the challenges of the advertising industry and that with the participation of the legislative house in the initiation of the regulatory amendment act, ARCON will stand stronger in carrying out its mandate effectively and efficiently.
Projecting a brand new ARCON in few years to come, the Honourable sought the collaboration of all to jealously guide the Advertising industry against quackery or whatsoever without ethical skills and standards from reducing the image the sector.