Nigeria Loses Over N120 Billion A Year From Foreign Advertising Production – ARCON
The Advertising Regulatory Council of Nigeria (ARCON) has revealed that Nigeria’s advertising industry loses over N120 billion a year from the production of advertisements and marketing communications materials outside the country.
This was revealed by the Managing Director of ARCON, Dr Olalekan Fadolapo, who revealed that the exorbitant amounts spent on advertising have continuously led to huge job losses, which has stunted the growth and development of the company. Nigerian advertising industry.
He further disclosed that this trend has disrupted the government’s efforts to ensure job creation, inclusive growth and development.
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In his own words, “Article 8 of the Advertising Regulatory Council of Nigeria Act No. 23 of 2022 empowers the Council to ensure the preservation of local Nigerian content and the use of indigenous skills as an important element of advertising.
“Advertising and Marketing Communications Material Services aimed at the Nigerian market, ARCON will commence implementation of a policy to ensure a minimum of 75% cumulative local content of all Advertising and Marketing Communications Materials from 1 January 2023.”
In implementing this policy, the CEO of Arcon revealed that models and voice-over artists must be Nigerian while materials must also be made in the country and thus reflect its vibe.
He however revealed that while the production team may include foreigners, Nigerians and Nigerian organizations must be involved in the production process.
He added that the policy would allow Nigerians and the economy to benefit from an industry that had enjoyed huge local patronage.
The Managing Director also revealed that the implementation of the policy will lead to the creation of more than 500,000 new job opportunities per year, within the advertising industry, which will undoubtedly have a positive impact. on the national economy.
The new policy would also attract foreign investment into the industry while capital flight would be discouraged.
It should be recalled that Nigerian President Muhammadu Buhari signed into law a bill giving ARCON a mandate to ensure the preservation of local Nigerian content and the use of indigenous skills as an important part of local advertising marketing communication services following the ban on foreign models and voices. -on artists in local advertisements.
For many years, commercials often aired in Nigeria featured white actors and were narrated by people with a British accent.
The move was in response to the Federal Government’s interest in local talent development, inclusive economic growth and the growth of the advertising industry in Nigeria.