The efforts of the current leadership at the Advertising Regulatory Council of Nigeria (ARCON), to restructure the advertising industry for optimum performance and support Nigeria’s economic buoyancy is gaining momentum but not without some hurdles, writes Raheem Akingbolu
The two-day National Advertising Conference, held in Abuja last week, with over 200 participants, gave a fresh opportunity to stakeholders in the Advertising industry to review and take a stand about reclaiming a declining industry.
The conference, which was the second in the series, was used maximally to review the various measures being put in place by the Dr. Lekan Fadolapo-led Advertising Regulatory Council of Nigeria, and deepen conversation around contentious issues militating against the industry’s growth.
Within and outside the hall at the Transcorp Hilton Abuja, where lectures and various roundtable discussions took place, the practitioners demonstrated seriousness throughout and didn’t allow the glamour and jamboree that came with the conference to deny them of the opportunity to address the theme of the conference -The Marketing Communications Industry: New Trends, Challenges and Prospect. It was evident that this year’s edition was aimed at challenging the status quo to overhaul and reset the system.
ARCON’s Director General, Dr. Fadolapo, who set the ball rolling, had earlier told THISDAY that the conference would be another platform for practitioners to take a deeper look at the different reforms he had embarked and the opportunities therein for the entire marketing ecosystem.
Regulations, industry debt
As disclosed by Fadolapo, by the 2nd day of the event, speakers and contributors had x-rayed critical issues such as regulations, industry debt, lack of research among players, poor agency capitalisation, digitization and multiple taxations, especially in the Outdoor sector. Other issues touched are; depreciation of the Nigerian currency, inflation, energy crisis and debt servicing.
His position as director-general notwithstanding, Fadolapo also used the opportunity to call on the federal government to take urgent steps at reviving the industry, noting that the sector is distressed and threatened by foreign encroachment. To this end, he urged President Muhammadu Buhari to streamline and restore confidence in advertising practices in Nigeria by supporting the industry to enhance a considerable degree of local content.
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 the advertising industry under the new regulatory regime.
He said, “One of the primary purposes of the conference was to audit the body of knowledge of advertising. There has been so much unbundling in the skill set of advertising. We need to understand that technology is taking a major part and we need to understand that we are now playing in the digital world. Also, traditional advertising is being challenged, so, both the space, the operation, the operators are being redefined. So that is why we all need to sit down and interrogate the industry. If we don’t do this, the industry will have issues,”
need for engagement
Speaking further on the need for engagement, the DG said it would be antithetical to democratic norms if a platform like the conference and similar opportunities were not provided for stakeholders to deliberate on how to rescue the industry.
“Before now and after now, engagement is the way out. As I believe, engagement can only be two ways. It can only be the Malcom X approach or Martin Luther approach. Martin Luther will tell you of the need to sit down on a round table and talk. But Malcom X will tell you that before we sit down, we need to stabilize the water so that everybody will settle down together. Together we have not taken any step without involving the people. If we look at the issue and the people we are discussing with, and we understand that everybody will be fair, promote equity, then we will sit down. If we believe it will be combative, then, don’t forget that we are not obliged to sit down with you before making policy. But we always put a human face in those policies. Though interest may differ, when they are putting their interest above economic or national interest, then we need to roll out the policy that is in national interest. But before policy and after policy implementation, there is room for engagement. Engagement is the way out and there is no way we will not sit down at a table,” he stated.
Speaking during one of the sessions, an independent consultant, Ademola Henry Adigun, said with 50 per cent Inflation in the country, the government has neglected the business of the advertising industry, adding that excessive borrowing and debt servicing by the government could no longer sustain the economy.
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.”
