“Nigeria Loses N120 Billion From Producing Publicity Materials”

The Advertising Regulatory Council of Nigeria said the national advertising industry was losing more than N120 billion a year from the production of advertising, publicity and marketing communications materials outside the country. .

ARCON’s Managing Director, Dr. Olalekan Fadolapo, said so in a statement made available to News Agency of Nigeria in Abuja on Monday.

He said the development has continuously led to job losses and retarded the growth and development of the advertising industry.

According to Fadolapo, the federal government’s current efforts in job creation, inclusive growth and development are negatively affected by the trend.

He said Section 8(1)(I) of ARCON Act No. 23 of 2022 empowered the council to ensure the preservation of local content and the use of indigenous skills in advertising, publicity and media. marketing communications.

Fadolapo said the council would begin implementing a policy to ensure a minimum of 75% cumulative local content of all materials.

While implementing the policy, he said models and voice-over artists must be Nigerian, while material must also be made in the country and reflect its vibe.

Fadolapo also said that although the production team may include foreigners, “Nigerians and Nigerian organizations must be involved in the production.”

He added that the policy would allow Nigerians and the economy to benefit from an industry that had enjoyed huge local patronage.

The chief executive also said the policy would create more than 500,000 new job opportunities per year in the advertising industry with a positive multiplier effect on the economy.

The new policy, he added, would attract investment into the industry while capital flight would be discouraged.

NOPE

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