The Director General, Advertising Regulatory Council of Nigeria, (ARCON) has revealed that the Nigerian advertising industry loses over N200 billion annually to production of advertising, advertisment and marketing communications outside the country which has continuously led to loss of jobs in the industry thereby retarding the growth and development of the industry.
And because of that the Council will compel a minimum of 75 per cent cumulative local content in advertisements targeted at the Nigerian Market by January 1, 2023.
Dr Fadolapo made this known in a statement. The ARCON boss said that the decision became imperative due to the loss to the industry due to the production of advertising, advertisement and marketing communications outside the country.
“The Nigerian advertising industry loses over N200 billion annually to production of advertising, advertisement and marketing communications outside the country.
“This has continuously led to the loss of jobs in the industry, retarding the growth and development of the Nigerian advertising industry,” Fadolapo said.
He said the current efforts of the Federal Government aimed at job creation, inclusive growth and development of various sectors of the economy, were negatively affected by this trend, which if not regulated, would lead to the continuous decimation of the industry.
The D-G said that Section 8(1)[i] of ARCON Act No. 25 of 2022 empowered 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 and for such services directed at the Nigerian market.
He said that relying on the above section, ARCON would commence implementation of a policy to ensure a minimum of 75 per cent cumulative local content of all advertising, advertisement and marketing communication materials from January 1, 2023.
Dr Fadolapo said that some guidelines would be applied consequently
