General News
THE Advertising Regulatory Council of Nigeria (ARCON) says it will compel a minimum of 75 per cent cumulative local content in advertisements targeted at the Nigerian Market by January 1, 2023.
This is contained in a statement signed by Dr Olalekan Fadolapo, Director-General, ARCON, and made available to the News Agency of Nigeria (NAN) on Monday in Lagos.
Fadolapo 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.
The ARCON boss said that some guidelines would be applied consequently
The guidelines specify that “Model and Voice-over artist shall be Nigerian citizens.
“Production of advertising, advertisement and marketing communication materials must be done in Nigeria.
“Production crew may include foreigners; however, Nigerians and Nigerian organisations must partake in the production.
“Post production may be done at any location (within or outside Nigeria),” Fadolapo said.
According to him, the new policy is to enable Nigerians and the economy to benefit from an industry that has benefited tremendously from Nigerians as consumers.
He said that the policy would create over 500,000 new job opportunities annually within the advertising industry with a positive multiplier effect on the economy.
“Current job holders will be protected as the Nigerian advertising ecosystem will witness progressive growth.
“The new policy will also attract investment to the industry.
“The leakages and capital flight being experienced in the industry as a result of foreign production of advertising campaigners will be discouraged,” Fadolapo said.
He added that ARCON would continue to promote ethical advertising and marketing communications. (NAN)
A.I
Tags: Advertising Regulatory Council of Nigeria Dr Olalekan Fadolapo
