The Independent Television Producers Association of Nigeria (ITPAN) has commended the decision of the Advertising Regulatory Council of Nigeria (ARCON) to implement an effective regulatory framework designed to protect advertising businesses in Nigeria.
Mr Adeyinka Oduniyi, ITPAN President, gave the commendation in a statement on Saturday in Lagos.
ARCON had announced that it would commence the implementation of a policy to ensure a minimum of 75 per cent cumulative local content of all advertising, advertisement and marketing communication materials with effect from Jan. 1, 2023.
Oduniyi said this conforms with the Federal Government’s policy of developing local talent and achieving inclusive economic growth for all sectors, including advertising.
According to him, this will spur job creation, inclusive growth, and the development of various sectors of the economy.
“It is with great excitement and relief that we receive the delightful news that the federal government, National Assembly and ARCON have finally decided on a more effective regulatory framework.
“This is to guide and protect the practice of advertising and its ancillary businesses in conformity with the best practices within the global advertising community,” he said.
He noted that ITPAN had long been an advocate and campaigner for urgent and critical policy interventions to save the practice and business of advertising in Nigeria.
He said before now, the advertising industry had recorded loss of about N120 billion annually to the production of advertising, advertisements, and marketing communication materials outside the country.
He noted that it was disheartening to know that the industry in Nigeria had all but collapsed with the attendant massive loss of jobs and weakened capacity to contribute to the country’s GDP.
“This has led to some of the core advertising agencies branching out into other areas of mass communications to stay afloat while hundreds of employees have lost their means of livelihood.
“Even those in the allied businesses of audio-visual productions, casting, and modeling have had to move away into other fields of human endeavor just as training investments have continued to dwindle overtime.
“But with the recent development, it is the way to go in moving the industry forward,” he said.
Also, former president of ITPAN, Mr. Femi Odugbemi said, “Our advertisers and agencies are investing locally generated money to develop the production industry in other countries which obviously do not need our generosity.
“It is therefore gratifying to identify with and fully endorse the noble determination of the ARCON, not only to stem the hemorrhage but to deliberately put in place a policy environment that will protect and encourage the rebuilding of a viable and sustainable advertising industry.
“This is for the overall good of our national economy, to the profit of the practitioners and for the cultural benefits of our people.”
Odugbemi said that at fruition, the new policy would put an immediate end to the acts of ferrying the production of audio-visual advertisement materials to producers in foreign countries.
He explained that it would also discourage the use of foreign models and voice-over artists, thereby returning the jobs to equally and even better-skilled Nigerians.
“As a direct consequence, the very many lost briefs and jobs shall return while our languishing production equipment shall find opportunities for productive engagements.
“Business owners shall be encouraged to re-invest and re-employ those who have been redundant; new investors and investments shall be attracted to bring in funding opportunities that financial institutions can leverage.
“This bold commitment by the regulator and government deserves the total support and equal commitment of all stakeholders, organizations including ADVAN, and other practitioners to bring the initiative to full fruition for our mutual benefit.
“We strongly recommend that ARCON must demand total compliance with this new policy regime in order that the advertising industry and its ancillaries may fully return to add value to our national desire to become big, strong and formidable.
“On our part, ITPAN hereby commits to engage with ARCON and other critical stakeholders to begin the rejuvenation process.
“This is by developing ideas and strategies, implementing strategic partnerships and business opportunities that can lead to a more prosperous and sustainable industry for Nigeria and its people,” he said.
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