The Advertising Regulatory Council of Nigeria (ARCON) has reaffirmed that Nigeria’s advertising industry is experiencing growth, as shown in a recent independent study conducted by PricewaterhouseCoopers (PwC).
Olalekan Fadolapo ARCON’s Director-General said data from the research show that industry expansion, debt resolution, job creation, and improved contributions to Nigeria’s GDP.
He was responding to recent claims by Advertisers Association of Nigeria (ADVAN) claim that the regulator’s reforms have triggered a decline in advertising spend and caused companies to exit the Nigerian market.
“Central to ARCON’s counternarrative is an independent research project it commissioned in collaboration with the Heads of Advertising Sectoral Group (HASG). The regulator engaged PricewaterhouseCoopers (PwC), one of the world’s most recognised global professional services firms to conduct a comprehensive study of advertising industry spend and its contribution to Nigeria’s Gross Domestic Product”, he said in a detailed report.
ARCON outlined what it described as transformative outcomes of its ongoing reform agenda, each of which it says directly benefits the Nigerian economy and its people.
First, the directive requiring that all advertisements targeting the Nigerian market use Nigerian talent and be produced locally has redirected advertising revenue that was previously flowing overseas back into the Nigerian economy.
“ARCON has championed the use of Nigerians in all advertising and marketing communications targeting the Nigerian market,” the statement said. “ARCON has promoted the use of Nigerian companies in advertisement production and, by extension, created jobs for Nigerians”, he further said in the report.
Second, the enforcement of a 45-day payment cycle, a standard adopted from global industry best practices has helped address media debt.
Fadolapo said “ARCON will remain focused and resolute in promoting the Nigerian First Policy and aligning with the Renewed Hope Agenda of the present administration”.
