Nigeria loses 120 billion naira a year to foreign production of advertising material
The Advertising Regulatory Council of Nigeria (ARCON) says the national advertising industry loses over N120 billion a year from the production of advertising, publicity and marketing communications materials outside the country .
ARCON’s Managing Director, Dr. Olalekan Fadolapo revealed this in a statement in Abuja on Monday.
According to him, the development has continuously led to job losses and retarded the growth and development of the advertising industry, adding that the federal government’s current efforts in job creation, inclusive growth and development were negatively affected by the trend.
Fadolapo said Section 8(1)(I) of ARCON Law No. 23 of 2022 empowers the council to ensure the preservation of local content and the use of indigenous skills in advertising, publicity and media. marketing communications.
He 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 voiceovers should be Nigerian, while material should 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 participate in the production and added that the policy would allow Nigerians and the economy to benefit from an industry that had enjoyed enormous 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.