Nigeria's advertising industry, a robust N605.2 billion powerhouse in 2023, is poised for significant expansion, aiming to reach nearly N900 billion by 2028.
However, achieving this ambitious growth and a projected 1.08 per cent contribution to GDP hinges on critical reforms and strategic shifts, as highlighted by industry leaders at the Association of Advertising Agencies of Nigeria (AAAN) yearly meeting held in Ibadan last weekend.
Lanre Adisa, President of the AAAN, and Founder/Chief Creative Officer of the award-winning Noah's Ark, laid out a clear roadmap for the sector under the theme, ‘Charting Bold Paths Forward.’
Adisa emphasised three pivotal steps: the urgent inauguration of a council for the industry, increased government engagement of professional advertising bodies for project execution, and a proactive embrace of technology and rapid change by industry operators.
Adisa particularly lamented the decade-long absence of a governing council, transitioning from APCON to ARCON without this crucial body in place.
“We have transitioned from APCON to ARCON, one administration to another. Yet, we don’t have a Council,” he stated, stressing that the industry's progress is intrinsically linked to the government providing the attention it deserves, beginning with the establishment of the ARCON Council.
Furthermore, Adisa called for the Federal Government to adopt a “Nigeria First” policy by mandating that only ARCON-certified agencies be allowed to bid for all government and MDAs' marketing communication services.
He argued that this would not only ensure a more professional presentation of government activities but also foster the growth of these agencies, enabling them to contribute more significantly to the government through their statutory obligations.
Beyond government action, Adisa challenged industry operators to actively cultivate a healthy and vibrant ecosystem.
He urged them to shed their fear of technology, asserting, “Technology is not the enemy. Fear is.”
He encouraged boldness in adopting new technologies, upskilling, experimenting, and asserting their position in the rapidly evolving advertising landscape.
“We must move from being followers of global trends to becoming shapers of global narratives, drawing from the richness of our culture, creativity and commerce,” Adisa declared.
Adding to the discourse, Olalekan Fadolapo, Director General of the Advertising Regulatory Council of Nigeria (ARCON), championed professional self-regulation as a sustainable pathway to reforming the advertising ecosystem during a firechat session.
Fadolapo, who received commendation from Adisa for his reform efforts, highlighted that many existing regulatory challenges could be mitigated if practitioners committed to ethical advertising and robust internal controls.
The meeting, graced by prominent industry figures such as Udeme Ufot, Group CEO of SO & U; Tunji Olugbodi, Group CEO of Verdant Zeal; Steve Babaeko of X3M Ideas; and Kelechi Nwosu, CEO of TBWA/Concepts, also saw the induction of eight new agencies: Grandeur Limited, Octoplus Marketing Limited, Hephzibah Experiential Limited, Adept Creation Enterprise Limited, Take-Out Media, Flow Universal Solutions Limited, Blue Sky Media Promotion, and Whyfinite Martech Limited.
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