Lai Mohammed: Nigeria’s Economy Already Feeling the Positive Impact of Advertising Industry Reforms

Raheem Akingbolu

The Minister of Information and Culture, Lai Mohammed, has declared that the nation’s economy has started enjoying the impact of various reforms embarked upon by the Ministry of Information to strengthen advertising practice in Nigeria.

Speaking at the National Advertising Conference 2022, held in Abuja, the minister pointed out that the government embarked on reform initiatives of the broadcast space to strengthen the ecosystem, encourage inclusive growth as well as attract investment to the industry.

According to him, these initiatives have not only brought improvement to the ecosystem but enhanced the competitive ability of the Nigerian brand.

In August, the Advertising Regulatory Council of Nigeria, ARCON law banned the use of foreign models and voice-over artists in any advertisement targeted or exposed in the Nigerian advertising space with effect from October 1, 20222.

This is in line with the Federal Government’s policy of developing local talent, inclusive economic growth and the need to take necessary steps and actions aimed at growing the Nigerian advertising industry

Presenting the new ARCON law to the media, the Director General of ARCON, Olalekan Fadolapo. said existing advertisements and campaigns were permitted to run out of their terms, adding that subsequent applications for revalidation for continued exposure of such materials would not be granted by the Advertising Standards Panel of ARCON.

Also under the law, any organisation using unlicensed agency for its advertising purposes will be prosecuted

The new law which was signed into law by President Muhammadu Buhari recently creates and provides a regulatory framework for the Nigerian advertising and marketing communication industry and all matters related to it.