New advertising policy would create 500,000 new jobs annually- ARCON

The Director-General of ARCON, Dr Olalekan Fadolapo, said this on Monday in a statement made available to Lagos Business News.

He explained that the new policy is to enable Nigerian and the Nigeria economy benefits from the industry.

According to him, the new policy has a positive multiplier effect on the economy. Current job holders will be protected as the Nigeria advertising ecosystem will witness progressive growth. It will also attract new investment to the industry.

“The new policy would attract investment into the industry while capital flight would be discouraged, and the policy would enable Nigerians and the economy to benefit from an industry that had enjoyed tremendous local patronage”, he said.

The DG noted that the Federal Government has lost over N120 billion annually to the production of advertising, advertisement and marketing communication materials outside the country as it has continuously led to a loss of jobs as well as the development of the industry.

” The current efforts of the FG on job creation, inclusive growth and development are negatively affected by the trend. Section 8(1)( I) of ARCON Act No 23 of 2022 empowered the council to ensure the preservation of local content and the use of indigenous skills in advertising, advertisement and marketing communication materials.

“To implement the policy, models and voice-over artists must be Nigerians while the materials must also be done in the country as well reflect its ambience.

“The advertisers will be mandated to use at least 75 per cent local content in all advertising and marketing communication materials directed at the Nigerian market.”

He also said while the production crew may include foreigners, ” Nigerians and Nigerian organisations must partake in the production.

ARCON will continue to promote ethical advertising and marketing communication.