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Nigeria loses N120bn annually to foreign production of advertising materials

The Advertising Regulatory Council of Nigeria (ARCON) says the nation’s advertising industry loses over N120 billion annually to the production of advertising, advertisement and marketing communication materials outside the country.  

The Director-General of ARCON, Dr Olalekan Fadolapo, who said this in a statement yesterday, said the development has continuously led to job loss as well as retarded the growth and development of the advertising industry.  

According to Fadolapo, current efforts by the Federal Government on job creation, inclusive growth and development are negatively affected by the trend.  

He said Section 8(1) (I) of ARCON Act No 23 of 2022 empowered the Council to ensure preservation of local content and use of indigenous skills in advertising, advertisement and marketing communication materials.  

Fadolapo said the Council will commence the implementation of a policy to ensure a minimum of 75% cumulative local content of all materials, adding that models and voice over artistes must be Nigerians while the materials must also be done in-country as well reflect its ambience.

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

 He added that the policy will enable Nigerians and the economy to benefit from an industry that has enjoyed tremendous local patronage.  

The Director-General also said the policy will create over 500,000 new job opportunities annually within the advertising industry with a positive multiplier effect on the economy, while also attracting investment to stem capital flight.

The Council will commence the implementation of a policy to ensure a minimum of 75% cumulative local content of all materials, and models and voice over artistes must be Nigerians …

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