The apex advertising body in the country, the Advertising Regulatory Council of Nigeria, ARCON, has declared that starting from the first day of January, next year, all advertising advertisement and marketing communication materials directed at the Nigerian market must have a minimum of 75 per cent cumulative local content.
This was made known in a release made available to the media and signed by the Director-General of ARCON, Dr. Olalekan Fadolapo.
In giving the rationale for the move, ARCON stated that the directive is in line with the current efforts of the Federal Government aimed at job creation, inclusive growth and development of various sectors of the economy.
Lamenting that the Nigerian Advertising industry loses over N120bn annually to the production of advertising, advertisement and marketing communication materials outside the country, ARCON revealed, “This has continuously led to a loss of jobs in the industry, retarding the growth and development of the Nigerian advertising industry.”
The regulatory body further revealed that if the trend is not regulated, will lead to continuous decimation of the Nigerian Advertising Industry.
It added, “in line with Section 8(1) of the Advertising Regulatory Council of Nigeria Act No. 23 of 2022 which empowered the Council to ensure the preservation of Nigerian local content and use of indigenous skills as an important element in advertising, advertisement and marketing communication materials and for such services directed at the Nigerian market, ARCON will commence implementation of a policy to ensure a minimum of 75 per cent cumulative local content of all advertising advertisement and marketing communication materials with effect from January 1, 2023.”
Giving a detailed advertising local content guideline, ARCON revealed, “models and voice-over artists shall be Nigerian citizens. Production of advertising, advertisement and marketing communication materials must be done in Nigeria and the ambience should reflect Nigeria as much as possible.
“Production crew may include foreigners. However, Nigerian and Nigerian organizations must partake in the production. Post-production may be done at any location (within or outside Nigeria).”
ARCON further explained that the new policy is to enable Nigerians and the Nigerian economy to benefit from an industry that has benefited tremendously from Nigerians as consumers and the Nigerian economy.
“Annually, this policy will create over 500,000 new job opportunities within the advertising industry with a positive multiplier effect on the economy. Current job holders will be protected as the Nigerian advertising ecosystem will witness progressive growth. The new policy will also attract investment to the industry.
“The leakages and capital fight being experienced in the industry as a result of foreign production of advertising campaigns will be discouraged ARCON will continue to promote ethical advertising and marketing communications,” ARCON revealed.
