The Independent Television Producers Association of Nigeria (ITPAN) has commended the decision of the Advertising Regulatory Council of Nigeria (ARCON) to implement an effective regulatory framework to protect advertising businesses in Nigeria.

“It is with great excitement and relief that we receive the delightful news that the federal government, National Assembly and ARCON have finally decided on a more effective regulatory framework,” said Adeyinka Oduniyi, ITPAN president, on Saturday.

ARCON had announced that it would commence the 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.

Mr Oduniyi said this conforms with the federal government’s policy of developing local talent and achieving inclusive economic growth for all sectors, including advertising.

According to him, this will spur job creation, inclusive growth and the development of various sectors of the economy.

“This is to guide and protect the practice of advertising and its ancillary businesses in conformity with the best practices within the global advertising community,” he said.

He said before now, the advertising industry had recorded a loss of about N120 billion annually to the production of advertising, advertisements and marketing communication materials outside the country.

He noted that it was disheartening to know that the industry in Nigeria had all but collapsed with the massive loss of jobs and weakened capacity to contribute to the country’s GDP.

“This has led to some of the core advertising agencies branching out into other areas of mass communications to stay afloat while hundreds of employees have lost their means of livelihood.

“Even those in the allied businesses of audio-visual productions, casting and modelling have had to move away into other fields of human endeavour just as training investments have continued to dwindle over time.

“But with the recent development, it is the way to go in moving the industry forward,” he said.

Also, former president of ITPAN, Femi Odugbemi, said, “Our advertisers and agencies are investing locally generated money to develop the production industry in other countries which obviously do not need our generosity.

“It is therefore gratifying to identify with and fully endorse the noble determination of the ARCON, not only to stem the haemorrhage but to deliberately put in place a policy environment that will protect and encourage the rebuilding of a viable and sustainable advertising industry.”

Mr Odugbemi said at fruition, the new policy would put an immediate end to the acts of ferrying production of audio-visual advertisement materials to producers in foreign countries.

(NAN)