
Stakeholders advocate friendly regulation, public-private collaboration
Stakeholders in the marketing industry have urged the federal government and its agencies involved in advertising regulations to always engage players in the industry before creating policies and regulations.
They said this is necessary to ensure friendly regulation as it would have captured the concerns of all and sundry as against what is presently obtained in the advertising industry which they perceived to be threatening the survival of businesses.
They said this at the ADVAN Industry Dialogue with the theme “Public-Private Collaboration In The Marketing Industry, The Path To Economic Viability,” held in Lagos on Friday, May 10, 2024.
In his keynote address, Professor Olufemi Saibu, Director, Quality Assurance, University of Lagos stated that public-private collaboration and friendly regulations will help strengthen the advertising and marketing industry. He pointed that, overregulation could prevent the industry from achieving its full potential and revenue projection, adding that Nigeria’s advertising and digital marketing industry is projected to grow exponentially, with projected revenue of US$2 billion by 2025.
“While well-intentioned, overly restrictive regulations can stifle creativity, impede innovation, and hinder the industry’s growth potential. Therefore, it is necessary to address the gap between regulatory supervision and industry autonomy in order to create an environment that is friendly to advertising excellence in Nigeria.
“Strategically formulated regulation performs a critical role in ensuring the credibility and long-term viability of the advertising industry. It ensures adherence to industry standards, accountability, and transparency within a structured framework. Also, it cultivates consumer confidence by establishing a sense of trust in the products and services being advertised,” he said.
Speaking during the panel session, Stanislaus Martins, President, Association of Digital Marketing Professionals in Nigeria (ADMARP) said a regulation will be perceived to be friendly if it accommodates the concerns and fears of all stakeholders in the industry.
He also noted that such concerns have to be accommodated at the point of policy formulation through to the implementation stage.
Speaking at the event, the Minister of Information and National Orientation, Mohammed Idris applauded ADVAN for its advocacy role and contributions to the growth of the advertising and marketing industry.
Idris, who was represented by the Director-General of the Advertising Regulatory Council of Nigeria (ARCON), Dr. Lekan Fadolapo said this dialogue is one of the initiatives ADVAN has made to develop the industry.
The minister noted the pivotal role that the advertising industry plays in shaping perceptions, driving consumer behavior, and ultimately contributing to the economic development of our nation. In a rapidly evolving global landscape, characterized by technological advancements, changing consumer preferences, and competitive pressures, the need for collaboration between the public and private sectors has never been more pressing.
“Public-private collaboration holds the key to unlocking new opportunities, overcoming challenges, and driving collective progress. This can be achieved by harnessing the complementary strengths, resources, and expertise of both the public and the private sectors,” he said.
In his welcome address, ADVAN President, Osamede Uwubanmwen, said the association continues to lead the charge in shaping the marketing landscape in the country, adding that the event serves as a platform for collaboration and innovation as it continues to advocate for better industry practices and regulation.
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