The Senior Special Assistant (SSA) to President Bola Ahmed Tinubu, on Digital and New Media, O’tega Ogra, has emphasized that overregulation could hinder the growth of the marketing industry including the quality of innovation, creativity, and could create barriers to entry for marketers.
He made this known at the 12th edition of ADVAN African Awards for Marketing Excellence held on Sunday, 26th of November 2023, at the Civic Centre, Victoria Island, Lagos where he delivered the keynote address titled “Navigating Challenges and Seizing Opportunities. The Challenge of Regulation in Marketing”
He stated that regulations are necessary to ensure that marketing activities are conducted in a manner that respects the rights and interests of all stakeholders; including consumers, businesses, and society; however, overregulation could negatively affect the growth of the industry.
In his words, “Regulation can impose costs, restrict creativity, and create barriers to entry for marketers, especially for small and medium enterprises, start-ups, and entrepreneurs. Regulation can also be overdone, underdone, or inconsistent, resulting in negative consequences for the industry and society. For example, over-regulation can stifle innovation, reduce competitiveness, and create bureaucracy. Under-regulation can lead to consumer exploitation, market distortion, and social harm. Inconsistent regulation can cause confusion, uncertainty, and conflict.”
He therefore called for regulations that are balanced, effective, and efficient, “Regulation needs to be balanced, effective, and efficient. Regulation needs to consider the benefits and costs, the risks and opportunities, and the needs and expectations of all stakeholders. Regulation also needs to be adaptable, responsive, and transparent to keep up with the changing realities and demands of the market and society.”
Corroborating what was said by Ogra, the President of the Advertisers Association of Nigeria (ADVAN), Osamede Uwubanmwen said “We would like to state clearly that the industry reform is welcomed by ADVAN as long as it’s constitutional
and in line with the original intention of the founding fathers of the Advertising regulation body .”
In another vein, speaking on the award, Uwubanmwen said ADVAN African Awards for Marketing Excellence remains the most credible platform rewarding brands and individuals for marketing excellence.
He pointed out “This year we have been able to increase our award categories, adding something for the junior managers in our team. We have also segmented the customer choice awards to reflect the various industries our brand operates. ”
In the same vein, the Chairperson ADVAN Awards Jury, Prof. Dixon-Ogbechi, Bolajoko N., Head, Department of Business Administration, University of Lagos said all the categories were competitive with a lot of entries and only the best emerged winners.
Noteworthy, the ADVAN African Awards for Marketing Excellence are bestowed upon entities and marketing professionals who have achieved remarkable success through innovative and efficacious marketing methodologies.
The Gala night was filled with excitement and entertainment as brands and individuals won the prestigious award. MTN emerged the winner of the Brand of the Year category and its CMO, Adia Sowho also won the Brand Personality of the Year. Indomie took home the second position in that category and Premier Cool Black emerged third.
Hypo emerged winner of the New Brand/ Brand Extension /Brand Revitalisation category while Terra Seasoning and Add Me clinched the second and third positions respectively.
Maltina-Show Happiness won the experiential category while Indomie Flavour Fest and Morning Fresh took the second and third position.
Indomie Gloden Magnet Promo emerged winner of the Consumer Promotion category, while Devon Kings -Mega Millionaire Promo clinched the second position.
Again, Indomie emerged winner of the Digital Campaign Of The Year category while Terra Seasoning and Hypo Bleach clinched the second and third positions.
Power Oil won the Public Relations category. Peak Milk emerged as the winner of the Legacy Brand of The Year while Gino Tomato and Haeir Thermacool took home the second and third positions respectively.
Also, Peak Yogurt clinched the Indigenous Brand of the Year and the second and third positions went to Haeir Thermocool and Terra Cubes respectively.
The Innovation of the Year went to MTN while Colgate and Peak Pap clinched the second and third positions.
ADVAN is the only trade association in Nigeria that represents the collective interests of ‘Advertisers’ (Multinational and Local organizations that engage the services of advertising and media agencies to promote their products and services).
ADVAN is a strong voice of 100 of the biggest organizations in Nigeria representing over 300 brands that control 90% of annual marketing and advertising spend in Nigeria. It is also a member and on the Executive Council of the World Federation of Advertisers, a body of global brands and marketing associations in over 60 countries of the world.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
