Advertisers and other stakeholders in the marketing industry have urged the federal government and its agencies involved in advertising regulations to always engage the Advertisers Association of Nigeria (ADVAN) and other sectoral groups in the ecosystem including that of the state governments before coming up with new policies or regulations as some of the present regulations are threatening the survival of their business.

They disclosed 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, 10th May 2024. The day also coincided with the Annual General Meeting (AGM) of ADVAN as new executives were elected earlier before the event to steer the affairs of the association for the next two years.

Osamede Uwubanmwen, Commercial Director, Biogenerics Nigeria Limited returned as President for a second term; Yusuf Murtala, Marketing Director, Coca-cola was elected 1st Vice President; O’Tega Ogra, SSA Digital Engagement, Communications & New Media Strategy emerged 2nd Vice President; Ediri Ose-Ediale, returned as CEO/Executive Director; Akinrimisi Olabode Samuel, Deputy Marketing Director, CWay Foods and Beverages was elected Treasurer; and Adeola Emmanuel Amosun, Group Media Manager, Tolaram as Public Secretary.

Also, the new Executive Council Members include; Roseline Akure Abaraonye, Head of Marketing, Hayat Nigeria LTD; Tolu Olanipekun, Head of Marketing, Mouka foam; Omolara Banjoko, Marketing Manager, Friesland; Dr. Omotola Bamigbaiye-Elatuyi, Marketing Director, Pladis; and Maurice Igugu, CMO, Sterling Bank.

In his welcome address at the Industry Dialogue, ADVAN President 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.

Speaking at the event, the Minister of Information and National Orientation, Mohammed Idris represented by the Director-General of the Advertising Regulatory Council of Nigeria (ARCON) applauded ADVAN for its advocacy role and contributions to the growth of the advertising and marketing industry.

“Let me commend ADVAN for its sustained advocacy and engagements with critical stakeholders towards the advancement of the interest of the advertising industry in Nigeria since its formation in 1992. So, this dialogue is one of the initiatives you have made to develop the industry.

“1 am acutely aware of 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.

Delivering the keynote address on the theme of the event, 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. However 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.

During the panel session, panelists urged regulators to engage the stakeholders from the point of formulating policies to the point of implementing them, stating that the present regulations from ADVAN and others are not fair and are negatively affecting their businesses.

They also added that most businesses are now reducing their advertising and marketing communications spend because of one fine or the other and this may soon lead to some marketing communications agencies closing shop and this will further increase the unemployment rate in the country.

They also urged the regulators to study the online space properly and understand how it works before coming up with laws as most of the policies on online advertising regulations are not in line with global best practices.

The panelists include Stanislaus Martins, President, Association of Digital Marketing Professionals in Nigeria (ADMARP); Femi Adelusi; President, Heads of Advertising Sectoral Group (HASG); Rasheed Bolainwa, President, Association of Corporate Affairs Managers of Banks (ACAMB); Bukola Bandele, CEO, Best Reliance Comm.

Services; Fikayo Babatunde, COO, The SME Mall; and Prof Bolajoko Nkemdinim Dixon-Ogbechie, Department of Business Administration, UNILAG.

Responding to some of the issues raised by the stakeholders, Prince Fatiu Akiolu, MD/CEO, Lagos State Signage and Advertisement Agency (LASAA) and Prof Moji Adeyeye, DG, National Agency for Food and Drug Administration and Control (NAFDAC) represented by Waheed Agboola, Deputy Director, Drug Registration & Regulation Affairs, NAFDAC said their doors are opened for collaboration and dialogue in the interest of strengthening the industry.

The event was well attended by key stakeholders and they were also representations from NAFDAC, SON ARCON, LASAA, Sectorial Bodies such as OAAN, MIPAN, AAAN, EXMAN, EMCOAN, BON, and others.