*Orders 75% local contents
The Advertising Regulatory Council of Nigeria (ARCON) has disclosed that the Nigerian Advertising Industry is losing over N120billion annually to production of advertising, advertisement and marketing communication materials outside the country.
This was contained in a statement titled: ‘ARCON to compel minimum of 75% cumulative local content in advertisements targeted at the Nigerian market’ and signed by its Director-General, Dr Olalekan Fadolapo.
Fadolapo said there must be 75% of cumulative local content in advertising, advertisements and marketing communication materials aimed at the Nigerian market as from January 1, 2023.
ARCON said, “the Nigerian Advertising Industry loses over N120bn annually to production of advertising, advertisement and marketing communication materials outside the country.
“This has continuously led to loss of jobs in the industry, retarding the growth and development of the Nigerian advertising industry.
“The current efforts of the Federal Government aimed at job creation, inclusive growth and development of various sectors of the economy are negatively affected by this trend which if not regulated, will lead to continuous decimation of the Nigerian Advertising Industry.
“In line with Section 8[1][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% cumulative local content of all advertising, advertisement and marketing communication materials with effect from January 1, 2023.”
On the implementing the policy, ARCON said, “The policy on a minimum of 75% cumulative local content will be applicable to all advertising, advertisement and marketing communication materials directed at the Nigerian market.
“The following guidelines will apply: model and voice-over artist shall be Nigerian citizens, production of advertising, advertisement and marketing communication materials must be done in Nigeria, ambience should reflect Nigeria as much as possible.
“Production crew may include foreigners. However, Nigerians and Nigerian organizations must partake in the production and post production may be done at any location within or outside Nigeria.”
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