In alignment with its vision to enhance Nigeria’s economic progress, Dr. Olaleken Fadolapo, the Director General of the Advertising Regulatory Council of Nigeria (ARCON), has reiterated his steadfast dedication to eradicating unethical practices that hinder the advancement of both the advertising sector and the nation at large.
Dr. Fadolapo emphasized that ARCON will actively collaborate with law enforcement agencies to uphold the ethical standards within the industry, demonstrating a proactive approach towards promoting integrity and professionalism.
During a live broadcast today on the TVC News Business Nigeria, Dr. Fadolapo highlighted the detrimental impact of unjust and unscrupulous behaviours within the advertising sector, stressing the need to overhaul the industry’s ecosystem to position it as a key driver of economic prosperity in Nigeria.
He articulated, “We must reassess and reimagine the entire ecosystem to strategically position the advertising industry as a catalyst for economic vitality in Nigeria.” Highlighting recent reforms, he noted the regulation of media rates, where historically, agencies and advertisers dictated pricing. Such practices, he noted, are not aligned with international standards, where advertisers and agencies do not set media rates.
Dr. Fadolapo pointed out, “They do not dictate media rates of foreign media operating in Nigeria but want to determine the rates of local media. The essence of regulation is to ensure sanity within this space”.
Regarding payment procedures, Dr. Fadolapo stated that the standard payment period is 45 days, with strict enforcement measures in place to address non-compliance. He emphasized ARCON’s collaboration with government agencies like EFCC and NBC to ensure timely payments and investigate any violations thoroughly.
The DG also highlighted the role of the Advertising Offences Tribunal in adjudicating offences and enforcing compliance within the industry. He acknowledged a significant improvement in adherence to regulations since the implementation of the new regulatory framework in the country.
Reaffirming his staunch support for the local content policy, Dr. Fadolapo emphasized the economic drawbacks of producing advertising campaigns abroad, involving foreign talent, only to showcase them in Nigeria. He underscored that such practices not only undermine the essence of the local content policy but also hinder the growth and development of the domestic advertising industry.
The ARCON boss, stressed the importance of promoting indigenous talent and resources, highlighting the potential for job creation, skill development, and economic empowerment within Nigeria’s advertising sector. By championing the utilization of local expertise and content, he aims to enhance the country’s economic prospects while fostering a vibrant and sustainable advertising ecosystem.
With regards to the disengagement policy, he emphasized the importance of advertisers ensuring proper disengagement from previous agencies before engaging with new ones. This commitment to transparency and ethical conduct underscores ARCON’s dedication to fostering a thriving and reputable advertising industry in Nigeria.
