The event, titled “Navigating the Shifts: Technology, Culture, and New Business Models,” was inaugurated by the Minister of Information and National Orientation, Mohammed Idris Magali, represented by Mallam Lanre Issa-Onilu, Director-General of the National Orientation Agency (NOA). In his opening remarks, Issa-Onilu reaffirmed the government’s dedication to creating a policy framework that promotes both innovation and consumer protection.
“As we stand at the intersection of these shifts, the government’s role is clear,” said Issa-Onilu. “We must work hand-in-hand with industry leaders to develop policies that foster creativity responsibly, encourage digital literacy, and support a thriving advertising sector that contributes meaningfully to our economy. Regulatory bodies like the Advertising Regulatory Council of Nigeria (ARCON) and the National Broadcasting Commission (NBC) have been instrumental in ensuring fair and transparent practices that support responsible innovation rather than stifling it.”
ARCON’s Director-General, Dr. Olalekan Fadolapo, highlighted the need for adaptive models in response to Nigeria’s rapidly evolving market, especially in the advertising sector. “Traditional models are no longer viable in a digitally driven economy where advertising spending is shrinking,” he noted. “As a regulator, we aim to uphold fairness and equality in the industry while guiding agencies to adapt to these changes effectively.”
Dr. Tayo Aduloju, CEO of the Nigeria Economic Summit Group (NESG), pointed out that Nigeria’s currency depreciation has opened up export opportunities but is also burdening businesses with high operational costs. “We need refinanced support for key sectors and the recapitalization of development finance institutions to provide affordable, long-term credit. This approach is essential for improving productivity and driving export growth, which is critical to economic resilience,” he explained.
Mr. Seni Adetu, Group CEO of First Primus West African, emphasized the importance of consolidation within Nigeria’s fragmented advertising industry. According to Adetu, the high number of agencies leads to inefficient standards, where clients often leverage competitive disadvantages. “Consolidation will strengthen the industry, allowing fewer, stronger agencies to exist. The current fragmentation gives rise to challenges, with some agencies struggling as the market shrinks,” he argued, stressing that higher entry barriers could foster stronger, more competitive agencies.
Additionally, Adetu spoke on the importance of sound governance and the integration of technology to improve business efficiency. “Technology is meant to enhance the structural quality within an organization,” he said. “It’s crucial to have a strong structure in place that technology can then amplify for efficient, profitable growth.”
The discussions highlighted that Nigeria’s economic trajectory hinges on a blend of innovative policies, digital adaptation, and strategic consolidation. With the government’s commitment to fostering local content and building a resilient ecosystem, the fireside chat concluded with a call to action for stakeholders to prioritize efficiency and responsible innovation. By addressing these imperatives, Nigeria is poised to solidify its position as a leader in Africa’s creative and economic landscape, even amid challenging economic shifts.
