In a groundbreaking address at the Advertisers Association of Nigeria (ADVAN) Industry Dialogue, the Honourable Minister of Information and National Orientation, Mohammed Idris, heralded the strides made by President Bola Ahmed Tinubu’s administration in attracting Foreign Direct Investment (FDI) and spurring economic growth.
Speaking on the theme “Public-Private Collaboration in the Marketing Industry: The Path to Economic Viability,” Minister Idris underscored the crucial role of collaboration between the public and private sectors in driving innovation and sustainability within Nigeria’s advertising industry.
Represented by Dr. Olaleken Fadolapo, Director General of the Advertising Regulatory Council of Nigeria (ARCON), the Minister lauded President Tinubu’s steadfast commitment to implementing reforms aimed at propelling the economy to greater heights. He highlighted the administration’s success in addressing challenges such as repatriation of profits by multinationals and foreign exchange payment backlogs through innovative policy implementation.
Revealing staggering statistics, Minister Idris disclosed, “The administration has secured $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy since assuming office.” He elaborated on the sectors benefiting from these investments, including Manufacturing, Telecoms, Healthcare, and Oil and Gas.
The Minister cited notable investments by companies such as Nigerian Bottling Company, Unilever, Seven-Up Bottling Company, and Sugar Refineries (Dangote Sugar Refinery, BUA Foods, and Golden Sugar Ltd). He also highlighted the inauguration of Africa’s largest tomato processing factory by Spanish GB Foods in Kebbi State.
In the gas industry, Minister Idris stated, “The signing of an Executive Order aims to make Nigeria the preferred destination for oil and gas investment in Africa.” He projected the creation of 2.3 million jobs and a GDP boost of $17 billion upon policy implementation.
Commending ADVAN for its advocacy and engagement efforts, the Minister noted the association’s pivotal role in industry development. He stressed the significance of public-private collaboration in unlocking new opportunities and driving collective progress.
Furthermore, Minister Idris outlined the administration’s initiatives towards implementing the first scientifically based Audience Measurement System in the Advertising Industry. He emphasized the system’s importance in shaping Nigeria’s media and creative industry, providing valuable insights into audience preferences and engagement patterns.
In closing, Minister Idris urged stakeholders to embrace collaboration and partnership opportunities within the advertising industry, emphasizing the importance of identifying common goals and fostering mutually beneficial relationships to propel economic viability and prosperity.
The Minister’s address at the ADVAN Industry Dialogue underscores the critical role of public-private collaboration in fostering economic growth and development in Nigeria, signaling concerted efforts towards building a resilient and sustainable advertising industry.
