The Advertising Regulatory Council of Nigeria (ARCON) has revealed that the production of advertising, advertisement, and marketing communication materials outside of the nation costs the nation’s advertising business approximately ₦120 billion yearly.
This was said in a statement made available to NAN on Monday in Abuja by Dr. Olalekan Fadolapo, Director-General of ARCON.
He claimed that the development had consistently resulted in job losses and had slowed the expansion and development of the advertising sector.
Fadolapo says that the tendency has a negative impact on the Federal Government’s present initiatives for job creation, inclusive growth, and development.
While the production crew may include foreigners, “Nigerians and Nigerian organizations must participate in the production,” according to Fadolapo.
He went on to say that the policy would allow Nigerians and the economy to benefit from an industry that has received a lot of local support.
The policy, according to the director-general, will create over 500,000 new job opportunities in the advertising industry each year, with a positive multiplier effect on the economy.
He added that the new policy would encourage investment in the industry while discouraging capital flight.
