• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, July 25, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Nigeria loses N120bn annually to foreign production of advertising materials

Advertising

The Matters Press by The Matters Press
October 17, 2022
Reading Time: 1 min read
0
Nigeria loses N120bn annually to foreign production of advertising materials

The Advertising Regulatory Council of Nigeria (ARCON) says the nation’s advertising industry loses over N120 billion annually to production of advertising, advertisement and marketing communication materials outside the country.

RELATED POSTS

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

The Director-General of ARCON, Dr Olalekan Fadolapo, said this in a statement in Abuja on Monday.

He said the development had continuously led to job loss as well as retarded the growth and the development of the advertising industry.

According to Fadolapo, the current efforts of the Federal Government on job creation, inclusive growth and development are negatively affected by the trend.

He said Section 8(1)( I) of ARCON Act No 23 of 2022 empowered the council to ensure preservation of local content and use of indigenous skills in advertising, advertisement and marketing communication materials.

Fadolapo said the council would commence the implementation of a policy to ensure a minimum of 75 per cent cumulative local content of all materials.

In implementing the policy, he said models and voice over artistes must be Nigerians while the materials must also be done in the country as well reflect its ambience.

Fadolapo also said while the production crew may include foreigners, ” Nigerians and Nigerian organisations must partake in the production.”

He added that the policy would enable Nigerians and the economy benefit from an industry that had enjoyed tremendous local patronage.

The director-general also said the policy would create over 500,000 new job opportunities annually within the advertising industry with a positive multiplier effect on the economy.

The new policy, he added, would attract investment into the industry while capital flight would be discouraged.

Tags: Advertising
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Nigerian firms to handle $4b gas project
Economy/Technology

ADC’s claim on refinery sale, horrendous half truth

July 23, 2025
Tinubu inaugurates economic council
Energy

‎No political undertone in Tinubu’s befitting honour for Buhari, TDF ‎

July 23, 2025
Babangida Aliyu’s Exit from ADC, a testament to Coalition’s deceitful recruitment- Group
Economy/Technology

‎Stop scapegoating Tinubu, stick to ethics of internal democracy, Group tells ADC ‎

July 20, 2025
Next Post
Nigeria’s food monthly imports dip

Consider Nigeria choice investment destination - Emefiele

Nigeria’s non-oil revenue grew above target by 15.7%

Lagos leads other states with N753b IGR collection in 2021

Recommended Stories

Kenya hits the globe for oil investment

HOSTCON tasks Northern region on oil and gas inclusiveness

November 6, 2021
NNPC Ltd to disclose new asset base – Kyari

Kyari’s reappointment excites stakeholders who call for full commercialisation of NNPCL

November 28, 2023
Cardoso approves CBN’s reviewed service charter

CBN focuses to tackle unauthorised withdrawals, policy saboteurs

February 7, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight
  • IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎
  • ‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us