• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Tuesday, July 1, 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

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

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

Property owners besiege FCT office to pay ground rent
Economy/Technology

Transformational in FCT in line with Tinubu’s Renewed Hope agenda

June 30, 2025
China’s agricultural wholesale products prices continue to drop
Agriculture

Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus

June 29, 2025
$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 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

NLC to introduce detention allowance for members

NLC, TUC to consider FG offer – Minister

October 2, 2023
Oil field in Somali

Somalia rejects Genel Energy’s “illegal claim” to oil permits in Somaliland

December 31, 2022
Nigeria retrieves 690 abandoned containers

Nigeria pumps N2.7tn into agric infrastructure

November 13, 2018

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

  • Transformational in FCT in line with Tinubu’s Renewed Hope agenda
  • Ignore Atiku’s claim to dilute historic mechanised farming deal with Belarus
  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

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