The Minister of Information and National Orientation, Mohammed Idris, has called on Nigeria’s advertising industry to leverage new technologies and embrace cultural diversity to play a key role in the country’s economic recovery.
Speaking at the 2024 National Advertising Conference in Abuja, the minister, represented by the Director General of the Nigeria Orientation Agency, Lanre Issa-Onilu, highlighted the transformative potential of the advertising sector amid ongoing economic reforms.
Addressing industry leaders under the theme: “Navigating the Shifts: Technology, Culture, and New Business Models,” Idris emphasized the convergence of technological innovation, cultural shifts, and economic reforms reshaping the advertising landscape.
“As we meet here in 2024, the industry is evolving unprecedentedly. Technology, the rise of new business models, and shifts in cultural norms are reshaping how we engage, persuade, and inspire audiences,” Idris noted.
The minister cited the growing impact of social media, artificial intelligence, and big data analytics in creating more meaningful connections between brands and their audiences. He urged advertisers to adapt to these changes and leverage local content to highlight Nigeria’s rich cultural heritage.
“We must also recognize the growing impact of local content in shaping our national narrative,” he said. “Advertisers should be mindful of this and advocate for our cultural heritage while developing campaigns.”
Idris also pointed to recent government reforms under President Tinubu, such as the reduction of the debt service-to-revenue ratio from nearly 100% to 65%, and the removal of fuel subsidies, which has increased revenues for federal, state, and local governments. These reforms, he noted, have freed up resources for critical infrastructure projects aimed at reducing business costs and attracting investments.
The advertising industry, valued at ₦605 billion in 2023 according to PricewaterhouseCoopers, has a significant multiplier effect on the economy, generating an estimated ₦16.5 for every ₦1 spent. Idris urged advertisers to align their messaging with the government’s broader economic vision to inspire confidence in ongoing reforms.
Meanwhile, the Director General of the Advertising Regulatory Council of Nigeria (ARCON), Olalekan Fadolapo, underscored the need for the industry to adapt to rapid changes in technology and business models.
Fadolapo highlighted challenges such as regulatory shifts, technological disruptions, and the enduring impact of the COVID-19 pandemic on business operations. He stressed the importance of continually reviewing business strategies to stay competitive in a fast-evolving digital landscape.
“Technology is changing the conversation. Virtual business models introduced during COVID are now a permanent fixture, and traditional approaches no longer suffice,” Fadolapo stated.
He warned that failure to adapt could shrink profitability and called on agencies to innovate to secure their future.
The conference spotlighted the vital role of advertising in fostering economic recovery, cultural preservation, and technological advancement, positioning the sector as a driver of Nigeria’s evolving digital economy.
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