Industry News

ADVAN Dialogue: Tinubu’s Economic Reforms Boosting Investor Confidence In Nigeria – FG

The Minister of Information and National Orientation, Mohammed Idris, has said President Bola Ahmed Tinubu has acquitted himself credibly in creating a conducive environment for the private sector to blossom through implementing policies that prioritize economic growth and promote innovation.

Idris made the remarks in Lagos on Friday at the Advertisers Association of Nigeria (ADVAN) Dialogue with the theme “Public-Private Collaboration in the Marketing Industry, the Path to Economic Viability.”

Represented by the Director General of the Advertising Regulatory Council of Nigeria (ARCON), Dr. Olalekan Fadolapo, the Minister canvassed for strategic collaboration with ADVAN in the development of industry standards and the promotion of ethical practices.

“From the public sector, we must create a conducive environment for both local and multinational companies to thrive and provide platforms for innovation, investment, and job creation within the advertising industry.

“For almost one year since he assumed office, President Bola Ahmed Tinubu (GCFR) has remained resolute in his commitment to implementing necessary reforms that will propel our economy to greatness.

“Some of the daunting challenges that we witnessed in the past, especially the repatriation of profits by multinationals and backlog in foreign exchange payments have been tackled securely through the implementation of creative policies by the government,” he said.

Idris said because of the investor confidence boosted by the president, his administration attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, since the assumption of office.

He said the investment commitments – covering various sectors, including Manufacturing, Telecoms, Healthcare, Oil and Gas, and others – are already being realized.

On the home front, the Minister said the Nigerian Bottling Company plans to invest $1bn over the next five years in the country, Unilever is launching new product categories this year, while Seven-Up Bottling Company plans to invest in logistics and recycling for their business.

He added that the Dangote Sugar Refinery, BUA Foods, and Golden Sugar Limited have recommitted to the implementation of their Backward Integration Programmes while Spanish GB Foods recently commissioned the biggest tomato processing factory in Africa located in Kebbi State, which is worth N20 billion.

The Minister, who acknowledged the pivotal role the advertising industry plays in shaping perceptions, driving consumer behavior, and contributing to the economic development of the country, said in a rapidly evolving global landscape, characterized by technological advancements, changing consumer preferences, and competitive pressures, the need for collaboration between the public and private sectors has never been more pressing.

He said in light of this development, his Ministry is working assiduously with the private sector to implement the first scientifically based Audience Measurement System in the Advertising Industry, stressing that it is a crucial step forward in shaping the future of our media and creative industry.

“The Audience Measurement System holds immense importance in ensuring that our broadcasting endeavors are not only impactful but also reflective of the diverse preferences and needs of our audience. It is a tool that empowers us to understand and respond to the dynamic nature of our media consumers, providing valuable insights into their viewing habits, content preferences, and engagement patterns,” he said

Idris therefore urged ADVAN to partner with the Federal Government towards giving value to money spent on advertising in Nigeria through the Audience Measurement System.

The Minister also called on ADVAN to embrace the reforms being implemented in the industry by the Advertising Regulatory Council of Nigeria (ARCON), which are mainly aimed at aligning the conduct in the industry to global best practices.

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