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The Minister of Information and National Orientation, Mohammed Idris, has called on the advertising industry to play a pivotal role in driving the country’s economic recovery by leveraging new technologies and embracing cultural diversity.
Idris, who was represented by the Director General of the Nigeria Orientation Agency, Lanre Issa-Onilu, spoke at the 2024 National Advertising Conference in Abuja on Thursday.
The minister noted the critical intersection of technological innovation, cultural shifts, and economic reforms reshaping the advertising landscape.
Addressing top industry leaders gathered under the theme “Navigating the Shifts: Technology, Culture, and New Business Models,” Idris underscored the importance of the advertising sector in Nigeria’s economic growth.
“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.
“This new era of advertising calls for adaptability, creativity, and a clear-eyed view of the opportunities and challenges that lie ahead.
“Social media, artificial intelligence, and big data have created channels for brands to reach audiences in more meaningful and relevant ways than ever before,” he said.
The minister noted that the industry, valued at N605 billion in 2023 according to PricewaterhouseCoopers, has a powerful multiplier effect, with every N1 spent generating an additional N16.5 in economic activity.
Idris outlined how recent government reforms under President Tinubu are opening new opportunities for the sector.
He pointed to the drastic reduction in the debt service to revenue ratio, from nearly 100 percent to 65 percent, and increased revenue for federal, state, and local governments due to the removal of fuel subsidies.
This, he explained, has freed up funds for critical infrastructure projects, such as roads and railways, which aim to lower business costs and attract investment.
Idris emphasised the importance of local content, urging advertisers to harness Nigeria’s rich cultural heritage in their campaigns.
“We must also recognise the growing impact of local content in shaping our national narrative.
“At the Ministry of Information and National Orientation, we are dedicated to fostering an environment where Nigerian creatives and content producers can thrive, strengthening our cultural identity and enabling the stories of Nigeria to reach global audiences.
“I urge advertisers to be mindful of this and to be advocates for our rich cultural heritage as they develop their campaigns,” the minister remarked.
Idris also highlighted the ongoing technological transformation within the industry, noting the rise of social media, artificial intelligence, and big data analytics as game-changers.
These advancements, coupled with the recent introduction of a scientifically-based audience measurement system, provide advertisers with more precise tools to target audiences effectively.
However, Idris cautioned against the misuse of technology, particularly regarding data privacy and misinformation, and reaffirmed the government’s commitment to creating a digital ecosystem built on trust and accountability.
The minister called on advertisers to support the government’s broader economic vision, using their platforms to promote confidence in the ongoing reforms.
“Through creative and strategic messaging, advertisers have the power to not only reach audiences but to inspire confidence in the progress being made,” he remarked.
In his remarks, the Director General of ARCON, Olalekan Fadolapo, stressed the need for the advertising industry to adapt to rapid changes in business models and technology.
Fadolapo pointed out the challenges faced by the industry and called for a comprehensive review of its strategies to remain competitive in an evolving digital landscape.
Fadolapo noted that the industry is undergoing continual disruptions, driven by changes in regulations, advancements in technology, and shifts in traditional business approaches.
He remarked that while the COVID-19 pandemic has passed, the virtual business models it accelerated have become a permanent fixture, requiring agencies to rethink their operations.
“Truly, COVID came and left. After that, the virtual business system left behind by COVID is still working.
“People today don’t look at business models the traditional way. You cannot run an agency using a traditional model and expect to survive a period of time. It would not work.
“Today, technology is changing the conversation. We have a dream. We are better equipped to face these challenges and ensure that our business is positioned.
“What this has gone for is that every minute, every hour, every minute, we need to continue to review our business model. If we don’t do that as an industry, one day we will find a big problem facing us. The bottom line is shrinking,” he explained.
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