The Director General, Advertising Regulatory Council of Nigeria (ARCON), Dr. Olalekan Fadolapo has highlighted what must be done for Nigeria to be counted among the world’s top 20 economies by the year 2030.
According to PWC, Nigeria is projected to be among the top 20 economies of the world by 2030 and to reap the benefits of this promising future, it is imperative that the country challenges herself to meet and set global standards and practices to become a beacon for others on the continent to follow.
Dr. Fadolapo, while delivering the keynote speech at the webinar on top trends in 2024 – unlocking insights media. Consumer Market organised by Mediareach OMD and Lagos Business school, recently said the giant of Africa, remains the largest consumer market on the continent with a growing and young urban population.
“Although Nigeria’s GDP growth over the last decade has been a journey of resilience and recovery, we have faced challenges, and we have also witnessed significant growth and development. Despite these challenges, we remain optimistic about our economic prospects, bolstered by our vibrant entrepreneurial energy and the potential for job creation and innovation.
He explained further: “As we all know, marketing communications plays a crucial role in this overall future growth, acting as a catalyst for commerce, which in turn drives economic prosperity for all.”
He said that economic prosperity is measured by an increase in gross domestic product (GDP), which is defined as the combined value of all goods and services produced within a country in a year.
“Globally, economic growth is often driven by consumer spending and business investment. Trade is central to ending global poverty, with countries open to international trade tending to grow faster, innovate, improve productivity, and provide higher income and more opportunities to their people.
“Innovation leads to growth. As new ideas and technologies are developed and applied, they generate greater output with the same input. More goods and services are produced, stimulating wages and business profitability. This innovation and productivity growth bring vast benefits for consumers and businesses,” he added.
Fadolapo however said in today’s world, data has become the new oil, the new gold. It is the fuel that powers innovation and growth in many economies around the globe.
“Accurate data is essential for driving productivity, enabling better decision-making, allowing for precise targeting and marketing efforts, and helping to develop and preserve brand credibility. All of these factors contribute to driving ROI and profitability for brands and agencies alike.
“However, we must acknowledge a significant challenge that we face here in Nigeria, the lack of data. But let’s not forget, useful data are all around us. We just need to take the initiative to curate and share these data to better improve our overall ecosystem as exemplified by the product of this partnership orchestrated by mediaReach OMD.
He added that the Federal Government of Nigeria, through the Ministry of Information and National Orientation under the leadership of Alhaji Mohammed Idris, will continue to engage with the necessary stakeholders to ensure that the drive for audience measurement, a critical piece of data for decision-making, is achieved.
“As a regulatory body, we will continue to uphold the ethics of the profession, play the role of an unbiased body, and promote collaboration across the ecosystem.
“In recent years, we have taken drastic steps to sanitize the entire advertising space, especially on social media, by regulating content and mandating approval for content creators before advertising any product or service online as part of the ongoing industry reform.
“In conclusion, data is indeed the new oil, the new gold. It is the lifeblood of our economy, the fuel for our growth. Let us take the initiative to harness this precious resource, to curate and share it, to use it to drive our productivity, our decision-making, our marketing efforts, and our brand credibility. Let us use data to drive our ROI and profitability, for the benefit of our brands, our agencies, and our people,” he said.