As part of resolutions at the 4th National Advertising Conference (NAC) organized by the Advertising Regulatory Council of Nigeria (ARCON), Marketing Communications practitioners have been urged to take advantage of the low value of the naira to drive export of services especially under the AFCFTA.
The Heads of Sectorial Group was also urged to work with ARCON to commission a resource to look at the provisions of the AfCFTA and its alignment with the ARCON Act.
The conference held from Wednesday 13th to 15th November, 2024 in Abuja with the theme: “Navigating the Shifts: Technology, Culture and New Business Models had in attendance professionals from different sectors of the industry to share ideas, network and discuss trends that are shaping the industry globally and in Nigeria.
The communique signed by the ARCON DG, Dr. Olalekan Fadolapo and Chairman NAC, Mr. Tunji Adeyinka, also stated that recovery of the economy requires food security, resolution of energy challenges and enhanced trade and investment.
- Advertisement -
On regulation, it was agreed that regulator needs to create a flexible framework, backed with technology without lowering standards and agencies, advertisers and that media owners must prioritize training on the advertising code to improve compliance.
“There must be better collaboration across the industry and a reward for compliance and HASG to work with ARCON to simplify the vetting process without compromising the essence of vetting.” It further stated.
For marketing trends, it was stated that practitioners should invest in AI for hyper-personalization, predictive analytics, demand forecasting and consumer engagement; invest in a better understanding of youth demographics, their values, expectations and habits; embrace video content and emphasize brand storytelling and to adapt real time engagement and introduce the feedback loop into marketing campaigns.
The communique stated further that, it is important for the industry to understand and embrace AI, but added that human creativity will determine the efficacy and application of AI. “It is important to enhance the capacity of the key functions in the marketing communications industry as they get ready for the future
“It is critical to establish ethical guidelines for AI usage as this would guard against abuse and address intellectual property breaches.”
HASG urged to work with ARCON on the likely impact of AI on the industry and especially regulation.
To continue to be relevant, it was stated that brands must connect with local cultures and communities to drive relevance and engagement.
The communique also stated that for measurement and data, there is a need to align metrics with business goals, mapping consumer journeys and maintaining ethical data practices.
“Grappling with culture and technology, industry players must evolve business model to monetize creativity and reassess contemporary marketing demands while agencies must leverage IP monetization and move beyond the traditional agency-client models, it stated further.
The Minister of Information and National Orientation, Alh Mohammed Idris, represented by the Director General, National Orientation Agency, Mallam Lanre Issa-Onilu at the opening ceremony described the evolving role of advertising in Nigeria’s economic and cultural landscape.
He noted that the conference theme, “Navigating the Shifts: Technology, Culture, and New Business Models,” as timely, given the rapid changes in the advertising industry driven by technology, cultural dynamics, and new business approaches.
The Minister outlined how technology, particularly digital tools, have transformed advertising, enabling more personalized and accountable engagement.
He however, emphasized that these advancements come with responsibilities, such as protecting data ⁷privacy and combatting misinformation. The government, he said, is committed to policies that ensure trust and transparency in the digital ecosystem.
He expressed government readiness to partner with industry stakeholders to create policies that support innovation, safeguard consumer interests, and encourage the growth of a robust advertising sector that contributes meaningfully to the national economy.
Speaking on the state of the economy, CEO of the Nigeria Economic Summit Group (NESG), Dr. Tayo Aduloju provided a context for the industry by looking at the current challenges in the Nigeria economy and the mitigating factors.
He specifically spoke to the inherent opportunities of a weaker currency and advantages for export of goods and services.
The presentations cut across topics like agency consolidation and the importance for business sustainability; regulation and the important shifts in that area; Generative AI and how advertising professionals should prepare for the shift, among others.
The conference according to the organizer was well attended with good representation from different functions off the industry and a good geographical spread.
BV.
