Hello SEPTEMBER!
It’s the 9th of September and I apologize, it started as a full month already loaded with no fuel,
increase in the no fuel and so much more BUT still, we moooove!
Quite a lot happened in August and below is a quick snapshot as update as well as keeping you all
informed and updated.
1. Presentation of the GDP Multiplier Report 2024
The GDP Multiplier Report 2024, compiled by PricewaterhouseCoopers (PwC) in collaboration with
key industry stakeholders, including the Advertising Regulatory Council of Nigeria, Media
Independent Practitioners Association of Nigeria (MIPAN), Association of Advertising Agencies of
Nigeria (AAAN), Outdoor Advertising Association of Nigeria (OAAN), Broadcasters Association of
Nigeria (BON), and the Experiential Marketers Association of Nigeria (EXMAN), was officially
presented on August 28th. EXMAN was represented by Mr. Soji Odedina.
The report underscores the vital role of the Marketing Communications Industry in the Nigerian
economy. By swiftly disseminating information on businesses, product innovations, services, and
technological advancements, the industry acts as a catalyst for economic activity and job creation
across various sectors. While it is commonly known that the industry contributes significantly to the
economy, this report provides a fact-based analysis, highlighting the industry’s substantial impact.
Data for the report was sourced from various industry bodies and analyzed using macroeconomic
tools to quantify the multiplier effect of the marketing communications industry on the economy.
The Economic Impact Assessment reveals that for every ₦1 spent on marketing communication, Nigeria’s GDP increases by ₦16.5.
Key Findings and Recommendations (For those who didn’t bother reading the shared document):
The report recommends several strategic initiatives to bolster Nigeria’s marketing communications
sector:
a) Strategic Collaborations: Agencies, media houses, and PR firms are encouraged to form
alliances to foster innovation and create synergistic campaigns.
b) Engagement with Government: Collaborate with relevant ministries to advocate for
infrastructure investments, presenting evidence of the industry’s potential to drive economic
growth.
c) Global Integration: Embrace global industry practices combined with local initiatives,
potentially establishing Advertising Free Zones to attract international companies.
d) Data Analytics: Implement comprehensive analytics tools to monitor expenditure and gather
detailed industry information, enhancing decision-making and resource allocation.
e) Growth Targets: Establish specific and measurable goals for the sector’s contribution to
Nigeria’s GDP, empowering each segment to play a significant role.
f) Joint Industry Body (JIB): Create a JIB to oversee operations, ensure compliance, and address
issues within the industry.
The report projects a 10% growth in the marketing communication industry, from ₦605.2 billion in 2023 to ₦893.5 billion by 2028, driven by advances in digital, experiential, creative, and content production mediums.
2. ARCON News
On August 27th, the Advertising Standards Panel (ASP) and the Nigerian Stock Image Bank
committees, both under the Advertising Regulatory Council of Nigeria (ARCON), was inaugurated and
convened. EXMAN was represented by Mr. Otis Ojeikhoa and Mr. Bolu Apata, respectively,
continuing our commitment to advancing our industry.
3. EXCO Engagement
HASG Advocates for Strengthening Current Regulatory Framework
On August 3rd, 2024, the Heads of Advertising Sectoral Groups (HASG) voiced concerns regarding the
proposed Chartered Out-of-Home Media Practitioners of Nigeria (Establishment) Bill, 2024. The
HASG, following a thorough review of the bill, urged for the reinforcement of the existing regulatory
framework instead of creating new structures that could increase operational costs and weaken the
industry’s effectiveness.
In a statement, HASG Chairman, Mr. Lanre Adisa, highlighted the robust nature of the current
regulatory apparatus under ARCON, which is well-equipped to address emerging industry concerns.
The statement emphasized that while the OOH sector’s desire for enhanced regulation is
understandable, duplicating the existing framework would not be beneficial.
4. SECRETARIAT
a) EXMAN Student Engagement
Following our successful engagement with the University of Ibadan at our AGM in July, we’ve
received numerous internship requests from students. We are working to facilitate placements
within EXMAN member agencies on a demand/need basis, prioritizing a first-come, first-served
approach. This initiative is part of our ongoing efforts to bridge the gap between academia and
industry.
b) ARCON Corporate License Renewal
The Secretariat has been actively assisting with the corporate licensing renewal process. Additionally,
we are participating in an industry-wide inspections in collaboration with ARCON, ensuring
compliance and supporting the issuance and renewal of corporate licenses.
5. Reminder: National Advertising Conference 2024
We encourage all EXMAN members to participate in the National Advertising Conference 2024,
scheduled for November 13th – 15th, 2024.
Register here: National Advertising Conference 2024
Early bird: ₦120,000
Registration Fee: ₦150,000
The conference fee covers registration, materials, food and drinks, conference papers, and a
certificate of participation.
As we have mentioned consistently, we are in this together and we look forward to making EXMAN
an association that we keep on being proud of, not only as members BUT in terms of partnerships
and value added.
Thank You and The Almighty bless us all
Tolulope Medebem
