The nation’s Integrated Marketing Space was, without doubt, an interesting space in Year 2024. It was the year it recorded the milestone of, for the first time, determining the sector’s contribution to the nation’s Gross Domestic Product (GDP).

 

 

 

Industry watchers, however, believed Year 2025, is likely to produce more of such milestones, industry watchers have said. They believed the actions and inactions  of some stakeholders would go a long way in determining the form and shape the industry would take in the new year.

 

 

 

One of such stakeholders, whose activities are likely to hugely impact the sector is the  Director General, Advertising  Regulatory Council of Nigeria (ARCON), Dr. Lekan Fadolapo.

 

 

 

Since being in charge of the apex regulatory body in the nation’s advertising space,  on September 1, 2020, Dr. Lekan Fadolapo, has made it clear to whoever cares to listen that he’s in that office to reposition the nation’s advertising space, by enhancing the practice and make it globally competitive.  Interestingly, in the past four years, he has been able to come up with different reforms aimed at achieving this purpose.

 

 

 

For instance, since taking over the mantle of leadership at the Council, the former Executive Director, at the Association of Advertising Agencies of Nigeria (AAAN)  has spared no efforts at breathing some fresh air into the space, as evidenced in some ground-breaking reforms and policies which had drawn both ire and applause the industry. For soothing as the introduction of the Advertising Industry Standard of Practice (AISOP) is to many in the practice, it has also drawn the ire of some, who are of the strong opinion that reform would curb the powers of life and death which they once wielded over the industry.

 

 

 

But the nation’s Chief Advertising Practitioner seems determined to clean the Augean Stable at the industry, and, in consequence, not ready  to spare any efforts at achieving that.

 

 

 

It is generally believed that the activities of the agency in the new year, would go a long way in determining the shape the nation’s advertising space would take in Y2025.

 

FCCPC and nation’s consumerism…

 

That the consuming public, in Nigeria, continues to have  its rights trampled upon is a common knowledge. But, of late, advocacy groups and regulatory authorities in the space seem to be gradually rising  in its defence.

 

 

 

For instance, the Federal Competition and Consumer Protection Commission (FCCPC), had to visit some popular markets in Abuja, Lagos and those in other  parts of the country, last year, to identify why  prices of commodities had continued to soar despite efforts by the federal government, at stemming the tide.

 

 

The agency’s face-off with a popular airline over consumer infraction was another of its several efforts at ensuring the Nigerian consumers were protected, in the out-gone year. More of such interventions would be needed in the new year, especially in the power and transport sectors, where consumers seem to have resigned to their fates, despite.

 

 

The agency would, without  doubt, need the support of advocacy groups, and the public to effectively function in the new year.

 

HASG.. the ‘civil war’…

 

 

One issue many industry watchers are looking forward to in the new year is that involving the Heads of Advertising Sectoral Group (HASG),  and its recalcitrant  members, the Advertisers’ Association of Nigeria (ADVAN), and the Out-of-Home Association of Nigeria (OAAN). HASG is the umbrella body of all sectoral bodies in the industry. But, of late, things seem to be falling apart within the ranks of this once solidly-united body.

 

 

 

For instance, last year, ADVAN, a frontline member, pulled out of the group, on the excuse that the body had veered off the course for which it was set up. While the industry was yet to recover from the shock of that pronouncement, another member, OAAN, was at dagger drawn with the leadership of the group regarding the open disclaimer the group gave the Chartered Out-of-Home Media Bill, presently on the floor of the national assembly. Unfortunately, the dusts raised by these two incidents are yet to settle.

 

 

The relatively new governing council of the group, led by a frontline advertising practitioner, and Group Chief Executive of Noah’s Ark, Mr. Lanre Adisa is being looked up to  to broker the much -needed peace, regarding these incidents capable of fragmenting the industry.

 

 

Adisa had, in one of his chats with the media, assured concerned stakeholders of his council’s resolve to  bring the warring parties to the table, and call a truce. How the Noah’s Ark’s boss and his council go about this in the new year, would really matter to the industry, stakeholders believed.

 

 

Dealing with the  knotty issue of reforms…. 

 

The reforms embarked upon by the present administration, since taking over on May 29,2023, are not without their effects on the sector. The figures, concerning the nation’s economy’s performance are gory. With inflation rate as high as 33 percent, unemployment rate  rate at over 30percent,  poverty rate , according to the World Bank, at 40.7percent, and the nation’s Naira being one of the most underperforming currencies in the world, it is not surprising the sector is having its own fair share of the trickle-down effects of the sector.

 

 

 

For example, the continued exits form the nation’s business space of multinationals, and the increase in the number of unsold inventory, as a result of very weak purchasing power have continued to serve as major disincentives to advertising, of late.

 

 

 

For instance, the declining purchasing power of consumers led to a 357.57 percent surge in the inventory of unsold finished products  of manufacturers to N1 24Trillion, in the second half of 2024, compared to N271billion recorded in the same period in Year 2023.

 

 

 

Besides the increase in fuel price, and the devaluation of the naira, another factor, many believed, was responsible for that was the over 200 percent increase in electricity tariffs, imposed by the DisCos which had raised the cost of electricity for manufacturers, and brand custodians.

 

 

“The cost of providing alternative continued to rise, with manufacturers spending N238.31billion on alternative  energy sources in H1,2024, a 7.69 percent increase from H2 2023,” MAN had cried out, at one of its media interactions.

 

 

Interestingly, the challenges are still there as the sector goes into the new year. And until the government made good its promise of reducing  inflation to 15percent, these challenges may continue to dictate the pace at which the sector moves in the new year.