Stakeholders in Nigeria’s marketing communications industry gathered and shared cautious optimism about economic recovery, industry sustainability, and brand investment during a webinar hosted by the Advertising Regulatory Council of Nigeria, ARCON.

During the session, Brenda Nwagwu, the media strategy leader and Vice President of the Media Independent Practitioners Association of Nigeria, MIPAN, moderated the conversation and guided discussions.

The forum featured insights from the investment research specialist Muyiwa Oni, Regional Head of Equity Research West Africa at Standard Bank Group;  Emeka Chris Okeke, Managing Partner and Chief Executive Officer of MediaFuse Dentsu International; Lanre Adisa, Chairman of the Heads of Advertising Sectoral Groups, HASG; and Manpreet Singh, Chief Marketing Officer at Tolaram Group.

Speaking on the broader economic outlook, the keynote presenter and financial markets analyst, Muyiwa Oni, Regional Head of Equity Research West Africa at Standard Bank Group, explained and clarified that while debates remain around inflation measurement following the rebasing exercise, broader economic indicators suggest and demonstrate that inflationary pressure is easing.

Specifically, the equity research authority pointed to currency appreciation through 2025, reductions in petrol prices, and declining input costs reported by companies across oil and gas, agriculture, manufacturing, and services, which collectively indicate slower increases in the prices of goods and services.

Furthermore, the investment strategist noted that although insecurity continues to influence food prices, government policies such as duty adjustments on food imports have contributed to some price moderation.

In addition, the Standard Bank economist added that liquidity in the financial system remains strong, supported by foreign portfolio investment flows, which may reduce fears that government borrowing will crowd out private sector financing. Consequently, the capital markets expert projected that declining interest rates could support credit growth in 2026.

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Speaking from an industry operations perspective, the agency leader and marketing communications executive, Emeka Chris Okeke, Managing Partner and Chief Executive Officer of MediaFuse Dentsu International, cautioned and emphasized that government borrowing for consumption and potentially uncompleted projects could create long term pressure on private businesses.

At the same time, the integrated marketing communications professional explained that projected growth in advertising expenditure is largely inflation driven, especially due to foreign exchange volatility.

To illustrate, the agency chief executive noted that a campaign that cost the naira equivalent of one million dollars when the exchange rate was about 460 would now require significantly higher spending at current rates.

However, and importantly, the industry investor and business strategist highlighted policy adjustments that could support marketing communications businesses.

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The communications industry leader noted that corporate tax for small and medium scale companies in the sector has reduced by about five percent, which improves liquidity and operational cash flow.

Moreover, the MediaFuse Dentsu International chief executive further explained that withholding tax on services, including media supplier services, has dropped from about five percent to roughly two or two point five percent.

As a result, this reduction means more cash retention and stronger working capital for companies, which could make the industry more attractive to investors.

Additionally, the agency management expert added that foreign exchange stability would also reduce exposure to FX losses when campaigns paid for in foreign currency are executed later.

Nevertheless, despite these improvements, the sector practitioner stressed that rising operating costs, infrastructure challenges, and the global shift toward outcome based agency remuneration continue to reshape agency business models, thereby pushing firms to invest more in digital platforms to protect future revenue.

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Lanre Adisa, Chairman of the Heads of Advertising Sectoral Groups, HASG, and industry leadership voice, stated and affirmed that policy relief provides agencies with opportunities to reinvest in talent, tools, and technology, which the sector leader described as essential for global competitiveness.

Meanwhile, the advertising industry advocate noted that talent mobility has increased significantly, with professionals now able to work remotely for organizations anywhere in the world, meaning agencies and even clients are competing globally for skilled professionals.

Reflecting on recent performance, the HASG chairman described 2025 as a difficult year for both agencies and advertisers but added that 2026 offers an opportunity for industry reset and renewed focus on brand building rather than short term marketing tactics.

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Even so, the sectoral groups coordinator added that while some tax adjustments provide relief, rising rent, multiple levies, and other business environment pressures continue to affect companies and consumers at the microeconomic level.

Therefore, the industry spokesperson noted that the sector must help rebuild consumer confidence by connecting brand value with consumer expectations.

From the advertiser perspective, the chief marketing strategist, Manpreet Singh, Chief Marketing Officer at Tolaram Group, emphasized and reinforced the importance of partnership between brands, agencies, and media organizations.

In particular, the brand custodian noted that agencies must increasingly position themselves as growth partners to clients while also managing talent retention in a globalized and technology driven work environment where professionals can work from anywhere.

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At the same time, the marketing executive explained that although macroeconomic indicators showed signs of stability in 2025, consumers remained cautious, thereby forcing manufacturers and marketers to focus on brand led value creation, protecting brand penetration, and strengthening trusted product lines.

Consequently, the brand growth leader said this strategy delivered growth in key categories, citing Guinness as an example where the company achieved growth in both value and volume by restoring accessibility, strengthening route to market execution, and reinforcing brand trust.

Looking ahead, the Tolaram marketing chief described 2026 as a year to translate macroeconomic stability into consumer level accessibility by expanding household reach and attracting new consumers, while simultaneously maintaining a watch and see approach to how tax relief measures translate into real business benefits.

In his closing remarks, Dr Lekan Fadolapo, Director General of ARCON and host of the webinar, reiterated and stressed the importance of policies that promote Nigerian talent under the Nigeria First initiative and support sustainability across advertisers, agencies, and media organizations.

Additionally, the chief regulator noted that research conducted with PwC shows the marketing communications industry remains large with significant untapped potential.

Finally, the ARCON Director General added that the council will continue stakeholder engagement, including upcoming conversations on the application of the new tax regime to agency revenue, media sales, and advertising business operations, thereby describing the session as the council’s first industry engagement for the year.