LASAA’s waiver on permit fees to outdoor advertising companies – a timely intervention
That the Nigerian economy and, indeed, other sub-sectors of the national economy have suffered greatly from the Covid-19 pandemic is a naked fact. What, of course, remains to be determined for now is the degree of impacts the pandemic had caused the nation.
In one of his nationwide broadcasts announcing the lifting of lockdown, President Muhammadu Buhari had admitted the economic difficulties the pandemic and the lockdown had caused the nation. He lamented greatly the various losses the national economy had recorded.
According to him, “many businesses have also shut down creating huge disruptions in the national economic plans and development. Similarly, in its review of the impact of COvid-19 pandemic on the core sectors, the Lagos Chamber of Commerce & Industry (LCCI) observed that the Covid-19 pandemic had militated greatly on the general economy.
According to the body, “we see the short to medium-term outlook for the economy is bleak, as the pandemic has led to an unprecedented collapse in commodity prices, capital flight, turmoil in the capital market, supply chain disruption across sectors and destabilization of commercial and economic activities”.
For the Nigeria advertising sector, especially the Out-of-Home advertising arm, the situation has been terribly pathetic. Not only did the advertisers cut their budgets, there were series of campaign cancellations which left industry players at the end of their tether. For most part of the five months that the lockdown lasted, there was general blank out on brands advertising exposure on the out-of-home infrastructure in the country.
It was perhaps in view of the losses and downturn in business fortunes of the industry that made the Lagos State Signage and Advertising Agency announce various palliatives to cushion the adverse impact of the Covid-19 on the operations of outdoor advertising practitioners in the state.
Managing Director and Chief Executive Officer of LASAA, Prince Adedamola Docemo, who disclosed this recently in Lagos, said: “The agency has decided to waive the permit fees for outdoor practitioners spanning three months from April to June 2020, following the approval of the state Governor Babajide Sanwo-Olu. This represents 25 percent of the outdoor practitioners’ bill for the year 2020.”
He added that the agency is also willing to offer a special discount to all outdoor advertising practitioners that are ready to offset their 2019 outstanding bills completely and immediately, noting that it will, however, be done on a case-by-case basis.”
Prince Docemo explained that the revised bill for this year will be sent to all registered outdoor advertising practitioners with a letter detailing the terms and conditions attached to the rebate, adding that a major condition is the practitioners’ readiness to settle all 2019 outstanding bills as well as the outstanding payment from January to March, 2020.
He expressed optimism that the initiative will go a long way to demonstrate the agency’s resolve to help the industry grow as well as cushion the negative effect of the pandemic on outdoor advertising business in the state.
Prince Docemo remarked that the palliatives have become imperative because the advertising sector and the economy at large had been badly hit by the outbreak of the coronavirus pandemic, particularly the outdoor advertising industry.
He said a formal letter has been sent to the Outdoor Advertising Association of Nigeria (OAAN) and other stakeholders in the industry intimating them of the new developments.
He expressed optimism that the initiative will go a long way to demonstrate the agency’s resolve to help the industry grow as well as cushion the negative effect of the pandemic on outdoor advertising business in the state.
“We hope the members of the outdoor advertising industry will reciprocate this good gesture from the state by ensuring prompt payment of all their obligations to the agency as this will help the state’s agenda to achieve accelerated infrastructure development.”
He noted that most advertisers had suspended or cancelled their advertising contracts for the year 2020, a situation that made revenue collection an enormous task for the agency.
He said that the aftermath of the pandemic has left many businesses struggling and on the brink of collapse, adding that as an organisation that listens, it became necessary for the agency to take appropriate steps in assisting small businesses under its regulatory purview.
Looking at the LASAA’s gesture against the background of unpalatable turn of business in the Industry, the regulatory agency’s intervention cannot but be applauded as noble, novel and salutary. The gesture is indeed a great relief to the embattled sector that has been groaning, long before now, under the yoke of multiple taxation, over-regulation and the general lull in the national economic space.
With the Covid-19 pandemic, it was a great set-back and an unfortunate addition to the heavy burden on the players.
The LASAA’s intervention is also emblematic of the pro-active and people-centric leadership at the helm, especially with the assumption of office in the person of Prince Docemo.
Since he assumed the mantle, he has left no one in doubt that he is a thorough-bred professional who has come to leadership of the agency with well-focused mission and vision. Not only has he been impacting the industry through people-centric policies, he has revolutionised the agency’s operations thereby making them digitally wired, productive and efficient.
Prince Docemo remains one of the best agency heads assembled to help the dynamic administration of Governor Babajide Sanwo-Olu achieve set goals and objectives. With an intervention like this, the industry can only quickly regain its rhythm and get back quickly on the path of profitability and progress. And by that time too, LASAA, brand owners and, of course, the practitioners would be the better for it.
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