NAC 2024 sets tone for future of advertising in Nigeria
…As players tasked on new trends, technology
By Abimbola Mohammed
The National Advertising Conference 2024, themed “Navigating the Shifts: Technology, Culture, and New Business Models,” held between November 13th and 15th drew a massive crowd of industry leaders to the Abuja Continental Hotel for a three-day convergence.
The event provided a vibrant platform for marketing communications professionals and scholars to share cutting-edge ideas, knowledge, and perspectives on the latest global trends and challenges shaping the profession.
Among other benefits, the conference offered fresh insights into the trends and challenges reshaping the advertising industry, providing solutions and guidance for healthy growth and development. Industry experts delved into pressing topics, emphasizing the need for sustainable measures to unlock the full potential of the marketing communications (MARCOM) industry.
Speakers noted that rapid developments and changes in the industry necessitate a paradigm shift in approach. “The way things are done has changed, and it’s imperative for the industry to adapt,” emphasized one expert.
Meaningful discussions and knowledge sharing characterized the conference, with industry leaders exploring critical issues such as agency consolidation, digital adaptation, and strategic consolidation. With the government’s commitment to fostering local content and building a resilient ecosystem. The industry experts noted that Nigeria is poised to solidify its position as a leader in Africa’s creative and economic landscape, even amid challenging economic shifts.
On the second day of the conference, Dr. Tayo Aduloju, CEO of the Nigeria Economic Summit Group (NESG), spoke on currency depreciation and how it has opened up export opportunities and also its disadvantage of burdening exporters and operational cost.
“We need refinanced support for key sectors and the recapitalization of development finance institutions to provide affordable and long-term credit. This approach is essential for improving productivity and driving export growth, which is critical to economic resilience.”
Mr. Seni Adetu, Group CEO of First Primus West Africa, highlighted the crucial need for consolidation within Nigeria’s fragmented advertising industry. Adetu noted that the plethora of agencies currently operating in the market results in inefficient standards, ultimately harming clients.
“The sheer number of agencies creates an environment where clients can exploit competitive disadvantages, leading to subpar services and decreased value,” Adetu explained.
“Consolidation will strengthen the industry, allowing fewer, stronger agencies to exist. The current fragmentation gives rise to challenges, with some agencies struggling as the market shrinks.”
Adetu also spoke on the importance of sound governance and the integration of technology to improve business efficiency. “Technology is meant to enhance the structural quality within an organization.
“It’s crucial to have a strong structure in place that technology can then amplify for efficient, profitable growth.” he said.
In what looked like call to action, Adetu urged industry leaders to rethink the current landscape and strive for a more streamlined, collaborative approach.
On his part Dr. Emmanuel Agu, the Chairman of the Advertising Standards Panel (ASP), stressed that advertising professionals must thoroughly grasp the advertising code of practice to boost regulatory compliance. As the governing body responsible for vetting and approval of advertising content, ASP maintains rigorous standards to ensure fairness, truthfulness, and consumer protection.
“Everything about regulation is about safeguarding consumers’ interests. Our economy is challenging, and deceptive practices undermine trust. If you claim there are prizes to be won in a promotion, you must be transparent about what is actually on offer.”
Dr. Agu emphasizes that understanding the code is crucial for professionals to navigate the complex advertising landscape effectively. By doing so, they can avoid potential pitfalls and ensure their content meets the required standards. ASP’s role is vital in safeguarding consumers and promoting ethical advertising practices.
Participants and stakeholders at the conference unanimously agreed that NAC 2024 successfully set the tone for the future of advertising in Nigeria. They admitted that the conference fostered collaboration and innovation among industry stakeholders.
As the MARCOM industry continues to evolve, the conference outcome are expected to shape its growth and development.
The conference also featured the foremost media entrepreneur and Chairman of Channels Group, Dr. John Momoh, CEO of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju and Nigerian music icon Dbanj.
Other notable speakers and the Topics they spoke about include: Regulation in the Age of Shift: Technology, Culture, and New Business Models: Dr. Emmanuel Agu, Chairman of Advertising Standards Panel, and Alh (Dr) Tijani Ahmed Rahmalan of Atar Communications led a panel discussion on regulatory challenges and guidelines for navigating compliance in the digitized landscape.
Generative AI and the Advertising Industry – Myths vs Reality_: Victor Afolabi, GCEO of Hazon Holdings, Funke Adekola of Dentsu Creative, and Rilwan Ajiferuke from Plural Media explored AI’s potential and limitations within advertising. Consumer Behavior in a Recession – The Nigeria Case Study: Abimbola Olufisayo-Michael of Ipsos shed light on shifting consumer habits and their implications for brands navigating economic recessions.
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