National interest should guide regulations-Oyedele
By Oghale Mafuru
Against the backdrop of the series of regulations in the advertising and marketing ecosystem aimed to revolutionize the industry for growth, Taiwo Oyedele, Fiscal Policy Partner, PwC has advised that regulatory frameworks should be guided by national interest for the growth and development of the country.
Speaking in a webinar organized by the Advertising Regulatory Council of Nigeria, ARCON recently, the highly respectable policy analyst stated that while regulatory frameworks are vital to ensure that activities conforms with acceptable standards necessary for fairness, equitability and professionalism, over-regulation can be inimical to the progress of any sector.
He said: “We should not look at regulation as a bad thing. You know, it is like having a car without a brake. Everybody loves speed but if you do not have a brake, an accident is almost inevitable. So, when you have a regulation is not a bad thing but also make sure you don’t overregulate and you don’t regulate for the wrong things.
“We all have to bear in mind whether we are practitioners, regulators, government or the public consuming the services, we all have to bear in mind the broader national interest of what is good for our country” he stressed.
Alluding to the crypto market which lacks a well-defined regulatory standard, the economic expert maintained that regulations are expedient to curb unethical practices that are capable of stifling the growth of any sector.
“Before, they started by saying that they like crypto because it is not regulated by the government. When it started crashing, they started saying, maybe the government should come and regulate us. A lot of people are terrible. They are out there to take advantage of people. They created a lot of fake accounts and stole people’s money. Billions of dollars were lost and the government didn’t have an oversight of it. People are now saying the government should come and regulate it”.
While urging professionals to optimize technology especially emerging tech innovations, for relevance and enhanced value delivering, Taiwo Oyedele noted that the major trends that will shape the year 2023 for marketing and advertising professionals will include continuous growth of digital marketing technologies, the rapid increase of artificial intelligence, voice search optimization, augmented reality and acceleration utilization of programmatic advertising for marketing campaigns.
According to him, professionals can stay ahead of the current economic challenges by creatively harnessing the opportunities that still exist.
“Seek to understand and be aware, monitor local and global developments, take interest in emerging issues, get involved and participate. Prepare for impact, position for opportunities. Leverage data and market insights, seek quality advice, prepare scenario analysis and risk register. Stay calm and positive, don’t panic. Nothing is rarely as good as you think or as bad as you imagine. Make long term decisions but be adaptive” he advised.
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