NEW ARCON LAW WILL PRESENT N120BN CAPITAL FLIGHT, SAYS OPERATOR
The Chief Executive Officer of Lilvera Group, Buchi Johnson has said that the new advertising regulation law, which transformed the Advertising Practitioners Council of Nigeria to the Advertising Regulatory Council of Nigeria will save Nigeria at least N120bn in capital flight every year.
Johnson, who stated this during a chat with newsmen added that the law will create 500,000 jobs annually. This, he said, will lead to more multinational brands using Nigerian talents, agencies, and producers in commercials targeted at the Nigerian market.
He said, “The law provides that, with effect from January 1, 2023, advertisers must use a cumulative 75 per cent of local content in all ads and marketing directed at the Nigerian market. This is exciting because the country has been losing about N120bn annually due to capital flight in the sector where ads targeted at Nigerians were produced externally creating jobs in other economies but not in the targeted economy, Nigeria.”
“On a personal note, I look forward to Lilvera playing a key part in ensuring that the quality that these multinational brands get from local agencies is at par if not even higher than the quality they would get elsewhere,” he said.
Speaking further, the Lilvera CEO said the company had designed an effective tool to aid its execution and implementation of clients’ briefs. The tool is tagged 5Rs which simply represents responsiveness, relevance, receptivity, recognition and relationship.
He added, “Our focus is to continue to deliver on the 5Rs that drive Integrated Marketing Communications such as Responsiveness: ensuring rapid and high-quality response to clients’ needs, Relevance: keeping our client communications highly targeted and relevant, and Receptivity: maintaining open communication lines with clients.”
Meanwhile, the Director of Works at the University of Ilorin, Ramon Amao, has appealed to the Federal Government to release more funds for other phases of the asphalt overlay of the 5.5kilometre road on the main campus.
The director made the appeal in Ilorin while taking over the 1.4 kilometer first phase of the university road funded with the N120, 867, 560.78 FGN 2022 Capital Appropriation Fund.
The road covers 1.4 kilometers of the road stretching from the University Gate the Junior staff quarter of the University’s Jalala junction.
Amao said, “ with the completion of the 1.4 kilometers, the government will be notified about what the first tranche of money could do so that more funds can be made available to fully complete the remaining portion of the project. As funds are released the project will keep moving till it gets to the finish line.”
He clarified that “the asphalt overlay is a project by the Federal Government and has been in the pipeline since last year due to a request that was made by the University in the year 2020 for the laying of Asphalt from the University gate to the roundabout in front of the Senate Building.”