• Monday, May 27, 2024
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Advertising contributes over N310bn to economy annually

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The leadership of the Association of Advertising Agencies of Nigeria (AAAN) has said that the advertising industry contributes over $2 billion (over N310bn) to Nigeria’s economy, as it rolls out the red carpet in celebration of its 40 years anniversary.

Bunmi Oke, president of AAAN, says, while announcing the association’s milestones in the last 40 years, in Lagos, that the industry’s contribution to the economy is more in intangible assets.

According to Oke, members of the association have built and championed great brands with confidence that multinationals still strongly rely on Nigerian agencies, most of whom are of international standard in brand building.

“All key brands are in Nigeria, and it is the advertising industry that has been growing them. An economy is as vibrant as the products and the products are as dynamic as the advertising industry,” she says.

Speaking on advertising reform, she says the association will continue to support the growth of the industry, promising to continue to work with government to deliver policies to the extent that every Nigerian will understand them.

According to her, the association will continue to operate open-door policy to dialogue with all sectoral groups in arriving at mutual understanding of industry issues, but regrets that some advertisers have reneged on the payment of pitch fees, promising that the industry will continue to create awareness on the need for advertisers to pay pitching fees.

Explaining on the AAAN milestones, Shola Adegborioye, executive director, Creativexone, and executive member of AAAN, says the industry has grown to professionalism, as it has been able to accommodate other graduates from other disciplines, which have enhanced the quality of service.

In his contribution, Kayode Oluwasona, CEO of Rosabel, also an executive member of the association, says advertising has played a major role in the last 40 years, saying “the industry has build brands from nothing.”

Kelechi Nwosu, CEO of TBWA Concept, and vice president of AAAN, says advertising has not only contributed to communication but culture, noting “we have been talking to the people in the culture they understand,” and the the number of registered agencies has grown compared with the past.

As part of the 60 days anniversary programme to be celebrated in June 2013, the association will unveil the 40th anniversary logo among other funfair.

 

DANIEL OBI

Media Business Editor