NAC 2024: Discussions on tax burden, new business models in digital age to benefit advertisers

In mid-November this year, stakeholders in Nigeria’s N605.2 billion advertising industry will converge on Abuja for the national advertising conference, NAC.

The conference in its fourth edition is convocation of members of the marketing communication profession across different levels.

This year, the conference will focus attention on ‘’Navigating the Shifts: Technology, Culture and New Business Models’’, a theme which is expected to make impact like the previous forums.

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NAC which started in 2019 has produced results from different themes discussed. In 2019, the theme was: Advertising in post digital age: The profession, the business and Nigeria’s socio-economic development; the conference did not hold in 2021 due to Covid but in 2022 it discussed: Marketing Communication, new trends, challenges and prospects.

Last year, the conference discussed Marketing Communication as an enabler of National transformation.

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According to Olalekan Fadolapo, Director General of Advertising Regulatory Council of Nigeria, ARCON each of the conferences since 2019 has yielded results.

Part of the achievements, he said was the understanding of the size of the industry put at N605.2 billion and projected to grow to N893b by 2028.

The launch of the brand Nigeria project was also an outcome of the conference. Fadolapo said the industry is ready to start execution after approval of the report by minister of information. He said every conference is an agenda setting for the industry.

Tunji Adeyinka, Chairman of the Planning committee for NAC said at the unveiling of the programmes recently that with the devaluation of the naira and other challenges, the industry needs to begin to look at new growth strategies in the context of the current situation.

Adeyinka said the conference will also address complex taxation in the industry.

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Tax authorities sometimes look at the total billing by an agency and slam VAT on it. He explained that if a billing for a job is N100 million, tax authorities are asking you to pay VAT on the amount and not on the agency fee after job execution.

In addition to gaining insights into new business models, addressing the tax issue will be a major gain for operators from the conference.

At the conference starting on November 13, John Momoh, Chairman of the Channels Media Group will share his thoughts and business models while other speakers will speak on the economy and industry consolidation.