The giant of Africa is poised to realize its immense potential, but it will require unleashing the power of data and innovation. That was the key message from Dr. Olalekan Fadolapo, Director General of the Advertising Regulatory Council of Nigeria (ARCON), in his keynote address at the 2024 “Top Trends – Unlocking Insights” event hosted by mediaReach OMD and Lagos Business School.
“Nigeria, the giant of Africa, remains the largest consumer market on the continent with a growing and young urban population,” he noted while speaking to an audience of media, marketing and research leaders.
Dr. Fadolapo highlighted Nigeria’s immense economic potential, projected to become “among the top 20 economies of the world by 2030.” However, he stressed that realizing this promise will require meeting global standards. “It is imperative that we challenge ourselves to meet and set global standards and practices, becoming a beacon for others on the continent to follow,” said Dr. Fadolapo.
He emphasized that marketing communications will play a “crucial role” in driving commerce and economic prosperity. “As we all know, marketing communications plays a crucial role in this overall future growth, acting as a catalyst for commerce, which in turn drives economic prosperity for all,” noted Dr. Fadolapo.
However, lack of reliable data remains a major obstacle. “We must acknowledge a significant challenge that we face here in Nigeria – the lack of data,” said Dr. Fadolapo.
He described data as “the new oil, the new gold,” that is essential for innovation and precision. “Accurate data is essential for driving productivity, enabling better decision-making, allowing for precise targeting and marketing efforts, and helping to develop and preserve brand credibility,” he added.
However, despite the importance of data, he lamented that its absence is one of the most significant challenges we face here in Nigeria. “But let’s not forget, useful data is all around us. We just need to take the initiative to curate and share this data to better improve our overall ecosystem as exemplified by the product of this partnership orchestrated by mediaReach OMD.
Additionally, Dr. Fadolapo announced that the government is engaging stakeholders to improve audience measurement and address data deficit. “The Federal Government of Nigeria, through the Ministry of Information and National Orientation under the leadership of Alhaji Mohammed Idris, will continue to engage with the necessary stakeholders to ensure that the drive for audience measurement, a critical piece of data for decision-making, is achieved.
“As a regulatory body, we will continue to uphold the ethics of the profession, play the role of an unbiased body, and promote collaboration across the ecosystem. In recent years, we have taken drastic steps to sanitize the entire advertising space, especially on social media, by regulating content and mandating approval for content creators before advertising any product or service online as part of the ongoing industry reform,” he said.
“Let us use data to drive our ROI and profitability, for the benefit of our brands, our agencies, and our people,” Dr. Fadolapo rallied the audience. With a call for collaboration and optimism about the future, the address highlighted Nigeria’s growth potential.
The DG earlier in his address had hailed organisers of the event for putting together a platform to accelerate the growth of the industry: “This event has consistently left an indelible mark on our industry, offering profound learnings and insights from which the entire advertising ecosystem has benefited. The platform has not only promoted collaboration but also shaped decision-making among media owners, consumers, and advertisers.”
“I must commend the thought leadership initiative by mediaReach OMD and Lagos Business School for creating a partnership that is worthy of emulation and holds great promise and potential as we strive to continue adding value to the integrated marketing communication space in Nigeria,” he said.