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Advertising Stakeholders Set 10 – Agenda  for ARCON To Improve the Industry

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By Charles Flames

Stakeholders in the Advertising industry  in  Nigeria have tabled  ten – action plans to improve the practice by the Advertising Regulatory Council of Nigeria (ARCON).

The stakeholders had after a careful scrutiny of the new laws and guidelines introduced recently  by ARCON, said that for the new law to foster a thriving advertising ecosystem in Nigeria, ARCON should consider the following recommendations:

  1. Consultation and collaboration: Engage in regular dialogue with stakeholders, including advertisers, agencies, online platforms, and consumer advocates, to ensure that regulatory measures are practical, effective, and considerate of industry dynamics.
    A collaborative approach to regulation, similar to ICAN’s multi-stakeholder model, can lead to better outcomes for all parties involved.
  2. Transparency and accountability: ARCON should ensure that its decision-making process is transparent and based on evidence, with clear communication of regulatory changes and their rationale.

This approach will help build trust between ARCON and the advertising industry while promoting a sense of shared responsibility for upholding advertising standards.

  1. Flexibility and adaptability: Regulations should be responsive to the rapidly evolving advertising landscape, particularly in the digital space. ARCON should monitor global best practices and emerging trends to ensure that its guidelines remain relevant and supportive of innovation.
  2. Education and capacity building: ARCON should provide resources and training programs to help advertisers, agencies, and other stakeholders understand and comply with advertising regulations.

By helping industry players develop the necessary skills and knowledge, ARCON can promote a culture of responsible advertising and self-regulation.

  1. Streamlined approval processes: To avoid bureaucratic bottlenecks and support the timely release of advertising content, ARCON should implement efficient and user-friendly approval processes for advertising material. This could include online submission systems, clear turnaround times, and dedicated support for small businesses and content creators.
  2. Encourage diversity and inclusivity: ARCON should revise its regulations to allow for the use of both local and international models in advertisements, promoting diversity and inclusivity.

This approach will not only improve Nigeria’s global image but also allow advertisers to resonate with a broader range of audiences, supporting their businesses’ growth and competitiveness.

  1. Balancing regulation and freedom of contract: While it is essential to ensure fairness, equity, and order in the advertising industry, ARCON should respect the constitutional freedom for legal business entities to enter into contractual agreements. Regulators can provide guidelines and best practices for commercial considerations, but they should not interfere with the negotiation process or impose arbitrary restrictions.
  2. Foster self-regulation: ARCON should promote a culture of self-regulation within the advertising industry by encouraging the development of voluntary codes of conduct and industry-led initiatives. This approach can complement formal regulation and empower industry players to take responsibility for upholding advertising standards and protecting consumers’ interests.
  3. Benchmarking and international cooperation: ARCON should actively participate in international forums and collaborate with other advertising regulators to learn from best practices and ensure that Nigeria’s regulatory framework aligns with global standards.

This engagement will help ARCON to stay abreast of emerging trends and challenges in the advertising industry and inform its regulatory approach.

  1. Measuring impact and effectiveness: ARCON should regularly assess the impact and effectiveness of its regulations, seeking feedback from stakeholders and adjusting its approach as needed.

This ongoing evaluation process will help ensure that regulatory measures remain fit for purpose, fostering a dynamic and responsive advertising industry in Nigeria.

“By implementing these recommendations, ARCON can create a balanced regulatory environment that promotes responsible advertising while respecting the needs of businesses and other stakeholders. This approach will help to cultivate a thriving advertising ecosystem in Nigeria, driving innovation, economic growth, and job creation, and fostering a diverse and inclusive creative industry that reflects the country’s rich cultural heritage and its commitment to the common good,” said the stakeholders.

The stakeholders  described the new ARCON laws as restrictive, archaic, and detrimental to the creative industry.

” Effective regulation is crucial for any modern society, as it establishes standards, guidelines, and rules that ensure fairness, safety, and order.

The role of regulation should be to balance the interests of various stakeholders, such as consumers, investors, businesses, and society as a whole,” they said.

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Business

PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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