The Federal Government has projected that the successful completion of the on-going reforms in the nation’s creative industry and advertising sector would add about $2 billion in advertising revenues to government within the next three years.
The Minister of Information and Culture, Mr. Lai Mohammed, gave this projection on Thursday during a technical session of the Task Team on Audience Measurement inaugurated by the government.
The minister pointed out that the N400 million the country was currently earning from advertising was unacceptable and charged the Task Team members to work and raise the earnings to at least $2 billion within the next three years.
Expressing optimism that at the completion of the reform process the entire creative industry will never remain the same again, Mohammed commended the team’s efforts targeted at totally transforming the operations and standards of the advertising and entire creative sector.
Mohammed said: “The metrics and data you will be putting together, the Standards of Practice on receipts and payments, the media monitoring service powered by technology for real time performance evaluation will create transparency and an enabling environment for all to thrive and be prosperous.
“What most, if not all have always asked for is a level playing field in our great country of more than 200 million people, over 500 radio and television channels, with at least 24 million TV households with the largest Gross Domestic Product (GDP) in Africa.
“I hear you are also working on a sustainable content development plan to ensure a win-win for Content Creators, Production companies and TV and Radio Broadcasters.
“This is music to my ears and it is exactly what Mr. President promised when we came into government – reforms that will touch and improve the lives of the common Nigerian man”, the minister added
While giving assurance about the readiness of the government to support the industry with required regulations and by so doing open the doors for funding donors to make the reform a success, Mohammed pointed out that the reform process would help to create at least one million job opportunities in the industry.
This is even as he maintained that the government would create conducive business environment for all the international advertisers and agencies to do business in the country in view of the potential socio-economic benefits to the country.
Speaking at the forum, Chairman of the Task Team, Mr. Tolu Ogunkoya, commended the minister for his vision and passion for the industry and for attending the technical session and promised that the team will assiduously work to meet the November deadline set for the completion of its assignment.
Ogunkoya, while noting that the industry practitioners, including members of the task team will be the ultimate beneficiaries of the reform process, pointed out that upon successful completion of the project with its multiplier effects on the industry, the name of the minister would be written in gold.
The members of the 15-member Task Team are Obi Asika, Steve Bababeko, Femi Adelusi, Bunmi Adeniba, Jide Ologeh, Yinka Oduniyi and Guy Murray-Bruce,
Others include Pauline Ehusani, Ijedi Iyoha, Kadaria Ahmed, Garba Bello-Kankarofi, Sa’a Ibrahim and Joe Mutah who will serve as the Secretary.
