Nigeria: Advertising And Broadcasting Regulators Vow To Sort US$ 21 Million Media Industry Debt
The Advertising Practitioners Council of Nigeria (APCON) and the National Broadcasting Commission (NBC) are, according to industry reports, seeking meaningful ways to resolve and unblock the more than eight billion Nigerian Naira (21 million US Dollars) that is currently chocking-off the advertising and broadcasting industry relationship.
The advertising industry in Nigeria has, over the years, been embroiled in payment and financing quagmire that has resulted in more than US$ 21 million debt within the system, with the resultant debilitating effect on the entire media industry.
APCON and NBC, respective regulators of the country's advertising and broadcasting industries, said they would work together to implement a proposed new "Standard Operating Procedure (SOP) Framework" specifically for the advertising sector and with expected multiplier effects on the whole of the media value chain.
Dr Olalekan Fadolapo, the chief executive of APCON, said he believes the proposed SOP will help "improve the Nigerian advertising industry and also strengthen inter-sectoral relationship". At the same time, his counterpart at the NBC, Prof Armstrong Idachaba agreed, saying that the framework should address critical concerns include rapid debt payment mechanisms and other inter and intra sectoral issues.