The nation’s media industry may soon overcome issues related to advertising debt and other business challenges as the federal government has directed the Advertising Practitioners Council of Nigeria and the National Broadcasting Commission , to implement key policies to guarantee the advertising income of media houses by creating a healthy environment for media outfits to operate.
“Very soon, APCON and the National Broadcasting Commission will sign a Memorandum of Understanding, MoU, on zero advertising debts to ensure that revenue from advertising goes to the media owners,” he added. The industry reform guidelines was aimed at creating a healthy business environment, sanitised the industry, set minimum acceptable business engagement rules and ethical standards, create jobs for Nigerians as well as encourage local content in advertising productions.
Last year, the two government agencies regulating advertising practice and the broadcast media, had agreed to collaborate in ensuring the resolution of the age-long industry debt, adherence to advertising code among other critical industry issues. He stated that the business framework would not only be comprehensive, but equally address critical industry concerns, which include industry debt, payment policy, inter and intra sectoral relationships among other issues.