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The Senior Special Assistant to President Bola Tinubu on Digital and New Media, O’tega Ogra, has said that overregulation could hinder the growth of the marketing industry, including the quality of innovation and creativity.
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He spoke at the 12th edition of Advertisers’ Association of Nigeria (ADVAN) African Awards for Marketing Excellence in where he delivered the keynote address titled “Navigating Challenges and Seizing Opportunities. The Challenge of Regulation in Marketing”
He stated that regulations are necessary to ensure that marketing activities are conducted in a manner that respects the rights and interests of all stakeholders; including consumers, businesses, and society; however, overregulation could negatively affect the growth of the industry.
In his words: “Regulation can impose costs, restrict creativity, and create barriers to entry for marketers, especially for small and medium enterprises, start-ups, and entrepreneurs. Regulation can also be overdone, underdone, or inconsistent, resulting in negative consequences for the industry and society.
“For example, overregulation can stifle innovation, reduce competitiveness, and create bureaucracy. Underregulation can lead to consumer exploitation, market distortion, and social harm. Inconsistent regulation can cause confusion, uncertainty, and conflict.”
He, therefore, called for regulations that are balanced, effective, and efficient. “Regulation needs to consider the benefits and costs, the risks and opportunities, and the needs and expectations of all stakeholders. Regulation also needs to be adaptable, responsive, and transparent to keep up with the changing realities and demands of the market and society.”
On his part, ADVAN President, OsamedeUwubanmwen, said:”We would like to state clearly that industry reform is welcomed by ADVAN as long as it’s constitutionaland in line with the original intention of the founding fathers of the advertising regulation body.,”
Speaking on the award, Uwubanmwen said ADVAN African Awards for Marketing Excellence remains the most credible platform rewarding brands and individuals for marketing excellence.
“This year, we have been able to increase our award categories, adding something for the junior managers in our team. We have also segmented the customer choice awards to reflect the various industries our brand operates.”
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