The Advertising Practitioners Council of Nigeria (APCON) has presented the Advertising Industry Standard of Practice (AISOP) to regulate the advertising industry.
Speaking during the public presentation of the AISOP on Wednesday, October 6, 2021, at the Sheraton Hotel Ikeja Lagos, the Registrar/Chief Executive Officer of APCON, Dr Olalekan Fadolapo, said AISOP will provide minimum standardized commercial terms for agencies, advertisers, media houses, advertising services providers and stakeholders, in matters relating to the business of advertising and marketing communications in Nigeria.
Fadolapo explained that AISOP is a business framework that seeks to improve mutual respect, eradicate unfair advantage, unethical competition, and inequitable policies between relevant stakeholders in the advertising and marketing communications industry in Nigeria.
He said, AISOP now establishes a minimum standard expected by parties engaged in advertising and marketing communications business in Nigeria.
“The AISOP specifically provides a regulatory framework in the following critical areas of concern to stakeholders, the areas include engagement policy, payment terms and method, media rates and commission, remuneration model, disengagement protocol, returns on advertising investment and measurements, dispute resolution and other related business protocols.
According to him, AISOP takes immediate effect from 6th of October, 2021 and shall become enforceable by APCON in the bid to ensure standardized operations, in line with global best practices.
“The Stakeholders and industry players are implored to support this guideline and to ensure the success of this effort. We trust that the faithful application of the Advertising Industry Reform in Nigeria will not only grow the business of advertising and marketing communications but will also create well over 100,000 jobs directly and indirectly in the next 12 months.”
He, however, added: “We are not oblivious of the fact that the AISOP may generate different degrees of sentiments but we are confident that the guideline serves to protect the best interest of the Nigerian advertising and marketing communications industry in particular and that of the general public.”
APCON is committed to constantly improving the practice and business of advertising in Nigeria and shall always welcome productive ideas that will enable her to deliver the best conducive business environment in Nigeria in line with her mandate.
Also Speaking is Funmi Onabolu on his part said that although they have always been advertising regulations, but they have never been a single codified rule of engagement among practitioners, so AISOP serves as that instrument of self-regulation. The main reason is to avoid unfair practices.
He explained further that AISOP is in line with global best practices and has input from various industry associations and other stakeholders. With this the document, he believes everyone in the industry is protected.