ARCON Boss: Nigeria Needs Data to Meet Global Standard
Director General, Advertising Regulatory Council of Nigeria (ARCON), Dr. Lekan Fadolapo, has challenged Nigeria’s economic drivers and policy formulators on the importance of data to economic growth.
Speaking at a WEBINER on Top Trends in 2024 -Unlocking Insights Media, Consumer and Market, organised by MediaReach OMD and Lagos Business School, Fadolapo pointed out that data has become the new oil and the new gold, arguing that it’s the fuel that powers innovation and growth in many economies around the globe.
He said, “Accurate data is essential for driving productivity, enabling better decision-making, allowing for precise targeting and marketing efforts, and helping to develop and preserve brand credibility. All of these factors contribute to driving ROI and profitability for brands and agencies alike,”
He said it’s imperative that stakeholders challenge themselves to meet and set global standards and practices, which would make the country become a beacon for others on the continent to follow.
“Although Nigeria’s GDP growth over the last decade has been a journey of resilience and recovery, we have faced challenges, and we have also witnessed significant growth and development. Despite these challenges, we remain optimistic about our economic prospects, bolstered by our vibrant entrepreneurial energy and the potential for job creation and innovation.
“Economic prosperity is measured by an increase in gross domestic product (GDP), which is defined as the combined value of all goods and services produced within a country in a year. Globally, economic growth is often driven by consumer spending and investment. Trade is central to ending global poverty, with countries open to international trade tending to grow faster, innovate, improve productivity, and provide higher income and more opportunities to their people, “he said.