New Telegraph

Our Economic Reforms Yielding Dividends – FG

The Federal Government on Friday said its economic reforms is yielding dividends, resulting in the confidence of both local and foreign investors to invest in the nation’s economy.

The Minister of Information and National Orientation Alhaji Mohammed Idris, in a statement issued to Advertisers Association of Nigeria (ADVAN) Dialogue in Lagos, said this was evident in the $30 billion in Foreign Direct Investment (FDI) into the real sectors of the economy.

Alhaji Idris who was represented by Director General of the Advertising Regulatory Commission of Nigeria (ARCON) Dr. Olalekan Fadolapo, further disclosed that a Spanish GB Foods company, recently commissioned the biggest tomato processing factory in Africa in Kebbi State worth N20 billion.

He added that the Nigeria Bottling Company Plc is planning to invest $1 billion over the next five years in the country, while Unilever is launching new product categories this year.

According to the minister, Seven-Up Bottling Company is to invest in logistics and recycling for their business, while Dangote Sugar Refinery, BUA Foods, and Golden Sugar Limited have recommitted to the implementation of their Backward Integration Programmes.

He canvassed for collaboration with ADVAN in the development of industry standards and the promotion of ethical practices.

“For almost one year since he assumed office, President Bola Ahmed Tinubu has remained resolute in his commitment to implementing necessary reforms that will propel our economy to greatness,” he stated, and promised that government will create a conducive environment for both local and multinational companies to thrive and provide platforms for innovation, investment, and job creation within the advertising industry.

Alhaji Idris noted that the challenges of repatriation of profits by multinationals and backlog in foreign exchange payments have been tackled securely through the implementation of creative policies by the government.

The minister, who acknowledged the pivotal role the advertising industry plays in shaping perceptions, driving consumer behaviour, and contributing to the economic development of the country, called for collaboration between the public and private sectors, disclosing that his ministry is working with the private sector to implement the first scientifically based Audience Measurement System in the Advertising Industry.

“The Audience Measurement System holds immense importance in ensuring that our broadcasting endeavours are not only impactful but also reflective of the diverse preferences and needs of our audience.

“It is a tool that empowers us to understand and respond to the dynamic nature of our media consumers, providing valuable insights into their viewing habits, content preferences, and engagement patterns,” he said.

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