O’tega Ogra Harps on Danger of Overregulation on Industry Growth at ADVAN Awards 2023
L-R: Aare Fatai Odesile Chairman Float Distillers/ADVAN Trustee, David Okeme Former President ADVAN, Osamede Uwubanmwen President ADVAN, Ediri Ose-Ediale CEO ADVAN, Otega Ogra SSA to the President on Digital Economy during the ADVAN Awards 2023
The Senior Special Assistant (SSA) to President Bola Ahmed Tinubu, on Digital and New Media, O’tega Ogra, has emphasized that overregulation could hinder the growth of the marketing industry including the quality of innovation, creativity, and could create barriers to entry for marketers.
He made this known at the 12th edition of ADVAN African Awards for Marketing Excellence held on Sunday, 26th of November 2023, at the Civic Centre, Victoria Island, Lagos 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, over-regulation can stifle innovation, reduce competitiveness, and create bureaucracy. Under-regulation 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 be 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.”
Corroborating what was said by Ogra, the President of the Advertisers Association of Nigeria (ADVAN), Osamede Uwubanmwen said “We would like to state clearly that the industry reform is welcomed by ADVAN as long as it’s constitutional.
