Economy Politics

Nigeria to earn $2bn in advertising –Lai Mohammed

Creative industry, the only hope of Africa – Lai Mohammed
Written by Maritime First

… LASRERA clamps down on illegal signages in Lagos***

The Federal Government says at the conclusion of the ongoing reform in the creative industry and advertising sector, the country will earn two billion dollars in advertising within three years.

The Minister of Information and Culture, Alhaji Lai Mohammed, said this in Abuja at a technical session of the Task Team on Audience Measurement inaugurated by the government.

Also read: Buhari Yet to Decide Fate of Ministers Who Shelved Political Ambitions- Lai Mohammed

Mohammed who said the N400 million the country was currently earning from advertising, was unacceptable reiterated the position of the task team to raise it to two billion dollars within three years.

He said with the conclusion of the reform process, the entire creative industry would never be the same again.

The minister commended the team’s efforts at ushering in a time of great prosperity for the entire creative sector.

“The metrics and data you will be putting together, the Standards of Practice on receipts and payments, and the media monitoring service powered by technology for real-time performance evaluation will create transparency and an enabling environment for all to thrive and be prosperous.

“What most, if not all have always asked for is a level playing field in our great country of more than 200 million people, over 500 radio and television channels, with at least 24 million TV households with the largest Gross Domestic Product (GDP) in Africa.

“I hear you are also working on a sustainable content development plan to ensure a win-win for Content Creators, Production companies and TV and Radio Broadcasters.

“This is music to my ears and is exactly what Mr President promised when we came into government – Reforms that will touch and improve the lives of the common Nigerian man,’’ he said.

The minister said that the reform process would also unlock the one million job opportunities in the potential of the creative industry.

He assured that the government would assist with required regulations and open the doors for funding donors to make the reform a success.

According to Mohammed, the government will create a conducive business environment for all the international advertisers and agencies to rush to do business in the country.

The Chairman of the Task Team, Mr Tolu Ogunkoya thanked the minister for his vision and passion for the industry and for his presence at the technical session.

He assured me that the committee would work hard to meet the November target for the completion of the exercise.

Ogunkoya noted that the practitioners including members of the task team would be the ultimate beneficiaries of the reform process.

He said upon successful completion of the project with its multiplier effects on the industry, the name of the minister would be written in gold.

The newsmen report that four presentations were made by experts at the technical session on relevant areas of reforms.

Other members of the 15-member Task Team included Obi Asika, Steve Bababeko,  Femi Adelusi,  Bunmi Adeniba,  Jide Ologeh and Yinka Oduniyi.

Others are, Guy Murray-Bruce, Pauline Ehusani, Kadaria Ahmed, Garba Bello-Kankarofi, Ijedi Iyoha, Sa’a Ibrahim and Joe Mutah who is the Secretary.

In another development, the Lagos State Real Estate Regulatory Authority (LASRERA), on Thursday, clamped down on signages of unregistered real estate practitioners operating in the state.

The Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, said the exercise was to enforce compliance with its directive to real estate practitioners to be duly registered with the authority.

Benson-Awoyinka, represented by the Director, Enforcement Unit of LASRERA, Mr Deji Badejo, said this at the commencement of the exercise in Ikeja and Maryland.

She said the exercise was in line with LASRERA’s mandate to regulate, sanitise and effectively monitor the real estate sector in Lagos State.

The enforcement Unit of the Lagos State Real Estate Regulatory Authority (LASRERA) clamped down signages in Ikeja on Thursday

According to her, it is an offence to practice real estate in any of its forms, which includes the display of signage and inscriptions such as: ‘To Let,’ ‘To Lease,’ and ‘For Sale’ among others, in their offices or on any property without being duly registered with the authority.

“This enforcement and sensitization exercise, which started at Ikeja and its environs, is expected to be replicated across other divisions of the state.

“It is part of the strategies by LASRERA to raise public awareness about the state government’s efforts to sanitize the real estate sector in the state,” she said.

According to her, there is a need to restrict the posting of signage on residential and commercial properties, by unregistered real estate individuals or organizations who can easily swindle unsuspecting members of the public.

Benson-Awoyinka explained that many members of the public had been defrauded in the past by imposters and fraudulent real estate practitioners.

She emphasized that the government could not continue to ignore and allow irregularities capable of driving many genuine investors/ investees away from the sector.

The special adviser said LASRERA had earlier written to over 1,000 real estate individuals or organizations in the state to honour the state government’s call for regularisation of the sector and also boost the confidence of those in the diaspora to invest in the market.

“Let me state clearly that following the letters earlier delivered to practitioners across the state, only a few of these practitioners responded to the letters; hence the need to embark on this enforcement and compliance exercise.

“This will enable relevant stakeholders in the built sector and the general public to attach importance to the call by the Agency to sanitize real estate transactions in the state,” she said.

Benson-Awoyinka assured all residents of the state that the enforcement drive would be a continuous exercise until all practitioners in the real estate sector were captured under LASRERA’s database, in line with international best practices.

She urged members of the public to report dubious real estate practices to the Agency’s email at:



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