This assertion was made by the CEO of Scangroup, Mr. Bharat Thakrar, who said with the phenomenal rise in the entertainment industry and a particularly spectacular growth of the Nigerian Nollywood film industry, a massive rise in advertising is not too far away.
He noted that “the phenomenal rise in the Nigerian entertainment industry did not happen overnight. There were initial difficulties, challenges and insufficient appreciation at the local level. But with persistent, international exposure and a strong entrepreneurial drive, the industry has now been transformed and Nollywood is now among the top 3 in the world, rubbing shoulders with the mighty Hollywood.”
The trend in developed markets also shows a positive correlation between the growth in the entertainment industry and the advertising and marketing communications industry. This is so because advertising, in addition to its inherent core role of informing and educating, it also delights by infusing entertainment into its output, thereby elevating entertainment and the arts as a whole.
Bharat hinged his optimism about the long-term prospects of advertising in Nigeria on three platforms. Firstly, Nigerians have a strong sense of entrepreneurship and drive, which are essential success factors in business and marketing.
Secondly, the country has a new breed of consumers that are discerning and are rapidly moving from mindless consumption to value driven mindful consumption, which itself will put a positive pressure on advertising to also raise its game.
Thirdly, Nigeria’s economic and business model inspired by oil, a global commodity, will see the country riding more comfortably on the train of globalisation and the accompanying global best practice. This will also enable advertising and marketing communications leapfrog to play on the world stage.
In response to the legal debate between Scanad and Prima Garnet Nigeria, Bharat stated that he has high regards for the institution of APCON as well as the person of Mr. Lolu Akinwunmi, the Prima Garnet CEO and the APCON Chairman.
He expressed optimism that peace will prevail eventually, noting that “there can still be harmony even if there is no uniformity, as what makes the world a better place is not the absence of differences, but the continued pursuit of peace and meaningful dialogue. That is the true definition of peace and the meaning of sustainable progress, which ultimately promotes industry development.”