Arising from the Business Summit organised byÂ the Advertising Agencies Association of Nigeria (AAAN), stakeholders in theÂ industry have said that high expectations in the industry this year may be a mirage, if creativity is not evolved in the practice of the profession.
Addressing members recently Chief. BiodunÂ Shobanjo, Chairman, Troyka Group advised practitioners to look for opportunities for multiple streams of income, â€œbreak new grounds and embark on other initiatives that would cushion the effect of the present economic crisis.
HeÂ noted that the globalÂ economic meltdown and the current reforms in the banking sector of the economy are indications of a stifled growth of the advertising industry in the previous year. He went further to say that the on-going reforms in the nationâ€™s financial industry had led to a further liquidity squeeze in the economy, since banks no longer give the required financial support for investors, thereby retarding growth in the economy.
While urging practitioners to brace up for the challenges ahead, the Troyka Chairman called for modernisation of the Apex bankâ€™s policy that would enhance business growth which will bring investments into the country.
Continuing, he stated, â€œCentral Bank of Nigeria (CBNâ€™s) policies should be moderated , but unfortunately , we do not have leadership that can do that now, which makes the whole thing very bleak,â€ he noted.
Shobanjo however, advised practitioners on the need to be closer to their clients and give them every attention they deserve.