Nigeria advertising industry has come up with the Advertising Industry Standard of Practice (AISOP). The document which provided minimum standardized commercial terms for agencies, advertisers, media houses, advertising services providers and stakeholders, in matters relating to the business of advertising and marketing communications in Nigeria was unveiled in Lagos recently.
The document also seeks to improve mutual respect, eradicate unfair advantage, unethical competition, and unequitable policies between relevant stakeholders in the advertising and marketing communications industry in Nigeria.
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Some of the provisions in the document include a minimum of payment term at 45 days for advertising business. Any payment made outside the stipulated 45 days will attract interest payment at prevailing Central Bank of Nigeria, CBN rate. The document also allowed media houses to increase their rates unilaterally but they need to give 30 days’ notice.
Presenting the Standard of Practice document, the Registrar of Advertising Practitioners Council of Nigeria, APCON, Olalekan Fadolapo warned that there is penalty on non-adherence to the provisions of the document.
The Registrar said the document followed the approval of the Minister of Information and Culture, Lai Mohammed for APCON to develop an equitable and acceptable framework in line with the Federal Government’s reformative plans aimed at accelerating the pace of economic recovery post pandemic era, enhance gainful employment, and overhaul the Institutional and regulatory framework for the Nigerian Advertising Industry in line with best practices.