The Advertisers Association of Nigeria (ADVAN) has issued a press statement raising concerns on the recent plans by the Advertising Regulatory Council of Nigeria (ARCON) to establish a Nigeria Stock Image Bank (NSIB).
The statement signed by the executive council of the body comes in response to ARCON’s unveiling of the initiative and the subsequent formation of a committee to lay the groundwork for the NSIB’s establishment.
In its statement, ADVAN, representing the interests of corporate organisations that utilise marketing and advertising to promote their products and services, raises several critical concerns about the proposed image bank and its potential impact on the advertising industry.
A primary issue highlighted by ADVAN is the apparent lack of advertiser representation on the committee established by ARCON for the NSIB setup.
Stressing the importance of a more inclusive approach in developing such a comprehensive system, the association argues that the establishment of a platform intended for commercial interactions and housing proprietary works necessitates the engagement of all relevant regulatory agencies with constitutional oversight.
This inclusion, ADVAN contends, “is essential to ensure that regulation for the system is appropriately managed by the constitutionally empowered agencies in charge of such matters.” They further note that this approach would “help to forestall new regimes of unwanted multi-level taxation in an already overregulated industry.”
A cornerstone of ADVAN’s position is the preservation of advertisers’ constitutional rights. The association emphatically states that the establishment of the NSIB should not interfere with advertisers’ rights to choose their own vendors and contractors while conducting legal business activities.
ADVAN asserts that as organisations with the constitutional right to determine their contractual and partnership structures, they will not accept any system that seeks to restrict these rights.
The statement also touches on the principles of free market economy, advocating for a system that operates on a ‘free to participate’ basis for both suppliers and buyers. ADVAN warns against any attempt to monopolise commercial activities, but suggests that the image bank system should communicate strong value as a means of attracting participation, rather than resorting to any form of illegal ‘fiat’ or other unconstitutional methods.
