40% of PR Agencies in Nigeria are Less Than 5 Years Old – Report
A report has revealed that forty per cent of Public Relations agencies in Nigeria are less than five years old.
This was contained in the 2016 Nigeria’s PR Report released online yesterday by Black House Media (BHM) in conjunction with its independent market research firm, Brentt Consulting.
The report revealed that the percentage of viable agencies could not be higher as most PR agencies die premature in the early stages of opening shop.
As a result of the above, the report concludes that most agencies hardly grow into bigger and mega Public Relations firms in the country.
According to the report:“Most PR agencies are micro and small scale enterprises”, because most of them are one-man agencies that have not embraced the call for collaboration, acquisitions and mergers among industry players.
It further informed that the PR spend for 2016 was a meager sum between N6 and $10 million, a figure which is far less than what is obtainable in other climes.
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