The future of Nigeria’s media and advertising industry will largely depend on the state of the economy, according to Remi Ogunpitan, founder and chairman of IBST Media.

In an interview with MARKETING EDGE, Ogunpitan emphasised that growth in manufacturing, product availability, and consumer spending power will directly influence advertising activity.

Impact of Manufacturing and Consumer Spending

“Growth is going to be determined by what happens in the economy,” Ogunpitan said. “When manufacturers can produce more, put more products into the marketplace, and spending power improves, it becomes rational for advertisers who are essentially manufacturers and service providers to start investing in promoting their products.”

Brands Cut Back as Pressures Mount

He noted that several major brands, including some in the milk and seasoning cube sectors, drastically reduced their advertising budgets this year, a reflection of economic pressures.

“If we track back, many of the big organizations that used to fund large reality shows or sponsored programming are now barely visible.

A lot of it depends on economic growth and how those of us in the industry adapt to the evolving media landscape.”

Vibrant Industry Facing Rapid Change

Ogunpitan described the Nigerian media and creative industry as “vibrant” but stressed that its continued relevance will depend on adaptability, especially in a rapidly changing, technology-driven environment.

He highlighted the rise of video content as a key driver for the industry, noting Nigeria’s largely mobile-first population and growing appetite for short-form, easily consumable content across platforms like TikTok, YouTube Shorts, and Instagram.

Digital Platforms to Lead Future Growth

“Radio and traditional TV will remain relevant, particularly in rural areas,” Ogunpitan said. “But digital platforms are where growth will come from.

With more Nigerians accessing mobile networks and the rollout of 5G, digital advertising will dominate the landscape.”

Data Now Shapes Creativity

He further explained that modern advertising is increasingly data-driven, with brands investing in platforms where audience engagement can be accurately measured.

“Creativity is no longer just for its own sake. It is being shaped by data, and what audiences are watching, engaging with, and sharing. This allows brands to optimize content and reach consumers more effectively.”

AI as a Collaborative Tool

On the role of artificial intelligence, Ogunpitan said it will act as a collaborator rather than a threat, helping to make production more efficient and targeted.

He also highlighted the importance of investing wisely in the industry, stressing that passion, knowledge, and integrity are essential for sustainable growth.

Prospects for Regional Leadership

According to Ogunpitan, Nigeria’s advertising and media sector could lead the region by 2029, provided economic conditions improve and industry players continue to adapt to technological and market changes.