Ad spend may record a boost in Q4
Feelers emanating from the Integrated Marketing Communications industry has shown that advertising spend may record a boost in the fourth quarter of 2018.
Presently, advertising spend in the country hovers between N120 to N130 billion and experts are of the view that it may rise up to N150 billion or N170 billion respectively.
Unconfirmed reports in the data bank of top media monitoring agencies posited that the industry will record a boost in advertising spending following the rise in the beehives of political activities and campaign that have fueled a rise in value of the naira which goes for N358 per dollar.
The naira, which was exchanging at N361 to a dollar last week firmed up at N358 in the parallel market at the weekend, as politicians flooded the market with the greenback.
Major political parties have been conducting their governorship primaries and as a result politicians have been pumping in money into the economy which in turn has a positive effect on the economy and the naira.
Earlier, the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe who spoke on the development said that several customers were seen at the weekend, flooding the market with dollars possibly for primary elections and screening across party lines.
He said the Bureau de Change (BDC) operators were taking advantage of the development to earn commissions from naira exchanges for the dollars, adding that the naira has made considerable gains in the last few days.
The primary season and pre-election spending have been building up since the beginning of September and will continue till early next year when elections will take place.
The Chief Executive Officer, X3M Ideas, Mr. Steve Babaeko, said that he is optimistic that the electioneering period would enable the industry to record a boost in its ad spend.
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