Akinwunmi calls for innovation, diversification in OOH @ OAAN AGM
By Felicia Nwosu
The 39th Annual General Meeting (AGM) of the Out-of-Home Advertising Association of Nigeria (OAAN) has come to a close, with guest speaker Lolu Akinwunmi, Group CEO, Prima Garnet Africa Nigeria has emphasised the need for innovation and diversification in the industry to help the sector and the industry on the global stage.
Akinwunmi, a seasoned expert in the field, highlighted the evolution of the out-of-home advertising industry in Nigeria, from traditional billboards to digital displays. He noted that despite challenges such as economic downturns and regulatory changes, the industry has opportunities for growth.
“The industry needs to embrace technological advancements, understand changing consumer behavior, and adapt to new regulatory landscapes. All of us, for a matter of whom, the potential to succeed, can implement several strategies to survive. You have to diversify your client’s base, relying on a diverse range of clients across different industries. You have to maintain data cash flow and go forward to maximize efficiency.
“We have to offer value-added services by offering additional services, such as pathway analysis, creating design for integrated management solutions.”
He also stressed the importance of community-focused advertising, saying, “Targeting smaller local businesses and building strong relationships with clients is crucial for survival and growth.”
OAAN members in attendance were urged to diversify their client base, maintain data-driven cash flow, offer value-added services, and explore new revenue opportunities.
The two-day event, held in Ibadan, brought together industry professionals to discuss the future of out-of-home advertising in Nigeria. With a focus on innovation and resilience, OAAN aims to drive growth and development in the sector.
He therefore affirmed that as the industry continues to navigate challenges, OAAN’s AGM has set the stage for a new era of growth and collaboration among members.
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