BOI pledges more support for ad agencies
By Oghale Mafuru
Olukayode Pitan, the Managing Director of Bank of Industry, has restated the bank’s determination to continue to aid growth of the advertising industry by providing easy and accessible financial services.
Speaking during the Lagos State Signage and Advertisement Agency (LASAA) out-of- home advertising conference and exhibition event, Mr. Pitan noted that as the biggest financial institution in Nigeria saddled with the mandate to recalibrate the country’s economy, it has provided financial services to all sectors of the economy.
He said: “As the Bank of Industry, we are at the forefront of re-organizing the Nigerian economy and will continue to take deliberate steps towards addressing issues related to funding across all business segments, micro, small, medium and large enterprises. We provided financial support to enterprises engaged in manufacturing activities in all sectors of the economy, agriculture, Oil & Gas, mining & solid mineral, engineering & technology and will support emerging sectors such as creative industries.”
The BOI boss, while reaffirming commitment to supporting growth of the Industry, revealed that the bank has provided financial support worth N77bn to businesses operating in the creative space, adding that media-based companies have received about N8.2bn.
In his words: “We recognize the contribution of the Out-of-Home advertising to all businesses particularly in the media and entertainment industry. The creative industry is a key sector for us and we have a dedicated team focused on the sector. The team is tasked to support enterprises across the value chain of the sector which includes media, arts tourism and the entertainment sectors.”
Mr. Pitan, who affirmed that the advertising industry is vital to the economic growth of the country, blamed the inability of some businesses in accessing long- term finance from financial institutions on unstructured nature of the businesses, poor business environment that reduces the appetite of financial institutions to invest, lack of trained manpower, poor bookkeeping practices, inadequate business recordings, lack of credit history, unavailability of suitable collateral.
He advised agencies to maximize the use of technology and focus on building framework that will enable them scale up and diversify their customer base while optimizing their investment.
According to him, “The future of out-of-home is digital. Therefore, advertising companies must position themselves by constantly deploying big data and technology to understand the behavior of consumers as well as provide them with content that meets their demands on the go”.
He added: “Like every sector in Nigeria, the advertising industry has witnessed a lot of disruptions over the last 20 months. It is important for brands and companies to keep pace with technological innovations and consumer media habits.”
He said outdoor being the oldest form of advertising has evolved overtime with the inclusion of technologically driven initiatives.
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