Bolaji Okusaga, Managing Director of Precise Platform and its technology-driven subsidiary, Teon Engine,  has called for an urgent reinvention of business models in Nigeria’s public relations and marketing communications industry.

He made this known during an exclusive interview on MARKETING EDGE on Industry Conversation, where he examined the state of the PR industry amid Nigeria’s fluctuating economic realities.

Economic Realities and Industry Performance

Speaking on how the macroeconomic environment shapes marketing activities, Okusaga explained that service sectors like PR and advertising often mirror the performance of the real economy.

He stated that whenever the economy grows, service providers benefit from a positive spillover; however, once a decline sets in, the impact immediately reflects on marketing services.

He observed that although Nigeria’s economy appears to be on a rebound, several shocks from the 2016 recession to the COVID-19 pandemic, currency devaluation, and recent deregulation policies have left many companies struggling with forex access and rising operational costs.

While the financial services industry benefited from the naira float through increased foreign exchange holdings, Okusaga explained that most other sectors, including telecoms and manufacturing, continue to face severe strain.

Innovation Over Downsizing

Furthermore, the PR expert emphasized that for agencies to survive the current realities, they must innovate rather than merely shrink operations.

According to him, an agency could reduce from 100 employees to 20 and still remain more profitable if innovation drives its operations. However, if downsizing becomes the only reaction without innovation, the industry will suffer significant losses.

Okusaga lamented that many marketing and PR agencies still operate with outdated models, with minimal transformation in client service, creative processes, or media planning.

Drawing a parallel with the financial sector’s digital transformation, he noted that agencies must now embrace technology in the same way fintechs disrupted traditional banking.

He emphasised that if one walked into an agency 20 years ago and visited another today, not much difference would be noticeable, adding that the industry needs exponential change, not incremental shifts.

Technology as the New Frontier

Highlighting the importance of artificial intelligence and automation, the Precise Platform boss stated that the future of marketing lies in data-driven creativity and technology-based scalability.

He pointed to Teon Engine as an example of how technology can democratize creativity by offering automated marketing solutions to a mass audience, including small and medium enterprises, at affordable rates.

According to him, if technology can be used to deliver creative and copy solutions to millions of small businesses for a modest subscription fee, the industry will not only reduce concentration risk but also expand inclusion and create new revenue streams.

The Need for Skills and Modernization

Beyond economic challenges, Okusaga identified skill gaps and limited technological adaptation as major barriers to growth in Nigeria’s PR and marketing ecosystem. Therefore, he stressed the need for institutions to rethink how communication and marketing are taught, ensuring they align with current global realities.

Call for Reinvention

In conclusion, Okusaga issued a rallying call for professionals to rethink their approaches and embrace new possibilities. He urged practitioners to move beyond traditional models and embrace a new era defined by technology-driven creativity and scalable innovation.

“To reclaim value across industries, we must reinvent ourselves. “The era of traditional models is over. The next frontier for the PR and marketing industry is technology-driven creativity and scalable innovation.”