COVID-19 pandemic threatens N4billion revenue target by LASAA
Facts have emerged that the projected revenue target of four billion naira (N4bn) by the Lagos State Signage and Advertisement Agency (LASAA) for year 2020 may be unrealiseable after all.
The unmet target may not be unconnected with the ravaging impact of Covid-19 pandemic which has caused severe disruptions in global and local economies and across industries.
This disclosure was made recently by the Assistant General Manager, Corporate Affairs of LASAA, Mr Temitope Akande in Lagos.
The Assistant General Manager, who stated this during the formal unveiling of the agency’s mobile advert sticker for 2020, noted that the agency in its over one decade of existence has never fallen far below the billion naira mark.
His words: “This year we billed about N4billion but the COVID-19 pandemic affected the revenue operations. The pandemic was a major blow to our revenue projections and it was unprecedented for us to record revenue in millions. Though the agency cannot specify the exact amount it has generated for the year 2020 as the year has not ended yet.”
Although the LASAA top manager could not give specific details of the regulatory agency’s annual billings, MARKETING EDGE can authoritatively confirm that the agency’s billings have always hovered around three to four billion naira yearly.
Commending clients and stakeholders for their compliance and tremendous support over the past years, he assured them that the agency customer service officers are ready to attend to their enquiries at the head office and in all local government offices across the state. He noted that the year 2020 has been a challenging one, especially with the Covid-19 pandemic which affected business performance globally, adding that the recent EndSARS protests also brought its fair share of disruption to businesses locally.
In a turbulent year headlined by the Covid-19 pandemic and the #EndSARS protests’ destruction, most businesses in Lagos were affected and this also undermined the capacity of LASAA revenue generation. Akande is, however, optimistic on its revenue projections for the coming year.
“We are projecting big even though the pandemic is still around. However, because the budget has not been passed, we cannot say specifically what the final figure will come to. We are projecting big more than what we have in the past. We have aspirations to make more through a combination of measures that will help the businesses of our clients and customers.
Commenting on the relationship between the advertisers, outdoor advertising practitioners and the regulatory agency, Akande noted that there has been a friendly and collaborative relationship among the critical stakeholders.
“As you can see, it is an ongoing relationship, we count them in a lot and we make sure that we carry them alone in whatever we are doing. Our relationship is smooth, we ensure that we work together, it only collaboration and partnership that can solve it and we will continue to do that,” he concluded.
RECOMMENDED ARTICLES
Comment
No comments found.