Expert puts ad industry billings in Nigeria at N150 billion annually
An Integrated Marketing Communications Industry Expert, Dr. Ken Onyeali Ikpe has given fresh indications that total advertising industry billings in Nigeria is in the worth of N150 billion annually.
The figure represents a 30 per cent increase compared to the N120 billion industry estimate which was made available between 2017 and 2018 respectively.
According to Ikpe, who is current President of the Media Independent Practitioners Association of Nigeria (MIPAN), media agencies alone contributed about N90 billion, representing 60 percent of the overall estimate.
Ikpe, an economic analyst and Group MD, Insight Redefini, a Publicis company noted that the earlier estimated figure was conservative, considering that it failed to capture and accurately measure all that was advertising in Nigeria, especially, transactions in government sectors as well as in the digital space.
“Before now it wasn’t properly captured, it wasn’t properly measured, even in the out-of-home space a lot was done outside the framework that could help us capture it properly, and then the government sector which we know is the biggest spender. They do a lot and then they don’t channel this most times through the agencies.
“So, for me N120 billion is just a lead figure so we can work with that, but normally, I would add 30 percent to that. But as technology grows and as the business of compliance grows I want to believe that whatever picture or numbers we put forward will be more accurate and come closer to reality,” he said.
In his critical assessment of the global advertising sphere vis a vis the local industry, the MIPAN boss observed that advertising in Nigeria had fared no less better than what obtains in developed climes, adding that, but for data availability and technology, practitioners in Nigeria were at par with their counterparts globally.
“I’ve had the opportunity to compare human resource and I’ve had the opportunity to compare knowledge and expertise. We are doing far well than what we should be doing especially if you consider our environment and circumstances.
“What we don’t have is data to the extent that the man in the western world has. What we don’t have is technology to the extent that they have; but in terms of human resource and expertise I think we are at par with the world,” he said.
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