FG tasks advertising sector on $2 billion revenue
By Zion Rufus
Minister of Information and Culture, Alhaji Lai Mohammed has challenged the Audience measurement task team to raise the creative and advertising sector’s revenue to $2billion in three years.
According to Mohammed, the sector which currently rakes in N400 million has the potential to realize two billion dollars at the conclusion of the on-going reform in the sector.
It should be recalled that in January, the Federal Government inaugurated a joint industry Audience Measurement Board tasked with bringing the under-performing Nigeria TV and radio advertising market to what it should be, which is two or three times what it is now.
Mohammed said: “What most, if not all have always asked for is a level playing field in our great country of more than 200 million people, over 500 radio and television channels, with at least 24 million TV households with the largest Gross Domestic Product (GDP) in Africa. The metrics and data you will be putting together, the Standards of Practice on receipts and payments, the media monitoring service powered by technology for real time performance evaluation will create transparency and an enabling environment for all to thrive and be prosperous.”
“I hear you are also working on a sustainable content development plan to ensure a win-win for Content Creators, Production companies and TV and Radio Broadcasters.
“This is music to my ears and is exactly what Mr President promised when we came into government – Reforms that will touch and improve the lives of the common Nigerian man,’’ he said.
The minister, who assured that the government would assist with required regulations and open the doors for funding donors to make the reform a success, noted that the reform process would also unlock the one million job opportunities in the potential of the creative industry.
In addition, Mohammed revealed that the government will create a conducive business environment for international advertisers and agencies to do business in the country.
Chairmaned by Tolu Ogunkoya, members of the 15-member task team include: Obi Asika, Steve Bababeko, Femi Adelusi, Bunmi Adeniba, Jide Ologeh and Yinka Oduniyi, Guy Murray-Bruce, Pauline Ehusani, Kadaria Ahmed, Garba Bello-Kankarofi, Ijedi Iyoha, Sa’a Ibrahim and Joe Mutah who is the Secretary.
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