Influencer advertising market in Nigeria to hit $4.8 million

By Seun Johnson
The unprecedented surge in social media influencers and content creators in recent times has elicited an incredible transformation in the Nigerian Influencer marketing industry, consequently providing a veritable platform for brands to engage influencers in content-driven campaign.

According to global research firm, Statista, Ad spending in the influencer advertising market is expected to hit 4.8 million dollar in 2024 with an annual growth rate of 8.86%, resulting in a projected market volume of US$6.7m by 2028.

Influencer marketing according to experts is the strategy of promoting brands, products, or services with selected individuals who have the social capacity to exercise a significant influence on purchase decisions within a particular target market.

Some decades ago, influencer marketing, a sub-sector of the advertising industry was restricted to only celebrities and a few known bloggers. But today, it is a different narrative as content creators and social media influencers have saturated the market. They leverage their huge number of social media followers to drive visibility and generate traffic for their online contents.

Considering the service rendered to players in the Nigerian Integrated Marketing Communication sector of the economy, Influencer marketing has become an increasingly popular strategy for brands looking to reach their target audience in a more authentic and engaging way.

With an ever-increasing rise in the use of social media, influencer marketing has proven to be an effective way to reach a large and engaged audience who easily get to notice online content and make their decision based on trust and authenticity established by influencers.

In its latest Report titled: “2024 Influencer Trends You Should care About,” Ogilvy, a New York City-based British advertising, marketing, and public relations agency revealed that in 2023, most brands adopted an influence strategy and are enamored by its yet-to-be-explored potential.

According to the report, this is shown most evidently in the development, establishment and continued momentous growth of The Creator Economy. It noted that the Creator Economy is real and represents the entire network of individuals who are able to tangibly earn a livelihood from content creation.

While these content creators continue to up their strategies in driving visibility for their contents, brands are tapping into their large pool of audience, credibility, and engagement to build a positive impact for their products or services, resulting in higher sales and customer loyalty.


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