Nigerian advertising industry poised for growth, Minister assures
By Abimbola Mohammed
The Minister of Information and National Orientation, Mohammed Idris, has emphasized the Nigerian advertising industry’s potential for driving economic growth.
Speaking at the 2024 National Advertising Conference in Abuja, Idris noted that the industry was valued at N605 billion in 2023, with a multiplier effect of N16.5 for every N1 spent.
He highlighted the impact of technology on the industry, citing digitalization, social media, artificial intelligence, and big data as transformative factors.
“The introduction of a scientific-based audience measurement system is also a transformative development for Nigeria’s advertising industry. Accurate and reliable data on audience engagement and demographics is essential for advertisers, broadcasters, and marketers to effectively reach their target audiences and optimize their campaigns.
However, as we navigate this technological landscape, we must remain vigilant about issues like data privacy, cybersecurity, and the spread of misinformation and fake news. Technology is a powerful tool, but one that requires ethical responsibility. As a government, we are committed to promoting policies that protect both consumers and businesses, thereby ensuring a digital ecosystem that promotes trust, transparency, and accountability.
Advertising reflects and, in many ways, shapes culture. As our society becomes increasingly interconnected and diverse, advertisers face the challenge of creating messages that resonate across a broad spectrum of demographics, languages, and values.”
The minister also stressed the importance of cultural sensitivity in advertising, acknowledging the industry’s role in shaping and reflecting culture.
He urged advertisers to support and promote the government’s reforms, using their platforms to inspire confidence in Nigeria’s progress. He cited initiatives such as the Presidential Initiative on CNG, the Presidential Loans and Grants Scheme, and the Renewed Hope Housing and Estates Initiative as examples of the government’s commitment to economic growth.
Idris also emphasized the importance of collaboration between industry stakeholders, government agencies, and regulatory bodies. He noted that the Advertising Regulatory Council of Nigeria (ARCON) and the National Broadcasting Commission (NBC) were working to set standards for fair, transparent, and ethical practices in the industry.
The Minister’s speech comes as the Nigerian advertising industry is poised for growth, with experts predicting increased investment and innovation in the sector. As the industry continues to evolve, Idris’s call for collaboration and support for government reforms is seen as a crucial step towards realizing the sector’s full potential.
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