The 2024 National Advertising Conference (NNC) opened its doors in Abuja to industry stakeholders, welcoming thought leaders and innovators to explore the transformative shifts reshaping the advertising landscape. Themed “Navigating the Shifts: Technology, Culture, and New Business Models,” this year’s conference acknowledges the profound impact of technological advancements, cultural shifts, and emerging business models in the industry.

The Nigerian advertising industry, valued at N605 billion in 2023, is expected to experience nominal growth in total marketing communications spend. However, this growth is not expected to translate to real growth due to inflation. The industry’s struggle with low productivity, currency fluctuations, and dependence on foreign inputs were identified as major challenges.

Reinforcing the above assertion, Dr. Lekan Fadolapo, Director General of Advertising Regulatory Council of Nigeria (ARCON), noted in his speech that the essence of the conference is to capture the urgency and complexity of the industry’s journey.

“We live in an era where technological advancements, cultural shifts, and new business models are not just influencing our work, they are also reshaping the very foundations of it. Every industry, from healthcare to finance, education to retail, is being redefined by the digital revolution,” he said.

“The theme of the conference is about understanding how technology and culture intersect, and how this intersection fuels the emergence of new business models. It is also about navigating change thoughtfully, seizing opportunities wisely and balancing innovation with ethical responsibility,” he added.

To address these challenges, Mr. Tunji Adeyinka, Chairman, Organising Committee of NNC, noted that when President Bola Ahmed Tinubu assumed office, many businesses knew that changes needed to be made in the economy.

“As Nigeria’s government pursues reforms, the advertising industry faces daunting challenges. Multiple factors, including foreign exchange liabilities and dependence on foreign inputs, hinder businesses’ path to profitability.

“The agency and media sectors are particularly affected, with nominal revenue growth masking a lack of real growth due to inflation. The current situation is difficult, but we must navigate these shifts to drive business growth,” The agency and media sectors are particularly vulnerable, operating on thin margins due to market dynamics driven by consumer power,” he added.

Mr. Adeyinka noted that, with nominal growth masking a lack of real growth, industry stakeholders are seeking innovative solutions.

“The National Advertising Conference offers a platform for exploration, examining shifts through business, technology, and cultural lenses. We’re looking at how to deliver better efficiencies, drive business growth, and harness technology for meaningful impact.”

By navigating change thoughtfully and balancing innovation with ethical responsibility, Nigeria’s advertising industry can thrive despite economic challenges. The conference aims to provide a platform for networking, knowledge sharing, and relationship building among industry practitioners. The organisers expressed gratitude to ARCON, sectoral groups, and sponsors for their support in making the event possible.

As Nigeria’s advertising industry continues to navigate economic challenges, the conference highlighted the need for innovation, collaboration, and strategic thinking to drive growth and profitability. With its rich cultural diversity and growing technology landscape, Nigeria’s advertising industry, they said, is poised for significant growth and development in the years to come.

The event featured notable speakers, including Dr. John Momoh, Chairman and CEO of Channels Group, and Oladapo Oyebanjo (aka Dbanj), who shared insights on youth culture in Nigeria. Panel discussions included robust conversations among Chief Marketing Officers (CMOs) and experts on regulation, industry consolidation, and fragmentation.