OAAN holds AGM to reposition and set new agenda for industry
The need for strategic repositioning of the Out-Of-Home industry in Nigeria will dominate deliberations next month when members of the Outdoor Advertising Association of Nigeria (OAAN) meet in Abeokuta, Ogun State, for their 2019 Annual General Meeting.
According to a statement from the General Secretary of OAAN, Femi Ogala, the AGM will hold on Friday June 21 at the ParkInn By Radisson. At the AGM, some agencies will have their membership up-graded and new members will be inducted into the association. But the highlight of the meeting will be the election of new executive members who will be responsible for implementing recommendation reached at the AGM.
The AGM is coming at a critical time for the outdoor industry, which has in the last four years struggled for growth as a result of issues like multiple taxation, over-regulation, weak government policies among other challenges. More vexing has been the refusal of the Lagos State Signage and Advertising Agency (LASAA), the state outdoor regulatory agency, to pay debts owed the association, which runs into billions of Naira, for jobs executed for the agency during the 2015 election.
This has created a huge liquidity problem that has driven many agencies to the edge, and more notably “led to a situation where outdoor services have been over-priced and made unattractive to many advertisers, according to Yinka Adebayo, Director Buying Services, MediaReach.
This was corroborated by Mediafacts for West and Central Africa, an industry report which stated that N23.2 billion spent on the outdoor advertising in 2013 dropped to N20.5 billion in 2014, and also dropped further in 2015 to N20.1 billion. The industry picked up in 2016 recording N288billion in OOH adspend. But the recovery was temporal, because in 2017 Out-of Home advert spend dropped by 15 percent to N24.6 billion revenue.
Ironically, while the Nigerian industry has struggled, the global OOH sector has been thriving. PwC has projected that the global outdoor industry is set to continue to grow at a CAGR of 4.3 per cent to reach $42.74 billion in 2020.
In line with this reality, President OAAN, Tunde Adedoyin, has stressed that this year’s AGM is strategic because it offers an opportunity for robust deliberation with a view to finding sustainable solution to the myriad of challenges undermining the outdoor industry.
“There are number of issues that are very strategic to the future of the industry that are primed for consideration at the meeting. For example, reviews of regulations guiding the body, adoption and upgrade of new members and more importantly, setting the pace for the future of the profession in Nigeria,” he said in an earlier interview.
Adedoyin added that alongside business of advertising, the AGM also serves as a platform to bond and forge ties among Practitioners from different regions of the country.
Femi Ogala, the General Secretary of the body, stressed that despite the business outlook of the AGM, a number of bonding and relaxing activities have been put in place.
“We are hoping to make some landmark adoption from the meeting, including reviewing our activities and the financials of the outgoing business year as a body,” he explained.
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