Recession cuts Nigeria’s advertising spend by 7%
Following recession, Nigeria’s total advertising expenditure has declined by 7 percent, from N97.9 billion in 2015 to N91 billion in 2016.
According to an exclusive report obtained by MARKETING EDGE, in the first and second quarters of 2016, the total advert spend stood at N21 billion in each quarter, while N24 billion and N25 billion were recorded in the third and fourth quarters respectively.
Recall that in 2015, the ad spend in the first and second quarter stood at N23 billion in each quarter, while N29.8 billion (appropriately N30 billion) and N22.1 (appropriately N22 billion) were recorded in the third and fourth quarters respectively.
In the year under review (2016), print advertising declined by 24 percent compared to 2015. Press advertisement stood at N24 billion in 2015 and N18 billion in 2016. Outdoor stood at N29 billion, Radio at N13 billion and TV at N31billion all in 2016 while in 2015 the figure stood at N20 billion, N15 billion and N39 billion respectively.
In terms of reach of media in 2016, Radio and Television lead other medium in the country. Radio reaches 82 percent ahead of TV at 76 percent, Cable reaches 24 percent, OOH 62 percent, Internet 40 percent, Magazine 29 percent, Newspaper 28 percent, and Cinema 14 percent.
2016 Mediafacts report, published by MediaReach OMD, a Lagos-based media agency will be released soon and details of the top advertising product categories that contributed to the total ad spend will be revealed.
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