Minister of Information and National Orientation, Mohammed Idris, has called on advertising agencies and media companies to be open to experimentation and adapting strategies to stay relevant in a changing marketplace
Speaking at the 2024 National Advertising Conference yesterday in Abuja, Idris observed that Advertising has long been a driver of economic growth and a connector of brands and people.
Quoting the Pricewaterhouse Coopers (PWC), the minister stated that the advertising industry was valued at N605 billion in 2023 adding that for every N1 spent on advertising, there is a multiplier effect of N16.5.
The minister noted that digitalisation has revolutionised advertising, allowing for personalization, real-time engagement, and greater accountability through analytics while social media, artificial intelligence, and big data have created channels for brands to reach audiences in more meaningful and relevant ways than ever before.
He, however, observed that as they navigate the technological landscape, advertisers must remain vigilant about issues like data privacy, cybersecurity, and the spread of misinformation and fake news.
The minister noted that the introduction of a scientific-based audience measurement system has caused a transformation in Nigeria’s advertising industry.
He added that accurate and reliable data on audience engagement and demographics was essential for advertisers, broadcasters, and marketers to reach target audiences and optimize their campaigns.
Idris Idris, who was represented by the Director General of the Nigeria Orientation Agency, Lanre Issa-Onilu, said that recent government reforms under President Tinubu are opening new opportunities for the sector, stressing that there is a drastic reduction in the debt service to revenue ratio, from nearly 100 percent to 65 percent, and increased revenue for federal, state, and local governments due to the removal of fuel subsidies.
He noted that this has freed up funds for critical infrastructure projects, such as roads and railways, which aim to lower business costs and attract investment.
