The value of Nigeria’s advertising industry rose to N605.2 billion in 2023, from N216 billion in 2018.
Nigeria’s advertising industry is booming! A new report shows it reached a value of ₦605.2 billion in 2023, more than double its size in 2018. This growth is expected to continue, with the industry projected to be worth ₦893 billion by 2028.
The report, by PwC, also highlights the industry’s positive impact on the Nigerian economy. Every 1 naira spent on advertising boosts the GDP by ₦16.50, according to the study. This “multiplier effect” shows how advertising creates economic activity beyond just the advertising companies themselves.
Cable TV, digital media, and creative content are the top areas where advertising money is spent. The rise of smartphones, social media, and streaming services is driving the growth in digital advertising.
The report acknowledges challenges like economic pressures and competition, but also sees opportunities. Nigeria’s large and diverse market, along with new technologies like AI, could fuel further growth.
The report recommends setting goals for the industry’s contribution to GDP and using data to track how advertising spending affects consumers. This will help the industry grow even stronger in the future.
