Better days ahead for Nigeria's outdoor ad industry [Bizcommunity (South Africa)]
(Bizcommunity (South Africa) Via Acquire Media NewsEdge) The huge potential of the outdoor advertising industry in Nigeria and Africa at large has again been brought to the fore. Stakeholders unanimously agree that better days...
The three-day parley tagged: "The African Outdoor Advertising Conference and Exhibition 2014" and hosted by the Lagos State Signage and Advertisement Agency (LASAA) in June in Lagos provided a veritable platform for stakeholders, regulators and exhibitors within and outside Africa to dissect the out-of-home advertisement sector on the continent where they holistically x-rayed the worth of the industry, the daunting challenges, prospects and charted a path, concluding that the industry was poised for torpedoing as government's top revenue generator if necessary incentives and policies are put in place to make all players transact in a level playing field.
To set the ball rolling, the host and Managing Director of LASAA, George Kayode Noah, who spoke on "Out-of-Home in Lagos State: State of the Industry", reminded participants that Lagos, the nation's economic capital, was home to 60% of Nigeria's advertising market and generates a yearly turnover of N50bn.
He disclosed that outdoor media buying agencies generate about N8.6bn, fabricators, N1.5bn, installers, N382bn, large format printers, N8.27bn. Also, captured are outdoor specialist agencies, which account for N21.9bn, outdoor protection services, N370m, adverts, N1.25bn while other areas rake in N8bn.Huge job opportunities
Noah noted that industry held huge job opportunities as the Lagos market alone currently employs 100,000 people, adding that the industry would have grown more but for prevailing hindrances which included but not limited to loss of market share to television, radio and social media marketing.
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