The recently released 2015 report by Mediafacts, a key media resource for marketing professionals in West and Central Africa, shows how companies are increasingly relying on paid advertisement to get their product and services across a wide audience.
The telecommunication sector retained its lead position as the highest paying advertisers in Nigeria in 2015, raking a combined total expenditure of ₦16.7 billion. This represents 17% of the total ₦97.9 billion spent within the same year on advertising. The total advertising figure also represents an increase of 4.8% compared to that ₦93.1 documented in 2014.
According to the report, the 2014/2015 electioneering campaign and the successful change in government may have positively impacted on the advertising spends and occasioned the 4.8% rise.
MTN, Airtel, Etisalat and Globacom made the 2015 top 10 advertisers in the communication and telecommunication sector with respective sums of ₦4.7 billion, ₦4.1 billion, ₦3.7 billion and ₦3.7 billion. Sundry Ad (other inform. Service) accounted for the highest sum with ₦13.5 billion. Others are Nigerian Breweries (₦3.7 billion), The state government (₦3.1 billion), Sundry Advertisers services (₦3 billion) Reckit Benkiser Nigeria –(₦2.7 billion), and Procter and Gamble (₦2.1 billion).
The television stations attracted the highest advertising expenditure of ₦39 billion within the period, print media ₦23.7, outdoors ₦20.1, and radio stations at ₦15.1 billion.
Amongst the various regions in Nigeria, Lagos state attracted the highest advertising expenditure of ₦53.1 (54%) followed by the North Central – ₦12.1 billion (12%), South West – ₦10.2 billion, South South – ₦10 billion. The North East recorded an insignificant sum of less than 1% as the report reveal, may be due to the heavy insurgent activities in the region.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.