At the 4th National Advertising Conference in Abuja, Alhaji Mohammed Idris, Nigeria’s Minister of Information and National Orientation, underscored the advertising sector’s pivotal contribution to the nation’s economic progress.
Represented by Mallam Lanre Issa-Onilu, Director General of the National Orientation Agency (NOA), the Minister shared compelling data on the industry’s economic impact, revealing that every naira invested in advertising produces N16.5 in economic value.
The conference, themed “Navigating the Shifts: Technology, Culture and New Business Models,” served as a platform for leaders and practitioners to discuss the shifting landscape of advertising amidst technological and cultural transformations.
Highlighting the sector’s expansion, Idris pointed out that Nigeria’s advertising market is on track to hit a valuation of N605 billion, based on projections from PricewaterhouseCoopers (PwC).
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He detailed the profound changes digitalization has introduced, from the rise of tailored advertising to real-time interaction facilitated by social media, artificial intelligence, and big data analytics.
The implementation of a scientific audience measurement system was highlighted as a milestone that promises better targeting and return on investment.
Despite these advances, the Minister stressed the importance of maintaining vigilance on data privacy and cybersecurity issues as digital channels grow.
He further noted that with Nigeria’s youthful, highly discerning population, the industry must commit to responsible communication and leverage the nation’s cultural diversity to craft authentic and impactful messages.
The conference continues as a crucial venue for discussions on adapting business models in the face of technological disruptions and fostering economic resilience through innovative advertising strategies.