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The Minister of Information and National Orientation, Mohammed Idris has highlighted the pivotal role technology, culture, and evolving business models play in reshaping Nigeria’s advertising industry.
He stated this during his keynote address at the 2024 National Advertising Conference in Abuja on Thursday, November 14, which was themed "Navigating the Shifts: Technology, Culture and New Business Models."
“Advertising has long been a driver of economic growth, a connector of brands and people, and a storyteller for our society's aspirations,” Idris said, referencing a 2023 PricewaterhouseCoopers (PWC) report that valued Nigeria’s advertising industry at ₦605 billion.
According to the report, every ₦1 spent in advertising yields a multiplier effect of ₦16.5 in economic activity.
Call for digital switch
Similarly, Dr Olalekan Fadolapo, Director-General of the Advertising Regulatory Council of Nigeria (ARCON), stressed the need for the industry to shift towards digital models to remain relevant.
He warned, “You can't run an agency using a traditional model and expect to survive the test of time.”
Fadolapo highlighted that while digital media is becoming dominant, many agencies still rely on outdated practices, limiting growth potential.
“Our tech industry is not growing... Digital media is becoming more relevant, and data is now at the core of our decisions,” he explained, urging agencies to embrace data-driven strategies.
He urged industry stakeholders to adapt to the digital economy, as more transactions now occur online, insisting that those unprepared to “fully participate in that digital economy” risk being left behind.
Call for industry support
Meanwhile, the Minister stressed the transformative impact of digital technologies, such as artificial intelligence, social media, and big data, on audience engagement and personalised advertising.
“Digitalisation has revolutionised advertising, allowing for personalisation, real-time engagement, and greater accountability,” Idris explained, while also urging the industry to tackle ethical issues like data privacy and misinformation.
The Minister also underlined Nigeria’s economic recovery initiatives under President Bola Tinubu, emphasising that fiscal reforms and the removal of fuel subsidies have significantly improved the debt service-to-revenue ratio.
“Today, our debt service to revenue ratio has come down drastically from almost 100% to about 65%,” he said.
Increased government revenues have enabled higher investments in social infrastructure, local government autonomy, and the ₦70,000 minimum wage now implemented across federal institutions.
To address Nigeria’s infrastructure deficit, Idris highlighted ongoing road and rail projects, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
He urged the advertising industry to support these reforms, emphasising that strategic messaging can inspire public confidence in the administration’s economic vision.