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Nigeria targets $400m from radio, TV advert revenue

The Nigerian government is targeting to rake in the sum of $400 million annual revenue from radio and television advertisements. Minister of Information and Culture, Alhaji Lai Mohammed, who stated this at the inauguration of audience measurement taskforce yesterday, regretted that despite its huge population, Nigeria’s broadcast advertising market ranked third in Africa, behind South Africa and Kenya. The minister noted that Nigeria with a population thrice more than South Africa, was only able to rake in $309 million from the advertising market in 2016, as against South Africa’s $1.3 billion. “The immediate challenge before us, therefore, is to bring the under-performing Nigeria TV and radio advertising market to what it should be, which is two or three times what it is now.

“If we do that, it could result in additional US$400 million revenue or more in the industry in the next three years,” Mohammed predicted. According to the minister, audience measurement will play a critical role in the success of the Digital Switch Over (DSO) currently being implemented by the Federal Government. He said the absence of a scientific audience measurement regime has resulted in under-investment in the advertising market sector, which he noted, is necessary to foster the growth of the industry.

Mohammed regretted that the nation’s advertising community has been relying on subjective factors when making decisions on the content they want, as opposed to how many viewers the content truly attracts. “Consequently, television platforms have resorted to renting out space on their channels to sustain their businesses, and content producers are at the mercy of sponsors, a development which, unfortunately, skews the authenticity of their creative output in favour of a few decision makers, instead of the millions of TV viewers.”

 

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