The Federal Government has said that it plans to turn around the currently under-performing Nigerian television and radio advertising market and make it economically viable for investors.
The Minister of Information and Culture, Alhaji Lai Mohammed disclosed this in Abuja during the Virtual Presentation of The Report of The Task Team on Audience Measurement On August 13, 2020.
According to the minister, “It is no longer news that the absence of a world-class Audience Measurement System has resulted in under-investment in the sector and stunted its growth. Whereas the Nigerian film and music industry has grown significantly over the past decade, the Nigerian broadcast advertising industry has been in decline. This must be reversed.”
He reiterated that the value of Nigeria’s broadcast advertising market is not proportional to the country’s population when compared to the Top 3 Markets in Sub-Saharan Africa.
The Minister pointed out that despite having a population that is more than three times that of South Africa, Nigeria’s television advertising revenue in 2016 was US$309 million, compared to that of South Africa, which was US$1.3 billion.
He said the immediate task before the Ministry, therefore, is to bring the under-performing Nigerian TV and radio advertising market to what it should be, which is two to three times its current size, saying this could result in an additional US$400 million of revenue in the industry within the next three years.
He noted that the key to achieving that objective is the faithful implementation of the report and gave assurance that the Ministry will study the report and implement the recommendations, especially the five-Step Agenda, with the same vigour and commitment that were employed in putting it together.