UNDER a current assessment by the sector operators, the worth of Nigeria’s advertising industry has been put at over N5 billion.
Chairman of the Advertising Practitioners Council of Nigeria (APCON), Mr. Chris Doghudje disclosed this profile at this year’s advertising forum, held in Lagos, noting that the sector had come of age and can now be placed on the same pedestal with its counterparts in the developed economies.
The theme of the forum is “Who is Killing Advertising? ”.
The APCON chief, however, said that he was at a loss as to whether the supposed killing of the industry was a myth or reality.
He described the advertising industry as very vibrant, saying that he found it strange to deliberate on the topic.
“Besides, the signs from the banking and telecoms sector do not indicate a downturn in the industry in anyway,” Doghudje said.
He said that the choice of the theme of the forum was informed by the desire to make the business of advertising profitable not only to the media houses but to all stakeholders.
“Because advertising contributes to the growth of the economy, nobody would want to kill it,” he said.
He said that the success of any business in a growing economy like Nigeria depended to a large extent on advertising.
The Minister of Information and Communications, Mr. John Odey, described the advertising industry as a major contributor to the country’s Gross Domestic Product (GDP).
Odey who was represented by Mrs. Nancy Oghenekaro, described advertising as a big employer of labour, saying that all hands must be on the deck to keep it going.
“Advertising agencies and media organisations employ more than 100,000 Nigerians in advertising functions” he said.
The minister advised APCON to reach out to Small and Medium Enterprises (SMEs) to enable them take advantage of the huge benefits in the industry.