Nigeria: Advan Projects N80bn Media Expenditure By 2010
The Advertisers Association of Nigeria (ADVAN) has made a projection that media advertising expenditure in the country would hit N80 billion mark by the year 2010. The organisation comprising of well over 50 blue-chip advertising companies operating in the country says its projection is based on current industry performance record which puts over all media advertising expenditure at N50 billion as at end of 2006.
Making this projections public was the ADVAN President, Walter Fijnaut while addressing a pre- AGM media briefing of the organisation in Lagos. Fijnaut who took an over view of current operating business environment in the country, especially as it concerns adverting noted with optimism that the general economic outlook for Nigeria is positive. According to the ADVAN boss who is also the Marketing Director of Nigerian Breweries Plc " the country is now debt free and if stability in government remains, we will see a serious inflow of foreign investment into Nigeria in the next few years".
This inflow, he reasoned, and the money to be made with continued exploitation of Nigeria's richness in natural and cultural resources may lead to the further development of a true middle class in society with its own spending power" he added. “This development may propel the economy of this country even further.”
The ADVAN boss commented on various advertising industry related issues which, according to him are considered critical to advertisers in Nigeria including compliance to media schedules, improvements on media programmes content and the urgent need to create an independent Audit Bureau of Circulation (ABC) to comprise of all industry stakeholders.
While commending the current levels of media compliance f on Television and radio which he estimated at 80 and 85 per cent levels in 2004 from the previous 60-65 per cent, he emphasised the need for continuous viewership and listenership research as according to him, " the big progress in content on TV and radio commands for such a continuous research to be made available to industry players as soon as possible".
On the issue of media audit bureau of circulation, he said the organisation had entered joint agreement with other industry stakeholders including the Newspaper Paper Proprietors Association of Nigeria (NPAN) adding that the entity likely to commence operation September this year would see to it that future rate settings for newspapers and magazines have final objective basis. On industry debts, he said ADVAN is committed to playing a constructive role in resolving the bad debt issue adding that the association is in the waiting for a concrete member by member list of debts registered in the books of Broadcasting Organisation of Nigeria (BON) and NPAN members.
(Vanguard (Lagos), 1 June 2007)