Dike Onwuamaeze
A new PwC’s report has revealed that the Nigerian advertising industry (marketing communication) recorded an estimated spending of N605.2 billion in 2023, with a projection to hit N893 billion by 2028.
The report, which was titled, “Economic Contribution of the Marketing Communications Industry to the Nigerian Economy,” also revealed that every N1 spent on marketing communication in Nigeria has a Gross Domestic Product (GDP) multiplier effect of N16.50 kobo.
According to the report, “the total expenditure on marketing communications reached an impressive N605.2 billion in 2023, having grown at a remarkable compound annual growth rate (CAGR) of 18.7 per cent over the past six years, from N216 billion in 2018.
“This trajectory is projected to continue, with spending expected to reach N893 billion by 2028, contributing a significant 1.08 per cent to Nigeria’s GDP, up from 0.7 per cent in 2023.”
The report, which was…
Source: Thisday Newspaper
