Nigeria’s PR Agencies Earmarks Large Chunk of $93bn Global PR Market
Ahead of the projection that by the end of 2022, the Public Relations industry is expected to surpass $93 billion, PR agencies in Nigeria appear set to double effort to increase their billings to become strong contenders in global rating.
The global PR market was worth $63.8 billion in 2018 and has continued to be on the increase despite global challenges.
Experts believe the disruption caused by the COVID-19 has toughened global agencies, including those in Nigeria and prepared them for the task ahead.
In a telephone conversation with THISDAY, a former President of the Public Relations Consultants Association of Nigeria (PRCAN), Dr. Phil Osagie said he was optimistic that Nigerian PR practitioners would contribute meaningfully to global economy.
However, he called for more insight and professionalism.
“I’m not in doubt that things would look up for PR industry in Nigeria because more than the past years, the awareness about what PR is capable of doing positively for the economy is on the increase. What do we need? Deeper skills, subject expertise, service harmonization to global best practices, and access to current research data will support Nigerian agencies and businesses in making a more significant inroad into the gigantic but highly competitive global market,” he stated.
According to the 2020 edition of the Nigeria PR report, over 50 per cent of public relations (PR) agencies in Nigeria are said to be reporting revenues of less than N5 million yearly. As a result, agencies were tasked to think outside the box to mitigate the current challenges.
The report, which was packaged by BlackHouse Media (BHM), a public relations firm, was dedicated exclusively to chronicling data on trends, perceptions, challenges, and prospects within the dynamic industry.
A cursory look at some of the findings from the report showed that the insights presented are
prognostic at the very least, creating a framework for practitioners to successfully manoeuvre these momentous times brought about by the outbreak of the COVID-19 pandemic.
The report also revealed that younger agencies under five years old seem to have a higher proportion of men with women comprising only 21 per cent of women PR professionals working in these agencies, while older agencies that have been practicing for 11 to 20 years parade 44 percent of women professionals as their staff.
This situation is not limited to Nigeria. In a report published on the PRWeek in 2019, 64 per cent of PR professionals surveyed in 37 countries in the first Global Women in PR(GWPR) Annual Index to address issues in gender diversity believe having more women in the boardroom would improve profitability.
About 81 per cent said more should be done to help women get there, while eight in 10 survey respondents believe the biggest barrier to career progression was childcare and caring responsibilities.
Further, the report revealed that most of the PR agencies are within the SME band, with 64 per cent of respondents qualifying by the number of employees as micro-enterprises based on the number of employees as defined by the Small and Medium Enterprises Agency of Nigeria (SMEDAN).
In terms of poor revenue earnings, also corroborated by the new entrants, it is reported that 64 per cent of the new agencies have fewer than 10 employees, 14 per cent are small enterprises with 11 to 20 employees, and 22 per cent with more than 21 employees.
The report listed one of the top five challenges plaguing the sector as attracting and retaining the right talent, with about 70 per cent of the professionals having less than five years of work experience.
Consequently, seasoned professionals and institutions are charged to explore establishing teaching faculty in PR management to equip new graduates seeking career opportunities in PR.
