FG targets $2b from advertising by 2025
Lai Mohammed, minister of information and culture, says Nigeria’s advertising and creative industry would rake in $2 billion by 2025, after ongoing reforms in the sector are concluded.
Mohammed said this on Wednesday at the inauguration of the technical session of the audience measurement task team in Abuja.
He said the reform process for the creative and advertising industry was necessary for it to experience significant change.
The minister decried the country’s current advertising earnings of N400 million and urged the task team to raise the revenue to $2 billion within three years.
He, however, applauded the team’s efforts at ushering in a time of great prosperity for the entire creative sector.
“The metrics and data you will be putting together, the standards of practice on receipts and payments, the media monitoring service powered by technology for real-time performance evaluation will create transparency and an enabling environment for all to thrive and be prosperous,” Mohammed said.
“What most, if not all, have always asked for is a level-playing field in our great country of more than 200 million people, over 500 radio and television channels, with at least 24 million TV households with the largest gross domestic product (GDP) in Africa.
“I hear you are also working on a sustainable content development plan to ensure a win-win for content creators, production companies, and TV and radio broadcasters.
“This is music to my ears and is exactly what Mr. President promised when we came into government – reforms that will touch and improve the lives of the common Nigerian man.”
Mohammed said through the reform process, millions of job opportunities are unlocked in the creative industry, adding that the government would assist with the required regulations and open the doors for funding donors to make the reform a success.
He added that the government will create a conducive business environment to attract more international advertisers and agencies to do business in the country.
On his part, Tolu Ogunkoya, chairman of the task team, appreciated the minister for his vision and passion for the industry.
He said the committee would work diligently to see that the November target for the completion of the exercise is met.
“Practitioners, including members of the task team, would be the ultimate beneficiaries of the reform process and upon successful completion of the project with its multiplier effects on the industry, the name of the minister would be written in gold,” he added.