Ronan Redmond, an international advertising leader and expert who specialises in growing commercial media in Africa, has expressed optimism on the growth of the advertising sector post-Covid-19 crisis.
Articulating a solution for possible growth in the post-Covid economy, Mr. Redmond posited that the advertising industry in Nigeria must use this unique period of buffeting from global shocks to reflect and prepare a roadmap that sets out how the sector could make a greater contribution to GDP and put itself on a path to sustainability and prosperity.
“In my opinion, there are five key areas to address if the sector is to become more relevant and grow post-Covid-19 pandemic and the oil price trade war,” he said.
The advertising expert listed five areas as key factors that could engender growth and development in the sector, which includes collaboration amongst industry leaders, setting a quantifiable target for sector size, engaging relevant ministries and parastatals, having an advertising fund and communications plans and having a glocal ambition.
Enunciating further, he stated: “There must be a coming together within the advertising industry to create a leadership and advocacy group. This group will be a task force of forthright leaders from the relevant Industry bodies, including but not limited to: Advertisers Association of Nigeria (ADVAN), Media Independent Practitioners of Nigeria (MIPAN), Association of Advertising Agencies of Nigeria (AAAN), Broadcasting Organisations of Nigeria (BON) and others.”
The adman opined that the purpose of this group would be to devise a strategic advertising plan for Nigeria to promote and dramatically grow the advertising sector, pointing out that the advertising sector should be assessed based on its per cent contribution to GDP.
“In GDP country rankings Nigeria GDP $397billion is currently the largest economy in Sub Sahara Africa followed closely by South Africa GDP $366billion. The South African advertising sector is $2.6billion (.7% of GDP) and this is almost six times the size of the Nigerian advertising sector $450M (.1% of GDP). The Nigerian Advertising Industry clearly underperforms, and for many reasons both macro and sectoral issues which are already well known.
“However, it is my belief that with a proper strategic plan, the Nigerian advertising sector can grow to at least $1billion (.27% of GDP) in size. Such an ambitious growth target and when achieved means that the sector becomes more viable and more important as a contributor to the growth of the economy.”
He added: “Services such as financial, communication and IT currently contribute 50% of Nigeria’s GDP and the advertising sector must begin to play its part in this. Such plans for sectoral growth will be welcomed by policy makers already tasked with moving Nigeria to a more diversified economy and away from a dependency on oil for foreign export earnings.”
Mr. Redmond believes that the above suggestions, if earnestly adhered, will see the advertising sector become a key central part of the media & entertainment sector in Nigeria, Africa and beyond.
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