Advertising spend soared to N605bn in 2023 – Report

Nigeria’s advertising spend surged to $385.5 million in 2023, a milestone that reflects the industry’s robust growth, according to a new report by PricewaterhouseCoopers.

This figure represents a compound annual growth rate of 18.7 per cent since 2018, when expenditure was $137.6 million.

The top three contributors to marketing communication spend between 2018 and 2023 were cable TV (25.5 per cent), digital media (18.5 per cent), and creative and content production (13.4 per cent).

The marketing communications sector has emerged as a formidable economic powerhouse. The study estimates that for every ₦1 spent on marketing communications in Nigeria, the nation’s GDP increases by a staggering ₦16.5—a multiplier effect that highlights the industry’s substantial value contribution.

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