Nigeria’s total marketing and communication spending reached N605.2 billion in 2023, says a new report commissioned by the Advertising Regulatory Council of Nigeria (ARCON).
Carried out by PWC, the report shows that the Nigerian marketing and communications industry has been on an upward trajectory with a compound annual growth rate (CAGR) of 18.7 per cent in six years, from N216 billion in 2018 to 2023.
The report, which shows the advertising sector’s contribution to Nigeria’s Gross Domestic Product (GDP), its value, and the multiplier effect, was presented to concerned parties on Tuesday, during a media briefing in Lagos.
