Outdoor Industry to Grow Annually Between 3-6% in Five Years

the challenges facing Nigeria’s economy, the Outof-Home (OOH) Advertising sub-sector has recorded a considerable growth since 2021, after recovering from the COVID-19 debacle of the year 2020, a media entrepreneur, Mr. Soni Irabor has stated.

Reviewing the industry in recent years, he stated that OOH has attracted a higher percentage share of advertising in Africa than in most other global markets, adding that television, radio and print media have mostly remained fairly stable. “OOH and digital media have expanded dramatically. In fact, OOH media now account for 13 per cent of advertising revenue in most key African markets, ”he said.

Irabor who added that though the 2020 pandemic has negatively affected the industry, especially at airports, also pointed out that

OOH made a sharp recovery in 2021 and was projected to expand at a compound annual growth rate of 3 to 6 per cent over the next five years.

He also said that Africa has a large and vibrant informal market that contributes significantly to the economy and to employment, thereby presenting a huge opportunity for brands.

With the industry embracing digital technologies, Irabor noted that, “the OOH industry is already taking a big step by playing a key role in the advertising space regardless of other forms of advertising especially social media”.

He spoke at the Outdoor Advertising Association of Nigeria annual conference and exhibition recently in Lagos.

He further stressed that developments across the continent, along with current media trends, suggest that out of home (OOH) advertising is in for an exciting ride.

He said OOH presently attracts a higher percentage share of advertising in Africa than in most other global markets.

According to Irabor, while television and radio have mostly remained fairly stable, newspapers and print have been declining, OOH and digital media have expanded dramatically. “In fact, OOH media now account for 13 per cent of advertising revenue in most key African markets,” he said.

Irabor did not provide the total advertising revenue but Nigerian ad spend is over N120 billion.

He also said that though the 2020 pandemic has negatively affected the industry, especially at airports, OOH made a sharp recovery in 2021 with te industry projected to expand at a compound annual growth rate of 3%-6% over the next five years.