The Traditional Out-of-Home Advertising market in Nigeria is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: In Nigeria, customers still value traditional out-of-home advertising methods such as billboards, posters, and signage. This preference can be attributed to the fact that these methods have a wide reach and are easily accessible to a large population. Additionally, customers in Nigeria tend to trust and rely on physical advertisements that they can see and interact with in their daily lives.
Trends in the market: One of the key trends in the Traditional Out-of-Home Advertising market in Nigeria is the increasing use of digital technology. While traditional methods still dominate the market, there is a growing interest in incorporating digital elements into out-of-home advertising. This includes the use of digital billboards, interactive displays, and mobile advertising. The integration of digital technology allows for more dynamic and engaging advertisements, capturing the attention of the target audience more effectively. Another trend in the market is the focus on targeted advertising. Advertisers in Nigeria are becoming more strategic in their approach, aiming to reach specific demographic groups or target locations. This trend is driven by the need to maximize the impact of advertising campaigns and optimize return on investment. Advertisers are leveraging data and analytics to identify the most effective locations and time frames for their advertisements, ensuring that they are reaching the right audience at the right time.
Local special circumstances: Nigeria is a country with a large and diverse population, making it an attractive market for out-of-home advertising. The urban areas, in particular, are densely populated and offer numerous opportunities for advertisers to reach a large audience. Additionally, Nigeria has a vibrant and growing economy, which has led to increased consumer spending and a greater demand for products and services. This creates a favorable environment for advertisers to promote their offerings through out-of-home advertising.
Underlying macroeconomic factors: The growth of the Traditional Out-of-Home Advertising market in Nigeria can also be attributed to several macroeconomic factors. Nigeria has experienced stable economic growth in recent years, which has resulted in an expanding middle class and increased consumer purchasing power. This has created a larger market for advertisers to target and has increased the demand for out-of-home advertising. Additionally, the government of Nigeria has been investing in infrastructure development, including road networks and public transportation. This has led to increased opportunities for out-of-home advertising, as more people are exposed to advertisements while commuting or traveling. In conclusion, the Traditional Out-of-Home Advertising market in Nigeria is developing and evolving due to changing customer preferences, emerging trends such as the use of digital technology and targeted advertising, local special circumstances including a large and diverse population and a growing economy, and underlying macroeconomic factors such as stable economic growth and infrastructure development. Advertisers in Nigeria are adapting to these factors and leveraging them to create impactful and effective out-of-home advertising campaigns.
Data coverage:
Data encompasses enterprises (B2B). Figures are based on traditional out-of-home advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers offline out-of-home advertisements such as billboards, street furniture, transit and transport displays, and place-based media.Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, population, urban population, and internet infrastructure.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.Additional notes:
Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
