Shobanjo: Nigeria’s Advertising Market May Hit N1trn in Value by 2029

Raheem Akingbolu

If players in Nigeria’s marketing communications industry up their game, respond to global trends and play by the rules, the value of the country’s advertising budget may hit the N1 trillion mark by 2029, the Chairman of Troyka Group, Dr. Biodun Shobanjo, has predicted.

In a related development, the PwC’s Africa Entertainment & Media Outlook 2025–2029, has projected that digital advertising in Nigeria’s entertainment and media (E&M) market would account for 84 per cent of the country’s total ad spend by 2029. This share places Nigeria ahead of the global average, with South Africa and Kenya following at 74 per cent and 64 per cent, respectively.

The report highlights that retail display and paid search such as ads on e-commerce platforms like Jumia and paid search results on Google or Bing are among the fastest-growing forms of digital advertising.

Speaking at the Fellowship Induction of the Advertising Regulatory Council of Nigeria (ARCON), in Lagos, Shobanjo stressed the need for stakeholders in the business to up their games, to enable them add value to the evolving sector.

“In another four years, this business will be worth N1 Trillion. It’s a serious business. You’ve gotten the fellowship now, but what does it mean? When a lawyer is called a SAN there are benefits that go with them. The fact that you’ve been in practice for X number of years does not grant you automatic SANship. There is still a process that you have to go through. You will be interviewed. And they will look at your conduct, your character, and the number of cases you have done at the Supreme court, among others.

“I think we have evolved, and we are still evolving. We need to take a look at the rules again. When I was inducted, there were only 10 of us, but the number that came out today was a lot. How many lawyers are there in Nigeria, how many of them get SANship every year? We need to ask ourselves this question,” he stated. 

“Advertising is shifting rapidly to digital. Nigeria is expected to reach 84 per cent digital ad spend by 2029 surpassing global benchmarks. South Africa and Kenya are close behind at 74 per cent and 64 per cent respectively. Retail display and paid search are among the fastest-growing segments,” the PwC report stated. 

The report further projects a compound annual growth rate (CAGR) of 7.2 per cent for Nigeria’s E&M market through 2029, compared to 5.2 per cent for Kenya and 3.5 per cent for South Africa, signaling steady expansion across the continent despite economic headwinds.

The Nigerian industry, valued at N605.2 billion in 2023, is projected to grow to N893 billion by 2028, with a compound annual growth rate (CAGR) of 18.7 per cent over the six years leading up to 2028. 

President, Association of Advertising Agencies of Nigeria (AAAN) Lanre Adisa, who spoke at the just concluded National Advertising Conference said these plans need marketing efforts by experts to reposition Nigeria as a global economic hub to attract the needed investment.

He called on the government to collaborate with marketing experts for the realization of key projects including the $1 trillion economy plans.