Lagos — The money spent on advertisement in Nigeria during the year 2011 has been placed at N102.755 billion.
The annual publication of MediaReach OMD, a media independent agency disclosed this in its 2011 edition report.
According to the report, of the N102.755 billion, television had N46.076 billion, radio N13.142 billion, outdoor N28.142 billion while N15.395 billion was spent on the press.
It noted that in 2011, Lagos region accounted for N55.778 billion which was 54 per cent, north 20 per cent or N20.130 billion, the east N11.485 billion or 11 per cent while the western part of Nigeria accounted for the remaining 15 per cent or N15.46 billion.
Telecommunications product category spent the highest N20.118 billion, followed by personal paid announcement with N8.654 and entertainment, leisure & tourism was third in the product category with N5.976 billion.
In the telecommunication category, MTN topped the list with N6.381 billion followed by Globacom which spent N5.704 billion. Etisalat and Airtel spent N4.255 billion and N3.439 billion respectively. All the four brands topped the list of the top 20 brands in terms of advertisements last year.
Another highlight of Mediafacts 2011 is that of television advertising which amounted to N46.076 billion as against the N39.656 billion recorded in 2010. Radio recorded for N13.142 billion as against N12.807 billion spent in 2010 while the print media spent N15.395 billion lesser than the N16.524 spent in 2010. Outdoor expenditure was N28.142 billion also lesser than N28.562 spent in 2010.
The report also noted that, Nigeria has the potential to build a prosperous economy with its large reserves of human and natural resources, adding that Nigeria witnessed major changes in the economic sector in 2011 some of which were the Federal Government amnesty programme that resulted in higher oil production, growth in the insurance sector and consistent growth in the telecommunication sector amongst others.
Mediafacts 2011, published in one volume in English and French contains media trend information on nine West African countries and three central African countries. This covers some of the countries where Media Reach OMD operates.
The Managing Director and Chief Executive Officer of MediaReach OMD, Mr. Tolu Ogunkoya said, "We understand that creativity is the sustainable source of differentiation and competitive advantage for ourselves and our clients. We pride ourselves in delivering innovative media solutions to our clients' marketing challenges at the keenest possible prices."