Smart cities will grow Nigeria’s outdoor advertising industry – Expert

Adegoke, Chief Executive Officer, Nimbus Media Ltd., said this on Thursday during the 2022 edition of Tourism and Technology Summit held in Lagos.

He said that the growth of smart cities should be encouraged across the federation.

“Technology and innovation have introduced new tools for the outdoor advertising market, which will be best employed with the development of smart cities,” he said.

He said as more state governments and communities embrace smart city technology, the increasing investments in the Nigerian outdoor advertising business might quadruple in the coming years.

According to him, the Lagos State Government recently in its report said that its smart city project had made 80 per cent progress with the deployment of fibre internet and other digital infrastructure.

Adegoke said that this would help reduce redundancy in various sectors of the economy.
“If the Nigerian outdoor advertising business continues on its present path, it might account for up to 50 per cent of marketing expenditure in the future years.

“Outdoor advertising accounted for 28 per cent of overall advertising expenditure in Nigeria in 2018, second only to television advertising.

“We should encourage the growth of smart cities across the federation to boost our economy,” he said.