Speaking at the unveiling of the conference in Lagos recently, the Chairman of the Planning Committee, Mr Tunji Adeyinka, noted that it was aimed at exploring the latest trends and innovations shaping the future of advertising.

He stated that the National Advertising Conference was now a key event for marketing communications professionals.

Adeyinka said, “2024 has introduced economic shifts, with advertisers facing high production costs and reduced consumer spending due to rising prices and stagnant wages.”

Adeyinka stated that according to PricewaterhouseCoopers, Nigeria’s gross domestic product grew by 2.98 per cent in Q1 2024, up from 2.31 per cent in Q1 2023, while inflation rose from 22.41 per cent in May 2023 to 33.95 per cent in May 2024.

He added that PwC’s study estimated the advertising industry’s size at N605.2bn in 2023 and projected it to reach N893bn by 2028, saying that with the naira devaluation, the industry needed to explore new growth strategies in response to the current economic conditions.

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