The Minister of Information and National Guidance, Mohammed Idris, has called on advertising agencies and media companies to be open to experimenting and adapting strategies to remain relevant in a changing market.

Speaking at the 2024 National Advertising Conference yesterday in Abuja, Idris observed that advertising has long been an engine of economic growth and a connector of brands and people.

Quoting Pricewaterhouse Coopers (PWC), the minister said the advertising industry was valued at N605 billion in 2023, adding that for every N1 spent on advertising, there is a multiplier effect of N16.5.

The minister noted that digitization has revolutionized advertising, enabling personalization, real-time engagement and greater accountability through analytics, while social media, artificial intelligence and big data have created channels for brands to reach audiences in more meaningful ways and more relevant than ever before. .

He, however, noted that as they navigate the technology landscape, advertisers must remain vigilant about issues such as data privacy, cybersecurity, and the spread of misinformation and fake news.

The minister noted that the introduction of a scientific audience measurement system has caused a transformation in the advertising industry in Nigeria.

He added that accurate and reliable audience engagement and demographic data is essential for advertisers, broadcasters and marketers to reach their target audience and optimize their campaigns.

Idris Idris, who was represented by the Director General of the Guidance Agency of Nigeria, Lanre Issa-Onilu, said the recent government reforms under President Tinubu are opening up new opportunities for the sector, noting that there is a drastic reduction in debt service to revenue. ratio, from nearly 100 percent to 65 percent, and increased revenue for federal, state, and local governments due to the elimination of fuel subsidies.

He noted that this freed up funds for critical infrastructure projects such as roads and railways, which are aimed at lowering business costs and attracting investment.