10 Facts about Nigeria’s Media and Advertising Industry

  Nigeria’s media and advertising industry has come into its own in recent times. This renaissance has been driven by creative entertaining, marketing content, and rapidly rising digital engagement numbers. While traditional media has remained relevant, online platforms are giving smaller businesses an opportunity to reach huge audiences at a fraction of the cost that TV and radio demand.

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According to current forecasts, growth in this industry is expected to continue for the foreseeable future. If you’re a professional in the field or aspire to work in it, you’ll be pleased with this view of things. What follows is a summary of the present state and prospects of advertising and related endeavours in Nigeria.

Faster Growth than the Global Average

According to PwC, revenues in the Nigerian entertainment and media industry grew 15% in 2023. This was higher than the global average, which was about 5%. The industry also outperformed its counterparts in other African countries. For example, revenue in entertainment and media in South Africa and Kenya was 11.7% and 5.8%, respectively.

$9 Billion Market

As of 2023, the Nigerian media and entertainment industry was worth $9 billion. This makes it one of the largest in Africa in this category. It’s ahead of Kenya in this respect (that country’s media and advertising industry was put at $3.8 billion in the same period), but smaller than South Africa’s ($16.1 billion).

Projected 8.6% Growth Over Five Years

PwC projects that the Nigerian media and advertising industry will grow its revenues by 8.6% in the period between 2023 and 2028. This growth, which will see segments like internet advertising, streamed content, and podcasts expand, is expected to drive up the market’s worth to $13.6 billion, a more than 44% climb from 2023.

Internet Advertising on Track to Overtake Traditional TV

While Nigerians currently spend more on traditional TV advertisements than on internet ads, this order of things is forecast to flip in the next few years. Data from PwC suggests that advertising spend for TV will be overtaken by expenditure on online adverts in 2028. Internet advertising is poised to more than double in that time frame.

An Emerging e-Sports Industry

E-sports is becoming a recognised part of many economies, especially in the developed world. While it’s still in its infancy in Nigeria, the industry shows promise of growth into the future. Statista estimates possible revenue of about $20 million for the Nigerian e-Sports market in 2025, and says that it could reach $26.2 million in 2029.

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Expanding Market for Video and Audio Streaming

Nigeria isn’t the biggest market for streaming services in Africa; that position goes to South Africa, which accounts for 73.3% of Netflix subscriptions (according to Omdia) and 55.88% of traffic to Showmax on the continent (BB media). Nigeria’s share of these markets is 10.5% and 7.35%, respectively. But the country’s streaming revenues are set to $107 million in 2028, up from $65 million in 2023.

$133 Million Internet Advertising Revenue

PwC says that revenue from internet advertising in Nigeria stood at $133 million in 2023. Mobile advertising contributed $73 million. Looking forward, internet users in the search advertising market are projected to be $0.41 in 2025.

Most Advanced Retail Advertising Sector in Sub-Saharan Africa

Nigeria boasts the most advanced retail advertising sector in sub-Saharan Africa. Retail accounted for 27.3% of paid search in the country in 2023. This dwarfs the contributions of retail to paid search revenue in Kenya (1.5%) and South Africa (0.8%). The global average share of retail in paid search is 37.5%.

Social Media Advertising is Racing Ahead

According to Statista, the social media advertising market could grow to $148.19 million in 2025 and $231.13 million by 2030. This represents a 9.3% annual growth rate (CAGR). The biggest contributors to this trend are the platforms Facebook, Instagram, and YouTube.

Influencer Marketing is Gaining Traction

Influencer marketing is a minuscule part of the broader marketing and advertising scene in Nigeria. But it’s on the rise, and more businesses are expected to pay influencers to promote their products and services. Ad spend on social influencers may come in at $5.3 million in 2025 and $7.57 million by 2030, according to Statista.

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Final Words

Nigeria’s media and advertising industry has faced significant challenges in recent times. The COVID-19 pandemic and its aftermath, inflationary pressures, stagnating real incomes, and an uncertain regulatory environment have been among the biggest of those. However, it continues to blossom, thanks to the resilience of its participants and the desire of Nigerians to create and innovate.

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Did you find this article useful? Contact us: editor@connectnigeria.com

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This article was first published on 18th April 2025
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