Lagos outdoor advertising generates N50bn annual turnover, says LASAA

George Noah, managing director, Lagos State Signage and Advertising Agency (LASAA), says Lagos which accounts for sixty percent of Nigeria’s advertising market, currently generates an annual turnover N50 billion.

A breakdown according to Noah shows that outdoor media buying agencies generate about N8.6 billion; fabricators, N1.5 billion; installers, N382 billion; large format printers, N8.27 billion. Also, outdoor specialist agencies generate N21.9 billion, outdoor protection services, N370 million; adverts N1.25 billion, while other areas account for N8 billion.

Noah spoke on Thursday at the

African outdoor advertising conference and exhibition, the first in the series, which began on Wednesday at the Eko Hotels and Suites, Victoria Island, Lagos, saying job opportunity  in the industry is also huge, as the Lagos market alone presently employs over 100,000 people.

Noah said that the industry would have grown more, but was hindered by some challenges which include loss of market share to television, radio and social media marketing.

According to him, there are 100,000 signs and 800 outdoor structures in Lagos presently.

The three-day conference/ exhibition put together by the agency, he said, became necessary to further demonstrate to the world the potentials of Lagos and indeed Nigeria in outdoor advertising, even as he described the opportunities as endless, which explains the role of LASAA in regulating and managing the industry in the state to attain the goal.

“The exhibition is also geared towards creating a convergence of stakeholders within the out-of-home advertising industry. We are also focusing on trends, best practices, innovations and challenges within the Nigerian and African contexts,” he said.

Meanwhile, the new HP Latex 360 printer was the centre of attraction for participants at the exhibition, as they watched in awe the demonstration of the use of the product. Taking part in the event are exhibitors from Europe, Asia, America and other parts of Africa.

The HP Latex 360 printer is launched into the Nigerian market by MFI Office Solutions, leaders in production printing solutions.

The company is also associated with products such as HP INDIGO, OCE, and DUPLO as sole partner of HP Latex and Scitex range of products.

Explaining the functions of the HP Latex 360, Altaf Lalani, managing director of MFI Office Solutions, noted that the production speed is ideal for handling urgent jobs. He said, “High quality print and durability are some of the qualities that set HP Latex 360 printer apart”.

According to him, the printer produces indoor and outdoor prints on a variety of traditional signage substrates. The allure of HP Latex 360 printer was so strong that one was sold two hours into the launch, and many placing orders.

M.K. Kalyan, business head for proprint division, said that this new technology will revolutionise large scale printing in the industry. “This addresses new markets like Wall Art, Canvas and Cut n Print”.

BusinessDay