Nigeria’s PR Agencies Targets Large Chunk of $93bn Global PR Market

Ahead of the projection that by the end of 2022, the Public Relations industry is expected to surpass $93 billion, PR agencies in Nigeria appear set to double effort to increase their billings to become strong contenders in global rating.

The global PR market was worth $63.8 billion in 2018 and has continued to be on the increase despite global challenges.

Experts believe the disruption caused by the COVID-19 has toughened global agencies, including those in Nigeria and prepared them for the task ahead.

In a telephone conversation with THISDAY, a former President of the Public Relations Consultants Association of Nigeria (PRCAN), Dr. Phil Osagie said he was optimistic that Nigerian PR practitioners would contribute meaningfully to global economy.

“I’m not in doubt that things would look up for PR industry in Nigeria because more than the past years, the awareness about what PR is capable of doing positively for the economy is on the increase. What do we need? Deeper skills, subject expertise, service harmonization to global best practices, and access to current research data will support Nigerian agencies and businesses in making a more significant inroad into the gigantic but highly competitive global market,” he stated.

According to the 2020 edition of the Nigeria PR report, over 50 per cent of public relations (PR) agencies in Nigeria are said to be reporting revenues of less than N5 million yearly. As a result, agencies were tasked to think outside the box to mitigate the current challenges.