As the year 2023 begins, Ad World Masters is proud to announce its Agencies of the Year. Our rigorous selection process, which assesses the potential value of each agency, has resulted in the recognition of some of the most outstanding and accomplished agencies in the industry.
The selection process is based on the Agency Score, which is calculated using our proprietary Artificial Intelligence Algorithms. Agencies had until December 31st, 2021 to improve their score and compete for the coveted title of Agency of the Year.
The title of Agency of the Year is granted based on the Agency Score and is divided into three levels of recognition: Gold, Silver and Bronze. Gold is awarded to agencies with scores of 9.2 or higher, Silver is awarded to agencies with scores of 8.7 or higher, and Bronze is awarded to agencies with scores of 8.5 or higher. Each awarded agency will receive a digital badge of “Agency of the Year” for the level they are in.
The results of the competition are categorized by country, depending on the agency’s main location. In Nigeria, the Ad World Masters Agencies of the Year competition features 2 Silver, and 1 Bronze winners. These agencies represent the very best in the industry and are a testament to the creativity, innovation, and excellence that define the advertising field.
We would like to extend our heartfelt congratulations to all of the winners and thank all of the participating agencies for their dedication and hard work. We look forward to seeing the impact of their work in the coming year and beyond.
Curious to discover the results of other markets? Explore the results per country and learn more about the competition. If you don’t see your agency listed, sign up, list or claim your agency and you could be nominated for next year!
Insights into the advertising industry in Nigeria
The advertising market in Nigeria is one of the largest in Africa, with an estimated value of around $1 billion in 2020. The market is dominated by a few large agencies such as Insight Publicis, Noah’s Ark Communications and X3M Ideas. These agencies work with major brands and media companies to create and place advertisements across traditional and digital media.
In terms of traditional media, television remains the most popular advertising platform in Nigeria, accounting for around 40% of total ad spending. Print media, such as newspapers and magazines, also play a significant role, with around 20% of ad spending.
In recent years, digital advertising has become increasingly important in the Nigerian market. In 2020, digital advertising accounted for around 30% of total ad spending, with the majority of this going to mobile and social media advertising. E-commerce is also growing rapidly in Nigeria, with online sales reaching around $13 billion in 2019.
According to IAB Nigeria, the top 5 ad spenders in Nigeria in 2020 were:
Telco – $200 million
FMCG – $150 million
Banking – $100 million
Automotive – $80 million
Pharmaceutical – $70 million
According to the Nigerian Communications Commission (NCC), the number of internet subscriptions in Nigeria reached 149 million in 2020, representing an increase of 4% from the previous year.
Overall, the advertising market in Nigeria is expected to continue to grow in the coming years, driven by the increasing popularity of digital advertising and the growth of e-commerce. With a large population and a relatively high rate of internet penetration, Nigeria offers significant potential for growth in the advertising market.