Internet advertising revenue in Nigeria – additional informationThanks to advances in technology and the increasing popularity of the internet, online advertising, which includes a range of ad formats such as email, search engine, social media, display and mobile advertising, is a promising medium for advertisers. Global digital advertising expenditure was projected to increase from an estimate of 173 billion U.S. dollars in 2016 to just over 272 billion by 2020. Spending on internet advertising was estimated to end 2017 with the second highest year-over-year growth in advertising spending in comparison to other mediums – 13 percent.
In line with this global trend, internet advertising revenue in Nigeria has shown significant improvement in the last years, and is projected to continue to rise. The online ad market in Nigeria has seen an unprecedented growth between 2015 and 2018, as revenue growth of this medium ranged between 39 percent and 25 percent during that time period. The growth rate is projected to slow down in the coming years though. By 2023, online advertising in Nigeria is forecast to generate 133 million U.S. dollars in revenue. Although wired or desktop devices still account for the majority of the revenue generated by online advertising in Nigeria, mobile is projected to take over as the most profitable device for internet advertisers in the country as of 2021. Online ad revenue of this particular type of device is forecasted to jump from an estimate of 31 million U.S. dollars in 2018 to 73 million U.S. dollars by 2023.