The Lagos State Signage and Advertisement Agency has said it reduced the permit rates for outdoor advertising as part of efforts to address some of the challenges being faced by operators.
The agency stated this in a statement on Sunday, said that the outdoor advertising sector was a key component of Nigeria’s creative economy but that it was fraught with challenges.
The statement read in part, “Research has shown that 60 per cent of the country’s total advertising market is domiciled in Lagos State. It is a sector that accounts for N58.9bn turnover yearly and is responsible for over 100,000 people in its workforce, contributing hugely to the revenue of the nation.
“As such, the survival of the outdoor advertising sector is a matter that cannot be trifled with. LASAA organised a stakeholders’ meeting to address the burning issues.”
The Managing Director, LASAA, Mr Mobolaji Sanusi, was quoted as saying, “In our efforts to ensure sanity, it is important to find lasting solutions to some of the issues that have bedevilled the outdoor advertising industry.”
The highpoint of the stakeholders’ meeting was the formation of a 15-member committee, which has since swung into action, met several times and came up with points of agreement, the statement added.
It said that LASAA had reduced the permit rates as promised in consideration of practitioners’ clamour over arbitrary rates and discounted payments by media buyers.
“By fulfilling its promise to lower the permit and vacant board rates, LASAA has proved the fact that it wants to ease the burden of outdoor advertising practitioners and promote the growth of the industry,” the agency stated, adding that the Outdoor Advertising Association of Nigeria had expressed its gratitude and acknowledged the responsiveness of the current management of the agency.