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Group Laments Impact of Recession on Advertising

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  • Group Laments Impact of Recession on Advertising

The Outdoor Advertisers Association of Nigeria has lamented the impact of recession on the advertising industry.

The President, OAAN, Tunde Adedoyin, gave the indication in an interview with journalists in Lagos, as he affirmed that “recession has impacted all sectors of the Nigerian economy.”

He maintained that people must advertise, the recession notwithstanding and faulted the practice by most companies of always looking towards the advertising budget whenever they wanted to cut costs.

He said, “Unfortunately, when most marketing directors or companies face recession, the first area they look at cutting costs is media and advertising.

“That is why in the last two years, the recession has been very severe on advertising, media placement and buying.”

Adedoyin reasoned that in spite of the slight progress that the economy had recorded, the country was obviously still in recession because clients were not spending money.

He said, “Some are cutting budget, even the huge spending ones. Before now, clients did media placement for 12 months, but these days, they have come up with all forms of tactics. They now place one month or highest, three months, in order to save money. That has been the style in the last three years.”

The OAAN president however expressed hope that things would get better, adding, “It is all about managing our economy”

On the rates charged by regulators for billboard adverts, he stressed that the rates must be friendly in order for business to thrive.

He said in the last 10 years, the organisation had been battling the regulatory agencies concerning the rates.

Adedoyin said, “We need a rate that is not only friendly to business but to our clients as well. This money is not our money and at the end of it all everyone will pay for it because if you charge Cadbury or Coca-cola very high on their billboards, they are going to spread it on their products and it is the consumer that will eventually buy.

“So, if government thinks it is making money, the money is coming back to us in a way. What has happened in the last 10 years is that they made our medium so expensive that it is only the multinationals that can place adverts or campaigns on billboards.”

He added, “In the past, when we started, we had the likes of barbing salons, tailors and importers of Christmas items placing campaigns on billboards because it was reasonable.

“Today, you hardly find them on our billboards. This has reduced our capacity. To invest is even becoming impossible because it is as if one is sharing the profit with the government. At the same time, clients are running away because they believe that your rates are very high.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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