Soloo Akugha CEO ASTERIX
The Chief Executive Officer (CEO) Artsterix, an Enugu-based outdoor advertising firm, Sir Soloo Akugha, has identified the inability to raise loans for Outdoor Advertising projects, over the Nigerian Federal Government regulations and vandalisation of structures by ‘area boys’ which is now becoming a major challenge to advertising.
He said the crisis of government regulation in terms of rates is also forcing advertising firms to explore other options like the internet.
Akugha, expressed optimism, saying the fortune of outdoor business would improve for the better in future.
He described digital bill board as the new trend in outdoor advertising, which has elevated the sector. He noted that though digital bill board is quite expensive, it has added to the outdoor clienteles. Akugha said the association has a lot to do in engaging various governments in harmonising rates, such that regulatory bodies do not charge advertising firms arbitrary rates. He noted that outdoor operators should not be dragged into political campaign crises as witnessed by some agencies during the last general elections.
“Outdoor advertising is much cheaper compared to other platforms of advertising that are time bound. In fact, there is no reason to compare because most target audience of other platforms is limited, whereas outdoor reaches both target and unintended target audience,” he said of the state of the sector in Enugu State. He however noted that demand for outdoor advertising in Enugu State is okay, but that there are no big company advertisers. “There are short term advertisers,” he added.
According to him, outdoor advertising in Enugu State is not doing fairly well, but that producers of goods and services don’t find the need to advertise ‘’because they claim they have a ready market’’.
Lagos sets the pace in production and packaging. And the industry here is following closely to Lagos which is the hub. I will not rate it wonderfully, but we are not doing badly,” he added.
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