Nigeria is planning to tap into opportunities opening up in the global airports’ digital advertising value-chain estimated at over $40.49 billion.
The move to play significantly in this space, experts said, is part of efforts to scale up revenue streams using air transportation and its facilities – airport terminal platforms.
To drive this, the Federal Ministry of Aviation and Aerospace Development, it was learnt, has designed a template to engage potential concessionaires who will take it as package or direct marketing by aeronautical authorities.
Plans by the government to deepen participation in this space aligns with projections by global industry data which puts the value of airports advertising on the rise.
Speaking during a tour of the Murtala Muhammed International Airport,  Lagos,  Nigeria’s Minister of Aviation and Aerospace Development, Olorogun Festus Keyamo, directed the Federal Airports Authority of Nigeria  (FAAN) to utilise every space at airports to improve the revenue.
He said other countries were exploiting such huge revenue yielding platforms to provide funds to run the aviation systems.
To actualize this , he mandated the airport authority to seek investors/ concessionaires who will take full advantage of such windows to bring in funds for the maintenance of air transport infrastructure.
According to the research report, the global outdoor advertising market was valued at $21.96 billion in 2022 and is expected to reach $ 40.49 billion by 2032, to grow at a Culmulative Annual Growth Rate (CAGR) of 6.3 percent  during the forecast period.
Experts say the  need for outdoor advertising among businesses will rise in response to marketers’ and advertisers’ growing demand for sophisticated digital marketing solutions to ensure efficient digital product advertising.
They say enterprises are now prioritizing  advertising based on user demographics to increase the conversion rate of potential customers.
This, they say, is projected to provide considerable revenue prospects  through digital out-of-home (OOH) advertising.
They continued that the industry is expanding because of the growing use of LCD screens for several advertisements on a single display in buses, taxis, and trains.
The consumer’s increasing preference for trains and buses for their daily commute is another factor anticipated to fuel the market’s expansion.
Additionally, the market growth is projected to be aided by the growing use of digital transit and transportation advertising for brand recognition.
More than 50 percent  of Chinese advertisers ranked commercial buildings and transportation hubs as the best locations for placing advertisements.
The market’s potential growth is also being driven by rising food and beverage and financial services companies in China, which are spending a lot on outdoor advertising.
The rising adoption of cutting-edge technologies like precision outdoor advertising for brand promotion also drives the market for outdoor advertising in China.
Additionally, among many other forms of transportation, airports are desirable locations for advertising, particularly for luxury and high-end goods.
Airports are under increasing pressure to develop cutting-edge methods for boosting market revenue.