Nigeria’s marketing industry has attracted a total of $26.39m in foreign investments since 2023, signalling a cautious rebound in investor confidence after a sharp decline in 2024.
Capital importation data from the National Bureau of Statistics revealed that the sector recorded $22.13m in inflows in 2023 before declining to $1.29m in 2024. Yet, it recovered modestly in the first quarter of 2025 with $2.97m.
Stakeholders told The PUNCH that renewed investment in the sector reflected the broader economic condition of the country. President of the Experiential Marketers Association of Nigeria, Tolulope Medebem, explained that the recovery points to renewed interest in the industry.
“After a difficult year, Nigeria’s marketing sector is beginning to see some light,” she said. “Official data shows that while foreign inflows into marketing fell sharply in 2024 to just $1.29m, the first quarter of 2025 recorded a modest rebound to $2.97m. Cumulatively, the industry has attracted $26.39m since 2023. It’s not where we want to be, but it’s a sign of renewed interest.”
Medebem attributed the uptick to the Federal Government’s policy moves and the resilience of brands, saying, “The government’s recent efforts to stabilise policy and foreign exchange are beginning to reassure investors. Brands are also doubling down on consumer engagement in a recovering economy, and Nigeria’s fast-growing digital ecosystem remains too big an opportunity for global players to ignore.”
She added that foreign inflows were vital beyond capital. “They come with global best practices, partnerships, and innovation that strengthen our sector.
That’s why the 2024 slump hurt: agencies had to cut back, innovation slowed, and opportunities for young talent shrank. It was a reminder of how vulnerable we are when external confidence dips,” she explained.
Medebem stressed that Nigeria must address policy unpredictability, regulatory bottlenecks, and its high-risk market perception to attract more foreign investments. “The slight rebound in 2025 is not yet a full recovery, but it’s a signal. If we sustain the momentum, marketing will not just survive these cycles; it will drive the growth story of our economy,” she noted.
A former President of the National Institute of Marketing of Nigeria, Tony Agenmonmen, offered a similar perspective, maintaining that the modest rebound in marketing reflects cautious investor confidence.
“The rebound in Q1 2025 to $2.97m after the deep slump of 2024 suggests a cautious return of investor confidence,” he said.
Agenmonmen stated that the uptick could be linked to macroeconomic stabilisation efforts, a global investment recovery, and the growing digitalisation of Nigerian brands.
“Nigerian brands are increasingly turning to digital transformation, e-commerce, fintech collaborations, and tech-driven marketing, which tend to attract foreign investors looking for growth sectors,” he said.
Agenmonmen stressed that foreign inflows were critical to scaling agencies, investing in research and technology, and creating jobs. He said the 2024 slump had stalled innovation, triggered talent flight, and forced agencies to scale back campaigns.
“The slump reduced liquidity, stalled innovation, and made it difficult for agencies to retain top professionals. Some talent moved abroad or shifted industries, while clients received more conservative, less experimental marketing campaigns,” he said.
Sharing his thoughts on how to sustain recovery, Agenmonmen urged agencies to adopt stronger governance, embrace technology, expand regionally, and push for regulatory stability.
“Organisations that adopt international best practices in governance, reporting, and compliance will be more attractive. Demonstrating leadership in AI, digital marketing, and sustainability-driven campaigns can also position Nigerian agencies as forward-looking,” he noted.
Stakeholders agree that the modest rebound in 2025 presents an opportunity for Nigeria to reposition itself as Africa’s marketing innovation hub if the momentum is sustained.
