Intro NGN 39 billion was spend in the telecom sector in 2021-2022 for various marketing communication Overview of Telecom Spend in Nigeria. Telecom industry is one of the highest spender in marketing communications in Nigeria. The industry leveraged on top programs across all media touchpoints to sustain presence and drive engagement. Brands in the sector compete for spots in top programs like football, reality shows and other highly engaging events to create and sustain brand affinity. 2021-2022 Industry Spend Telecom industry spend 2021-2022 The chart above shows the monthly industry spend by telecom brands in Nigeria (top brands). NGN 19.8B was expended in 2021 into various marketing communication initiatives across TV, radio, outdoor, and press touchpoin...
Introduction
Monetary policies are exclusive right of a country's central/reserve bank. In the case of a democracy, their policies are bolstered by legislation and sometimes, presidential directives. Nigeria exchange rate policy is meant to achieve the following:
- Export Competitiveness: A competitive exchange rate makes locally produced goods more attractive to foreign buyers, boosting export revenues and supporting economic diversification away from oil dependency.
- Economic Diversification: A favorable exchange rate encourages investments in sectors beyond oil, such as agriculture, manufacturing, and services, which can lead to sustainable economic growth and reduced vulnerability to oil price fluctuations.
- Foreign Investment: A stable and predictable exchange rate environment attracts foreign direct investment (FDI).
NAIRA-USD EXCHANGE RATE SINCE 2001
Data Source: CBN
At the turn of the century when Nigeria began its democratic journey, one of the policies of the government was to devalue the Naira to encourage foreign direct investment (FDI) and position the country as a serous entity in pursuit of economic goals.
From 2001 to 2014, the country's currency maintained a relatively stable outlook at an average of NGN 136 to a dollar (USD). Since 2015 till 2023, the local currency has been devalued by an average of 256%.
In June 2016, Nigeria floated the local currency which resulted in significant devaluation of the currency. The government has revisited the policy about 7 years later. Causing a significant plummeting of the local currency against the green back.
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