Most Public Relations (PR) agencies in the country are Small and Medium Enterprises (SMEs) a report by Black House Media (BHM), a PR agency, in conjunction with its independent market research firm, Brentt Consulting, has revealed.
The report, which was contained in the second edition of 2016 Nigeria’s PR Report, said that this was possible because most of the SMEs are one-man agencies that have not embraced the call for collaboration, acquisitions and mergers among industry players.
It also revealed that PR spend for 2016 was a meagre sum of between N6 million and N10 million, a figure which is far less than what is obtainable in other climes.
According to the report, 40 per cent of PR agencies in Nigeria are under five years.
It said the percentage of viable agencies could not be higher as most PR agencies die premature in the early stages of opening shop.
As a result of the above, the report concluded that most agencies hardly grow into bigger and mega PR firms in the country, hence they
remain one-man business.
