The Executive Director, Heritage Bank Plc, Jude Monye, has said that one of the ways out-of-home advertising industry can attain massive growth and ensure its sustainability is through the adoption of public-private-partnership (PPP) model.
Monye spoke at the 2021 Out-of-Home Advertising Conference and Exhibition organized by the Lagos State Signage and Advertisement Agency (LASAA) in partnership with Heritage Bank.
He commended Governor Babajide Sanwo-Olu for the implementation of the Smart City Plan with the rollout of 6,000km metro fibre optics which is the requisite infrastructure for the smart city project.
The Heritage Bank boss disclosed that PPP actually was the model used, adding that there should be a kind of intra-ministerial integrated approach, as this would propel the lending capacity of banks.
“if you have deposit money bank, that is the commercial bank coming in with huge portfolio, you will see massive growth in this industry and to crown it all for me, the governor said what I didn’t know of.
“All the things that the government is doing with the Fibre optic projects, which is towards the smart city that LASAA has also shown to us. With that alone, the PPP model, the banks are going to key into funding this so that the industry can grow,” Monye said.
According to him, the move by the Lagos State Government for the adoption of digital technology will lead to increased patronage and rev banks’ participation.
“I think lots of unstructured issues that we face and most of the banks that you see on digital media outside is not borne out of the need to advertise because it has not appealed to them, or engaging to their audience.
“But some of them are just pay back for the loan that they have given,” the bank chief explained.
Speaking earlier on the topic, “Road map for the Growth of Signage and Out-of-Home Advertisement post-Covid-19 in Lagos,” Sanwo-Olu noted that the state was making appreciable progress in the ongoing laying of the metropolitan optic fibre as well as the installation of smart cameras in strategic locations across the state.
Sanwo-Olu, who was represented by Deputy Governor Obafemi Hamzat, believed that technology would enhance and support the growth of advertising in the state.
He promised that his administration would continue to leverage technology to transform the state’s economy while easing impediments for businesses to flourish.
Also speaking, the MD/CEO of LASAA, Adedamola Docemo, announced that the agency would be rolling out policies and programmes that would improve sectoral investment, drive sustainable growth, encourage regular engagement and development of the state.
With Lagos being the leading state in Out-of-Home advertising investment in Nigeria, he said the industry has evolved and has consistently contributed its quota over time to the growth and development of the state.