A report conducted by Black House Media (BHM), a PR agency in Nigeria in conjunction with its independent market research firm, Brentt Consulting has revealed that 40 per cent of Public Relations agencies in Nigeria are under five years.
This was contained in the second edition of 2016 Nigeria’s PR Report released online on Thursday last week.
The report said that 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 concludes that most agencies hardly grow into bigger and mega Public Relations firms in the country, hence they remain one-man business.
According to the report: “Most PR agencies are micro and small scale enterprises,” because most of them are one-man agencies that have not embraced the call for collaboration, acquisitions and mergers among industry players.
It further informed that the PR spend for 2016 was a meager sum between N6 and $10 million, a figure which is far less than what is obtainable in other climes.