First Bank, Access Bank, and ten other Nigerian banks spent N60 billion on marketing and advertising in 2021.
This is according to an analysis carried out by Nairalytics – the research arm of Nairametrics, based on the financial statements released by the banks on NGX (Nigerian Exchange).
FBN Holdings topped the list of banks with the highest marketing and advertisement expenses in 2021 with N10.46 billion, closely followed by Access Bank with N9.49 billion.
Noteworthy, the twelve Nigerian banks listed on the stock market spent a sum of N60.01 billion on marketing and advertisement in the year 2021, a marginal increase compared to the N59.85 billion recorded in the previous year.
Also , according to the report, Nigerian banks spent at least N294.86 billion on advertisement and promotion in the last five years. A further look at the data shows that every other bank apart from Access, Fidelity, and Zenith Banks recorded an increase in their advert expenses.
Other big spenders according to the report are; GT Bank – N5.84 billion, Fidelity Bank – N5.82 billion, FCMB – N4.66 billion, Stanbic IBTC – N3.29 billion, Sterling Bank – N2.39 billion and Union Bank – N1.54 billion