In a major development for Nigeria's advertising sector, SBI Media Group has been officially declared the country's largest independent media agency. This recognition comes from the prestigious RECMA Nigeria Overall Activity Ranking for 2024, which also places the homegrown agency as the second-largest media agency overall in the national market.
A Commanding Market Position and Staggering Growth
The report from RECMA (Research Company Evaluating the Media Agency Industry), the global authority on media agency research, reveals that SBI Media now commands a significant 16.3 per cent share of Nigeria's media industry. This impressive figure allowed it to outperform several international network agencies to secure the number two spot nationwide.
Perhaps even more remarkable is the agency's growth trajectory. RECMA highlights SBI Media as the fastest-growing media agency in Nigeria over the last three years. Its activity volume skyrocketed by an astounding 266 per cent between 2021 and 2024. The data for 2024 alone shows an 80 per cent year-on-year growth, meaning the agency has more than tripled its size compared to three years ago.
Leadership Comments on Strategic Success
Reacting to the achievement, Rotimi Bankole, the Founder and CEO of SBI Media Group, linked the success to the company's long-term vision. He stated that the ranking validates the group's 10-year strategic plan to build a world-class African media and communications entity.
"This result is also an appreciation to our partners, stakeholders, and colleagues across all the local and global markets where we operate," Bankole added. Looking ahead, he addressed the evolving industry landscape, noting, "With the impending Artificial Intelligence (AI) supercycle and its 'double-edged' consequences... we believe we are well prepared to work with our partners to build strong brands that are profitable and responsible."
Thriving in a Rebounding Nigerian Media Market
The RECMA report was published against the backdrop of a resurgent Nigerian media market in 2024. A strong rebound in advertiser spending was fueled by significant economic reforms, including the liberalisation of the naira and the removal of fuel subsidies. This environment saw traditional media channels like TV, radio, and press regain substantial traction among brands.
Within this dynamic and competitive context, SBI Media did not just maintain its pole position as Nigeria's leading independent agency. According to RECMA's 3-year activity growth table, it also solidified its status as the fastest-growing agency in the country for both 2024 and the three-year period, successfully defending its leadership against global competitors.
