The landscape of marketing expenditure in Nigeria was marked by notable shifts and strategic realignments as companies across various sectors navigated a complex economic environment in 2023.
According to Nairiametrics, in 2023 the beverage and banking sectors were the top spenders in marketing. Nigerian Breweries Plc and Guinness Nigeria Plc led in beverages, while major banks were prominent in the banking sector.
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Marketing budgets varied significantly. Nigerian Breweries Plc reduced its spending, possibly due to strategic shifts. Meanwhile, new entrants FBN Holdings and Fidelity Bank increased their budgets, while established banks like UBA, Zenith Bank, and Access Bank continued to grow their marketing investments.
The top companies’ marketing and advertising expenditures totalled approximately N163,872.69 million in 2021. This amount increased significantly in 2022 to N222,709.27 million, marking a 35.9% growth from the previous year the report highlighted.
However, the rise indicated a rebound from the pandemic’s economic impact. In 2023 the total expenditure slightly declined to N235,642.48 million, though the year-on-year growth from 2022 was 5.8%, reflecting a more cautious spending approach amid ongoing economic uncertainties.
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Here are the top 10 Nigerian companies spending big in marketing in 2023
Nigerian Breweries Plc – N51,324.46 million
Nigerian Breweries Plc, the leading spender, reduced its marketing expenditure slightly in 2023 but continues to be a top investor in brand promotion within the beverage sector. The company’s substantial investment in marketing remains a key factor in its ongoing leadership in the industry.
FBN Holdings – N32,333 million
FBN Holdings significantly increased its marketing budget in 2023, nearly tripling its previous year’s spend, as part of its strategy to enhance its market position in the banking sector.
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Fidelity Bank – N22,818 million
Fidelity Bank saw a slight rise in its marketing expenditure from 2022, reflecting its ongoing commitment to enhancing brand awareness and customer loyalty.
Guinness Nigeria Plc – N20,621.48 million
Guinness Nigeria Plc maintained a strong marketing presence with a modest increase in 2023, reinforcing its position in the alcoholic beverages sector.
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Access Bank – N19,800 million
Access Bank significantly boosted its marketing budget in 2023, focusing on customer acquisition and retention in a competitive banking environment.
UBA – N18,859 million
UBA continued its consistent growth in marketing expenditure, demonstrating its commitment to sustaining a strong brand presence and expanding its customer base.
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International Breweries Plc – N14,817.26 million
International Breweries Plc experienced a slight decrease in its marketing spend in 2023 but remains a major player in the beverage sector with substantial advertising investments.
Nestle Nigeria – N14,350.53 million
Nestle Nigeria markedly increased its marketing budget in 2023, nearly tripling the amount spent in 2022, reflecting its strategic efforts to bolster brand presence in the FMCG sector.
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Zenith Bank – N11,450 million
Zenith Bank’s marketing expenditure continued to rise in 2023, underscoring its ongoing commitment to maintaining its leadership in the Nigerian banking industry.
GTCO – N8,762 million
GTCO rounded out the top ten with a steady increase in its marketing spend over the years, focusing on branding and customer engagement as part of its growth strategy.
