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Make no Mistake, Digital Advertising has a Significant Role to Play in Nigeria’s Economy
By Steven Edge; Ad Dynamo by Aleph COO
Ask most people what they think drives Nigeria’s economy and they’ll probably say oil. However, while oil still accounts for a large proportion of the country’s international revenues, its actual role in Africa’s largest economy is increasingly small.
In fact, oil now accounts for just over 6% of Nigeria’s GDP, with technology now playing a much bigger role. This shouldn’t come as that much of a surprise, Nigeria has a robust and competitive telecommunications space, and is home to many of the continent’s technology unicorns (start-ups with valuations in excess of US$1 billion).
Technology is however not a single-edged sword, it has other roles to play in the economy as well. Take the country’s booming fintech sector, for example. Of Africa’s seven unicorns, most operate in the fintech space, and five are Nigerian. Those fintech’s have also helped bring businesses online by making payments simpler and more efficient. As a result, as connectivity becomes cheaper and more ubiquitous, technology has intertwined itself with many significant aspects of the economy, including advertising.
In fact, digital advertising, which is today worth $179.20 million, is set to play an increasingly significant role going forward. That’s true not just for the country’s advertising sector, but also for the economy as a whole.
Primed for growth
In order to understand how influential digital advertising will be on the Nigerian economy, it’s important to provide some context surrounding exactly how primed the digital industry is for growth.
At present, there are around 109 million active internet users in Nigeria, that’s already a significant market for online advertisers, but this still only represents 51% of the total population. Thus, that number will only keep growing. In fact, it’s estimated that an additional 35 million Nigerians will come online by 2026. For context, that’s equivalent to the whole of Angola, for example, coming online in just four years. Not to mention, these internet users will also have increasingly high-quality connections. According to data from the Nigerian Communications Commission, the number of Nigerians with access to high-speed broadband internet grew 108.39% between March 2018 and March 2022.
Based purely on the maxim that advertisers need to be where their customers are, this is the kind of growth that simply cannot afford to be ignored.
Narrowing in and expanding beyond borders
When it comes to economic growth, however, it’s important to remember that digital advertising offers advantages that go significantly beyond reach and numbers. More so than any other form of marketing, digital advertising allows businesses to target people with highly personalised messages, catering to their individual needs.
With the right approach, businesses are therefore able to extract maximum value from any ad spend, enabling them to expand and grow, and this is not only the case for domestic growth either. With the right amount of platform related investments, including the likes of Facebook, Twitter, Instagram, Snapchat, TikTok, LinkedIn, and Spotify, Nigerian businesses can propel their products and services to the next level, into new markets, and beyond country borders.
Besides, the ability to bring in external revenue will only serve to further catalyse growth in the economy, and as the world slowly weans itself off oil, these foreign revenues will become more important. Thus, digital advertising will become critical to enabling growth.
Leveraging the necessary skills
Finally, it’s worth mentioning that the digital skills needed for a robust digital advertising market will also have a positive knock-on effect for the Nigerian economy. With initiatives like Aleph’s Digital Ad Expert Academy, more people are learning how to professionally navigate the online space, and therefore the number of people who understand not only the power of platform investments, but also the necessity of it, will increase. It’s an extremely symbiotic and interesting ecosystem that’s developing at a really high pace.
With a growing number of financial options, improved digital access, and available education initiatives people are becoming more digitally savvy than ever before. As a result, when reaching the stage of employment, they already have a strong entrenched appreciation of platform advertising for businesses, thus increasing investments, leading to yet further economic growth, and so the cycle restarts and continues.
Moreover, the professionals equipped with these skills will not only be able to guide domestic businesses through their digital marketing transformations, but also to become significant players on the global digital stage. Some may even go a step further, using these digital marketing skills as a jumping-off point for exploring other digital technologies. From there, they can put themselves in a good position to help foster the next wave of Nigerian digital innovation.
Embracing a digital future
It is therefore undeniable that digital advertising has a significant role to play in the Nigerian economy, both in helping businesses to grow, as well as driving additional expansion and innovation. But, in order for it to have the maximum impact, it’s critical that this process is fully embraced by all, and that businesses partner with industry experts who understand how to help them reach the right audiences, on the right platforms, at the right time.
Nigeria has ranked first globally in the ownership of the two largest stablecoins, Tether (USDT) and USD Coin (USDC), reflecting the country’s growing reliance on dollar-linked digital assets.
USDT, USDC
Stablecoins such as USDT and USDC are designed to maintain a fixed value against the U.S. dollar, allowing users to store money digitally while avoiding the price volatility associated with cryptocurrencies like Bitcoin.
According to the 2026 Stablecoin Utility Report released by BVNK, about 59 percent of Nigerian crypto users hold USDT, while 48 percent own USDC, giving the country the highest combined ownership rate among all nations surveyed.
The report placed Nigeria ahead of several major economies, including Australia and India, highlighting the country’s strong adoption of dollar-denominated digital assets. Australia ranked second with 34 percent USDT ownership and 29 percent USDC, while India placed third with 30 percent USDT and 27 percent USDC holdings.
The study also examined adoption levels across other regions. Countries such as Colombia and Singapore showed strong usage of both stablecoins, while adoption levels were also notable in South Africa and the United States.
Other markets included in the analysis were Philippines, Thailand and Argentina, where stablecoin ownership has also increased significantly. Among European economies, the report said France and Germany showed moderate levels of adoption, while Latin American markets such as Mexico and Brazil recorded smaller but growing usage rates.
The United Kingdom also appeared in the ranking with modest levels of stablecoin ownership. The report noted that USDT ownership exceeds USDC in many countries, including Nigeria, Australia, India, Singapore, the Philippines, Thailand, Argentina and France.
However, USDC is often viewed as a more compliance-focused stablecoin because of its stronger transparency and regulatory alignment. In some markets, including South Africa, Colombia, Germany and Brazil, the report found that USDC adoption slightly exceeds USDT.
More broadly, the data suggests that stablecoin adoption is being driven largely by emerging economies rather than advanced financial markets. According to the report, countries such as Nigeria, Argentina and the Philippines are among the biggest users of stablecoins, where people increasingly rely on dollar-pegged digital assets to protect savings from currency volatility and facilitate cross-border payments.
Spotify has unveiled Nigeria-specific data from its annual Loud & Clear report, highlighting how Nigerian artists generated more than ₦60 billion in revenue from the platform alone last year, amid explosive growth in streams, local consumption, and global discovery.
The report, which analyzes millions of data points to illuminate music streaming economics, shows Nigerian artists’ revenue surged over 140% in the past two years.
This boom stems from rising global appeal and stronger domestic engagement, with 30.3 billion streams and 1.6 billion listening hours on Spotify in 2025. First-time discoveries of Nigerian music hit 1.3 billion, up 26% from 2024.
Locally, Nigerian tracks dominated Spotify Nigeria’s Daily Top 50, accounting for over 80% of features, while consumption of homegrown artists jumped 170% year-on-year.
“Nigeria’s music scene thrives on creativity, innovation, and global influence,” said Jocelyne Muhutu-Remy, Spotify’s Managing Director for Africa. “Loud & Clear spotlights how artists are forging sustainable careers and deepening local ties.”
Key highlights include:
55% year-on-year growth in local streams for Nigerian female artists.
75% surge in streams for independent Nigerian artists.
Independents and indie labels earning 58% of all royalties from Nigerian artists on Spotify.
Spotify’s editorial playlists featured nearly 2,000 Nigerian artists in 2025, boosting visibility. Nigerian music appeared in 320 million global user playlists and over 12 million in Nigeria, totaling more than 60 million playlists worldwide.
The report also notes evolving tastes, with top-growing genres in Nigeria over five years including pop urbaine, alternative pop, anime, emo, and drill.
For full details, visit spotify.com/loudandclear.
Technology strategist Rock Adote has been appointed to the Board of Trustees of Madonna University Nigeria, a move expected to strengthen the institution’s push toward digital governance and modern technological systems in higher education.
Madonna University
Adote, who has built a reputation in cybersecurity, enterprise identity management and digital transformation, brings over a decade of experience in designing secure digital infrastructure and managing identity systems for organizations.
Stakeholders believe his expertise will support the university’s efforts to strengthen data security and modernize its academic and administrative digital frameworks.
The appointment reflects the university’s growing commitment to technology-driven leadership as institutions increasingly rely on digital systems for academic operations, data management and research collaboration.
Universities today manage large volumes of sensitive digital information, including student records, research data and staff credentials, making strong cybersecurity and identity management frameworks essential.
As a member of the Board of Trustees, Adote will participate in providing institutional oversight and guiding strategic policy direction for the university.
The board is responsible for safeguarding academic standards while steering long-term development initiatives and ensuring the institution remains responsive to evolving global trends in education and technology.
Industry observers say Adote’s background in enterprise digital systems positions him to contribute significantly to the university’s digital transformation agenda, particularly in strengthening technological resilience and governance frameworks across its operations.
Other newly appointed members of the board include Sir Nwagwu Aloysius Emeka, Chief Arthur Obi Okafor (SAN), Professor Anagboso Martin Osita, Mrs. Ike Angela Unaoaku, Barrister Augustine Nenwa Obo and Rev. Fr. Stephen Ifeanyichukwu Nwatah.
Speaking on the appointment, Adote expressed appreciation for the opportunity to serve, emphasizing the importance of aligning higher education institutions with emerging technological realities.
According to him,
“Digital transformation will play a crucial role in shaping the future of academic administration, research and learning environments”.
Analysts note that the inclusion of technology leaders in university governance structures signals a growing recognition that digital transformation is becoming central to the competitiveness and sustainability of modern higher education institutions.
With Adote’s appointment, Madonna University is expected to further strengthen its technology strategy and position itself as a forward-looking institution within Nigeria’s higher education landscape.
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