The Executive Director, Heritage Bank Plc, Jude Monye, has said one of the ways out-of-home advertising industry can attain massive growth is through the adoption of Public Private Partnership model to ensure its sustainability.
According to statement by the bank on Sunday, Muonye said this at the 2021 out-of-home advertising conference and exhibition, organised by the Lagos State Signage and Advertisement Agency in partnership with Heritage Bank.
Monye commended Lagos State Governor, Babajide Sanwo-Olu’s, administration for the implementation of the smart city plan with the rollout of 6,000km metro fibre optics, a requisite infrastructure for the smart city project.
He stated, “If you have Deposit Money Bank, that is the commercial bank coming in with huge portfolio, you will see massive growth in this industry and to crown it all for me, the governor said what I didn’t know of, all the things that the government is doing with the fibre optic projects which is towards the smart city that LASAA has also shown to us.
“With that alone, the PPP model, the banks are going to key into funding this so that the industry can grow.”
He said DMBs were careful to lend to the advertising players due to lots of unstructured issues which if tackled, the banks would be willing to lend once they saw that the risks in the industry had been reduced.
The move by Lagos State Government for the adoption of digital technology would lead to increased patronage and rev banks’ participation, he said.
“I think lots of unstructured issues that we face and most of the banks that you see on digital media outside is not borne out of the need to advertise because it has not appealled to them, or engaging to their audience, but some of them are just pay back for the loan that they have given,” he stated.
Muonye said the PPP was the ideal model, and that there should be an intra-ministerial integrated approach, as this would propel the lending capacity of banks.
