R-L: Jude Monye, Executive Director of Heritage Bank Plc; Adedamola Docemo, MD/CEO of Lagos State Signage and Advertisement Agency (LASAA); Joe Igbokwe, Senior Adviser to Governor on Drainage services; Tunji Bello, Commissioner of Environment; Hamzat Obafemi, Deputy Governor Lagos state; Belinda Odeneye, Permanent Secretary, Ministry of Environment & water resources; Adenike Adedoyin-Ajayi, PS Ministry of Tourism; Kayode Pitan, MD of Bank of Industry and kunle Adeniran, MD of Vatebra, during the 2021 Out-of-Home Advertising Conference and Exhibition organised by the Lagos State Signage and Advertisement Agency (LASAA) in partnership with Heritage Bank, held in Lagos recently.
The Executive Director, Heritage Bank Plc, Jude Monye disclosed that one of the ways out-of-home advertising industry can attain massive growth was via the adoption of public-private-partnership (PPP) model to ensure its sustainability. He stated this at the 2021 Out-of-Home Advertising Conference and Exhibition organised by the Lagos State Signage and Advertisement Agency (LASAA) in partnership with Heritage Bank. Monye commended the Governor of Lagos State, Babajide Sanwo-Olu’s administration for the implementation of the smart city plan with the rollout of 6,000km metro fibre optics, which is the requisite infrastructure for the smart city project.
According to the Bank’s director, “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 revealed that deposit money banks are careful to lend to the advertising players due to lots of unstructured issues and if tackled, the banks will be willing to lend once they see that the risks in the industry have been reduced.