Central Bank of Nigeria building. Photo: CBN
Nigeria’s deposit money banks increased spending on advertising, promotions and corporate gifts by 5.35 per cent to N76.54bn in the first quarter of 2026, up from N72.65bn recorded in the corresponding period of 2025.
An analysis by The PUNCH of the unaudited financial statements of 11 banks showed that the increase amounted to N3.89bn year-on-year, as lenders intensified spending on marketing and promotional activities.
The average marketing expenditure among the banks rose to N6.96bn in Q1 2026 from N6.60bn in Q1 2025, representing a 5.35 per cent increase or 1.05 times the previous year’s average. This means the increase did not amount to a full order of magnitude, which would require spending to rise by at least 10 times.
United Bank for Africa recorded the biggest marketing expenditure during the period, spending N15.68bn, up from N5.65bn in Q1 2025, representing a 177.69 per cent increase.
