Nigeria has been ranked among the top 20 countries in the world where the greatest opportunities lie for advertising on the most popular social network, according to Nanigans, a Facebook advertising developer.
Currently, advertisers looking to target the Nigerian Facebook audience have a great opportunity to reach 4,369,740 Facebook users with male/female user ratio of 68%:32%.
This figure grew by more than 992440 in the last 6 months, with a 2.87% penetration of population and a 9.94% penetration of online population.
In terms of how much it would cost to reach these users, the average CPC is currently pegged at $0.64, while the average CPM is $0.27, which is quite reasonable. Interestingly, Nigeria has a higher engagement rate with Facebook ads than the UK, US or South Africa.
From the statistics, Nigeria offers the greatest Facebook advertising opportunity in Africa, followed by Egypt, Morocco and South Africa.
Through its Ad Engine platform, Nanigans analyzed about 80 billion Facebook ad impressions during the third quarter, examining three key metrics, namely:
- Reach: How many targetable users are in each country?
- Cost-per-click: How much will it cost to reach those users?
- Click-through rate: Where can the greatest engagement with ads be found?
The infographic below shows how these 3 metrics highlight where opportunities lie for advertising on Facebook in the top 20 countries.