Dangote Industries Limited has emerged as Nigeria’s most valuable brand for the sixth consecutive year. This achievement was confirmed by the brand and marketing firm, TOP 50 BRANDS NIGERIA, as part of its comprehensive 2023 Top Brands perception assessment.
Winning the award for a record 6th time confirms the foremost African indigenous Conglomerate’s unwavering dominance of the domestic brand space.
TOP 50 BRANDS NIGERIA, is a qualitative, non-financial evaluation of top corporate brands in the country. The annual top brands league table which has become like a report card, with which top corporate brands have a feel of their ranking in the market is done with a special purpose model, the Brand Strength Measurement (BSM Index).
The rating firm in a statement said that Dangote got an impressive aggregate score of 86.2 on the Brand Strength Measurement (BSM) index, reinforcing its position at the forefront. The score reflects the consistent excellence of the brand.
MTN remains a strong contender, securing a close second place with an 85 BSM index score. This year’s third and fourth positions are secured by Airtel Nigeria and Globacom, both with BSM index scores of 77.9 and 77 respectively. Interestingly, this reaffirms the prominence of telecom brands, with three out of the top four hailing from this sector. Among the Top 10 brands are Access Bank, Zenith Bank, Coca-Cola, GTCO, and First Bank, Globacom was adjudged the Most Popular Brand following the outcome of a Top of Mind (TOM) Survey, where respondents mentioned 10 brands that came to their mind or that they could easily recall.
This year’s survey had as respondents Chief Marketing Officers and Head of Corporate Communications of major companies across the land.
TOP 50 BRANDS NIGERIA announcing the ratings said, “this annual top brand evaluation provides a qualitative, non-financial assessment of the value of leading corporate brands in the country. It gauges consumers’ perceptions of brands and their impact on overall brand strength, using the Brand Strength Measurement (BSM) index—a model designed to assess a brand’s ability to deliver on its promises from the consumer’s perspective.”
In today’s market, brands have woven themselves into the fabric of our daily lives, from dawn to dusk and even in every consumer choice. This phenomenon is amplified by the rise of concepts like consumer awareness, differentiation, and the dynamics of the global economy, making brands pivotal actors.
Chief Executive Officer of TOP 50 BRANDS NIGERIA
Taiwo Oluboyede, speaking on the outcome of this year’s evaluation, likened brand to a person. He said, “A brand is like a person with all the traits that define his/her personality to the audience. When you hear someone’s name, you are likely not just going to remember their faces or apparel, but who they really are and what they mean to you.”
“Someone may claim to be the best man in the world, and could even go as far as doing paid advertising to attract attention. However, the real description of the person to you is your experience. Perception about a person could change from like to dislike or the other way round, the same is also true for a brand. That is why promoters go the extra length consistently remain in the target audience like-list” he added.
He elaborated that the onus lies with brand owners and promoters to uphold compelling propositions and consistently deliver on promises. “It’s not just about making pledges anyway; it’s about steadfastly living up to them—a commitment that separates the top brands from the rest,” he stated.
A breakdown of the 2023 evaluation report indicated that Nigerian-owned brands continued to shine among the top 10, with 10 brands. These are Dangote, Globacom, Access Bank, Zenith Bank, GTCO, and First Bank.
Five of the top ten brands are Banks, while three are Telecoms. Impressively, nine of the 10 were among the top 10 last year, while four maintained their previous position. Airtel Nigeria made a remarkable ascent to third place. Also, six brands have consistently maintained top 10 positions for a remarkable seven years in a row.
Overall, 26 or 52 per cent of the 50 brands are multinational, while 24 or 48% are Nigerian brands.
Rite Foods Limited stands out as the highest gainer this year, leaping 14 places from 46th to 30th. Notably, Wema Bank makes a noteworthy debut in the annual brand ranking. Furthermore, nine brands maintained their 2022 positions, they are Dangote, MTN Nigeria, GTCO, First Bank, Multichoice, Fidelity, Toyota Nigeria, FMNPLC, and AXA Mansard.
