Dangote Emerges ‘Most Valuable Brand’ In Nigeria For Sixth Time
Afimag.com –
The Dangote Group has emerged Nigeria’s Most Valuable Brand for a record of sixth time after scoring a remarkable aggregate of 86.2 per cent on the brand strength measurement index (BSM) recently conducted by Top 50 Brands Nigeria.
The organization announced the 2023 Top 50 Brands Nigeria in Lagos, on August 2023, adding that the Dangote’s frequent superiority has strengthened its status at the vanguard.
Mobile Telephone Networks (MTN) emerged second position with an 85 BSM index score. The third and fourth positions were Airtel Nigeria and Globacom, both with BSM index scores of 77.9 and 77 respectively.
The top 10 brands feature; Access Bank, Zenith Bank, Coca-Cola, GTCO, First Bank, And BUA Group and particularly, the geometric growth by BUA Group into the top 10 for the first time with a strong 70.8 BSM Index deserving unusual attention.
Speaking, Chief Executive Officer (CEO), of Top 50 Brand Nigeria, Taiwo Oluboyede said; “A brand is like a person with all the traits that defines 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.”
However, an analysis of the 2023 evaluation report implied that Nigerian-owned brands continued to outshine other top 10 brands. There are Dangote, Globacom, Access Bank, Zenith Bank, GTCO, First Bank, and BUA Group.
Five of the top 10 brands are Banks, while three are Telecommunications. Impressively, 9 of the 10 were among the top 10 last year, while 4 maintained their previous positions.
Airtel Nigeria made a remarkable rise to the third place. Also, six brands have consistently maintained a top 10 position for a remarkable 7 years in a row. Overall, 26 or 52 per cent of the 50 brands are multinational, while 24 or 48 per cent 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.
Delving into the industry breakdown, Banking Services as usual, had the largest entries with 12 entrants, representing 24 per cent of the total. Access Bank topped the category. This is followed by the Consumer Goods with 9 brands, that is 18%, with Dufil Prima Foods leading the charge.
The Conglomerates category has 6 brands, making up 12 per cent, with Dangote Group on top. The Oil & Gas, Beverages, and Telecom sectors each contribute 4 brands, with Oando, Coca-Cola, and MTN leading their respective categories.
The Insurance sector has 3 brands, with AIICO at the forefront. Meanwhile, Building & Construction Services, Media, and Electronics categories had 2 brands each, featuring Julius Berger, Multichoice and Tecno Nigeria leading their respective categories.
Automobile, Agricultural, and Aviation/Logistics sectors had 1 brand each —Toyota Nigeria, Olam International, and Air Peace.