For a record sixth time, Dangote Group has emerged Nigeria’s Most Valuable Brand by securing an impressive aggregate score of 86.2 percent on the brand strength measurement index (BSM) conducted by Top 50 Brands Nigeria as part of its comprehensive 2023 top brands perception assessment.
At the media briefing to announce the 2023 TOP 50 BRANDS NIGERIA in Lagos yesterday, the organization stated that Dangote’s consistent excellence has reinforced its position at the forefront. 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 telecommunication brands, with three out of the top four hailing from this sector.
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 deserves special attention.
Speaking on the outcome of this year’s evaluation, Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA, 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” .
“Someone may claim to be the best man in the world, 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,’ he added.
Oluboyede further stated that “It is not about making pledges anyway; it is about steadfastly living up to them—a commitment that separates the top brands from the rest,” he said.
A breakdown of the 2023 evaluation report indicated that Nigerian-owned brands continued to shine among the top 10 brands. There are Dangote, Globacom, Access Bank, Zenith Bank, GTCO, First Bank, and BUA Group.
Five of the top ten brands are Banks, while three are Telecommunication’s. Impressively, 9 of the 10 were among the top 10 last year, while 4 maintained their previous position. 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% 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.
Delving into the industry breakdown, Banking Services as usual, had the largest entries with 12 entrants, representing 24% 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%, 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.
In the report also is a class of brands called Brands to Watch, a set of 10 brands that has shown some level of vibrancy in recent time and are gaining momentum in consumer acquisition with the possibilities of achieving the 50 top Brands League Table in a few years. It should be noted that, while these brands have considerable mentions in the TOM survey, they were not strictly subjected to the rigorous BSM evaluation.
