Dangote Industries Limited has maintained its position as Nigeria’s most valuable brand for the sixth year in a row.
This accolade was confirmed by TOP 50 BRANDS NIGERIA, a brand and marketing firm, as part of their comprehensive 2023 Top Brands perception assessment.
This historic win solidifies the indigenous conglomerate’s dominance within the domestic brand landscape, highlighting its continued relevance and resonance among consumers.
The annual Top Brands perception assessment, conducted by TOP 50 BRANDS NIGERIA, involves a qualitative, non-financial evaluation of the leading corporate brands in the country.
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This league table serves as a yardstick for brands to gauge their market standing, offering a comprehensive view of their ranking in the industry through the innovative Brand Strength Measurement (BSM) index.
Dangote achieved an impressive aggregate score of 86.2 on the BSM index, reinforcing its preeminent position in the Nigerian market.
This score reflects the brand’s unwavering commitment to excellence and the consistency of its performance.
MTN, a telecommunications giant, closely trails behind Dangote with a BSM index score of 85. Airtel Nigeria and Globacom secured the third and fourth positions, respectively, with BSM index scores of 77.9 and 77.
This underscores the prominence of telecom brands, with three out of the top four positions being occupied by brands from the telecommunications sector.
Additional prominent brands that featured in the Top 10 include Access Bank, Zenith Bank, Coca-Cola, Guaranty Trust Bank (GTCO), and First Bank. Globacom also claimed the title of the Most Popular Brand based on the outcome of a Top of Mind (TOM) Survey, in which respondents mentioned brands that they readily recalled.
The survey collected responses from Chief Marketing Officers and Heads of Corporate Communications from major companies across Nigeria.
Explaining the assessment process, TOP 50 BRANDS NIGERIA stated, “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 play an integral role in our daily lives, influencing consumer choices and driving awareness and differentiation. This phenomenon, coupled with the complexities of the global economy, underscores the pivotal role that brands play in shaping consumer decisions.
Chief Executive Officer of TOP 50 BRANDS NIGERIA, Taiwo Oluboyede, likened a brand to a person, emphasizing the importance of consistently delivering on brand promises.
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, 9 of the 10 were among the top 10 last year, while 4 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 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.
A breakdown of the report indicated that 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 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 and 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, the 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.
Of note in the report also is a class called Brands to Watch, a set of 10 brands that have shown some level of vibrancy in recent times and are gaining momentum in consumer acquisition with the possibility of achieving the 50 top Brands League Table in 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.
