Dangote emerges most valuable brand for fifth straight year
Dangote Industries Limited has emerged the most valuable brand in Nigeria for the fifth year in a row after the 2022 corporate brand evaluation conducted by Top 50 Brands Nigeria, a brand and marketing research firm.
Dangote emerged top with an aggregate score of 83.7 brand strength measurement (BSM) index score. It is followed by MTN, Globacom and Access Bank in fourth place.
Others among the top 10 are Airtel Nigeria, Coca-Cola, Zenith Bank, Guaranty Trust Holding Company, First Bank and United Bank for Africa.
In a press statement released after the public presentation, the rating firm said: “The annual top brand evaluation is a qualitative, non-financial estimation of value of top corporate brands in the country. A measure of consumers’ perceptions and how positive or otherwise towards a brand, and how this affects its overall strength, using the brand strength measurement (BSM) index, a model that tests a brand’s ability to deliver on its promise to the consumers from the consumers’ points of view.”
Anthony Chiejina, chief corporate communications and branding officer of Dangote Group, said: “Dangote’s emergence, for the fifth year consecutively, did not come as a surprise to industry watchers.
“The brand has steadily increased its influence in many African nations through the establishment of cement factories. It operates in about 13 African nations, making it one of the most visible, recognised and admired brands in Africa.”
In his address to the owners and promoters of the top brands, Taiwo Oluboyede, CEO of Top 50 Brands Nigeria CEO, said: “Brand has become a critical differentiator that helps consumer’s choice and also separates the top corporate organisations from the others and even much more. It is also consumers’ buying choice justification.”
He likened the task of building a formidable and continuously strong brand to a flower, saying: “When you plant a flower, you keep watering and pruning it to grow and until it blossoms; and this you do for its lifetime. If you omit or forget to prune or water, regardless of how beautiful it is at the beginning, it dies. The same is applicable to brands. That is why we have seen brands that dropped from the 50-league table in recent times, while new ones emerge.”
“So, the responsibility lies with the owners and promoters to consistently maintain compelling propositions and live up to their promises. As we all know, it’s not just about making proposition, but living up to its demands and consistently so. This is what makes a top brand.”
For the 2022 evaluation, Nigerian-owned brands again dominated the top 10, with seven brands on the list.
Overall, 28 or 56 percent of the 50 brands are multinational brands, while 22 or 44 percent are owned by Nigerians.
PZ Cussons Nigeria Plc emerged the highest gainer this year by moving up 10 places, from 38 last year to 28th position. Rite Foods, another Nigerian brand, emerged as a first entrant into the annual brand ranking this year.
Fifteen brands maintained their 2021 position: Dangote, MTN Nigeria, Globacom, First Bank, Nestle Nigeria, Guinness Nigeria, Nigerian Breweries, Seven-up Bottling Company, Julius Berger, Flour Mills of Nigeria, Chi Limited, Oando Plc, Energies, Procter & Gamble Nigeria, Axa Mansard and TGI.
The banking and financial services category had the highest entry of 11 brands, with Access Bank topping the category. Consumer goods category followed with eight brands, and Dufil Prima Foods led the pack.
Conglomerates had seven brands, beverages had six brands, while oil and gas and insurance categories had three brands each.
Electronics, mass media and building, and construction services had two brands, while agriculture and automobile had one brand each.
In his contribution to the annual top brands evaluation, Olufemi Awoyemi, chairman of Proshares Nigeria, said: “Eight companies listed on the Nigerian Exchange Limited made the list of top 10 brands in Nigeria. With the thorough evaluation process and degree of attention to detail evident in the report, the list indeed provides a true and fair representation of top brands by strength, popularity and potential in Nigeria.”