For a record sixth time, Dangote Group has emerged Nigeria’s ‘Most Valuable Brand’ by securing an 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.
Taiwo Oluboyede, CEO, Top 50 Brands Nigeria, while speaking on the outcome of this year’s evaluation during a recent media briefing to announce the 2023 Top 50 Brands Nigeria in Lagos, stated that Dangote’s consistent excellence has reinforced its position at the forefront.
According to him, MTN remains a strong contender, securing a close second place with 85 BSM index score. “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,” Oluboyede stated.
He stated that 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. According to him, this reaffirms the prominence of telecommunication brands, with three out of the top four hailing from this sector.
“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,” Oluboyede stated.
A breakdown of the 2023 evaluation report indicated that Nigerian-owned brands continued to shine among the top 10 brands. 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. “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 stated.
Five of the top ten brands are in the banking sector, while three are telecommunications. Impressively, nine of the 10 were among the top 10 last year, while four maintained their previous position. Six brands have consistently maintained a top 10 position for a remarkable seven years in a row, with Airtel Nigeria making a remarkable rise to the third place.
Overall, 26 or 52 percent of the 50 brands are multinational, while 24 or 48 percent 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 percent of the total, with Access Bank topping the category.
This is followed by the consumer goods with nine brands, that is 18 percent, with Dufil Prima Foods leading the charge. The conglomerates category has six brands, making up 12 percent, with Dangote Group on top. The oil and gas, beverages, and telecom sectors each contribute four brands, with Oando, Coca-Cola, and MTN leading their respective categories.
The Insurance sector has three brands, with AIICO at the forefront. Meanwhile, building and 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 one brand each —Toyota Nigeria, Olam International, and Air Peace.