Dangote emerged as Nigeria’s most valuable brand. Dangote Industries Limited has been named Nigeria’s most valuable brand for the sixth year in a row.
The firm received an exceptional aggregate score of 86.2 percent on Top 50 Brands Nigeria’s brand strength measurement index (BSM) as part of its thorough 2023 top brands perception evaluation.
Dangote’s sustained brilliance has cemented its place at the forefront, according to the group, which announced the 2023 Top 50 Brands Nigeria in Lagos yesterday.
MTN is still a formidable challenger, coming in second position with an 85 BSM index score. Airtel Nigeria and Globacom take third and fourth place this year, with BSM index scores of 77.9 and 77, respectively. Surprisingly, this underlines the importance of telecommunications brands, with three of the top four coming from this industry.
Access Bank, Zenith Bank, Coca-Cola, GTCO, First Bank, and BUA Group are among the top ten brands. The geometric rise of BUA Group into the top ten for the first time with a strong 70.8 BSM Index merits special mention.
Speaking on the results of this year’s review, Taiwo Oluboyede, CEO of Top 50 Brand Nigeria, stated, “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 to recall more than simply their appearance or clothing, but also who they are and what they mean to you.”
“Someone may pretend to be the best guy in the world, and may even resort to paid advertising to gain attention. Your experience, however, is the true description of the individual to you. “Perception of a person can shift from like to dislike or vice versa; the same is true for a brand,” he noted.
“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,” Oluboyede added.
According to a breakdown of the 2023 evaluation report, Nigerian-owned companies continued to shine among the top ten brands. Dangote, Globacom, Access Bank, Zenith Bank, GTCO, First Bank, and BUA Group are among them.
Banks account for five of the top ten brands, with telecommunications accounting for three. Impressively, nine of the ten were in the top ten last year, with four retaining their prior places.
Airtel Nigeria has risen to third place in a stunning increase. In addition, six companies have been in the top ten for an incredible seven years in a row.
In all, 26 (or 52%) of the 50 brands are transnational, while 24 (or 48%) are Nigerian brands.
Rite Foods Limited is the top gainer this year, rising 14 spots from 46th to 30th. Wema Bank, in particular, makes a notable debut in the annual brand rating.
Furthermore, Dangote, MTN Nigeria, GTCO, First Bank, Multichoice, Fidelity, Toyota Nigeria, FMNPLC, and AXA Mansard retained their 2022 places.