Dangote Industries Limited (DIL) has emerged as the most valuable brand in Nigeria for a record fifth year in a row.
This was the outcome of the 2022 corporate brand evaluation, conducted by the leading brand and marketing research firm, Top 50 Brands Nigeria.
Dangote emerged top with an aggregate score of 83.7 Brand Strength Measurement (BSM) index score. The company was followed by MTN, Globacom and Access Bank.
The other top 10 include Airtel Nigeria, Coca-Cola, Zenith Bank, GTCO, First Bank and UBA, who placed fifth, sixth, seventh, eighth,ninth and tenth respectively.
The annual top brands’ evaluation report, which is like a report card with which top corporate brands have an independent opinion about their brand performance, from the consumers’ points of view has also become a sort of ‘bragging right’ and source of pride for the brands that made the top 50, particularly, those that took the lead.
In a statement 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.”
Speaking, the Chief Executive Officer (CEO), Top 50 Brands Nigeria, Taiwo Oluboyede in his address to the owners and promoters of the top brands, 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 formidable and continuously strong brand to a flower.
“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 brand. 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,”he added.
Reacting, Chief Corporate Communications and Branding Officer of Dangote Group, Anthony Chiejina, 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”
For the 2022 evaluation, Nigerian-owned brands again dominated the top 10, with seven brands.
Dangote lead the pack, followed by Globacom, Access Bank, Zenith Bank, GTCO, First Bank and UBA.
Five brands among the top 10 were banks while three were telecoms. Nine of the top 10 were among the top 10 last year, with Access Bank making a dramatic leap to fourth place, effectively topping the Banking and Financial Services Categories.
Four brands maintained their previous year’s position among the top 10, while six of the top 10 had maintained top 10 positions for seven consecutive years. Overall, 28 or 56 per cent of the 50 Brands are multinational brands, while 22 or 44 percent are Nigerian. PZ Cussons Nigeria Plc emerged as 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 Plc, Guinness Nig Plc, Nigerian Breweries, Seven-up Bottling Company, Julius Berger, FMN Plc, Chi Limited, Oando Plc, Energies, P&G, Axa-Mansard and TGI.
Furthermore, the Banking & Financial Services category had the highest entries with 11 brands, representing 22 per cent. Access Bank topped the category, and consumer goods followed with eight brands, which is 16 per cent. Dufil Prima Foods topped the list.
Conglomerates had seven brands, reprsenting 14 per cent with Dangote Group on top; beverages placd fourth with six brands, which is 12 per cent. Coca-Cola topped the category.
Oil & Gas and the Insurance categories had three brands each, amounting to six per cent each. Oando Plc and AIICO Insurance topped in both. categories.
Electronics, mass media and Building & Construction Services returned with two brands each, representing four per cent for each category . Samsung, Multichoice and Julius Berger topped their respective categories.
Meanwhile, agriculture and automobile have one brand each, an equivalent of two per cent of the total top brands. Olam International and Toyota Nigeria topped their individual group.
In his contribution to the annual top brands’ evaluation, Mr Olufemi Awoyemi, Chairman Proshare Nigeria, said: “First, it is commendable to see that in the evaluation process used in ranking the brands, professionals such as Chief Marketing Officers and Head of Corporate Communications and Reputation Managers. Eight companies listed on the Nigerian Exchange Limited (NGX) 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.”