Dangote Industries Limited (DIL) has been named Nigeria’s Most Valuable Brand for the fifth year in a row, according to the results of the 2022 corporate brand evaluation conducted by the leading brand and marketing research firm, TOP 50 BRANDS NIGERIA.
Dangote came out on top with an overall score of 83.7 on the Brand Strength Measurement (BSM) Index. This is followed in fourth place by MTN, Globacom, and Access Bank.
Airtel Nigeria, Coca-Cola, Zenith Bank, GTCO, First Bank, and UBA are also in the top ten, ranked fifth to tenth.
The annual top brands’ evaluation report, which is now similar to a report card, with which top corporate brands have an independent opinion about their brand performance from the consumers’ perspective, has also become a sort of ‘bragging’ right and a source of pride for the brands that made the top 50 league table, particularly those that took the lead.
In a press statement release 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.
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, recognized and admired brands in Africa.
In his address to the owners and promoters of the top brands, TOP 50 BRANDS NIGERIA CEO, Taiwo Oluboyede 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, he said “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.
He said further;
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.
Nigerian-owned brands dominated the top 10 in the 2022 evaluation, with 7 brands. Dangote leads the pack, with Globacom, Access Bank, Zenith Bank, GTCO, First Bank, and UBA close behind.
Five of the top ten brands are banks, with three being telecoms. Nine of the top ten were also in the top ten last year, with Access Bank leapfrogging to fourth place, effectively topping the Banking and Financial Services Categories.
Four brands remained in the top ten from the previous year, while six of the top ten remained in the top ten for the seventh year in a row. Overall, 28 (or 56%) of the 50 brands are multinational, while 22 (or 44%) are Nigerian. PZ Cussons Nigeria Plc was the highest gainer this year, rising 10 places from 38th to 28th place. Rite Foods, another Nigerian brand, was the first to enter the annual brand ranking this year.
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 are among the fifteen (15) brands that have retained their 2021 position.
Furthermore, the Banking & Financial Services category had the highest entries with – 11 brands, 22%. Access Bank topped the category, and consumer goods followed with – 8 brands. That is 16%. Dufil Prima Foods topped the list.
Conglomerates had 7 brands. that is 14% with Dangote Group on top, beverages came at fourth place with 6 brands. That is 12%. Coca-Cola topped the category, Oil & Gas and the Insurance categories had 3 brands each, amounting the 6% each. Oando Plc and AIICO Insurance topped them respectively, and electronics, mass media and Building & Construction Services returned with 2 brands each which is 4% for each. Samsung, Multichoice and Julius Berger topped their respective categories.
Meanwhile, agriculture and automobile have 1 brand each, an equivalent of 2% 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 (8) 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.
