Stories By Tunde Oso
Dangote Industries, has emerged the Most Valuable Brand in Nigeria for a record fifth year in a row at 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. This is followed by MTN, Globacom and Access Bank in fourth place.
Others among the top 10 are Airtel Nigeria, Coca-Cola, Zenith Bank, GTCO, First Bank and UBA at fifth to tenth positions respectively.
The annual top brands evaluation report which is now 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 a source of pride for the brands that made the top 50 league table, particularly, those that took the lead.
In a press 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.
Brands today have become a necessary part of our everyday life, from waking moment to going to bed, even the choice of bedding. This is so much more in the light of the emergence of concepts of consumer awareness, differentiation, purchase justification and the new world economy, the brand is playing a quintessential role.
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 brands. 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 propositions, 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 7 brands. Dangote led the pack, followed by Globacom, Access Bank, Zenith Bank, GTCO, First Bank and UBA.
Five brands among the top ten are banks while 3 are telecoms. Nine of the top ten 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 position for 7 years consecutively.
Overall, 28 or 56 percent of the 50 Brands are multinational brands, while 22 or 44 percent are Nigerian. 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 (15) brands maintained their 2021 position- these are 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, that is, 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 the fourth place with 6 brands. That is 12%. Coca-Cola topped the category, Oil & Gas and the Insurance categories had 3 brands each, amounting to 6% each. Oando Plc and AIICO Insurance topped them respectively and electronics, mass media and Building & Construction Services returned with 2 brands each that is 4% for each. Samsung, Multichoice and Julius Berger topped their respective categories.
Meanwhile, agriculture and automobiles have 1 brand each, an equivalent of 2% of the total top brands. Olam International and Toyota Nigeria topped their individual groups.
In his contribution to the annual top brands evaluation, Mr. Olufemi Awoyemi, Chairman Proshares 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.