Dangote Industries Limited and MTN Nigeria have been named Nigeria’s ‘Most Valuable Brand’.
Dangote Industries came top after an assessment conducted by ‘Top 50 Brands Nigeria’ as part of its evaluation of top brands for the year.
At the media briefing to announce the 2024 Top 50 Brands Nigeria in Lagos on Tuesday, the organisers disclosed that Dangote Industries Limited had once again solidified its position as Nigeria’s most valuable brand for the seventh consecutive year.
The Chief Executive Officer of Top 50 Brands Nigeria, Taiwo Oluboyede, said, “As a formidable force driving growth and transformation across Africa, it continues to set the pace, demonstrating the strength and potential of Nigerian home-grown brands on the global stage.
“We are thrilled to present the 2024 edition of the Top 50 Brands Nigeria rankings, an annual celebration of the most influential and valuable brands in the country. This year’s list is a testament to the resilience, innovation, and enduring relevance of brands that continue to shape Nigeria’s economy, particularly in challenging times.”
“Dangote Industries is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind survey. MTN’s strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond.”
According to Oluboyede, Globacom Nigeria was ranked third, known for its innovative solutions and commitment to progress.
He noted that Globacom’s consistent ranking among the top brands indicated its significant role in Nigeria’s digital and technological advancement.
“Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position. While Access Bank ranked in the fifth position, topping the Banking & Financial Services sector.
“Others in the top 10 are Zenith Bank Plc, Coca-Cola Nigeria, First Bank of Nigeria, BUA Group and GTCO Plc, rounding up the top 10 at the 6-10th positions respectively,” Oluboyede stated.
Furthermore, the banking & financial services sector demonstrated strength within the top 10, with four brands. These are —Access Bank, Zenith Bank, First Bank, and GTCO.
Similarly, the Telecoms sector showcased its market dominance, with MTN, Airtel, and Globacom all ranking highly.
A significant highlight this year was that seven of the first 10 brands out of the 50 were Nigerian, emphasising the resilience and global competitiveness of home-grown brands, most of which had spread abroad.
According to Oluboyede, the survey indicates the consistency among the top brands, with seven of them maintaining their positions from last year, noting that the stability reflects their continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment.
“Overall, Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52 per cent of the total,” he added.
Meanwhile, Oluboyede stated that the 2024 list also witnessed the entry of two new brands, those were Opay Nigeria and Flutterwave, which made their debut in the annual Top 50 evaluation.
He said the new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future.
Oluboyede commended the brands for their exceptional performance resilience, particularly in the face of the present economic challenges.
“These brands deserve commendation, really, especially in times like this. The past year has been tough for many businesses, with some relocating out of Nigeria and others barely holding on. However, many of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future,” Oluboyede mentioned.
