Omolabake Fasogbon
Dangote Industries has been announced the 2022 “Most Valuable Brand” in Nigeria for a record 5th year in a row by leading brand and marketing research firm, Top 50 Brands in 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 enables top corporate brands have an independent opinion about their brand performance. It has become a source of pride for the brands that made the top 50 league table, particularly, those that took the lead.
According to the rating firm, the annual top brand evaluation is a qualitative, non-financial estimation of value of top corporate brands in the country.
It added, “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.”
In his address to the brands, Chief Executive Officer of Top 50 Brands in Nigeria, Taiwo Oluboyede 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.”
For the 2022 evaluation, 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.
