Dangote Named As Most Valuable Brand For The Sixth Consecutive Year
By Adeke Chukwuka
Dangote Industries Limited has secured its position as Nigeria’s most valuable brand for the sixth consecutive year, according to brand marketing firm TOP 50 BRANDS NIGERIA.
This recognition is based on a comprehensive perception evaluation of the best brands in 2023.
Securing the award for a sixth time highlights the continued dominance of Africa’s largest indigenous conglomerate, Dangote Industries Limited, within the domestic brand landscape.
The TOP 50 BRANDS Nigeria is an annual assessment of the country’s leading corporate brands. It serves as a report card for top brands to assess their market position. The list is created using a unique model called the Brand Strength Measure (BSM Index), focusing on non-financial aspects.
The ratings firm said in a statement that Dangote secured its leading position by achieving an impressive cumulative score of 86.2 on the Brand Strength Measure (BSM) index. The score reflects the brand’s enduring excellence.
MTN meets up as a strong contender for second place with a BSM score of 85. Airtel Nigeria and Globacom secured the third and fourth spots, with BSM index scores of 77.9 and 77, respectively.
Telecom brands interestingly proved their prominence, with three out of the top four hailing from this sector.
Among the Top 10 brands are Access Bank, Zenith Bank, Coca-Cola, GTCO, and First Bank. On the other hand, Globacom was declared the Most Popular Brand following the outcome of a Top of Mind (TOM) Survey, where respondents were asked to recall or mention 10 brands that easily came to mind.
In an announcement made by TOP 50 BRANDS NIGERIA with respect to the ratings, it said, “This annual top brand evaluation provides a qualitative, non-financial assessment of the value of leading corporate brands in the country. We use the Brand Strength Measure (BSM) Index, a model designed to assess a brand’s ability to deliver on its promises from the consumer’s perspective, to evaluate consumer perceptions of a brand and its impact on overall brand strength.”
In the 2023 evaluation report, Nigerian-owned brands dominated the top 10 list with 10 entries. These include well-known brands like Dangote, Globacom, Access Bank, Zenith Bank, GTCO, and First Bank.
Among the top ten brands, five are banks, and three are telecom companies. Notably, nine out of ten brands were in the top ten the previous year, with four maintaining their positions. Airtel Nigeria rose remarkably to third place.
Additionally, six brands have impressively held the top ten spots for seven consecutive years.
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