In a recent evaluation by Top 50 Brands Nigeria, Dangote Industries Limited and MTN Nigeria have been jointly recognized as the most valuable brands in Nigeria. This prestigious recognition follows a comprehensive assessment of top brands in the country for the year.
At a press conference announcing the 2024 Nigeria Top 50 Brands held in Lagos on Tuesday, the organizers announced that Dangote Industries Limited has once again cemented its position as Nigeria’s most valuable brand for the seventh consecutive year.
Mr. Taiwo Oluboyede, Chief Executive Officer of Nigeria Top 50 Brands, 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, known for its innovative solutions and commitment to progress, came in third.
He noted that Globacom’s consistent ranking among the top brands demonstrates the company’s key 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 explained.
Additionally, the banking and financial services sector also showed strength with four brands (Access Bank, Zenith Bank, First Bank, and GTCO) in the top 10.
Similarly, the communications sector showed market dominance with MTN, Airtel, and Globacom all ranking highly.
A key highlight this year was that seven of the top 10 out of 50 brands were Nigerian brands, highlighting the resilience and global competitiveness of homegrown brands, most of which have overseas presence.
Oluboyede noted that the survey showed consistency among the top brands, with seven of them retaining their rankings from last year. He noted that this stability reflects the continued relevance of the companies, their strong market presence and their 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 explained that the 2024 list also includes two new brands, Opay Nigeria and Flutterwave, which are making their debut appearance in the annual top 50 rankings.
He said the new additions highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future.
Oluboyede commended the brands for their exceptional performance stability, especially in the face of the current 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 said.
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