Brand Finance has named Nigeria’s most valuable companies.
Dangote Group emerged as Nigeria’s most valuable brand with a brand value of US$491 million.
Nigerian Breweries came in as Nigeria’s strongest brand with a brand strength rating of AA+ and a brand value of US$78million.
The ICT sector saw its brand value grow by 63%. Tranzact emerged as the fastest growing brand, up 65% to US$17 million. Glo mobile is the most valuable telecommunications brand, value that US$427 million, up 62% from last year.
The Banking sector made up 48% of the Brand Finance list this year with the sector’s overall brand value growing at six percent year on year. First Bank of Nigeria has consecutively been the most valuable banking brand, valued at US$301 million.
The Oil and Gas brands, which comprise 20% of the overall brand value, experienced a decline in sector brand value this year. Oando was an exception; its brand value did not see a change this year. Despite the waning brand value of the sector as a whole, Seplat’s brand value enjoyed a 10% increase to US$90 million, confirming it as the most valuable Oil and Gas brand. The decline in the sector’s brand value is attributable to the decline in oil output and prices, which has increased discount rates.
According to Babatunde Odumeru, Managing Director, Brand Finance Nigeria,
“The fact that both the strongest and most valuable brands came from the manufacturing sector is re-assuring. This somewhat dispels the notion of how undiversified our economy really is. This is something to build upon. The government’s effort towards diversifying the economy should be complimented with a drive to develop corporate Nigeria’s capability of building strong and global brands. This is absolutely crucial in successfully implementing the policy of wealth creation we seem to have embarked on.”