At the media briefing to announce the 2024 Top 50 Brands Nigeria in Lagos today, the organisers said that Dangote Industries Limited has once again solidified its position as Nigeria’s Most Valuable Brand, marking the seventh consecutive year it has held this prestigious title.
“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,” said Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA®.
Celebrating excellence and resilience of brands in Nigeria, Oluboyede said, “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 (TOM) survey. MTN’s strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond, the survey revealed.
At the third place in this year’s ranking is Globacom Nigeria, a leading Nigerian multinational telecommunications company known for its innovative solutions and commitment to progress. Globacom’s consistent ranking among the top brands indicate 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.
Furthermore, the Banking & Financial Services sector demonstrated remarkable 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 is that seven of the first 10 brands out of the 50 are Nigerian, emphasizing the resilience and global competitiveness of home-grown brands, most of which had spread abroad.
Additionally, it is impressive to note the consistency among the top brands, with seven of them maintaining their positions from last year. This 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% of the total.
The 2024 list also witnessed the entry of two new brands, these are Opay Nigeria and Flutterwave, which made their debut in the annual Top 50 evaluation. These new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future.
Notably, 14 brands maintained their positions from the previous year, reflecting their consistent performance and consumer trust.
Another set of notes in the presentation are the 10 Brands to Watch – These are vibrant and upcoming brands, who, though not among the 50 Top Brands yet, but with significant visibility and promises. This year, 9 of the 10 Brands to Watch are Nigerian.
During the public presentation, Oluboyede, CEO of TOP 50 BRANDS NIGERIA®, 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, the majority of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future” He went on “As the saying goes, tough times never last, but tough people do. It’s in times like this that you differentiate between the boys and the men, as these brands have shown., concluded Oluboyede.
The 2024 TOP 50 BRANDS NIGERIA® list is a celebration of excellence, resilience, and the relentless pursuit of growth. As these brands continue to innovate and adapt, they set the standard for what it means to be a top brand in Nigeria. We look forward to witnessing their continued success and contribution to Nigeria’s economic development in the years to come.