Banking brands collectively contributed 50% of the overall brand value of Nigeria’s top 25 brands, according to a new report from Brand Finance, the world’s leading brand valuation consultancy. Within the Nigeria 25 2024 ranking, the most valuable, strongest, and fastest-growing brands belong to the banking sector.
Access Bank maintains its dominance as Nigeria’s most valuable brand, with a 73% increase in brand value to reach NGN355.3 billion. This makes it the 31st most valuable brand across Africa in the Brand Finance Africa 200 2024. The brand value increase stems from improved revenues, primarily driven by significant growth in its interest-based income. Fellow bank Stanbic IBTC’s spiked interest income and improved profits also contributed to a brand value increase of 184% to NGN75 billion, making it the fastest-growing brand in the ranking.
Babatunde Odumeru, Managing Director, Brand Finance, Nigeria:
“Despite a tumultuous financial year marked by the Naira plummeting over 30% against the US dollar and soaring inflation, Nigeria’s leading brands have displayed remarkable resilience. These top-tier brands have not only withstood economic pressures, but many have continued to flourish, with 23 of Nigeria’s top 25 most valuable brands achieving brand value growth. We are also increasingly seeing top brands continuing to expand beyond their domestic borders and grow their influence across the continent.”
Brand Finance’s research found that despite the declining value of the naira, Nigeria’s top banking brands have successfully raised prices without harming their brand strength, as shown by improved Brand Strength Index (BSI) scores for all brands across the ranking.
GTCO (brand value up 31% to NGN186.8 billion), Nigeria’s strongest brand, noted impressive scores across consideration, reputation, and price premium. Perceptions of its price premium further highlight the strong position of banking brands in Nigeria, and their ability to command higher prices in response to inflationary pressures. GTCO’s Brand Strength Index score improved more than 4 points to 87.6 out of 100, with a AAA rating.
Beer brand Star (brand value up 62% to NGN55.8 billion) scored particularly highly in familiarity and consideration and is Nigeria’s second strongest brand with a AAA- rating. Fellow alcohol brand Orijin (brand value up 101% to NGN104.4 billion) more than doubled its brand value and earned a AAA- BSI rating, making it Nigeria’s third strongest brand.
