Nigeria’s Strongest, Most Valuable Brands In 2023

Nigeria's Strongest, Most Valuable Brands In 2023

Brand valuation helps companies understand the value of their brand and how it contributes to the overall value of the company. This important understanding can inform decision-making related to marketing and branding efforts, as well as provide a benchmark for future performance.

It can also be used to help attract investors and secure financing, as a strong brand can be a valuable asset. Additionally, brand valuation can be useful in the event of a merger or acquisition, as it can help determine the value of the brand being acquired. Overall, brand valuation helps organisations understand the worth of their brand and how it fits into their overall business strategy.

A strong brand can lead to improved business returns in several ways. First, a strong brand can help a company differentiate itself from its competitors and establish a unique identity in the market, which can lead to increased customer loyalty and retention. This, in turn, can lead to higher sales and revenue.

A strong brand can also help a company command a higher price for its products or services, as consumers are willing to pay more for a brand they perceive as high-quality and trustworthy.

In addition, a strong brand can help a company attract top talent, as employees may be more attracted to work for a well-known and reputable brand. Finally, a strong brand can provide a company with a competitive advantage and help it weather economic downturns or industry disruptions.

Nigeria’s Strongest, Most Valuable Brands In 2023

  • Access Bank is the most valuable Nigerian brand, valued at NGN205.6 billion
  • BUA Cement is the fastest-growing Nigerian brand, up 64%
  • Energy drink brand Fearless is the strongest Nigerian brand, earning AAA rating
  • Banking is the most valuable sector in the ranking, up 29%
  • Zenith Bank has the highest Sustainability Perceptions Value, while GT Bank has the highest Sustainability Perception Score

Access Bank is the most valuable Nigerian brand, valued at NGN205.6 billion

Following an impressive year-on-year brand value growth of 31%, Access Bank has become the most valuable Nigerian brand with a value of NGN205.6 billion. Despite a slight increase in costs throughout the year, the multinational commercial bank managed to boost its gross earnings in 2022, underscoring the brand’s impressive growth trajectory.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 25 most valuable and strongest Nigerian brands are included in the annual Brand Finance Nigeria 25 2023 ranking.

Fellow banking brand, Zenith Bank, is Nigeria’s second most valuable brand with a brand value of NGN201.5 billion, marginally behind leader Access Bank. Its brand value grew 45% year-on-year, making it the fifth fastest growing brand in the ranking.

Babatunde Odumeru, Managing Director, Brand Finance Nigeria commented: “Nigeria’s top banking brands’ exceptional brand value growth is a testament to their strong financial performance, and sustained high levels of brand equity, even amidst challenging economic conditions.

“These results demonstrate the considerable resilience of Nigeria’s banks, who continue to dominate the ranking, and reflects the industry’s significant contributions to the country’s economy.”

BUA Cement is the fastest-growing Nigerian brand, up 64%

BUA Cement clinches the title as Nigeria’s fastest growing brand in 2023 after an increase of 64% took it to a brand value of NGN43.9 billion. As demand for cement surged, the brand’s revenues have increased by 40.5%, while its forecasts have also gone up. BUA Cement’s increase in sales of bagged cement have help it offset the impacts of inflation and currency effects, which have been widely felt by many brands throughout 2022.

Banking is the most valuable sector in the ranking, up 29%

The collective brand value of the nine banking brands included in the ranking was up 29% year-on-year to NGN888 billion. This makes banking the most valuable sector in the ranking by a significant margin, worth almost NGN633 billion more than the next most valuable sector – Engineering & Construction (NGN255 billion).

As well as Access Bank (1st) and Zenith Bank (2nd), United Bank for Africa (brand value up 28% to NGN161.6 billion), GT Bank (brand value up 62% to NGN142.5 billion), and First Bank of Nigeria (brand value up 37% to NGN116.9 billion) were all firmly amongst the top-ten most valuable Nigerian brands.

Energy drink brand Fearless is the strongest Nigerian brand, earning AAA rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

Popular energy drink brand Fearless (brand value up 1% to NGN28.2 billion) is the strongest Nigerian brand with a Brand Strength Index score of 87 out of 100 and corresponding AAA rating. Fearless has a dominant four-point lead at the top of the ranking for brand strength over Nigeria’s second strongest brand, United Bank for Africa (83/100, AAA-).

Zenith Bank has the highest Sustainability Perceptions Value, while GT Bank has the highest Sustainability Perception Score

As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. This is an indexed score that provides a view of the role of sustainability in driving positive brand reputation. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.

As well as being Nigeria’s second most valuable brand, Zenith Bank also has the highest Sustainability Perceptions Value (SPV) of any brand included in the Nigeria 25 2023 ranking – NGN16.1 billion. Zenith Bank’s position at the top of the SPV table is not an assessment of its overall sustainability performance. Rather, it indicates how much brand value it has tied up in sustainability perceptions. Zenith Bank also has the third highest Sustainability Perceptions Score in the ranking of 4.69 out of 10. 

Fellow Banking brand, GT Bank has the highest Sustainability Perceptions Score in the Nigeria 25 2023 ranking at 5.03 out of 10. This equates to a Sustainability Perceptions Value of NGN12.2 billion.

The full report of Nigeria 25 2023 can be found here.

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