As we present the 2024 edition of BRANDNIGERIA, it’s impossible not to reflect on the extraordinary resilience of Nigerian businesses. This year has been marked by significant changes—politically, economically, and socially, that have tested the strength of our enterprises. Yet, despite these challenges, the top 50 brands featured in this publication have not only weathered the storms but have thrived, proving once again the indomitable Naija Spirit.
‘Unfavorable’ Policies
The removal of the fuel subsidy at the beginning of this administration was a bold move, aimed at cutting wastage, where a few individuals are feeding fat on our common wealth. However, this policy has had profound negative effects on the cost of living and doing business. Transportation costs have soared, and the ripple effects are felt across all industries. Similarly, the introduction of a single forex exchange window was intended to stabilize the currency, but it has led to increased costs for businesses reliant on imports (there aren’t so many who aren’t). The hike in electricity tariffs also, although necessary to ensure sustainable energy supply, has further strained the operating costs of many businesses.
Amidst these changes, the resilience of Nigerian businesses is undoubtedly remarkable. Many of the brands profiled in this edition have adapted to these new realities with innovative strategies and determined leadership. The banking sector, in particular, has continued to post bumper profits, demonstrating its ability to navigate even the most turbulent waters. Ironically, Nigeria’s stock market remains one of the best performing in the world.
Challenges are Not Nigeria Limited
It is important to note that the present economic situation is not limited to Nigeria alone. Many Western countries are grappling with recession, and the cost of living is soaring across a lot of them. It’s important not to forget however, that, in Nigeria, things have been deteriorating for a very long time, and the past eight years have only worsened them. The truth is, there is no magic wand that can turn things around overnight. It is going to take time, effort, and collective resolve.
This is why there is a need for all of us, as Nigerians, to support the leadership, regardless of political affiliation. The Holy Book even advocates it. If our leaders fail again, the cost may be unbearable, and we will all suffer the consequences. It’s a collective responsibility, and we must be patient and hopeful for better days ahead.
Leadership By Example
On the other hand, this understanding and support should be a two-way thing. While the leadership at all levels is advocating for endurance and sacrifice, they must also lead by example. It’s hard to ask ordinary Nigerians, who are struggling to make ends meet, to tighten their belts even further while those in power continue to live in luxury. Many of these leaders have been in the corridors of power as governors, ministers, senators, etc for decades—some for over 20 years. They’ve had access to the “cookie jar” for decades, so, it’s time for them to show some real sacrifice.
How can leaders, who have been in power for so long, continue to budget billions for bulletproof cars while asking the masses to sacrifice? How can they be living in opulence while ordinary Nigerians are faced with rising living costs? The people see these things, and believe it or not, discontent is growing. It is my sincere hope that we don’t reach a point where the homes of these leaders are perpetually occupied by hungry and frustrated Nigerians.
The leaders must show sacrifice by example. They must make decisions that reflect their understanding of the hardships faced by the average Nigerian. They must cut down on unnecessary luxuries, prioritize the needs of the people, and ‘allow the masses to breathe’. The Naija Spirit, strong as it is, cannot be expected to bear the brunt of endless hardship. The leadership must step up and prove that they are worthy of the sacrifices they are asking the people to make.
In this special edition, we would like to express our deepest appreciation to Dr. Priya Sabaprakan, our esteemed Brand Advisor, for her invaluable guidance and contributions. Special thanks also go to our Advisory Board members: Mr. Joseph Okomah, Mrs. Bunmi Oke, Mr. Olufemi Awoyemi, Professor Charles Ogbulogo, and Mr. Foluso Philips, whose guidance have been crucial in shaping the evaluation and this publication.
Remembering the Depated one
As we celebrate these successes, we must also take a moment to remember our dearly beloved Nick Imudia, one of the first support we got on this project, whose sudden passing remains a shock to us all. His contributions to Nigerian business were significant, and his absence is deeply felt. May his soul rest in peace.
May Nigeria Work!
BRANDNIGERIA Publication Editorial
