This is a commentary on the BRANDNIGERIA Publication, with the profile of the 50 top brands for the year and their ranking, made by Mr Olufemi Awoyemi, Founder/Chairman, Proshare Nigeria, during the public presentation of the 2021 50 top brands.
The report provides a qualitative evaluation of top brands in Nigeria for the year 2021.
For the year under review, the Covid-19 pandemic had a significant impact on the top and bottom-line earnings of businesses in varying degrees. However, and contrary to expectations from international agencies that developing nations would be the hardest hit by the pandemic; businesses in Nigeria demonstrated strong resilience during the peak of the pandemic, and are fast recovering from the effects of the pandemic, with qualified performances recorded across major industries in H1 2021 (in Naira terms).
This edition of BRANDNIGERIA’s Top50 Brands in Nigeria highlighted brands that have demonstrated strong resilience and adaptive capacity to the new normal in growing or maintaining their brands. These brands have been able to maintain consumers’ confidence and market shares as observed by professionals and analysts. A few things stand out.
First, it is commendable to see that in the evaluation process used in ranking the brands, professionals such as Chief Marketing Officers and Head of Corporate Communications and Reputation Managers. Second, the acknowledgment of Financial Technology (FinTech) as evidenced in the top 10 brands to watch in 2021 where FinTech accounted for about 50%.
Third is the continued domination of the list of the top 50 brands in 2021 by multinationals, banks, and NGX quoted brands. Dangote came 1st in 5 of the 7 metrics used in the ranking report.
Seven (7) companies listed on the Nigerian Exchange Limited (NGX) made the list of top 10 brands in Nigeria. This implies that about 70% of the top brands are listed on NGX, which draws attention to the correlation between brands and markets.
Nigeria’s indigenous brands, especially banks, are also competing favourably with multinationals in brand strengths, although the multinationals still dominated the list, accounting for about 52% of the top 50 popular brands in Nigeria. Similarly, in terms of brand popularity, the ranking shows that banks, multinationals, and NGX quoted brands dominated the popular brands in Nigeria in 2021.
With the thorough evaluation process and degree of attention to detail evident in the report, the list indeed provides a true and fair representation of top brands by strength, popularity and potentials in Nigeria.
