NIGERIA – Dangote Group, a multinational industrial conglomerate, has emerged the Most Valuable Brand in Nigeria for the third year consecutively according to the outcome of the 2020 edition of Annual Brand Evaluation, “TOP 50 BRANDS NIGERIA” has revealed.
A brief summary of the 2020 report reveals that Dangote Group topped the list of the Most Valuable Brand 2020, followed by MTN which also doubled as the Most Valuable Multinational and Telecom Brand.
The emergence of Dangote brand as the most valuable for the third time in Nigeria is coming a year after the company was named the most admired African brand, of African continent origin, by consumers in the Continent.
The Chief Executive Officer, Top 50 Brands, Taiwo Oluboyede, expressed his excitement that Nigerian brands had taken the shine by maintaining their leadership positions, with seven of the top 10 brands being Nigerian.
“They have not relented in making attractive value proposition that endear the consumers to them, to the point that many consumers are now contended with Made in Nigeria, over foreign brands across many categories.”Taiwo Oluboyede – CEO, Top 50 Brands
According to him, this achievement by Nigerian brands is significant in that it shows that locally made brands are constantly evolving and becoming more vibrant by the day.
“They have not relented in making attractive value proposition that endear the consumers to them, to the point that many consumers are now contended with Made in Nigeria, over foreign brands across many categories. This is a clear departure from recent pasts,” Oluboyede said.
“This also means that many great things are still happening in Nigeria, regardless of the negative press. Our locally made brands are standing shoulder to shoulder with the multinationals in their industries and they are emerging better in valuation and perception.”
The CEO remarked that many of these Nigerian brands were not just “local champions” but had also become multinationals, expanding across other African countries and beyond.
He added that this was a huge plus to the Nigerian business space and a strong point of encouragement to foreign investors that the country remained a top business frontier where there is certainty of high return on investment.
However, the multinationals have more entries overall, with 52 per cent, an equivalent of 31 brands out of the 60.
This achievement by Nigerian brands is significant in many ways, having 70 per cent of the top 10 being Nigerian. It shows that our locally made brands are constantly evolving and becoming more vibrant by the day.