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The efforts of indigenous manufacturers to build brand equity, despite the challenges that have bedeviled the economic sector, have not gone unnoticed. They have continued to strive with competitive advantage to emerge as the leading brands in the country, as rated in the top 50 ranking of valuable organizations in Nigeria in 2023.
Conducted by Top 50 Brands Nigeria, an independent firm involved in the evaluation and rating of corporate brands in the country, the evaluation and ratings were carried out using the Brand Strength Measurement (BSM) tool. Variables such as top-of-mind survey, online engagement, quality elements, process innovation, category leadership, national spread, and corporate social responsibility (CSR) programs were considered.
As indicated in the report, Dangote Industries Limited topped the list of the top 10 as the Most Valuable Brand in Nigeria in 2023. Six other local brands are on the growth ladder ahead of age-long multinationals. These include Globacom, Access Bank, Zenith Bank, Guaranty Trust Company (GTCO), First Bank of Nigeria, and BUA Group.
Globacom was ranked fourth on the top 10 list as the 'Most Popular Brand', after MTN and Airtel, which were rated second and third, respectively, in the ranking.
It should also be recalled that Dangote Industries Limited, Globacom, Zenith Bank, First Bank of Nigeria, and GTCO have also dominated the top 10 positions for five consecutive years.
A remarkable feat in the Top 50 ranking was the leap by Rite Foods Limited, a wholly Nigerian food and beverage company. It started from a humble beginning in 2007 amidst stiff competition and emerged as the highest gainer, moving 14 places upward from its 44th position in 2022 to the 30th position in the ranking. This was followed by Tropical General Investment Group (TGI), an investment and holding company, moving up 10 places.
According to the organizers, Rite Foods' efforts in delivering quality products, elevating taste, and nourishing communities have been quite commendable. Likewise, its journey in transforming simple ingredients into refreshing and flavorful experiences that delight the senses.
Regarding its remarkable feat as a leading Nigerian brand in the food and beverage sector, its Managing Director, Seleem Adegunwa, said the company's growth trajectory can be attributed to its quality consciousness and technological advancement. This has led to its unrivaled brand portfolio, comprising 13 variants of the Bigi carbonated soft drink, Bigi Table Water, the premium Fearless Energy Drink, Sosa Fruit Drink, as well as the Rite and Bigi sausages.
He affirmed that the company's exceptional brands are produced with the best machinery from across the world. This ensures the most hygienic and global standard it has maintained since inception, along with laudable activities in the areas surveyed by Top 50 Nigeria in their evaluation and rating process.
Adegunwa asserted that the company's marketing strategy of connecting with consumers through sponsorships of viable projects has also earned it numerous laurels. According to industry analysts, Rite Foods has made a positive impact on society with its support for social, economic, and cultural activities in the country, especially in the South-west region.
In the Top 50 brand ranking, 24 are Nigerian companies, while 26 are international organizations. According to the evaluation report, the 10 Brands to watch this year are Opay, Fairmoney, Palmpay, Helium Health, Piggybank, Thrive Agric, Trade Depot, Providus Bank, SunTrust Bank, and Premium Trust Bank.
Fascinatingly, eight of the 10 companies are indigenously owned and stand a chance of entering the top 50 brands league table in no distant time.
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