A recent report from global brand valuation consultancy Brand Finance highlights the significant contribution of banking brands to the overall brand value of Nigeria’s top 25 brands.
According to the report, banking brands collectively accounted for 50% of the total brand value. The banking sector also claimed the most valuable, strongest, and fastest-growing brands within the Nigeria 25 2024 ranking.
Access Bank maintained its position as Nigeria’s most valuable brand, experiencing a remarkable 73% increase in brand value, reaching NGN355.3 billion.
This achievement propelled Access Bank to the 31st spot among the most valuable brands in Africa, as per the Brand Finance Africa 200 2024 ranking. The surge in brand value was primarily driven by improved revenues, particularly from significant growth in interest-based income.
Another bank, Stanbic IBTC, witnessed a spike in interest income and improved profits, resulting in a staggering 184% increase in brand value to NGN75 billion, making it the fastest-growing brand in the ranking.
Managing Director of Brand Finance, Nigeria, Babatunde Odumeru, highlighted the resilience displayed by Nigeria’s leading brands despite the challenging financial year marked by the Naira’s decline against the US dollar and soaring inflation. Odumeru noted that not only have these top-tier brands withstood economic pressures, but many have also thrived.
Of the top 25 most valuable brands in Nigeria, 23 experienced growth in brand value. Additionally, several top brands are expanding their influence beyond domestic borders and making strides across the continent.
Brand Finance’s research revealed that despite the devaluation of the Naira, Nigeria’s top banking brands successfully implemented price increases without compromising their brand strength. This is evident from the improved Brand Strength Index (BSI) scores for all brands in the ranking.
Beer brand Star experienced a 62% increase in brand value, reaching NGN55.8 billion. It performed exceptionally well in terms of familiarity and consideration, earning the title of Nigeria’s second strongest brand with a AAA- rating.
Orijin, another alcohol brand, more than doubled its brand value, experiencing a 101% increase to NGN104.4 billion. It also makes it Nigeria’s third strongest brand.
GTCO, Nigeria’s strongest brand, witnessed a 31% increase in brand value, reaching NGN186.8 billion. The brand scored impressively across consideration, reputation, and price premium.
