Indigenous brands have continued to dominate the various industries in the country with rapid growth trajectory among the top 10 leading brands in the country.
This was revealed in the latest Top 50 Brands evaluation and rating by Top 50 Brands 2023, an independent firm involved in the evaluation and rating of corporate brands in the country, specifying that Dangote Industries Limited is the number one and Most Valuable Brandin 2023, leading other six local organisations on the Top 10 ladder. It topped the conglomerates category having maintained the top position for six consecutive years since 2018.
Globacom, a Nigerian-owned telecom company that first introduced the per-second billing in the sector with arrays of services clinched the fourth position as the ‘Most Popular Brand’ with the highest number of mentions during the Top of the Mind (TOM) survey.
Access Bank Plc, another proudly Nigerian brand, the largest bank in Nigeria and Africa’s leading bank by customer base, maintained the fifth position as the ‘Most valuable Banking Brand’ in this 2023 evaluation, the second time in a row, while Zenith Bank on the sixth slot was rated the “Biggest Bank in Nigeria by Capitalisation.”
Guaranty Trust Company (GTCO) came eighth on the top 10 roll, as one of the foremost financial institutions in the country, First Bank, ninth on the roll as the oldest existing, yet dynamic financial institution, while the tenth slot was secured by Bua Group, a leading foods, infrastructure, mining and manufacturing conglomerate in Nigeria.
Given that, a remarkable feat contained in the Top 50 ranking was the leap by Rite Foods Limited, a wholly Nigerian food and beverage company, which started from a humble beginning in 2007 amidst stiff competition emerging as the highest gainer, moving 14 places upward from its 44th position in 2022 to the 30th position in the ranking. Also followed by Tropical General Investment Group (TGI), an investment and holding company with 10 places upward.
According to the rating organisation, Rite Foods’ efforts in the delivery of quality products, elevating taste, and nourishing communities have been quite commendable, likewise its journey in transforming simple ingredients into refreshing and flavourful experiences that delight the senses.
On 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 which has led to its unrivalled brand portfolio, comprising the 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, thus ensuring the most hygienic and global standard it has maintained since inception 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 in connecting with consumers through sponsorships of viable projects has also earned it the numerous laurels accredited to it, and according to industry analysts, Rite Foods has made a positive impact in the society with its weight behind social, economic and cultural activities in the country, especially in the South-west region.
On the Top 50 brand ranking, 24 are Nigerian companies, while 26 are international organisations, and 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 the chance of getting into the 50 top brands league table in no distant time.
This year’s evaluation and ratings were carried out using the Brand Strength Measurement (BSM) tool with variables such as top-of-mind survey, online engagement, quality elements, process innovation, category leadership, national spread, and corporate social responsibility (CSR) programmes.