Access Bank remains Nigeria’s most valuable brand, with banking sector contributing 50% of nation’s total brand value
Access Bank (brand value up 73% to NGN355.3 billion) has maintained its position as Nigeria’s most valuable brand. This also makes it the 31st most valuable brand across Africa in the Brand Finance Africa 200 2024. The increase in brand value increase stems from improved revenues, largely driven by significant growth in its interest-based income. The 73% increase in Access Bank’s brand value is the result of higher transactional volumes on its digital platforms and its expanding retail network. This growth underscores Access Bank’s strategic brand positioning and its ability to leverage its brand despite challenging economic conditions. It stands as a testament to the leadership of the late CEO Herbert Wigwe, who tragically passed away in February 2024.
Access Bank, along with other Nigerian banking brands, has demonstrated resilience amid the declining value of the Nigerian naira. These sector brands, providing essential services, have effectively implemented price hikes without facing negative consequences to their brand strength. This is highlighted by improved Brand Strength Index (BSI) scores across the industry on a national level.
Banking brands collectively contributed 50% of the overall brand value of Nigeria’s strongest and most valuable brands. Comprising of eight brands, five ranked in the top seven. Of the 25 brands featured in the Nigeria 25 2024 ranking, the most valuable, strongest, and fastest-growing brands all belong to the banking sector.
Behind Access Bank, Dangote Cement (brand value up 73% to NGN324 billion) has become Nigeria’s second most valuable brand. This rise is driven by the ongoing high demand for cement in the Nigerian construction sector in response to the nation’s housing shortage, leading to higher sales and revenues.
Babatunde Odumeru, Managing Director, Brand Finance, Nigeria:
“Despite a tumultuous financial year marked by the Naira plummeting over 30% against the US dollar and soaring inflation, Nigeria's leading brands have displayed remarkable resilience. These top-tier brands have not only withstood economic pressures, but many have also continued to flourish. With several brands posting impressive brand value hikes, we are increasingly seeing top brands continuing to expand beyond their domestic borders and grow their influence across the continent.”
GTCO recognised as Nigeria’s strongest brand
GTCO (brand value up 31% to NGN186.8 billion) has emerged as Nigeria’s strongest brand. Rated AAA, it achieved this milestone following a notable increase of more than 4 points in its BSI score, now standing at 87.6 out of 100, with a AAA rating.
This year’s ranking shows that Nigerian brands experienced an overall improvement in BSI thanks to thorough research and broader coverage of brands. While previous assessments of Nigerian brands’ strength were more conservative, this deeper understanding of Nigeria’s top brands has translated into improved BSI scores.
GTCO noted impressive scores across several metrics, including consideration, reputation, and price premium. Particularly, perceptions of its price premium further highlight the strong position of banking brands in Nigeria, and their ability to command higher prices in response to inflationary pressures.
Climbing six positions in the BSI ranking, beer brand Star (brand value up 62% to NGN55.8 billion) has become Nigeria’s second strongest brand with a AAA- rating. This brand strength performance is not without thanks to exceptional scores in familiarity and consideration. Behind Star, fellow alcohol brand Orijin (brand value up 101% to NGN104.4 billion) more than doubled its brand value and earned a AAA- BSI rating, making it Nigeria’s third strongest brand.
Nigeria’s fastest-growing brands almost triple in brand value
Stanbic IBTC (brand value up 184% to NGN75 billion) another Nigerian banking brand, enters the spotlight in this year’s ranking, claiming the title of Nigeria’s fastest-growing brand. Stanbic IBTC saw a 7-rank hike in brand value, attributable to improved profits due to spiked interest income. Notably, despite almost all banking brands experiencing a brand value increase, Stanbic IBTC is one of two banking brands to have improved its ranking in the table. New entrant, FCMB Group (brand value up 17% to NGN20.9 billion) is the other.
Nigeria’s food sector also experienced notable growth, with Flour Mills Nigeria (brand value up 162% to NGN323.9 billion) and Dangote Sugar (brand value up 126% to NGN42 billion) becoming the nation’s second and third fastest-growing brands, respectively. Like the growth seen in Nigeria’s banking sector, this growth was largely driven by price hikes.
Flour Mills Nigeria climbed three positions to claim third place in the ranking, thanks to improved revenues, especially in its food segment and B2C categories. Meanwhile, Dangote Sugar surged six ranks, boasting the largest improvement in BSI score among Nigeria’s top brands. Its BSI score jumped more than 18 points, taking it to a AAA- rating from A+ in 2023. This surge is a result of its outstanding performance across various metrics, including familiarity, reputation, products, growth, and price premium. Dangote Sugar’s active expansion of its product rank was a key driver of this. By diversifying beyond traditional white sugar, such as flavoured sugars, it has been able to tap into wider markets.
Access Bank also tops ranking for highest sustainability perceptions value at NGN24.5 billion
Brand Finance also utilises its Global Brand Equity Monitor (GBEM) research to compile a Sustainability Perceptions Index which determines the role of sustainability in driving brand consideration. For individual brands, the Index displays the proportion of brand value attributable to sustainability perceptions. This Sustainability Perceptions Value (SPV) is the financial value contingent on a brand’s reputation for acting sustainably.
Access Bank also noted the highest Sustainability Perceptions Value (SPV), indicating that NGN24.5 billion of the banking brand’s value is contingent on sustainability perceptions.