As part of its comprehensive 2023 Top Brands perception assessment, brand and marketing firm, TOP 50 BRANDS NIGERIA, has named top tier banks; Access Bank, Zenith Bank, GTCO,  First Bank and Fidelity Bank as the top 5 banks in the ‘Top 50 Brands Nigeria’ released.

TOP 50 BRANDS NIGERIA, is a qualitative, non-financial evaluation of top corporate brands in the country.  The annual top brands league table which has become like a report card, with which top corporate brands have a feel of their ranking in the market is done with a special purpose model, the Brand Strength Measurement (BSM Index).

A breakdown of the 2023 evaluation report indicated that Nigerian-owned brands continued to shine among the top 10, with 10 brands. These are Dangote, Globacom, Access Bank, Zenith Bank, GTCO, and  First Bank.

The rating firm in a statement said that five of the top ten brands are Banks, while three are Telecoms. Impressively, 9 of the 10 were among the top 10 last year, while 4 maintained their previous position. Airtel Nigeria made a remarkable ascent to third place. Also, six brands have consistently maintained top 10 positions for a remarkable 7 years in a row.

Among the Top 10 brands are Access Bank, Zenith Bank, Coca-Cola, GTCO, and First Bank, Globacom was adjudged the Most Popular Brand following the outcome of a Top of Mind (TOM) Survey, where respondents mentioned 10 brands that came to their mind or that they could easily recall. 

Overall, 26 or 52% of the 50 brands are multinational, while 24 or 48% are Nigerian brands.

Rite Foods Limited stands out as the highest gainer this year, leaping 14 places from 46th to 30th. Notably, Wema Bank makes a noteworthy debut in the annual brand ranking. Furthermore, nine brands maintained their 2022 positions, they are Dangote, MTN Nigeria, GTCO, First Bank, Multichoice, Fidelity, Toyota Nigeria, FMNPLC, and AXA Mansard.

A breakdown of the report indicated that Banking Services, as usual, had the largest entries with 12 entrants, representing 24% of the total. Access Bank topped the category. This is followed by Consumer Goods with 9 brands, that is 18%, with Dufil Prima Foods leading the charge.

The Conglomerates category has 6 brands, making up 12%, with Dangote Group on top. The Oil and gas, Beverages, and Telecom sectors each contribute 4 brands, with Oando, Coca-Cola, and MTN leading their respective categories.

The Insurance sector has 3 brands, with AIICO at the forefront. Meanwhile, the Building & Construction Services, Media, and Electronics categories had 2 brands each, featuring Julius Berger, Multichoice, and Tecno Nigeria leading their respective categories.

Automobile, Agricultural, and Aviation/Logistics sectors had 1 brand each —Toyota Nigeria, Olam International, and Air Peace.

This year’s survey had as respondents Chief Marketing Officers and Head of Corporate Communications of major companies across the land.

TOP 50 BRANDS NIGERIA announcing the ratings said, “this annual top brand evaluation provides a qualitative, non-financial assessment of the value of leading corporate brands in the country. It gauges consumers’ perceptions of brands and their impact on overall brand strength, using the Brand Strength Measurement (BSM) index—a model designed to assess a brand’s ability to deliver on its promises from the consumer’s perspective.”

In today’s market, brands have woven themselves into the fabric of our daily lives, from dawn to dusk and even in every consumer choice. This phenomenon is amplified by the rise of concepts like consumer awareness, differentiation, and the dynamics of the global economy, making brands pivotal actors.

Chief Executive Officer of TOP 50 BRANDS NIGERIA Taiwo Oluboyede, speaking on the outcome of this year’s evaluation, likened brand to a person.  He said, “A brand is like a person with all the traits that define his/her personality to the audience. When you hear someone’s name, you are likely not just going to remember their faces or apparel, but who they really are and what they mean to you.”

“Someone may claim to be the best man in the world, and could even go as far as doing paid advertising to attract attention. However, the real description of the person to you is your experience. Perception about a person could change from like to dislike or the other way round, the same is also true for a brand. That is why promoters go the extra length consistently remain in the target audience like-list” he added.

He elaborated that the onus lies with brand owners and promoters to uphold compelling propositions and consistently deliver on promises. “It’s not just about making pledges anyway; it’s about steadfastly living up to them—a commitment that separates the top brands from the rest,” he stated.

Of note in the report also is a class called Brands to Watch, a set of 10 brands that have shown some level of vibrancy in recent times and are gaining momentum in consumer acquisition with the possibility of achieving the 50 top Brands League Table in few years. It should be noted that, while these brands have considerable mentions in the TOM survey, they were not strictly subjected to the rigorous BSM evaluation.

It is of no doubt that the five banks have continued to exemplify true leadership in the sector with arrays of innovative and customer friendly transactions.