Dangote Named Most Valuable Brand in Nigeria as Refinery Begins Petrol Production
- Dangote Industries Limited and MTN Nigeria were recently named Nigeria's "Most Valuable Brands"
- In addition to being the second most valuable, MTN Nigeria also emerged as the most popular brand in the country for the year
- Third place went to Globacom Nigeria, a company regarded as innovative, problem-solving and progress-minded
Legit.ng journalist Zainab Iwayemi has over 3 years of experience covering the Economy, Technology, and Capital Market.
Two companies, MTN Nigeria and Dangote Industries Limited, have emerged as Nigeria's "Most Valuable Brand."
Source: UGC
In a review of the best brands for the year, "Top 50 Brands Nigeria" ranked Dangote Industries highest.
The Punch reported that the organisers of the 2024 Top 50 Brands Nigeria media briefing in Lagos on Tuesday revealed that Dangote Industries Limited has maintained its ranking as Nigeria's most valuable brand for a record seven years running.
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The chief executive officer of Top 50 Brands Nigeria, Taiwo Oluboyede, said,
“Dangote Industries is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind survey. MTN’s strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond.”
Globacom takes third position
Oluboyede claims that Globacom Nigeria, renowned for its creative problem-solving and dedication to advancement, came in third.
He pointed out that Globacom's continuous placement among the best brands suggested its essential contribution to Nigeria's progress in digital and technology fields.
“Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position. Access Bank ranked fifth, topping the Banking & Financial Services sector.
“Others in the top 10 are Zenith Bank Plc, Coca-Cola Nigeria, First Bank of Nigeria, BUA Group and GTCO Plc, rounding up the top 10 at the 6-10th positions respectively,” Oluboyede stated.
Banks among top 10
With four brands in the top 10, the banking and financial services industry also showed strength in this regard. Access Bank, Zenith Bank, First Bank, and GTCO are these.
In a same vein, the telecom industry demonstrated its supremacy in the market, with MTN, Airtel, and Globacom all scoring highly.
The fact that seven of the top 50 brands this year were from Nigeria underscores the strength and competitiveness of local brands, the majority of which have expanded overseas.
Seven of the top brands, according to Oluboyede, have held their positions from the previous year. He notes that this stability reflects the brands' continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment.
“Overall, Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52 per cent of the total,” he added.
Meanwhile, Oluboyede reported that Opay Nigeria and Flutterwave, two new brands that debuted in the annual Top 50 evaluation, were added to the 2024 list.
According to him, the newcomers demonstrate the expanding impact of digital payment platforms and fintech on Nigeria's economic destiny.
Dangote petrol ready for roll out
Legit.ng reported that the Dangote Refinery was set to roll out Premium Motor Spirit (PMS), known as petrol, into the Nigerian market.
The development came a few days after the plant began the petrol production test run.
Reports say industry sources confirmed that the product would be available in the market very soon.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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