{"id":28295,"date":"2024-05-24T11:01:42","date_gmt":"2024-05-24T10:01:42","guid":{"rendered":"https:\/\/brandfinance.com\/?post_type=press-release&#038;p=28295"},"modified":"2024-05-24T11:02:36","modified_gmt":"2024-05-24T10:02:36","slug":"banking-brands-dominate-nigerias-brand-landscape-despite-currency-devaluation-and-rising-inflation","status":"publish","type":"press-release","link":"https:\/\/brandfinance.com\/press-releases\/banking-brands-dominate-nigerias-brand-landscape-despite-currency-devaluation-and-rising-inflation","title":{"rendered":"Banking brands dominate Nigeria\u2019s brand landscape despite currency devaluation and rising inflation"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\"><em><strong>New data from Brand Finance reveals that Nigerian banking brands make up half the total brand value of the nation's top 25 brands, with five ranking among the top seven.<\/strong><\/em><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Access Bank remains Nigeria\u2019s most valuable brand, increasing 73%<\/strong><\/li>\n\n\n\n<li><strong>Nigeria\u2019s fastest-growing brand, Stanbic IBTC, almost triples in brand value<\/strong><\/li>\n\n\n\n<li><strong>GTCO is Nigeria\u2019s strongest brand with strong price premium<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>24 May 2024, LONDON<\/strong> \u2013 Banking brands collectively contributed 50% of the overall brand value of Nigeria\u2019s top 25 brands, according to a <a href=\"https:\/\/brandirectory.com\/rankings\/nigeria\/\" target=\"_blank\" rel=\"noopener\">new report from Brand Finance<\/a>, the world's leading brand valuation consultancy. Within the Nigeria 25 2024 ranking, the most valuable, strongest, and fastest-growing brands belong to the banking sector.<\/p>\n\n\n\n<p><strong>Access Bank <\/strong>maintains its dominance as Nigeria\u2019s most valuable brand, with a 73% increase in brand value to reach NGN355.3 billion. This makes it the 31<sup>st<\/sup> most valuable brand across Africa in the <a href=\"https:\/\/brandirectory.com\/rankings\/africa\/\" target=\"_blank\" rel=\"noopener\">Brand Finance Africa 200 2024<\/a>. The brand value increase stems from improved revenues, primarily driven by significant growth in its interest-based income. Fellow bank Stanbic IBTC\u2019s spiked interest income and improved profits also contributed to a brand value increase of 184% to NGN75 billion, making it the fastest-growing brand in the ranking.<\/p>\n\n\n\n<p><strong>Babatunde<\/strong><strong> <\/strong><strong>Odumeru, Managing Director, Brand Finance, Nigeria:<\/strong><\/p>\n\n\n\n<p><em>\u201cDespite 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 continued to flourish, with 23 of Nigeria\u2019s top 25 most valuable brands achieving brand value growth. We are also increasingly seeing top brands continuing to expand beyond their domestic borders and grow their influence across the continent.\u201d<\/em><\/p>\n\n\n\n<p>Brand Finance\u2019s research found that despite the declining value of the naira, Nigeria\u2019s top banking brands have successfully raised prices without harming their brand strength, as shown by improved Brand Strength Index (BSI) scores for all brands across the ranking.<\/p>\n\n\n\n<p><strong>GTCO<\/strong> (brand value up 31% to NGN186.8 billion)<strong>, <\/strong>Nigeria\u2019s strongest brand, noted impressive scores across consideration, reputation, and price premium. 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. GTCO\u2019s Brand Strength Index score improved more than 4 points to 87.6 out of 100, with a AAA rating.<\/p>\n\n\n\n<p>Beer brand <strong>Star<\/strong> (brand value up 62% to NGN55.8 billion) scored particularly highly in familiarity and consideration and is Nigeria\u2019s second strongest brand with a AAA- rating. Fellow alcohol brand <strong>Orijin<\/strong> (brand value up 101% to NGN104.4 billion) more than doubled its brand value and earned a AAA- BSI rating, making it Nigeria\u2019s third strongest brand.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New data from Brand Finance reveals that Nigerian banking brands make up half the total brand value of the nation's top 25 brands, with five ranking among the top seven. 24 May 2024, LONDON \u2013 Banking brands collectively contributed 50% of the overall brand value of Nigeria\u2019s top 25 brands, according to a new report [&hellip;]<\/p>\n","protected":false},"featured_media":4452,"comment_status":"closed","ping_status":"closed","template":"","tags":[27,28],"class_list":["post-28295","press-release","type-press-release","status-publish","has-post-thumbnail","hentry","tag-africa","tag-nigeria"],"acf":[],"_links":{"self":[{"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/press-release\/28295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/press-release"}],"about":[{"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/types\/press-release"}],"replies":[{"embeddable":true,"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/comments?post=28295"}],"version-history":[{"count":6,"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/press-release\/28295\/revisions"}],"predecessor-version":[{"id":28307,"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/press-release\/28295\/revisions\/28307"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/media\/4452"}],"wp:attachment":[{"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/media?parent=28295"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brandfinance.com\/wp-json\/wp\/v2\/tags?post=28295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}