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The efforts of Nigerian manufacturers in building brand equities despite the biting economic environment are becoming undeniable.
In the just-released brand rating carried out by Top 50 Brands Nigeria, an independent firm assessing corporate brands in Nigeria, a significant development was noticeable in the performance of some pragmatic indigenous brands as they contended with other international brands, albeit with lower economic power and global resources.
Leading the pack is Rite Foods Limited, which has been rated by the report as the highest gainer in this year’s report of the 50 top Nigerian brands. Rite Foods moved from the 44th position the previous year [2022] to the 30th position in the current 2023 rating.
The major highlight of the report listed Dangote Industries, a vibrant conglomerate, as the Most Valuable Brand in Nigeria [2023], MTN Nigeria as the Most Valuable Telecoms & Multinational Brand [2023], Glo – Nigeria as the Most Popular Brand [2023], and Rite Foods as the highest gainer [2023], respectively. The report also adjudged Rite Foods as a beacon of innovation and nourishment with quality food and beverage brands that have captured the hearts of consumers since its inception in 2007.
With Dangote Industries Limited on top as the number one and Most Valuable Brand in Nigeria in 2023, six indigenous brands also dominated the top 10 on the growth ladder, ahead of recurrent multinationals, a testament to the fact that their marketing strategies have become more innovative with a higher sense of ingenuity. According to the report, others on the lead aside from Dangote include Globacom, Access Bank, Zenith Bank, Guaranty Trust Bank [GTCO], First Bank of Nigeria, and BUA Group. Dangote Industries Limited, Globacom, Zenith Bank, First Bank of Nigeria, and GTCO have continued to consolidate their dominance of the top 10 positions for five years running.
Impressively, twenty-four of the brands in the top 50 for the 2023 report are Nigerian companies, while 26 are international organizations, with Rite Foods Limited as the highest gainer for 2023, with a total Brand Strength Measurement [BSM] score of 56.7. This move of 14 places upward from its previous 44th position in 2022 into the 30th position in the current ranking is a phenomenal leap from where it was in the previous year’s ranking. This was followed by TGI with 10 places upward, while BUA Group recorded + 6, Lafarge + 7, and Leadway Insurance + 6, respectively, coming as the closest competitive brands in the top gainers’ ratings behind Rite Foods.
Established in 2007, and from a humble beginning but strongly visionary focus, the efforts of Rite Foods Limited in the delivery of quality products, elevating taste, and nourishing communities were well commended by the report. According to the promoters of Top 50 Brands Nigeria, the wholly Nigerian-owned brand has been on a remarkable journey, transforming simple ingredients into refreshing and flavorful experiences that delight the senses.
Interestingly, Rite Foods’ amazing growth trajectory within such a short time of its existence between 2007 and 2023 as a subsidiary of Ess-AY Holdings is commendable as an indigenous brand, competing favorably with multinationals that have entrenched their dominance in the country before the emergence of Rite Foods on the scene.
On its remarkable feat as a leading Nigerian brand in the food and beverage sector, Managing Director Seleem Adegunwa said the company, which started with a humble beginning, has attained a growth trajectory that can be attributed to its quality consciousness and technological advancement, supported by cutting-edge marketing and media strategies. These strategies have led to the delivery of an unrivaled brand portfolio and consistently earned it a market leadership status in the industry in which it operates.
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 its array of products that have been the preferred choice by consumers across the country.
The Top 50 Brands Nigeria focused on the evaluation and rating of corporate brands in the country, using the Brand Strength Measurement [BSM] tool in the evaluation and results, with variables covering the major equities of the brands being evaluated, including category leadership, positive brand reputation, premium earnings from loyal customers and consumers, consumer perception, quality assurance, customer service, regulatory certification, marketing and media activities, disruptive innovation, strong brand resonance, customer retention, national spread, market penetration, as well as Corporate Social Responsibility [CSR], respectively.
