THE resilience of homegrown corporate brands was brought to the fore recently, as 50 per cent, amounting to 25, of the top 50 brands, picked by the Top 50 Brands Nigeria, this year, have been identified as homegrown brands.
The Top 50 Brands Nigeria is an annual selection, rating and celebration of top corporate brands that have consistently maintained a leadership position in their categories and lived up to their promises.
Presenting the statistics to the media in Lagos, the Chief Executive Officer, Top 50 Brands Nigeria, Mr Taiwo Oluboyede disclosed that while the Banking and Finance sector had the largest number of entries with 10 brands, the Fast Moving Consumer Goods (FMCG) and Oil and Gas categories had eight and six brands respectively.
Telecoms and Media also made their presence felt with four brands each, while only two brands made the Building and Construction category.
Another big boost for the homegrown brands was their performance under the 10 Top Brands to Watch, as eight of the 10 brands are homegrown, while the remaining two are international.
The 10 Top Brands To Watch is a different rating, outside the Top 50 Brands league table, for highly promising brands that ply their trade in the country.
Explaining the rationale behind the annual rating, Oluboyede stated that such had become imperative to enable the organisers achieve their cardinal objective of celebrating those brands that power the nation’s economy and enhance the equity of ‘Brand Nigeria.’
“With the volume of competition that businesses face in most industries, it has never been more important to stand out and develop a unique identity and value proposition through strategic branding.
“These brands have not just become a part of our lives. They provide the ultimate experience, drive, innovation, as well as deliver quality products and services.
“At this very important time in our nationhood, there is no overstatement of the important roles these brands are playing in our national space. They provide the much-needed jobs, goods and services, they pay tax, create wealth and also socially responsible, with many interventions endearing them more to the people,” he stated.
He explained that the organisers were able to arrive at those choices through the Brand Strength Measurement, a specially designed model that takes basic qualitative elements to determine brand valuation and strength.