Top 50 Brands Nigeria celebrates nationhood at 60

Presents top 60 corporate organisations

The 2020 edition of Top 50 Brands Nigeria has concluded arrangements to celebrate Top 60 Brands in the country in commemoration of Nigeria’s 60th Independence celebration on October 1, 2020.

The Top 50 Brands Nigeria focuses on evaluating top corporate brands in the country, which cut across the entire categories of corporate Nigeria, ranging from banking and financial services, consumer goods, manufacturing, retail, food and beverages, agriculture and automobile among others, with the exception of government corporations and non-governmental organisations (NGOs).

Its Chief Executive Officer (CEO), Taiwo Oluboyede, said, “In honour of our nation’s 60th Independence celebration, we will be presenting top 60 Brands that Power Nigeria instead of the regular 50. This is the first time we will be having anything like this in this yearly ranking.

“You will agree that 60 years is a significant milestone in the life of any nation. We recognise this, so, we have dedicated the 2020 edition of this annual brand evaluation in honour of our fatherland.”

Explaining the significance of brand and the need for regular evaluation, he argued that brand had become the most valuable asset of corporate organisations in a capitalist system globally, saying although intangible, it has proved to be more valuable than the physical assets of organisations.

“Brand is a critical differentiator and mostly the sole determinant of the premium consumers are willing to pay for a product or service. This is greatly appreciated during acquisitions and mergers of corporations. It has, therefore, gone far beyond just beautiful logos, colours, fine fonts and slogans. It is a promise of value to the consumers,” he said.

Oluboyede stressed the need for benchmarking, adding, “To emerge a top brand in Nigeria, a brand is evaluated using the Brand Strength Measurement (BSM Index), a mathematical model that evaluates a brand’s ability to deliver on its promise to the consumers from the consumer’s point of view.

“The process starts with a Top On The Mind (TOM) survey, where we check affinity with these brands. Respondents are asked to list or mention brands that easily comes to their mind or that they can recall.

“Other key variables in the BSM model includes, Online Engagement, Innovation, Quality, National Spread, category Leadership and CSR. All these are aggregated to determine the top brands for the year.”

Speaking on the overall outcome of the yearly evaluation, he likened it to a report card from where top corporate brands have an independent opinion about their brand’s positioning from consumer’s point of view in corporate Nigeria.

For the 2020 special commemoration edition he said “The 60 top brands for the year with their profiles and details of the processes will be presented in the Brand Nigeria annual publication, a compendium on the profile of the top brands for the year. This is circulated across the corporate Nigeria and it is also online with audience from over 100 countries of the world”.

He said activities for the year would culminate in the #IAMBRANDNIGERIA Leadership Forum and Awards, where thought leaders, captains of industry, senior government officials will be deliberating on ‘The Brand Nigeria, Opportunities, Possibilities & Challenges’ later in the year.
“We will be recognising and honouring some exceptional individuals and corporate brands that have become proponents of value addition to the Brand Nigeria through their endeavours.“The 2020 edition of the event will be held virtually due to the global COVID-19 pandemic, which presently restricts crowding.”