Nigeria’s leading brands continue to grow despite economic hardship; value of top 25 Nigerian brands stands at NGN4.9 trillion in 2025
LONDON, 20 May 2025 – Access Bank has retained its position as the most valuable Nigerian brand for the fourth year running, according to a new report from Brand Finance, the world's leading brand valuation consultancy. The bank has more than doubled its brand value to NGN893.3 billion.
United Bank for Africa (UBA) has risen from ninth position in 2024 to become the strongest Nigerian brand in 2025, with a Brand Strength Index (BSI) score of 92.4/100 and a corresponding AAA+ rating. UBA performs strongly across all key research metrics, earning high scores in brand familiarity, preference, and consideration, indicating strong consumer trust and loyalty. Notably, the bank scores exceptionally well on price acceptance, outperforming other leading African peers - such as Capitec in South Africa and Equity Bank in Kenya - on this metric.
Fidelity Bank Nigeria has emerged as the fastest-growing Nigerian brand, with its brand value more than tripling to NGN99.6 billion – an achievement that highlights the bank’s expanding market influence and strong investor confidence.
Babatunde Odumeru, Managing Director, Brand Finance, Nigeria, commented:
"Nigerian banking brands continue to grow, successfully navigating a challenging economic landscape with strategic agility while also maintaining customer loyalty. United Bank for Africa (UBA) and First Bank of Nigeria, in particular, have made significant strides in brand strength, emerging as the strongest Nigerian brands in 2025. UBA's achievement is especially noteworthy, as it now ranks as the 13th strongest banking brand globally among the top 500 - a promising indication of the growing global competitiveness and recognition of Nigeria’s banking sector."
Other standout performers in the ranking include Dangote Cement (brand value up 74% to NGN562.5 billion) and BUA Cement (brand value up 63% to NGN138.7 billion). Both brands posted notable revenue growth in 2024, driven largely by price hikes despite government price controls.
Food brand Flour Mills Nigeria (brand value up 40% to NGN452.9 billion) also noted strong financial performance, bolstered by strong sales across its food, agro-allied, and sugar divisions. Meanwhile, beer brand Hero Lager (brand value down 51% to NGN42 billion) dropped from ninth to 20th in 2024, reflecting a decline in the Nigerian alcoholic drinks market.
Telecoms brand GLO Mobile (brand value up 138% to NGN130.4 billion) entered the top 10 most valuable Nigerian brands in 2025. Brand Finance attributes this growth to its enhanced efforts in innovation, customer engagement, and expanding its market presence.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
