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Banking brands dominate Nigeria’s brand landscape despite currency devaluation and rising inflation

24 May 2024
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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.
  • Access Bank remains Nigeria’s most valuable brand, increasing 73%
  • Nigeria’s fastest-growing brand, Stanbic IBTC, almost triples in brand value
  • GTCO is Nigeria’s strongest brand with strong price premium

24 May 2024, LONDON – Banking brands collectively contributed 50% of the overall brand value of Nigeria’s top 25 brands, according to a new report from Brand Finance, 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.

Access Bank maintains its dominance as Nigeria’s most valuable brand, with a 73% increase in brand value to reach NGN355.3 billion. This makes it the 31st most valuable brand across Africa in the Brand Finance Africa 200 2024. The brand value increase stems from improved revenues, primarily driven by significant growth in its interest-based income. Fellow bank Stanbic IBTC’s 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.

Babatunde Odumeru, Managing Director, Brand Finance, Nigeria:

“Despite 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’s 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.”

Brand Finance’s research found that despite the declining value of the naira, Nigeria’s 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.

GTCO (brand value up 31% to NGN186.8 billion), Nigeria’s 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’s Brand Strength Index score improved more than 4 points to 87.6 out of 100, with a AAA rating.

Beer brand Star (brand value up 62% to NGN55.8 billion) scored particularly highly in familiarity and consideration and is Nigeria’s second strongest brand with a AAA- rating. Fellow alcohol brand Orijin (brand value up 101% to NGN104.4 billion) more than doubled its brand value and earned a AAA- BSI rating, making it Nigeria’s third strongest brand.

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About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 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 over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization 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.

Definition of Brand

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

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 Valuation Approach

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.

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