How Nigerian brands navigated challenges to thrive in 2024
By Felicia Nwosu
The Nigerian business landscape in 2024 was a dynamic and challenging terrain. Economic headwinds, including inflation, currency fluctuations, and rising operational costs, tested the resilience of many businesses.
Yet, amidst these challenges, a select group of Nigerian brands demonstrated remarkable adaptability and growth.
Access Bank: This leading financial institution experienced a remarkable year, with its brand value surging by 73% to $471 million according to Brand Finance.
This significant growth can be attributed to strategic expansion into African markets, innovative digital banking services, and a strong commitment to sustainability.
Key initiatives included the expansion of its mobile banking platform, the introduction of innovative financial products, and a focus on customer-centric services.
GTCO: Known as one of the strongest brand in Nigeria has maintained its position with a brand value of NGN186.8 billion and a BSI score of 87.6 out of 100.
The bank continued to innovate with its digital banking offerings, expanding its customer base throughout the year.
Its disruptive moves included the launch of new digital banking features, the expansion of its agency banking network, and a focus on financial inclusion.
Zenith Bank: Known for its innovative products and services, Zenith Bank continued to demonstrate strong financial performance in 2024.
The bank’s brand value increased steadily, reflecting its consistent growth and customer satisfaction.
The expansion of its digital banking platform, and the introduction of new loan products, as well as its focus on customer service excellence.
First Bank: One of Nigeria’s oldest and most respected banks, First Bank maintained its position among the top 10 most valuable brands.
The bank’s enduring legacy, extensive network, and commitment to customer service continue to drive its success. One of the notable steps included the expansion of its agency banking network, the introduction of new digital banking features, and a focus on supporting SMEs.
UBA (United Bank for Africa): UBA reported strong third-quarter 2024 results, with profit before tax (PBT) rising 20% year-on-year to N603 billion. Net interest income surged by 149% to N1.10 trillion, driven by strong loan growth and improved net interest margins.
Its customer deposits grew significantly, and the bank has continued to invest in technology to enhance customer experience and optimize operational efficiency.
FCMB Group Plc: FCMB reported a strong performance in the third quarter of 2024, with profit before tax reaching N91.8 billion. Key drivers of this growth included robust net interest income, strong fee and commission income, and controlled operating expenses.
The bank continued to focus on its core business areas while navigating the challenging macroeconomic environment.
MTN Nigeria: The telecom giant solidified its position as the most valuable brand in Nigeria with a brand value of $5.1 billion.
MTN Nigeria demonstrated its leadership through innovative initiatives such as the launch of its 5G network, the expansion of its digital services, and a strong focus on customer experience.
Some of its strategic bold steps included the expansion of its 4G/5G network coverage, the launch of new data plans, and the introduction of innovative digital services such as mobile money and fintech solutions.
Airtel Nigeria: Airtel continued to gain ground, recording significant growth in its brand value. The company’s strategic focus on expanding its data business, improving network quality, and investing in digital transformation fueled its success.
Key initiatives included the expansion of its 4G network coverage, the launch of new data plans and digital services, and a strong focus on customer service.
BUA Foods Plc: This leading food and FMCG company recorded impressive profit growth, driven by its strategic focus on expanding operations, improving efficiency, and investing in innovation.
The expansion of its production capacity, the introduction of new product lines, and a strong focus on quality and customer satisfaction remain some of its notable hallmarks.
Coca-Cola Nigeria: Coca-Cola maintained its dominance in the beverage market, leveraging its strong brand recognition, extensive distribution network, and innovative product offerings.
Key initiatives included the launch of new product variants, the expansion of its distribution network, and a focus on sustainability initiatives.
Dangote Industries Limited: As Nigeria’s most valuable brand, Dangote Industries Limited demonstrated the power of diversification and innovation.
The company’s investments in cement, sugar, and other key sectors fueled its significant growth. Key initiatives included the expansion of its cement production capacity, the diversification of its product portfolio, and a focus on regional expansion.
Vitafoam Nigeria Plc: Despite facing challenges like record inflation, naira devaluation, and tight financial conditions, Vitafoam demonstrated a robust business model, achieving significant revenue growth.
Key highlights include a 56% increase in revenue to N82.6 billion in the nine months of 2024, while after-tax profit, though declining, still demonstrated strong performance.
The company’s annual report for the year ended March 31, 2024, provides a comprehensive overview of their financial performance, including their financial statements, CSR report, and other relevant information.
The company is also actively pursuing growth opportunities through acquisitions, such as the acquisition of the Government of Rivers State’s flour mill, and exploring further expansion initiatives.
Looking ahead, as Nigeria continues to navigate economic and social challenges, the ability of its leading brands to adapt, innovate, and deliver value will be critical for their continued success.By embracing new technologies, focusing on customer needs, and fostering strong leadership, Nigerian brands can not only weather the storms but also thrive in the years to come
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