Business
DIL Again Emerges ‘The Most Valuable Brand In Nigeria’
For the seventh consecutive year, the Dangote Industries Limited (DIL), has emerged as most the valuable brand in Nigeria.
Biztellers reports that to achieve this, DIL led other top brands like MTN, Airtel, Access Bank, Globacom and many others which were also ranked by the organisers.
This was contained in the latest report of the TOP 50 BRANDS NIGERIA® rankings, an annual celebration of the most influential and valuable brands in Nigeria.
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According to the report, the DIL is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind (TOM) survey.
MTN’s strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond.
At the third place this year is Globacom Nigeria, a leading Nigerian multinational telecommunications company known for its innovative solutions and commitment to progress.
Globacom’s consistent ranking among the top brands indicate its significant role in Nigeria’s digital and technological advancement.
Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position, while Access Bank ranked fifth, topping the banking and financial services sector.
The organisers stated that, “This year’s list is a testament to the resilience, innovation, and enduring relevance of brands that continue to shape Nigeria’s economic, particularly in challenging times.”
A significant highlight this year is that seven of the first 10 brands out of the 50 are Nigerian, emphasizing the resilience and global competitiveness of home-grown brands, most of which had spread abroad.
Additionally, it is impressive to note the consistency among the top brands, with seven of them maintaining their positions from last year. This stability reflects their continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment.
Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52% of the total.
The 2024 list also witnessed the entry of two new brands, these are Opay Nigeria and Flutterwave, which made their debut in the annual Top 50 evaluation.
These new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future.
Notably, 14 brands maintained their positions from the previous year, reflecting their consistent performance and consumer trust.
Another set of notes in the presentation are the 10 Brands to Watch – These are vibrant and upcoming brands, who, though not among the 50 Top Brands yet, but with significant visibility and promises. This year, 9 of the 10 Brands to Watch are Nigerian.
During the public presentation, Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA®, commended the brands for their exceptional performance resilience, particularly in the face of the present economic challenges.
According to Oluboyede, “These brands deserve commendation, really, especially in times like this. The past year has been tough for many businesses, with some relocating out of Nigeria and others barely holding on. However, the majority of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future”
He went on, “As the saying goes, tough times never last, but tough people do. It’s in times like this that you differentiate between the boys and the men, as these brands have shown.”
The 2024 TOP 50 BRANDS NIGERIA® list is a celebration of excellence, resilience, and the relentless pursuit of growth.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Nigerian National Petroleum Company Limited (NNPC Ltd) to ensure that locally manufactured petroleum products are not sold higher than imported fuel.
The IPMAN took the position on Monday, while reacting to new pricing regime release by the state oil major as it commenced lifting refined products from the Dangote Petroleum Refinery, Lagos.
According to the IPMAN, such a disparity would be counterproductive to Nigeria’s drive for energy self-sufficiency with the possibility of impacting negatively on consumers and marketers alike.
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The IPMAN noted that the pricing strategy for locally refined petrol should reflect the advantages of domestic production, which should offer Nigerians a more affordable option.
The association maintained that maintaining competitive pricing was crucial for the success of the Dangote Refinery and for fostering a sustainable fuel market in the country.
The National Welfare Officer, IPMAN, John Kekeocha, shared these view on Channels Television’s The Morning Brief breakfast programme, monitored by Biztellers.
He pondered, “If NNPC can sell Dangote products higher than the imported products then it doesn’t make sense. What is the celebration we are having all these while then?”
Recall that the NNPC Ltd began loading the first batch of petrol from the Dangote Refinery on Sunday, saying it got petrol at N898 per litre from the private refinery.
Before lifting petrol from the Dangote Refinery on Sunday, NNPC Ltd retail outlets in Lagos were selling petrol for around N855 but said a litre of Dangote petrol would henceforth sell for N950 per litre in Lagos and N1,019 in Borno.
However, Dangote Refinery denied selling petrol to the NNPC Ltd at N898.
In a statement late Sunday, Dangote Group’s spokesman, Anthony Chiejina, described the claim by the NNPCL as “misleading and mischievous”.
Cheijina asserted, “It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.”
The NNPC Ltd insisted that it got petrol from Dangote Refinery at N898 per litre and challenged the latter to release the price it sold petrol.
To drive the point home, the state oil major released a breakdown of pricing it sells Dangote petrol at its filling stations across the country.
Last December, Dangote, Africa’s leading industrialist, commenced operations at his $20bn facility sited in Lagos with 350,000 barrels a day.
The refinery, which was initially bogged by regulatory battles, hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.
The refinery started with the supply of diesel and aviation fuel to marketers in Nigeria before progressing to petrol.
Nigeria, Africa’s most populous nation, faces energy challenges, with all its state-owned refineries non-operational. The country is heavily reliant on imported refined petroleum products, with the state-run NNPC being the major importer of the essential commodities.
Fuel queues are commonplace in the country. Prices of petrol tripled since the removal of subsidy in May 2023, from around N200/litre to over N1000/litre, compounding the woes of the citizens who power their vehicles, and generating sets with petrol, no thanks to decades-long epileptic electricity supply.
The Nigerian National Petroleum Company (NNPC) Limited has announced that it is currently purchasing premium motor spirit (PMS), also known as petrol, from the Dangote Petroleum Refinery in U.S. dollars.
The state-owned oil company revealed that transactions for fuel purchases in naira will commence on October 1, 2024.
In a statement issued via its social media platforms on Monday, the NNPC clarified, “NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as naira transactions will only commence on October 1, 2024.”
The company also disclosed projected petrol pump prices based on rates set by the Dangote Refinery.
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This update follows remarks made by Finance Minister Wale Edun on September 14, when he confirmed that from October 1, the Dangote Refinery will begin supplying PMS and diesel to the domestic market, with payments made in naira.
“From October 1, NNPC Ltd will supply approximately 385,000 barrels per day of crude oil to the Dangote Refinery, to be paid for in naira,” Edun had stated. “In return, the refinery will supply PMS and diesel of equivalent value to the domestic market, also in naira.”
Negotiations on petrol pricing had extended until September 15, when NNPC commenced lifting petrol from the refinery’s gantry. This followed the deployment of NNPC trucks to the facility the day prior.
However, a disagreement emerged regarding the price of petrol. The NNPC initially reported purchasing petrol at N898 per litre, but the Dangote Refinery refuted this claim, describing it as “misleading and mischievous.” The refinery clarified that it sold the product in dollars, emphasizing significant savings compared to the cost of importing fuel.
The Dangote Refinery, which recently began operations, is expected to play a major role in domestic fuel supply, reducing Nigeria’s reliance on imported fuel.
Nollywood actress, Eniola Badmus has commended the Nigerian economy under President Bola Ahmed Tinubu.
She highlighted that the nation’s imports are on the decline while exports are rising, whichto her suggested a growing economy.
The actress emphasised that Nigeria, under Tinubu, has made unprecedented progress in trade, highlighting a shift from consumption to production.
On her Instagram story, she wrote: “Our imports are reducing, and our exports are increasing. That is a sign that our economy is expanding.
“For the year-to-date 2024, our imports were N24.44 trillion, while our exports stood at N38.59 trillion. This gives us an unprecedented trade surplus of over N14 trillion in just eight months.
“It has never happened in Nigeria. Never. This is a refreshing shift from consumption to production.”
Her appraisal is against the backdrop of unprecedented hardship and inflation in the country.
Last month, millions of citizens took to the streets in a movement called the ‘End Hunger Protests,’ voicing their frustration over the escalating hardship in the country.
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