Business News
Dangote Emerges ‘Most Admired Brand’ in Africa for Sixth Year
For the sixth consecutive year, the Dangote brand has been adjudged as the Most Admired African Brand among top 100 brands in the continent.
Dangote, as the most Admired African when respondents are prompted to recall an African brand specifically was followed by the Telecommunication outfit, MTN in the second position and the Digital Satellite Television (DSTV) coming third, both of South-Africa origin.
The pan-African conglomerate brand was also adjudged as the number one African Pride brand followed by the Ethiopian Airline and MTN respectively.
In a newly introduced category, the Dangote brand came second in Sustainability, by brands doing good for the people, Society and the Environment.
These were announced in Johannesburg, South-Africa on the occasion of the Africa Day marking the 13th Annual Brand Africa 100: Africa’s Best Brands 2023 rankings of the Top 100 most admired brands in Africa based on a survey and rankings conducted by Geopoll, Kantar and Brand Leadership, across 32 African countries that account for more than 85% of the continent’s GDP and population.
Brand Africa in its statement announcing the ranking disclosed that in a new category of brands that are doing good for people, society and the environment, inspired by business shifting from profit to purpose, MTN and Dangote as African brands came first and second respectively while Unicef emerged as the number one NGO and Coca Cola emerged as the number one non-African brand.
In the category specific ranking of the Top 25 financial services brands, Africa’s oldest banking group, Standard Bank surged to the number one position of the most admired brand in Africa, displacing GTBank, which had led the rankings for the past 3 years, but is reeling from recent UK regulatory issues, service challenges and a tough competitive environment. The category is dominated by South African (6) and Nigerian (6) brands which account for 48% of the rankings, with the USA (4), led by VISA, at 16% percent, making up 64% of the Top 25 brands.
In another category specific ranking of the Top 25 media brands, DSTV, the consumer brand of the Multichoice Group, retains its dominant ranking ahead of BBC and CNN as the most admired media brand in Africa. Consistent with previous rankings, non-African media dominate the continent, accounting for 76% of the Top 25 brands.
Brand Africa disclosed that Dangote retained the number one spot for the 6th time despite African brands slipping to 14% of the Top 100 most admired brands in Africa as non-African brands entrench their position in the continent.
Thebe Ikalafeng, founder and chairman of Brand Africa expressed concern that despite optimism with the progress of African Continental Free Trade Area (AfCFTA) and other initiative to drive African initiatives, African brands still regressed 20% from a 10-year high of 17% to 14% share of the Top 100 most admired brands in Africa.
“It is concerning that despite the momentum in operationalizing the AfCFTA, rising internal pride in continent albeit against global economic challenges, that African consumers have reverted to their trusted, mostly non-Africa brands, rather than give African brands a chance,” he stated. “Nonetheless, this is the state of brands in Africa, and an urgent need to build trust in Made in African brands.”
Bernard Okasi, the Director of Research, GeoPoll, which has been the lead data collection partner since 2015 while speaking on the outcome of the survey explained “With an ever increasing number of countries, greater sample size, and the growth of mobile across the continent, more than ever, using mobile continues to prove to be an effective tool to reach and access respondents across the continent”.
The Chief Growth Officer Africa Middle East for Kantar, Karin Du Chenne, who has been the insight lead for Brand Africa since inception in 2010 says, “despite the increased countries and sample sizes which have invariably grown the volumes of brands analysed, the survey continues to yield a very consistent picture of the leading brands in the continent, albeit not yet to Africa’s advantage.”
He added that as a non-profit initiative and to ensure the objectivity and independence of the rankings, the Brand Africa 100 | Africa’s Best Brands research to determine the most admired top-of-mind brands in Africa are not funded by any brand.
Reacting to the last survey affirming Dangote as number one most admired indigenous African brand, Group Chief, Branding and Communication, Dangote Industries Limited, Anthony Chiejina said the awards were well deserved because “the Dangote brand generates strong nationalistic impressions and powerful feelings across the Continent in terms of industrialization, self-sufficiency, prosperity, power and production.”
He stated that this was further strengthened with the recent commissioning of 650,000 bpd Dangote Petroleum Refinery & Petrochemical complex which is a huge industrial complex or frigate. “The brand portends the inevitability of Nigerian global ascendancy and a gateway to regional and continental development,” he added.
Established in 2010, Brand Africa is a intergenerational movement to inspire a brand-led African renaissance to drive Africa’s competitiveness, connect Africa and create a positive image of the Continent.
By Tony Obiechina, Abuja
The Commissioner for Insurance and CEO, Mr. Olusegun Ayo Omosehin, and his management team have met with the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC) led by Engr.
Sani Mohammed Baba, to explore ways of diversifying the Nigerian economy.During their working visit to NAICOM Headquarters, Mr.
Olusegun Ayo Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.
He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
Speaking, Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.
Omosehin stressed the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
By Tony Obiechina, Abuja
The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP).
This was disclosed in Abuja on Wednesday, by the Bank’s Acting Director of Corporate Communications, Mrs.
Hakama Sidi Ali, who stated that the initiative will help increase the sustained supply of foreign exchange in the official market by promoting greater competition and innovation amongst IMTOs to lower the cost of remittance transactions and boost financial inclusion.She said, “This will spur liquidity in Nigeria’s Autonomous Foreign Exchange Market (NAFEX), augmenting price discovery to enable a market-driven fair value for the naira.
“It will be recalled that the CBN Governor, Mr. Olayemi Cardoso, had recently declared: “We’ve set ourselves a target to double remittance flows into Nigeria within a year, a goal I firmly believe is within reach.
“We are wasting no time driving progress to remove any bottlenecks hindering flows through formal channels permanently. We have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with key stakeholders in the remittance industry,” she stated.
Continuing, Sidi Ali, said that the CBN viewed increasing formal remittance flows—one of the major sources of foreign exchange, accounting for over 6% of GDP—as a means of reducing the historical volatility in Nigeria’s exchange rate caused by external factors, such as fluctuations in foreign investment and oil export proceeds.
The increase in the number of IMTOs is one of the primary actions initiated by the CBN’s remittance task force, overseen by Governor Cardoso as a collaborative unit pulling together specialists to work closely with the private sector and market operators to facilitate the ease of doing business in the remittance ecosystem in Nigeria.
The task force was established as a direct result of an executive learning session with IMTOs during the World Bank/IMF Spring Meetings held in Washington DC, United States of America, in April 2024. The task force will meet regularly to implement strategy and monitor the impact of its measures on remittance inflows.
By Matthew Dadiya, Abuja
President Bola Tinubu has reassured investors in the energy sector of his administration’s resolve to further enhance the business environment and ensure investment convenience.
The President spoke Wednesday at the inauguration of three milestone projects, including the expanded AHL Gas Processing Plant; the ANOH Gas Processing Plant, and the 23.
3km ANOH – Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline.In a speech during the virtual inauguration of the projects at the State House, Tinubu also assured citizens that his administration is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas-fueled prosperity in the country.
The President, according to a statement by Special Adviser on Media and Publicity, Ajuri Ngelale, noted that the projects were fully in line with the Decade of Gas Initiative and his administration’s vision to grow value from the nation’s abundant gas assets, while concurrently eliminating gas flaring and accelerating industrialization.
“This event is highly significant to our country as it demonstrates the administration’s concerted efforts to accelerate the development of critical gas infrastructure geared at significantly enhancing the supply of energy to boost industrial growth and create employment opportunities.
“It is pleasing that when these projects become fully operational, approximately 500MMscf of gas in aggregate will be supplied to the domestic market from these two gas processing plants, which represents over 25% incremental growth in gas supply.
“In practical terms, this is more gas to the power sector, gas-based industries, and other critical segments of the economy. I, therefore, commend the strategic vision of the NNPC Limited and its partners, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy Plc, for this laudable and value-adding projects,” President Tinubu said.
The President said his government remains determined in its bid to leverage the nation’s vast gas capacity to drive economic growth.
“Aside from the presidential CNG initiative which is aimed at moving the good people of Nigeria away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Directives.
“The theme of this inauguration – ‘From Gas to Prosperity; Renewed Hope’, must be adopted by all gas-sector participants and would-be investors as a clarion call to ramp up efforts to accelerate investment and developments of projects in the gas sector on a win-win basis.
“I would once again commend the efforts of NNPC Ltd, alongside SEEPCO and Seplat Energy, on this business partnership initiative, and congratulate you all on the successful implementation of the three projects,” the President said.
President Tinubu also reiterated his government’s resolve to continue to provide support in deepening domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.
“Today, I have the singular honour to inaugurate the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant, and the 23.3Km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects in line with my administration’s resolve to provide energy for Nigerians, and to use our vast natural gas resources to transform Nigeria,” the President stated.
May 15, 2024
Tinubu Establishes c’ttee on Green Economic Initiatives, Appoints Ajuri as Special Envoy
Share President Bola Tinubu has approved the establishment of a committee to oversee the Green Economic Initiative, known as the Presidential...
ASUU Kicks as FG Unveils Tertiary Institutions’ Governing Council
ShareA few days after the Academic Staff Union of Universities gave the Federal Government an ultimatum over the failure to...
Sacrifice and Selflessness as Hallmark of Leadership
ShareBy Lawrence Onoja It gives me great pleasure and | am truly honoured to be asked to serve as Guest...
Para Badminton: Bolaji, Chigozie qualify for Paris 2024 Paralympics
ShareThe duo of Mariam Eniola Bolaji and Jeremiah Chigozie have qualified for the Paris 2024 Paralympic Games coming up from...
FCTA Moves to Curb Medical Tourism
ShareBy Laide Akinboade, AbujaFederal capital Territory Administration (FCTA) has pledged to provide the necessary support for the successful completion and...
Ortom, Ode, Asemakaha Felicitates With Alia on 58th Birthday
ShareFrom Attah Ede, Makurdi Former Governor of Benue State, Chief Samuel Ortom, the incumbent Deputy Governor, Barr Sam Ode and...
NAICOM, RMAFC Collaborate on Economic Diversification
ShareBy Tony Obiechina, AbujaThe Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, and his management team have met with the members...
22,000 Beneficiaries to Get N50,000 Nano Businesses Grant in Kogi
ShareFrom Joseph Amedu, LokojaNo fewer than 22,000 beneficiaries in Kogi will get N50,000 each, under the Presidential Conditional Grant Scheme...
CBN Unveils Strategy to Boost Remittances
ShareBy Tony Obiechina, AbujaThe Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels...
Accountant General Declares N318.5b Revenue Inflow in First Quarter
ShareBy Ubong Ukpong, AbujaThe Accountant General of the Federation, Mrs Oluwatoyin Madein on Wednesday said total revenue inflows to the...