LAGOS – The Managing Director, Brand Finance Nigeria, Mr Babatunde Odumeru, said on Wednesday that Nigeria’s Brand Valuation increased by 19 per cent from 111 billion dollars in 2013 to 132 billion dollars in 2014.
This is contained in a statement released in Lagos and made available to newsmen by Brand Finance Nigeria.
The Brand Finance Nations’ Brands measures the strength and values of brands of 100 leading countries, using a method based on the royalty relief mechanism to value the brands of the world’s largest companies.
Its (Brand Finance) report provides each country with a measure of its brand strength in addition to the nation’s brand value.
The statement said the brand value increase of 21 billion dollars enabled Nigeria to improve her ranking on the Brand Finance League Table from 51 to 49 between 2013 and 2014.
“Nigeria ranked the second most-valuable brand in Africa after South Africa and also ranked 49th globally.
“In the Brand Finance League Table, South Africa ranked the first most valuable brand in Africa with a brand valuation of 256 billion dollars.
“South Africa shed six per cent of its brand value, declining from 32nd to 36th position on the ranking table.
“The Brand Finance League Table also showed that Egypt ranked the third most valuable in Africa, with a brand valuation of 76 billion dollars; and going down in ranking on the table from 54 in 2013 to 64 in 2014,’’ it said.
The statement said, “For Nigeria, this is indeed good news considering the plethora of challenges the country faces, notably the issue of security and the lack of adequate infrastructure.’’
It said that one big factor in this surge has been the result of Nigeria’s Gross Domestic Product (GDP) rebasing exercise which elevated Nigeria to Africa’s largest economy.
According to the statement, “The U.S. ranked as the World’s most valuable nation brand with a 19.3 trillion dollars brand value.
“Key findings by Brand Finance showed that the U.S. brand value was more than three times that of second-placed China, whose brand value was put at 6.3 trillion dollars.’’
It said that Qatar was the fastest growing nation brand, adding that its brand value was up 39 per cent to 256 billion dollars.
It quoted the Brand Finance Chief Executive Officer, Mr David Haigh, as saying: “the states of the 21st century are participants in a global marketplace with intense competition for tourists, students, the best workers and investments.
“The result of this year’s Brand Finance Nations’ Brands Report shows the advantages that a strong nation brand can confer and the effect of a country’s image on the brands based there.
“It also shows that the economy as a whole makes a nation’s brand the most important asset of any state.
“Governments, trade bodies and businesses must take steps to ensure that their brand is strategically appropriate, well-managed and regularly monitored in order to maximise the benefits.’’
Brand Finance Plc, headquartered in London, was established in 1996. (NAN)
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