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Nigeria is Africa’s Most Valuable Nation Brand

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Nigerian Independence

Nigeria has held its position as Africa’s most valuable nation brand, with a brand value of US$236 billion, according to the latest Brand Finance Nation Brands 2021 report. Despite the turmoil of the pandemic, Nigeria has recorded a 9% increase in brand value – ahead of the 7% average of the overall ranking – and climbed two spots to 38th to reach its highest ever position.

Africa’s largest economy suffered its deepest recession in four decades during the pandemic but has begun its return to growth thanks to the recovery of oil prices as well as the government’s timely fiscal policies to protect the economy. In response to the pandemic, the government also launched an online portal and app aimed at upskilling its population as part of its Digital Nigeria programme and plans to install solar panel equipment on five million households – providing power those not connected to the national grid.

Babatunde Odumeru, Managing Director, Brand Finance Nigeria, commented: “It is thrilling that Nigeria continues to grow its brand value and maintain its position as Africa’s most valuable nation brand. While these results are mainly driven by GDP considerations, we need to start developing a framework that would enable us to get to a place where intangible assets such as innovation and strong brands are what is impacting our GDP.

Total brand value of top 100 up 7%

The top 100 most valuable nation brands in the world have recorded a 7% increase in brand value since 2020, signalling that recovery is underway from the COVID-19 pandemic according to the latest Brand Finance Nation Brands 2021 report.

Although this is a positive sign, uncertainty still lingers and the recovery has not reached pre-pandemic levels yet. At US$90.8 trillion, this year’s total brand value of the top 100 ranking is 7% lower compared to 2019.

David Haigh, Chairman and CEO, Brand Finance, commented: “Unlike previous economic crashes, recovery is uneven and is pinned on the combination of initial COVID-19 response strategies and a successful vaccination rollout. We are starting to turn a corner, as the world’s most valuable nation brands begin to return to pre-pandemic brand values. But results are varied, and it may take years for some to recoup lost brand value, creating even greater disparity between the most and least valuable nation brands.”

US & China lead the pack

There has been no movement in the top 10 this year, with each nation retaining its rank from last year. All the top 10 have recorded a modest uplift in brand value, however, in line with the global trend across the ranking.

The United States and China remain in a league of their own, claiming the first and second spot in the ranking, respectively. The US has recorded a 5% brand value increase to US$24.8 trillion in a year that has been marked by great political and economic change with President Joe Biden taking the helm. Similarly, China saw a 6% uptick in nation brand value to US$19.9 trillion. Both nations have celebrated economic recovery since the outbreak of the pandemic, contributing to their uplift in brand value. China’s economy was the first to recover – doing so at a meteoric pace – as the only nation to register positive GDP growth at the end of 2020 and growing at record pace in the first quarter of this year.

Many thought that relations would improve between the two superpowers under Biden’s leadership, following the turbulent Trump years, but this has not been the case thus far.

David Haigh, Chairman and CEO, Brand Finance, commented: “The superpowers from the West and the East unsurprisingly dominate the Brand Finance Nation Brands ranking, with China remaining hot on the heels of long-standing leader, the US. With China’s recovery and economic rise showing no signs of slowing down, as growth hit a record high at the beginning of the year, no doubt the gap will continue to close in the coming years.”

Digital Estonia is world’s fastest-growing nation brand

Recording a 38% brand value growth from last year and outpacing modest increases across the ranking, Estonia is the world’s fastest-growing nation brand of 2021. The Baltic state had invested in digital infrastructure long before the COVID-19 pandemic hit the world. Anyone around the world can apply for e-residency in Estonia, which allows them to run an EU-based company online, and a staggering 99% of the country’s governmental services are offered online.

The advanced digitisation of the country put it on the front foot during the pandemic. On the same day the government announced a state of emergency, the Estonian Ministry of Economic Affairs and Communications launched an online hackathon to identify solutions to pandemic-induced problems, resulting in a chatbot to answer the public’s queries and the re-purposing of online platforms to match volunteers with those in need.

David Haigh, Chairman and CEO, Brand Finance, commented:

“Estonia is this year’s fastest-growing nation brand largely thanks to its world-class digital infrastructure. With some of the leading economies having their digital shortcomings highlighted during the pandemic, Estonia’s digital-first model should be one for others to follow.”

Myanmar and Ethiopia are fastest fallers

In stark contrast, Myanmar and Ethiopia are among the fastest-falling nation brands in the ranking. The unrest across the two countries has caused significant damage to their nation brand values, which have dropped 26% and 22%, respectively.

Brazil has also suffered a steep decline in brand value as the COVID-19 pandemic wreaks havoc on its society and economy. The continent’s largest economy, Brazil has lost 12% of its brand value this year and dropped out of the top 20 in the Brand Finance Nation Brands 2021. Famous for its vibrant culture, lifestyle, and sports, Brazil is the highest-ranked South American nation in the ranking, but the combination of high COVID-19 cases and damage to the agriculture sector from severe droughts have caused substantial damage to the economy.

Switzerland is the world’s strongest nation brand

In addition to measuring nation brand value, Brand Finance also determines the relative strength of nation brands through a balanced scorecard of metrics evaluating brand investment, brand equity, and brand performance. The nation brand strength methodology includes the results of the Global Soft Power Index – the world’s most comprehensive research study on nation brand perceptions, surveying opinions of over 75,000 people based in more than 100 countries. According to these criteria, Switzerland is the world’s strongest nation brand with a Brand Strength Index (BSI) score of 83.3 out of 100.

Switzerland’s BSI score has remained stable, while the nations around it saw theirs take a hit, resulting in Switzerland moving to the top spot for brand strength. According to Brand Finance’s research, the Alpine nation saw external perceptions slightly rise following its strong response to COVID-19. It used a mix of compulsory and non-compulsory measures during the pandemic to control the spread of the virus. For example, non-essential businesses had to close, but the government’s order to stay at home was only ever advisory – entrusting the people to make the decision for themselves.

This is reflective of Switzerland’s model of government, with the public allowed to voice their opinions on laws through frequent referenda – last year the population rejected a motion to end its freedom of movement agreement with the EU and voted to make discrimination on the basis of sexual orientation illegal.

David Haigh, Chairman and CEO, Brand Finance, commented:

“Small size is no barrier to occupying a solid position for nation brand strength and Switzerland securing the top spot this year is the perfect example. Switzerland has held firm whilst other nations have faltered over the course of the pandemic. The nation has recently been thrust under the spotlight, however, with the leak of the Pandora Papers, which could taint its reputation as Swiss financial advisers are scrutinised on the global stage.”

Germany slips to 5th

Last year’s strongest nation, Germany, has dropped down to 5th position in the brand strength ranking, following a 2.3 point drop in BSI to 82.6 out of 100. Despite garnering praise on the global stage for her strong and stable leadership spanning 16 years, Angela Merkel sees mixed results on home soil. Domestic perceptions are consistently less favourable across the metrics to their overseas counterparts, particularly in regard to the Global Soft Power Index Business & Trade and Influence pillars.

Australia and New Zealand move into top 10

Australia, up five places in the ranking to 6th, and New Zealand, up seven places to 10th, have both entered the top 10 for brand strength, with BSI scores of 81.3 and 80.2 respectively. The Australasian countries were deemed to have handled the early days of the pandemic extremely well. Both were lauded for their severe lockdowns and quick reaction to subsequent outbreaks, which resulted in minimal cases and allowed them to open back up internally considerably earlier than others.

At the time of our research, both scored well across our data points with internal and external perceptions of their handling of the pandemic. However, the vaccine rollout in both countries has lagged behind their global counterparts, which could hamper their BSI scores moving forward.

Breaking the Western monopoly

Singapore and the United Arab Emirates have broken the Western monopoly in the brand strength ranking, claiming 4th and 11th position respectively. Scoring particularly high for Global Soft Power Index pillars of Business & Trade and Governance, Singapore continues to prosper both in the Southeast Asian region as well as globally. The city-state – renowned for its high-quality and economically efficient healthcare – has already fully vaccinated 82% of the total population. Singapore is on the right path to achieve the government’s aim of a “whole new normal”.

The UAE has climbed three spots in the brand strength ranking following a 2.5-point increase in its BSI score to 79.1 out of 100. Overseas perceptions of the nation’s prowess in the Education & Science pillar are high, and the successful Emirates Mars Mission is clearly a factor. The UAE also stands out for its COVID-19 response, and scores high for the Influence and Business & Trade pillars, both of which should see a further boost from Expo 2020 inaugurated in Dubai this month. The UAE’s continued increases in brand strength and value are testament to the nation’s strategy of diversifying its economy for long-term growth.

COVID-19 hurts perceptions of world’s largest economies

At the same time, the UK, US, Japan, and France have all fallen out of the top 10 strongest nation brands ranking due to the perception of how they handled COVID-19.

The UK, falling from 2nd to 14th with a BSI score of 77.4, and France, falling from 9th to 16th with a score of 75.4, recorded average Global Soft Power Index scores for overseas perceptions of their handling of the pandemic, but perceptions domestically were particularly low.

Japan, falling from 7th to 15th with a score of 76.7, saw a similar story with the perception at home that the pandemic was mishandled. However, this is polarised when compared to their perception abroad, where it achieved some of the highest scores in the Global Soft Power Index research.

The US, dropping from 4th to 17th with a score of 75.1, saw poor scores at home and abroad, and was also one of the lowest ranked nations by the specialists.

Despite their brand strength taking a hit, these nations all still feature in an unchanged top 10 when ranked by nation brand value.

David Haigh, Chairman and CEO, Brand Finance, commented: “It will be important for the world’s largest economies to focus on making up the ground they have lost in brand strength, in order to protect their brand value. The UK, US, Japan, and France have all scored poorly domestically for their handling of COVID and they need to rebuild this trust with their respective populations.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Less Market For Brand New iPhone Sellers As Nigerians Opt For UK Used

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There is no doubt in the fact that Computer village in Ikeja area of Lagos is known as a hub for sale of UK used phones, especially iPhones.

For some reasons, this area seems to be a one-stop location for individuals who can barely afford to buy the brand new iPhones and other used phones.

Surprisingly, these phones, contrary to the name they’re called (UK used) are not necessarily imported from the United Kingdom alone. Rather, they also originate from other countries like the United States of America, Hong Kong, Dubai, Korea, China, among others.

Perhaps, the name ‘UK used’ was given due to the fact that the first sets of iPhones to be imported into the country came from the UK. The huge preference for UK used phones by most Nigerians is unconnected to the unstable exchange rate.

For some time now, the Naira has faced a long slump against the dollar and other currencies. In 2014, a dollar was exchanged for 148 naira, about 20 percent more than the price it was in 2009. Since then, the exchange rate has continued to soar higher, almost becoming a bottleneck for Nigerians. Currently, one US dollars is exchanged for 416.31 naira, over 100 percent increment from 2014.

Investors King gathered that the exchange rate has, among other things, led to the increment in prices of goods imported into the country, including gadgets. Hence, people opt for the less expensive, yet functional gadgets, especially iPhones.

It is important to note that these UK used phones, in some cases, do not come without hitches. While some might come with defective screens, others might have slight internal issues.

However, one has to be extremely careful when purchasing these UK used phones. Preferably, one should go with an expert in the phone business or a phone engineer when buying. This is because of the risk factors associated with it, some which are already highlighted above.

Also, people fall victims of stolen or refurbished phones. In most cases, these phones are sold ridiculously cheap, sometimes half of the price it should be sold.

Before buying a UK used iPhone, one should consider some of its features well. A good UK used iPhone, regardless of the model, is expected to accept SIM cards. In the case of refurbished iPhones, there might be a SIM slot but this doesn’t guarantee that the phone will work.

It is also importation to note, for the iPhone 6, 7, and 8 series, when the fingerprint on the home button does not work, it cannot be fixed again or might hinder some basic features in functioning.

Unlike the new iPhones, the UK used iPhones do not come with a warranty. This is one of the disadvantages in it. So, it is important to ensure that one is getting something worth its price and confirmed to be really UK used.

One way of checking if the iPhone is new or refurbished is by checking its serial number on the Apple website.

There’s also a way of checking if a UK used iPhone is stolen or not. Every cell phone has a unique serial number, which is used to identify that device. This helps to lock the stolen device as well when needed. The GSM carriers use the IMEI number and the CDMA service providers use the MEID number to identify the device.

One of the major reasons people opt for iPhones, instead of other brands of phone is because of its camera quality. Therefore, this is an aspect that should also be thoroughly considered when purchasing a UK used iPhone. If possible, to see the quality of images, take at least multiple videos and pictures before purchasing, to make sure the camera of the device works perfectly.

Some brands of the iPhone are already outdated and no longer in production. These include iPhones 5, 5C and 5S. These phones are however still sold by some vendors at the rate of about 20,000 to 32,000, depending on the volume of the memory.

It is usually advisable to buy the latest models, if one can afford them. These models include iPhone X, XS MAX, and others. This is because electronics that have been on the market for more than 3 years might be hard to maintain. Also, one might spend more replacing the battery and other parts on the gadgets because they might have worn out or expired or damaged due to improper use.

Prices of some UK used iPhones, according to Sellatease:

iPhone 6 16GB in Nigeria 40,000 – 45,000 Naira
iPhone 6 64GB price in Nigeria 45,000 – 50,000 Naira
iPhone 6 plus + 16GB 55,000 – 60,000 Naira
iPhone 6 plus + 64GB 60,000 – 65,000 Naira
iPhone 6 plus +  128GB 65,000 – 75,000 Naira
iPhone 6S 16GB 50,000 – 55,000 Naira
iPhone 6S 32GB 53,000 – 58,000 Naira
iPhone 6S 64GB 55,000 – 63,000 Naira
iPhone 6S 128GB price 60,000 – 74,000 Naira
iPhone 6S+ plus 16GB 60,000 – 70,000 Naira
iPhone 6S+ plus 64GB 63,000 – 75,000 Naira
iPhone 6S+ plus 128GB 70,000 – 80,000 Naira
iPhone 7 32 GB 70,000 – 80,000 Naira
iPhone 7 64 GB 70,000 – 83,000 Naira
iPhone 7 128 GB 70,000 – 88,000 Naira
iPhone 7 plus + 32 GB 115,000 – 125,000 Naira
iPhone 7 plus +  128GB 120,000 – 135,000 Naira
iPhone 7 plus + 256GB 125,000 – 145,000 Naira
iPhone 8 32GB 100,000 – 120,000 Naira
iPhone 8 64gb 95,000 – 105,000 Naira
iPhone 8 128GB 98,000 – 110,000 Naira
iPhone 8 256gb 100,000 – 115,000 Naira
iPhone 8 plus + 64GB 140,000 – 159,000 Naira
iPhone 8 plus 128GB 145,000 – 170,000 Naira
iPhone 8 plus + 256GB 155,000 – 175,000 Naira

If one is on a low budget and still wants a nice UK used iPhone, iPhone 7 and 8 might be a good option.

The iPhone X, XR and XS were launched with modifications and presently, one can get a UK used iPhone X 64GB and 256GB for about 180,000 naira to about 190,000 respectively. The iPhone XR 64GB and 128GB is sold for 198,0000 and 210,000 respectively while the XS 64GB and 256GB is sold for about 195,000 and 210,000 respectively.

Check out a list of the iPhone X series and their prices below:

UK used iPhone X 64GB 160,000 – 180,000 Naira
UK used iPhone X 256GB 175,000 – 190,000 Naira
Price of UK used iPhone XR 64GB 175,000 – 190,000 Naira
UK used iPhone XR 128GB 180,000 – 210,000 Naira
Price of UK used iPhone XR 256GB 195,000 – 220,000 Naira
UK used iPhone XS 64GB 180,000 – 195,000 Naira
UK used iPhone XS 256GB 190,000 – 200,000 Naira
Price of UK used iPhone XS 512GB 198,000 – 220,000 Naira
UK used iPhone XS max  64GB 240,000 – 260,000 Naira
UK used iPhone XS max 256GB 260,000 – 275,000 Naira
Price of UK used iPhone XS Max 512GB 270,000 – 285,000 Naira

It’s not surprising that a lot of people prefer iPhones to Android phones.

According to a report by geeksmodo, the iPhone is more user-friendly. Even though most Android phone creators try their best in producing these phones, iPhones are perceived to be the easiest phone to use until now. The look and feel of iOS has not changed over the years.

The iOS (formerly iPhone OS) is a mobile operating system created and developed by Apple Inc, exclusively for it’s hardware. It is the operating system that powers many of the company’s mobile devices.

Another advantage of iPhone over Android phones is security. The US Federal Bureau of Investigations (FBI), revealed that even with physical possession of someone’s iPhone, it takes the assistance of an exceptionally skilled hacker to break into it and access the data.

Apple does take security seriously, releasing updates to all iOS devices directly, which helps contain any breaches upon becoming aware of them, and disinfecting everybody’s devices, regardless of who their carriers are.

While further revealing the advantages of iPhones over Android phones, Geeksmodo noted that iPhones tends to hold their value pretty well. It’s easier to resell an iPhone than an Android phone if you want an upgrade. Though some Android devices also hold their value quite well, the cost of the upgrade is less painful for iPhone users.

Meanwhile, Apple is known for releasing newer models of iPhones. The iPhone 13,  was recently launched by the company with updated cameras, new colors, smaller notches, and faster A15 chip. There are however, rumours that the iPhone 14 models will be launched in a few month’s’ time. It is expected to be launched in India in October, 2022.

According to Macrumours, the 2022 iPhone 14 Pro models are expected to eliminate the notch in favor of a new design. Apple might likely go with some combination of a circular hole-punch cutout for the camera paired with a pill-shaped cutout to house to key Face ID components.

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After 30 Years in Russia, McDonald’s Gets New Buyer, New Owner to Rebrand

Mcdonald’s has found a new buyer for its Russian business after the war in Ukraine made it quit the country

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McDonalds

One of the world’s leading food service brands, Mcdonald’s has found a new buyer for its Russian business after the war in Ukraine made it quit the country, stopping 30 years of operation. 

McDonald’s said Alexander Govor, who currently operates 25 McDonald’s restaurants in Siberia, will take over the firm’s restaurants and staff, operating them under a new brand.

Although the sale price was not revealed, it warned investors it would take a more than $1bn hit from the exit.

Announcing plans for the sale earlier in the week, the chief executive officer of McDonald’s, Chris Kempczinski said the decision was “extremely difficult.

“However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the arches shining there,” Kempczinski said.

Russia’s Industry and Trade Minister Denis Manturov said the deal was the result of a “long and difficult” negotiation process and the government would provide Mr Govor with all the necessary assistance to set up operations.

“The terms provide for McDonald’s 62,000 staff in Russia to be retained for at least two years, with their existing pay and Mr Govor will pay the salaries of corporate staff in Russia until the deal is completed.

Mr Govor has been a licensee of McDonald’s since 2015. He is also co-founder of a refining company, Neftekhim Service, and a board member of another firm that owns the Park Inn hotel and private clinics in Siberia.

McDonald’s suspended operations at the restaurants it owned in Russia in March, citing the “humanitarian crisis” and “unpredictable operating environment” caused by the Ukraine war.

The move led to an outrage among Russian politicians and prompted threats the business would be seized.

McDonald’s will retain its trademark in the country, it said, while the restaurants will be stripped of their menu, logo and other branding. 

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Nigeria, Others to Benefit from KFC Africa and NBA Africa Partnership 

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KFC Africa - Investors King

Nigeria with other seven African countries will now have opportunities to win tickets to watch live National Basket Association in the United States and enjoy co-branded products and merchandise. 

NBA Africa on Monday announced a marketing partnership with KFC Africa that will see both bodies collaborate on a number of promotions and activations for basketball fans across eight countries on the continent. 

The African countries to benefit from the partnership are Nigeria, Botswana, Ghana, Ivory Coast, Kenya, Namibia, Senegal and Tanzania.

In a statement released and obtained by Investors King, through the partnership, KFC Africa and NBA Africa will launch co-branded product campaigns, limited-edition merchandise giveaways, and limited-edition KFC x NBA promotions, including the opportunity for basketball fans to win tickets to live NBA games in the U.S. and complimentary access to NBA League Pass, the league’s premium live game subscription service.  

“We are proud to announce this exciting partnership between our iconic KFC brand and one of the most epic sports brands in the world,” said KFC Marketing Director, Rest of Sub-Saharan Africa, Emmanuel Kasambala. 

 “As a brand that has been on the continent for 50 years, we are passionate about connecting with the youth at the touchpoints that really mean something to them. So, beyond the extremely cool products and merchandise we will offer, we have longer-term plans to inspire the youth to achieve more in life through basketball.  We are exploring various grassroots basketball initiatives, like the refurbishment of courts, and basketball clinics in communities.  It is about inspiring and enabling the youth to reach for, and achieve, their dreams.”

“We are excited to partner with KFC Africa to launch a series of fan-centric activities and promotions as part of our efforts to provide compelling ways for basketball fans across the continent to engage with the NBA,” said NBA Africa CEO Victor Williams.  “We want to meet our fans where they are and make the game of basketball more accessible, and through this partnership with one of the world’s most iconic food brands, we look forward to reaching new and existing fans and providing them with more opportunities to experience the NBA.”

Additional details about the promotions will be announced at a later date. 

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