The year 2023 has been a not-very-straightforward period for Nigerian brands. Multiple crises converged to impede progress for many an enterprise. But despite the hiccups that most SMEs and larger companies faced, there were success stories that shone through. In this article, in no particular order, we’ll explore the top 10 Nigerian brands that have thrived in 2023.
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The names that make it to our list have made an impression on the public, and have remained in the spotlight for mostly good reasons. Here they are, discussed in brief:
PiggyVest
At a time in which Nigerians crave safety from the turbulence of their country’s economy, savings and investment platforms like PiggyVest have helped them preserve some of their wealth. With offerings like high-interest savings and opportunities yielding competitive returns, PiggyVest has been one of a few silver linings for the millions of Nigerians who use its services.
Chowdeck
Food delivery is a big business in Nigeria and is set to get even bigger in the coming years. At the moment, Chowdeck is riding high at the top of the pile in this market, outcompeting even global household names like Uber Eats and Bolt Food (which is exiting Nigeria). This year appears to have been a decent one for this local brand.
Rite Foods
Some of the consumables put out by Rite Foods – such as its soft drink and sausage roll products –have become the darling of hungry Nigerians stuck in the grinding traffic of Nigeria’s major cities. The Rite Food brand is a big part of the life of the urban working class, so it’s no surprise that it has a spot on our list.
Paystack
One of the giants of local payments, Paystack has processed billions of naira in financial transactions this year. And it isn’t resting on its accomplishments. Towards the end of 2023, news broke that it was venturing further into offline payments, and had obtained a Switching and Processing License from the CBN. Its present wins are impressive, nonetheless; as of the time this article was written, the company served over 200,000 businesses.
Redbrick Homes
If you’re familiar with the goings-on in the Lagos real estate scene, you’ve probably heard about Amen Estate. This property development project is rolling out in multiple phases, and there’s plenty of interest in its residential units from investors. What many don’t know is that Amen Estate is a brainchild of Redbrick Homes, a new leader in the property development industry. Headquartered in Lagos, the company is quickly winning the admiration of the public with its offerings.
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Moniepoint
There’s a high chance that you used a Point of Service (POS) machine at some point this year. At least, the naira scarcity which played out earlier in 2023 would have forced you to do so. Given this, you’ve probably interacted with the Moniepoint brand. They’re a top business payments platform provider and are well known for their electronic payments products (including POS). They currently have more than 1 million businesses as customers.
Carbon
In a list dominated by financial service firms, Carbon stands out as one that has saved numerous cash-strapped Nigerians. Its loans and Buy Now Pay Later (BNPL) offerings have come in handy for people who don’t have the money to settle financial obligations in the immediate term. And this has happened more times to a lot of people this year than ever before.
Tropical General Investments (TGI)
TGI has caught the public’s attention with its impressive ads (on TV, radio, and the internet). Think of the Terra seasoning cubes ads, for instance. Its campaigns may have gotten a large number of first-time consumers for its products, and not a few loyal customers. That’s what anecdotal evidence seems to suggest.
Leadway Insurance
Leadway is one of the larger players in Nigeria’s insurance industry. It has also been one of its more visible brands. Its distinct colours, marketing and communications, and aggressive sales, are helping to make it a recognizable brand and the go-to for insurance policy signups.
UBA
The United Bank for Africa (UBA) won the ‘African Bank of the Year’ award at the 2023 Bankers Awards, organized by the Banker Magazine, a publication of the Financial Times of London. It also won in 8 other categories.
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Final Words
The brands we’ve talked about here represent diverse industries and are at varying stages in their growth journeys. They all have at least one thing in common: they are high achievers, driven by the desire of their leaders to make a mark in their domains. That’s a lesson everyone can identify with.
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