Africa’s most valuable national brand
South Africa has once again been named Africa’s most valuable national brand. With an estimated worth of $207 billion, South Africa is sitting pretty. However, the most Southern tip of Africa has some competition. Nigeria is quickly catching up to South Africa. With an estimated worth of $203 billion, Nigeria could be poised to take that first-place spot soon.
Nation value refers to a country’s national image. According to David Haigh, CEO of Brand Finance, national image is incredibly important. “In a global marketplace, it is one of the most important assets of any state, encouraging inward investment, adding value to exports, and attracting tourists and skilled migrants.”
In terms of growth, Nigeria is in a much better position than South Africa. While South Africa is still on top of the list, the country has experienced a diminishing of their brand nation value. South Africa’s brand nation value diminished by 7%, while Nigeria’s grew by 6%. Brand Finance cites the reason for this as South Africa’s mismanagement. Haigh also highlights that, “As South Africa struggles to recover from the turmoil of the Zuma years, its nation brand is also in danger of being overtaken by Nigeria, making it one to watch for years ahead.”
Other notable places:
The USA tops the list as the world’s most valuable nation brand, with an estimated value of $25.9 trillion. USA’s brand value has gone up 23% over the past year to US$25.9 trillion, according to the latest Brand Finance Nation Brands report. China comes in second with a worth of $12.7 trillion. Germany rounds out the top 3 with an estimated value of $5,14 trillion. South Africa is currently in 49th place globally, and Nigeria is 50th.
Many African countries are making great strands on the list. Out of the top 10 fastest growing countries in terms of national brand, 6 are from Africa. These countries include Democratic Republic of the Congo, Egypt, Kenya, Tanzania, Ethiopia, and Ghana. “Starting from a low economic base and still troubled by political instability, Africa is nonetheless beginning to demonstrate its true potential. Following in the footsteps of Asian tigers with remarkable advances in this year’s ranking, African lions are the future of global economic growth,” Says Haigh.
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[Source: Business Insider]