South Africa is still Africa’s most valued nation brand, but Nigeria is catching up fast, a new report found.
The Brand Finance’s Nation Brands 2018 report found that South Africa’s national "brand" lost 7% of its value the past year, while Nigeria’s grew by 6%.
South Africa is the world’s 49th most valuable national brand at $207 billion and Nigeria 50th at $203 billion, the report said.
David Haigh, CEO of Brand Finance, said while South Africa remains the gateway to Africa, it’s facing an uphill battle.
“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,” Haigh wrote in the foreword of the report.
Also read: The 10 most valuable brands in SA right now
Brand Finance Africa’s Jeremy Sampson said South Africa and Nigeria are still the main powerhouses of the African economy.
“But, compared to other fast-growing African nation brands, (it looks) like two lions that have lost their roar,” Sampson said in a statement.
Africa features six of the world’s ten fastest-growing nation brands, which includes the Democratic Republic of the Congo, Egypt, Kenya, Tanzania, Ethiopia, and Ghana, the report noted.
The United States once again topped the report with a brand value of $25.9 trillion, followed by China with $12.7 trillion, Germany at $5,14 trillion and the United Kingdom at $3,7 trillion.
Out of a list of a hundred, Mauritius was the third least valued nation brand at $20 billion, Honduras second least also with $20 billion and Libya the least valued at $18 billion.
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