By Chico Mies Yahaya Bello, the former Governor of Kogi State, has formally accepted an invitation from the Economic and Financial Crimes Commission (EFCC), as confirmed by his media office on Wednesday, following consultations with family members, legal advisors, and political associates. According to a statement issued by Ohiare Michael, Director of the Yahaya Bello Media Office, the former governor's decision to appear before the anti-corruption agency underscores his commitment to transparency. Bello faces 19 charges related to money laundering amounting to N80.2 billion. Notably, he has sought to enforce his fundamental rights to ensure due process. The former governor has expressed his support for President Bola Ahmed Tinubu's administration and its anti-corruption initiatives. EFCC Chairman Ola Olukoyede had previously pledged to resign if Bello was not prosecuted, reaffirming the commission's commitment to pursuing the case to its logical conclusion.
Top Ten Nigerian Companies Allocating the Highest Amounts to Promotion, Advertising, and Marketing in 2023
By Chico Mies
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Top ten Nigerian businesses in 2023 spending the most on marketing, advertising, and promotion |
Over the last three years, Nigerian businesses in a variety of industries have increased their marketing and advertising expenditures.
These expenditures, which range from banking to beverages, show how hard businesses have worked to keep their brands visible, increase their market share, and interact with customers.
Analysing marketing and advertising spending from 2021 to 2023 reveals interesting patterns of development and trends in a variety of industries.
Analysis of Growth Year Over Year
2021: The top corporations spent a total of about N163,872.69 million on marketing and advertising.
2022: This number increased dramatically to N222,709.27 million, showing a strong 35.9% year-over-year rise as businesses recovered from the economic difficulties brought on by the epidemic in 2020.
2023: The overall amount spent was N235,642.48 million, a minor decrease from 2022; however, the year-over-year growth from 2022 to 2023 was 5.8%, indicating a more cautious attitude to spending in the face of economic uncertainty.
Overall Thoughts
Drinks and Banking Predominate: The beverage and banking businesses accounted for the majority of the top spenders, highlighting the significance of customer involvement in these areas. Through forceful marketing initiatives, businesses like Nigerian Breweries Plc, Guinness Nigeria Plc, and big banks led the way.
Notable Annual Variations: Several businesses observed notable variations in their marketing budgets from year to year. For instance, Nigerian Breweries Plc, which has always led the industry in marketing expenditure, saw a decrease in 2023 compared to 2022, which may have been caused by changes in the company's strategy or financial constraints.
New Consumers of Spending: In 2023, new players such as FBN Holdings and Fidelity Bank significantly increased their advertising expenses, indicating their goal of gaining a larger portion of the market in a cutthroat banking landscape.
Consistent Dedication: Companies like Zenith Bank, Access Bank, and UBA have consistently increased their marketing expenditures throughout the years, despite economic constraints, demonstrating their dedication to long-term brand value.
10. GTCO
2021: N5,844,000,000.00
2022: N7,253,000,000.00
2023: N8,762,000,000.00
With a consistent rise in marketing spending over time, GTCO completes the top 10. The bank's growth strategy continues to revolve around its emphasis on branding and customer involvement.
9. Zenith Bank
2021: N7,100,000.00
2021: N8,787,000.00
2023: N11,450,000.00
Zenith Bank showed a strong commitment to retaining its leadership position in the Nigerian banking sector by continuing on its increasing trajectory in marketing expenditures.
8. Nestle Nigeria
2021: N5,108,800.00
2022: N4,613,940.00
2023: N14,350,530.00
Nestle Nigeria nearly tripled its 2022 marketing budget in 2023, a considerable increase. The company's strategic attempts to strengthen its brand visibility in the cutthroat FMCG industry are reflected in this spike.
7. International Breweries Plc
2021: N13,922,600.00
2022: N15,344,690.00
2023: N14,817,260.00
In 2023, International Breweries Plc, a significant participant in the beverage industry, had a minor reduction in its marketing expenditure. Despite this, it continues to make significant advertising efforts and is a powerful player in the market.
6. UBA
2021: 8,747,000.00
2022: N11,022,000.00
2023: N18,859,000.00
UBA's steady yearly increase in marketing expenditures demonstrates the bank's commitment to upholding a strong brand presence and growing its clientele throughout Nigeria and beyond.
5. Access Bank
2021: N9,496,000.00
2022: N13,976,000.00
2023: N19,800,000.00
Access Bank had a notable increase in its marketing expenditure, suggesting a strong emphasis on customer acquisition and retention within the highly competitive banking industry.
4. Guinness Nigeria Plc
2023: N20,621,480.00
Through persistent advertising efforts, Guinness Nigeria Plc, a significant participant in the alcoholic beverage industry, was able to retain a strong position in the market. Even with a slight increase from 2022, the business's dedication to marketing is still clear.
3. Fidelity Bank
2021: N5,824,000.00
2022: N21,883,000.00
2023: N22,818,000.00
Fidelity Bank's marketing spending increased little in 2023, continuing its upward trend. The bank's objective to improve customer loyalty and brand recognition is reflected in this steady growth.
2021: N10,461,000.00
2022: 12,133,000.00
2023: N32,333,000.00
2021: N40,530,110.00
2022: N57,068,800.00
2023: N51,324,460.00
2021: N13,490,500.00
2022: N20,267,130.00
2. FBN Holdings
In comparison to 2022, FBN Holdings achieved a significant improvement in 2023, almost tripling its marketing budget. This noteworthy rise demonstrates the company's determined efforts to maintain its lead in the cutthroat banking industry.
1. Nigerian Breweries Plc
Nigerian Breweries Plc is still at the top of the list, despite a little decline in marketing expenditure in 2023. With significant efforts made in consumer involvement and brand development across Nigeria, the company maintains its leadership position in the beverage market.
Take note: The financial statements of businesses included in the Nigerian Exchange Plc's NGX 30 Index provided the data for this analysis. It is significant to remember that Nigerian businesses report marketing, advertising, and promotion costs in their financial accounts in a variety of ways. Some businesses include these expenses under a single expenditure line, while others itemise these costs separately. For the purpose of uniformity, Nairametrics has decided to group these costs under a single heading in this report.
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