South Africa’s economy is in turmoil. Nigeria’s economy is not doing much better. But the two countries are the top two nation brands in Africa, according to a new report by Brand Finance, a leading branded business valuation and strategy consultancy. South Africa and Nigeria top the Africa ranking of nations with brand values at $207 billion and $203 billion respectively.
“Ranked 49th and 50th in the world, South Africa and Nigeria are still the main powerhouses of the African economy, but compared to other fast-growing African nation brands, look like two lions that have lost their roar,” said Jeremy Sampson, Managing Director of Brand Finance Africa. “As South Africa struggles to recover from the mismanagement and criminality of the Zuma years, it is also in danger of being overtaken by Nigeria,” he added.
The Nation Brands report also noted that six out of ten fastest-growing nation brands in the world are from Africa. One of the unlikely ones Democratic Republic of Congo recorded a 38 percent improvement in value and now has a brand value of $22 billion. Egypt went up 37 percent to a brand valuation of $121 billion in 2018 from a value of 88 percent in 2017. Kenya also grew37 percent and is now valued at $52 billion, while Tanzania now has a valuation of $29 billion, Ethiopia $40 billion and Ghana $32 billion.
Commenting on the report, David Haigh, CEO of Brand Finance said: “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.”
Sudan regressed the most in value, losing 14 percent of its 2017 value to end up at $42 billion in 2018. It is followed by South Africa, whose value dropped by 7 percent.
According to the report, the United States is the most valuable nation brand in the world at $25.9 trillion. It is followed by China at $12,8 trillion and Germany at $5.1 trillion.
Every year, Brand Finance values the world’s biggest nation brands. The 2018 brand values are calculated in U.S. dollars with a valuation date of 1 July 2018.