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The 2018 Nation Brands report, an annual report on the most valuable nation brands, has ranked Nigeria as the 50th most valuable nation brand. Brand Finance, an independent brand valuation and strategy consulting firm, released the report on Monday.

“The effect of a country’s national image on the brands based there and the economy as a whole is now widely acknowledged. 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,” said David Haigh, CEO of Brand Finance.

He added that the Brand Finance Nations Brand report shows the benefits that a strong nation can confer, and the economic damage that can be wrought by global events and poor nation brand management.

Nigeria, according to the report, has a brand value of $203 billion, a six percent increase from the $191 billion recorded last year. South Africa ranked 49th with a brand value of $207 billion, less than its $222 billion brand value in 2017. The decline was due to the turmoil South Africa experienced during the administration of former President Jacob Zuma.

The report states that six out of the 10 best-performing nation brands are African countries. “Starting from a low economic base and still troubled by political instability, Africa is nonetheless beginning to demonstrate its true potential. African lions (countries) are the future of global economic growth.”

The 10 fastest-growing nation brands are Cyprus (96th), D.R. Congo (95th), Egypt (56th), Kenya (72nd), Tanzania (88th), Ethiopia (78th), Slovenia (62nd), Ghana (84th), Germany (3rd) and Estonia (82nd).

Other African countries among the top 100 most valuable nation brands are Algeria (58th), Angola (66th), Morocco (69th), Sudan (76th), Tunisia (91st), Mauritius (98th), and Libya (100th).

According to the report, the top three most valuable nation brands remained unchanged. These are United States ($25.9 trillion), China ($12.8 trillion) and Germany ($5.2 trillion). Other countries that complete the top 10 most valuable nation brands are United Kingdom, Japan, France, Canada, Italy, India, and South Korea.

The report measures the nation brands of 100 leading countries using the strength and value of each country’s brand through data points from three broad areas of investment, society, and goods and services. Other methods used are royalty rate, revenues, discount rate and brand valuation.

Brand Finance, founded in 1996 and headquartered in London, has presence in over 20 countries, including Nigeria, Turkey, Romania, Spain, Singapore, United States, Mexico, Italy, China, Australia, Canada, Indonesia, Japan, Malaysia, and Vietnam.