Stakeholders to Discuss Nigeria’s 2018 Franchise Agenda

In order to replicate the success and impact of franchising in other countries in Nigeria, key role player in Nigeria economic, entrepreneurial and social development space will be meeting in Lagos on November 30th, 2017, to discuss the 2018 Nigeria Franchise Agenda.

According to a statement, a team of foreign and Nigerian experts, along with key economic decision makers would be discussing: “Enterprise, economic and social development opportunities for Nigeria through franchising.” They are expected to explore case studies on how other economies are building new roads to development through micro-franchising.

The statement pointed out that franchising had proved, over the years to be one of the most successful ways of conducting business.

“In both developed countries and emerging markets, franchising has been effective in ensuring business growth with private ownership and skills transfer. It has gener- ated new incomes leading to improved standards of living for the population.

“In particular, for new businesses/ start- ups and SMEs franchising can be viewed as a means of nurturing and developing entrepreneurial talent, promoting good corporate governance and transparency and attracting the informal sector business to the formal sector,” the statement added.

The organisers of the event are Franchise Business Development Services Nigeria, an associate of International Franchise Association and World Franchise Associates; and SA Franchise Warehouse South Africa, a member of Franchise Association of South Africa, in partnership with other key foreign and Nigeria franchise industry stakeholders.

According to the Minister of State, Federal Ministry of Industry Trade and Investment, Aisha Abubakar: “The Federal Ministry of Industry Trade and Investment is keen to create an enabling environment for MSMEs to thrive, so as to play their rightful role in wealth and job creation, poverty reduction and stimulation of growth of the domestic economy. FMITI is currently leading a campaign promoting the patronage and expansion of Nigeria Brands. I am optimistic that franchising would be a useful tool in delivering these goals.”

Also, CFE International Franchise Association’s President & CEO, Robert Cresanti said: “Franchising transfers business best practices to new economies and creates owners, helping to build and sustain a middle class. Franchising also produces large indirect benefits for developing countries, such as establishing supply chains. Used effectively, the franchise model can make powerful contributions to Nigeria’s growth in the decades to come.”