Franchising has become one of the most successful business models in many developed countries in recent years. In addition to generating new incomes and improved standards of living in countries where it has been practiced, franchising is a means of developing entrepreneurial talent, promoting good corporate governance, increasing transparency and attracting the informal business sector to the formal sector.
In Nigeria, franchising has been in practice for decades, particularly in sectors such as food, food related sectors, agriculture, retail, transport, real estate, health and beauty. The potential of franchising is huge, based on the following: • Nigeria has a fast-growing population and is Africa’s biggest consumer market, after Egypt and South Africa. • Nigeria has the potential to create one million franchisees within the next 10 years, employing five million people. • Nigeria could become a major gateway for franchising in West Africa.
Despite this potential, franchising remains under developed in Nigeria relative to countries such as South Africa, India, United Arab Emirate and the United States of America.
It is against this backdrop that PDF II, in partnership with FBDS organized a one-day workshop in Lagos themed: Unlocking the Potential of Franchising in Nigeria to explore the opportunities and challenges that avail in Nigeria’s franchise sector and determine the role of stakeholders to develop the industry. The workshop began with the Market Place of Ideas, which showcased existing players along with their products in the franchise industry. The workshop continued with an opening remark, a welcome address and a presentation on Tackling Access to Finance: The Potential of Franchising in Nigeria. This was followed by a question and answer session, panel discussion and contributions from the audience. The mid-day session began with four breakout sessions, followed by a feedback session, audience contribution and summary of discussion points.
Please click on the link for the full report 170612PDF II Event Report (038 FNS KM)