The complexion of the franchise industry will change dramatically in the near future, with a host of young ambitious franchisees capitalizing on an array of brands.
Business conditions are now ideal for franchising in Nigeria. Emphasis on private sector initiative is the encouraging signal and Nigerians are increasingly taking interest in this rather progressive form of doing business.
There is commitment to creating a conducive environment for small business to entrench sustainable growth, job creation and the alleviation of poverty. Franchising has a crucial role to play in this arena.
In recent years franchisors have built huge portfolios of brands and grouping them to take advantage of retail space. Franchisees too, are learning from this approach, seeking to spread their costs over a larger business.
But there is yet a specific law governing franchises in Nigeria. “Nigerian laws, however, does not prohibit franchising and the last decade has, seen a steady growth of this business technique.
Those in the business today are projecting that the franchising market in Nigeria would grow 10 per cent annually by 2010. This is however, premised on the level of awareness on the concepts and best practices on franchising. That is still at low ebb.
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