The Role of Franchising in Retail Business
It was a great outing at the just concluded International Summit & Honours Dinner on Retail Trade hosted by The Centre For Values in Leadership.
Present at the event were Prof. Pat Utomi (Founder/CEO, CVL), Ms. Hadiza Bala Usman (MD, Nigerian Ports Authority), Dr. Chiefo Ejiofobiri, Mr. John Adeleke (ED, World Trade Centre Lagos) Mr. Femi Awoyemi (MD/CEO, Proshare Nigeria), Mr Chiagozie Nwizu ( Managing Consultant, FBDS), Mrs Olatorera Oniru (Founder/CEO, Dressmeoutlet.com) amongst others
The Managing Consultant of FBDS, Mr Chiagozie Nwizu presented a paper, on the role of franchising in retail business. Franchise Business Development Services has taken the lead in creating a franchise enabling environment in Nigeria.
These were the high points made by The Managing Consultant of FBDS:
• Over 80% of Nigerian startups fail in the first three years
• 12.5% of South African GDP is produced from franchising alone
• There are over 15 local brands in Nigeria investors can take advantage of.
• FBDS as a member of World Franchise Associates and a Supplier member of International Franchise Associate can facilitate International franchise brand entry into Nigeria
• Franchising is a sure route to financial freedom
It is no doubt that franchising has come to stay in Nigeria.