Franchising first appeared mainstream in Nigeria in 1951 when the Nigerian Bottling Company acquired the right to sell Coca Cola products and leverage the brand's strength to monopolise the beverage market.
The Nigerian Franchising sector is considered to be in its infancy, particularly when compared to the likes of South Africa where the sector accounts for 12.5% of their GDP. Currently, the dominance of international franchises is visibly evident in Nigeria as manifested in the activities of Shoprite and Game in retail, Exxon mobile and Total in petroleum product marketing and, Dominos, KFC, Krispy crème, Cold stone creamery in fast food.
Although Nigeria Franchising industry is relatively budding, there are still so many entrepreneurs who do not believe that franchising can work for them. It is important to state that the apprehension to buying a franchise in Nigeria comes from a general lack of understanding of the benefits of a franchise, the requirements and what it entails to run one.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.