Key stakeholders to discuss SMEs, franchising
Franchising has 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 generated new incomes leading to improved standards of living for the population.
In particular, for new businesses/start-ups and Small and Medium Enterprises (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.
To the end of replicating the success and impact of franchising at other countries in Nigeria, key role player in Nigeria economic, entrepreneurial and social development space will be meeting on November 30th 2017, at Fate Foundation, Lagos Water House, Ijora, Lagos, to discuss the 2018 Nigeria Franchise Agenda.
A team of foreign and Nigerian experts, along with key economic decision makers will be discussing: Enterprise, economic and social development opportunities for Nigeria through franchising. They will also be exploring case studies on how other economies are building new roads to development through Microfranchising;
Organizers 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, “We are keen to create an enabling environment for micro SMEs to thrive, so as to play their rightful role in wealth and job creation, poverty reduction and stimulation of growth of the domestic economy.
“The ministry 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.”
The CFE International Franchise Association’s President and Chief Executive Officer, Robert Cresanti, added: “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.”
Also, the Commercial Counselor to the U.S. Mission to Nigeria, Brent Omdahl, while speaking on potentials of franchising in the country, noted that Americans may not have invented franchising, but the business model has created significant and equitable wealth in the U.S.
“You might say franchising has played a key role in democratizing the American economy.
That same exponential growth can take place in Nigeria. To succeed at franchising does not require a pedigree. It requires finding the right system, discipline, integrity and hard work. Those are the values of the American Dream. They are also the values of many many Nigerians,” he said.
The Chief Executive Officer of SA Franchise Warehouse, South Africa, Kobus Oosthuizen, also noted: “The reward for creating small enterprises may be high in terms of job creation and developing a second economy, but it poses immense risk as the result of failure is not only limited to financial loss for many parties involved, but the resilience of a business owner may be tested beyond its ability and he or she may never return to being a business owner.
“Jewels are hidden even at the bottom of the pyramid, but with a structured small business re-engineering approach, these jewels can excel through replication and effective application of franchise principles.”
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