Franchise opportunities in Nigeria
Popular franchise directions in Nigeria
The attractiveness of Nigeria for the development of franchising business
There are many foreign, mostly US, South African and European franchises, though the demand for international brands is still growing. To facilitate the development and promotion of franchise businesses in Nigeria a special organization called National Office for Technology Acquisition and Promotion was established. The purpose of it is to provide trainings for franchise stakeholders.
High population in the country creates two advantages for establishing a franchise, large consumer market and much workforce. Therefore, the most favorable cities for the business are Lagos (9 mln), Kano (3.63 mln), Ibadan (3.57 mln), Kaduna (1.58 mln), Port Harcourt (1.15 mln), Benin City (1.12 mln), Maiduguri (1.11 mln), Zaria (975,153), Aba (897,560), and Abuja (776,298). Taking into consideration that the biggest cities also host currently growing middle and upper consumer class, and the income of Nigerians is tending to increase, there are good opportunities for luxury foreign brands to enter the market.
The average franchise costs depend on the type and size of the business but on the average they are between $50,000 and $200,000 to establish.
Indicators of Nigeria Business Market
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Capital: Abuja
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Currency: Naira
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Education Index (2013): 0.425
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Official languages: English
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Per capita GDP (PPP): $6,351
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Quality-of-life index (0-10): 4.74
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Population: 185.990 mln
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Total GDP (PPP): $1.166 trillion
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Ease of Doing Business Ranking, Rank: 145
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Gini: 43.0
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Human Development Index (HDI): 0.514
