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Development Programs of the Nigerian International Franchise Association Dr. Augustine Egbunike Chairman

Development Programs of the Nigerian International Franchise Association Dr. Augustine Egbunike Chairman Seminar On: How to Support and Conduct Franchising for Effective Economic Development Rabat, Morocco November 13 – 17, 2006 Joint Africa Institute. Introduction.

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Development Programs of the Nigerian International Franchise Association Dr. Augustine Egbunike Chairman

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  1. Development Programs of the Nigerian International FranchiseAssociation Dr. Augustine Egbunike Chairman Seminar On: How to Support and Conduct Franchising for Effective Economic Development Rabat, Morocco November 13 – 17, 2006 Joint Africa Institute NIFA 2006

  2. Introduction • The Nigerian International Franchise Association (NIFA) is the lead advocate of franchise development in Nigeria. • The organization was formed in 2002. • NIFA has 52 Corporate, Associate and Subscriber members. NIFA 2006

  3. Introduction • NIFA’s 10 member Executive Committee is composed of representatives from all franchising stakeholders in Nigeria: franchisors, franchisees, financial institutions, legal practitioners and the government. NIFA 2006

  4. Progress made in 2006 • Public Awareness and Education is key to the Development of the Nigerian Franchise Sector. • In May 2006, the Nigerian International Franchise Association collaborated with the U. S. Commercial Service, Lagos to present a Franchising Seminar “Leveraging Franchising for Business Growth and National Development” at the CTO Exhibition. NIFA 2006

  5. Progress Made in 2006 • Franchising was choosing as the theme of the Annual Computer Trade and Office Equipment Exhibition (CTO 2006) with the goal of helping Nigerian technology companies understand the benefits of franchising as strategy for business growth. NIFA 2006

  6. Progress Made in 2006 • Franchising Experts from the USA, South Africa and India discussed the impact of franchising on American, South African and Indian Economy and its potential impact on the Nigerian Economy. NIFA 2006

  7. Progress Made in 2006 • The highlights of the Seminar was a presentation by Nic Louw, the South African Franchise Consultant : Franchising – A Transformational Strategy for Business Growth and National Development. NIFA 2006

  8. Progress Made in 2006 • Mr. Louw’s Projection of 69,000 franchise businesses for Nigeria became a national debate among the news media, Nigerian franchising stakeholders and a “Talking Point” for the executive board members of the Nigerian International Franchise Association. NIFA 2006

  9. NIFA 2006

  10. Progress Made in 2006 • The Impact of the 2006 Seminar on Franchising was significant: • Two major Nigerian Banks, Zenith International Bank and Fidelity Bank (both co-sponsors of the seminar) now work with Nigerian franchisors to provide funds for their franchisees. NIFA 2006

  11. Progress Made in 2006 • NIFA Secretariat continues to receive enquiries from Nigerian companies interested in expanding their businesses using the franchising model. • More than 500 membership applications have been processed at NIFA Secretariat since the 2006 seminar. NIFA 2006

  12. Progress Made in 2006 • NIFA seeks the expertise of Business Development Services providers to help Nigerian businesses achieve their expansion goal using the franchising concept. NIFA 2005

  13. Progress Made in 2006 • NIFA continues to identify and develop partnerships with relevant government and non government agencies that are key to the growth of the franchise sector. • Our newest partner is The Nigerian Directorate of Employment (NDE). NIFA 2006

  14. Progress Made in 2006 • The Nigerian Directorate of Employment – charged with the responsibility of job creation agreed to work with NIFA for the common goal of using franchising as a tool for employment generation. NIFA 2006

  15. Progress Made 2006 • In September 2006, NIFA adopted a constitution which lays the fundamental principles for its governance. • A code of Ethics which will set standard and guidelines for NIFA members is in the works. NIFA 2006

  16. Challenges • Protection and Enforcement of intellectual property is one major challenge facing franchising in Nigeria. • Breach of franchise agreements, Trademark infringements are increasingly common. NIFA 2006

  17. Challenges • Financing is another challenge. • Start-up cost for local franchises in Nigeria is between $50,000 to $75,000 – (45 million or more in local currency). This is a high investment. • Franchisors (local or foreign) do not provide loan guarantee to prospective franchisees. NIFA 2006

  18. Future of Franchising in Nigeria • Franchising faces many challenges in Nigeria but has unlimited potential for growth. • The Nigerian SME Sector has begun to understand franchising and utilizing the concept for business growth NIFA 2006

  19. Future of Franchising in Nigeria • The public-private sector partnership initiative of the Nigerian government is helping NIFA to work with relevant arms of the government for the development of franchising NIFA 2006

  20. www.nigerianfranchise.org NIFA 2006

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