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Business News

Domino’s Pizza consolidates market leadership, opens new Awolowo Road Store

The days of pioneer fast foods such as Mr. Bigg’s, Tantalizer, and Sweet Sensation QSR seems to be over.

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Domino’s restaurant on Wednesday opened its doors to customers on Awolowo Road Ikoyi, a major high street in the heart of high brow Ikoyi. From when it entered the Nigerian market in 2012, Domino’s Pizza has adopted a model of opening in every major highway in Lagos.

Its latest branch on Awolowo road is perhaps its most significant yet considering how strategic the location is. The Ikoyi outlet boasts of not just Domino’s Pizza but Cold Stone and Pinkberry giving its customers the full compliment of its offerings. Domino’s typically opens branches with or without the Cold Stone Franchise and just last year added Pinkberry, Yoghurt makers to its stores.

With the closure of Munchies on Awolowo Road, Domino’s Pizza is now the only major fast food restaurant on the high street apart from Tastee Fried Chicken. The strategic branch now serves a location filled with insurance companies, banks, boutiques, telcos and a host of other small businesses.

Dominos the market leader

In 2012, Eat ‘N’ Go Restaurant Group, the master franchisee for Domino’s Pizza Nigeria, was introduced to the QSR market in Nigeria and since making its entry into the country, Domino’s has continued to increase its number of outlets and currently has over 83 outlets located on major high streets and in major cities around the country.

Housed in see-through apartments, most of its outlets in Lagos are strategically located on major highways. Notable outlets in Lagos include Awolowo road in Ikoyi, Ajose Adeogun, Saka Tinubu located on the Victoria Island, Ajah on the Lekki-Epe Expressway, Yaba, Magodo, Ilupeju, Apapa, and Ikorodu just to mention a few.

While Domino’s Pizza is not the first pizza delivery service to enter the Nigerian market, South Africa’s Debonairs Pizza brand expanded into the market a few years earlier, however, Domino’s seems to be expanding faster and gaining a larger market share in that segment.

According to the CEO Eat ‘N’ Go Restaurant Group franchise owner for Domino’s in Nigeria, Jean-Claude Meyer, the group is dedicated to bringing the best Food and Beverage brands and concepts to the Nigerian market.

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No doubts Nigerians are lovers of spicy and tasty foods, and one of the strategies that have worked for Domino’s is its ability to adapt its menu to popular local tastes in the Nigerian market. It has introduced new offerings such as Jollof rice, a popular West African dish, as a pizza topping and also the Chicken Suya Pizza.

In its six years of operation, Domino’s has also added an Ice-cream parlor chain, Coldstone Creamery and also recently introduced the popular frozen yogurt brand Pinkberry to its offering.

Improving on its local supply chain

Introducing new taste and products into the Nigerian market comes with a huge opportunity, however, this also comes with its own challenges such as educating your new customers on how these international brands offer edible food and suitable alternative for their meals.

Another challenge of being a first mover in the Nigeria market means that these companies become responsible for developing the industry that surrounds them.

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According to the management of Domino’s the high cost of importing ingredients into the country has forced the company to invest in developing the local supply chain in order to get the ingredients required to make the products for Domino’s Pizza and Coldstone Creamery menu.

In addition to the cost of developing the local supply chain, Domino’s Pizza and Cold Stone Creamery just like other QSRs, continue to face a high cost of electricity and have to invest in backup generators, boreholes and water treatment facilities in all their stores.

Whatever Domino’s Pizza is doing to maintain that ‘newness’ for the past six years needs to be sustained or it might soon go the way of Mr. Bigg’s and others.

 About Domino’s Pizza

It was founded in 1960, and was recognised as the world leader in pizza delivery.  Domino’s is listed on the New York Stock Exchange (NYSE) under the symbol “DPZ.” It operates a network of 9,924 franchised and Company-owned stores in the United States and over 70 international markets.

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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Business

Hyundai and Kia to set up an assembly plants in Ghana by 2022

The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

Why this matters

More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

SSKOHN

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Business

Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

What the Minister said

“On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

“But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

The new passport process

The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

“When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

What you should know 

  • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
  • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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