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Business

Nigerian retail industry can’t grow without proper franchise system – CIG boss

CIG boss has stated that Nigeria has a growing market for franchising and franchise development services.

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The Choice International Group (CIG) has emphasized the need for operators in the Nigerian retail industry to embrace retail franchise in order to grow the industry.

The CIG Chairperson, Diana Chen, admitted that Nigeria has a growing market for franchising and franchise development services, but insisted there is more ground to cover for the sector to compete favourably with its counterparts.

She said, “The Nigerian retail industry is a leading sector with the best franchising opportunities after the food segment, and that is the reason it is  important for all operators to embrace the initiative and create wealth for Nigerians and curb unemployment.”

On the franchise initiatives introduced by her company, Chen explained that the company offers Nigerian community the opportunities to own Gree & Lontor retail stores.

According to her, Gree manufactures residential air-conditioner, while Lontor provides high-quality, energy-saving and convenient rechargeable home appliances and lighting products for global consumers.

She said, “Both brands have been built by the CIG into a world-class electronic retail chain in Nigeria, opening no less than 20 brand shops in Lagos and Oyo over the last 18 months.

“The sales performance of its existing stores in the country makes Gree & Lontor one of the most profitable businesses in Nigeria, with an average return on investment of 50% and above per annum.

“CIG is offering investors the opportunity to own any of its six regional logistics centres, or any number of Gree & Lontor brand shops in viable locations across Nigeria.”

Bottom line 

Investing in and owning a franchise is a great way to start a business in Nigeria with a certain guaranty of success. Potential entrepreneurs can leverage on the success of successful franchise in the country by buying into their brands.

Why it matters

If an entrepreneur is afraid of starting a business from scratch due to the heavy competition in the market, then it is discerning to consider investing in a franchise that is already experiencing success with their brand.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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