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Business Economy Headline News Nigeria

Group seeks legislative backing for franchising

The meeting was organised by the Nigerian Economic Summit Group in collaboration with the German Cooperation in Nigeria, GIZ. Photo: Annabel Nwachukwu

Stakeholders at a public-private dialogue on franchising have called for the passage of legislation to govern the business model’s operation in order to boost investor confidence.

The practise of franchising allows an individual or group to market or distribute an existing brand.

A franchise bill 2022 was already before the Senate to create a framework for franchising regulation in Nigeria, Mr. Nnanna Ude, a board member of the Nigerian Economic Summit Group said.

He cited data from the National Bureau of Statistics indicating that average prices of goods and services were rising, the trade balance was in deficit, and foreign investment inflows were declining despite 3.2 percent GDP growth in the first quarter of the year.

Mr. Ude stated that for the economy to achieve meaningful growth, the right policies must be developed to improve the business environment and achieve global competitiveness.

Head of Programme, Pro-Poor Growth and Promotion of Employment in Nigeria-SEDIN GIZ, Mr. Markus Wauschkuhn, said the dialogue would address issues affecting the implementation of the business model, emphasising its benefits.

Reporting by Annabel Nwachukwu; Editing by Saadatu Albashir