Reinventing Business Growth through Franchising in Developing Economies: A Study of the Nigerian Fast Food Sector

Abstract

Business generation has taking a new dimension in the developing Nations considering the inflow of Foreign Direct Investment (FDI) through the process of Franchising. This study therefore examines the place of Franchising in the developing economy with emphasis centered on the Nigerian fast food sector. The study was conducted in different parts of Nigeria with the use of research questionnaire and observation to gather relevant data that was statistically analyzed. Franchising was generally accepted in Nigeria and yielded good profits for the local operators. Thus, franchising in the Nigerian fast food sector is a booming business that is meeting the need of Nigerians in terms of job creation and revenue generation. In view of this, we recommended that the government should strengthen the Nifa and NOTAP toward effective and efficient regulations and that more foreign fast food should take advantage of the Nigeria marketing environment to boost competition.