BY: ONOME AMUGE
The National Office for Technology Acquisition and Promotion (NOTAP) is collaborating with local technology firm, DALOKS Technoserve, to build franchises for Small and Medium Enterprises (SMEs) in Nigeria and promote their business brands in the country and the world.
DanAzumi Mohammed Ibrahim, director general of NOTAP, at a recent workshop in Abuja on “Franchising and Small and Medium Enterprises”, explained that franchise will help Nigeria diversify its economy and present a lot of opportunities for the youth.
Ibrahim noted that NOTAP has made a survey about Nigerian cuisine, and identified those that can be transformed into franchises, which the government has standardised.
According to him, Nigeria has to diversify its economic base as there are lots of opportunities in franchising which will boost SMEs contribution to the country’s gross domestic product (GDP).
“We have facilities that will project the Nigerian cuisines outside the country and that is another way of bringing in foreign exchange in the country. There are so many franchises that can come up within the nation and we can export them outside the country.
“So, essentially we are diversifying from crude oil to non-oil sector and franchise is one of the critical projects that we have to encourage young talented Nigerians,” he said.
Chuks Nwanodu, managing director, DALOKS Technoserve, said the partnership with NOTAP gives opportunity to individual companies to showcase their capacity and also enable small businesses to grow.
Nwanodu added that the government, through NOTAP, is trying to encourage young Nigerian businesses to grow bigger and higher and spread their tentacles using their franchise, which they can sell to others while still retaining their foundational brands.
Margaret Olele, chief executive officer and executive secretary, American Business Council, in her presentation titled, “Franchise As Business Growth Accelerator”, noted that small businesses can grow and add to the economic growth of the country through franchise.
Olele, however, called on the government to have a clear franchising policy to ensure sustainable growth.