PROSPECTS AND CHALLENGES OF FRANCHISED BUSINESS IN NIGERIA: A LEGAL APPROACH

Abstract

Nigeria is a fertile ground for franchised business given its huge population. Nigeria harbours entrepreneurs with tested business acumen, instant brand credibility, and connections to existing marketing and distribution channels. Franchising offers both promising prospects and significant challenges, as it has shown that it has contributed greatly to economic growth, job creation and increase in annual revenues. However, in Nigeria, franchising is not without challenges which include poor infrastructure, foreign exchange risk, high operating cost, limited access to finance, inability to have a comprehensive regulatory framework and low awareness about franchising among potential investors. This study examines the prospects and challenges of franchising in Nigeria.