Stakeholders have called for the establishment of National Council to oversee the activities of franchise in Nigeria, adding that the council shall represent the interest of the stakeholders at all levels.
Penpushing reports that,the call was contained in a communiqué issued by Eddy Aina(Moderator), Beere Ayodele Mujidat Balogun (Rapporteur) and Dimeji Kayode-Adedeji(Rapporteur) at the end of a symposium organized by the International Franchise Association held on Thursday, February 18, 2021 at Park Inn Hotels, Abeokuta, Ogun State Capital, Nigeria.
The meeting also resolved that there is the need for a legal framework for franchising in the country, adding that its high time for stakeholders to come together on a platform for a common course.
Penpushing further reports that, the communiqué noted that, franchising is needed for the growth of Small and Medium Enterprises (SME’s), stressing that there should be a law to regulate franchise business in Nigeria, as well as the need for orientation and re-orientation particularly for the youths.
The communiqué said franchisees must be conversant with the environment and also needed adequate awareness, pointing out that franchise mechanism is all about business capable of providing jobs for the youths and women.
The participants said this requires the applications of normal business principles such as good management, informed decision making, hardwork, time management, having enough money and serving the customers.
The symposium called for government involvement, and equally informed that franchise is a good replacement for stock market, emphasizing that franchise reduces youths idleness-engages them and prevents them from protests such as the protest against police brutality saga.
Penpushing also reports that, the communiqué pointed out that, franchise is a field that is important to facilitate easy business and its success, adding that it drives economic outlook and is a veritable tool for foreign direct investment.
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