Stakeholders task FG on franchising opportunities for economic growth

Stakeholders have urged the Federal Government to tap franchising opportunities to grow the country’s economy.

This was disclosed during a stakeholders engagement announcing the African Caribbean Franchise Exhibitions 2025 scheduled to hold on July 3 to 5 at the Lagos Continental Hotel.

Sam Ohuabanwa, founder and former chief executive officer of Neimeth Pharmaceutical, criticised Nigeria’s slow response to trade and franchising opportunities, warning that the sluggishness is undermining its broader African and Caribbean trade ambitions.

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Ohuabunwa, a former president of the Pharmaceutical Society of Nigeria, expressed concern over what he described as a lack of urgency and official commitment from the government towards unlocking economic growth through innovative trade partnerships and franchising.

“There seems to be a reluctance on the part of the government, a partner that must be dragged into conversations on how to grow the economy and exploit the opportunities around us,” Ohuabunwa said.

He added that there is insufficient policy focus on areas like franchising, which he described as a powerful mechanism for economic growth.

Ohuabunwa urged Nigeria and other African governments to do more in engaging with the private sector to fill critical gaps in local production and services by partnering with foreign counterparts that have comparative technological or industrial advantages

“We must seek out products, services, and technologies that we are unable to produce in sufficient quantities and collaborate with those who can help us bridge that gap. At the same time, we must identify areas where we have expertise and a competitive edge and proactively push these into new markets,” he said.

Meanwhile, he called for a structural shift in government thinking, urging it to invest more strategically in franchising and trade-related sectors.

According to him, economic transformation cannot occur without investment, as investments lead to business growth, job creation, and ultimately, poverty eradication.

“No economy grows without investment. It is businesses that create jobs, and jobs generate wealth. Without understanding this cycle, it will be very difficult for Nigeria to achieve meaningful economic growth.”

He also urged African and Caribbean countries to deepen collaboration by leveraging shared cultural and historical ties.

Shawna Rollins, a partner and Franchise owner at Caribbean Island speaking at the event, urged collaboration and shared values between both contents to deepen trade growth.

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“Excited to bring together the franchising between these two regions. Our ways of life is intertwined with each other. We are doing more than business. The Caribbeans look to Africa, which is home to millions with an increasingly young population”, Rollins said.

She explained that she looks forward to seeing Caribbean companies establishing Fintech companies and other businesses in Africa while Africa replicate that in the Caribbean region.