Current annual market size for franchising in Nigeria from all industry sectors is put at $1.5 billion (N223.7 billion) approximately, according to industry and market analysts, in a report by the US Commercial Service in Lagos.
The analysts say fast-food franchise accounts for $200 million and that fast-food market potential is above $550 million. The report says Nigeria offers the US franchisors a large pool of potential franchisees for international master franchise and area development agreements, that it could offer a return on investment difficult to exceed anywhere else. Nigeria has a viral, highly mobile, easily trainable and adaptive private sector, a key factor in determining market readiness for international master franchise and area development agreements, the report states. It lists the most promising sectors as including fast food and beverages, hospitality, educational services and training, management and business consulting, cleaning and environmental management, business support services, estate management, health and beauty clinics etc.