From Charity Nwakaudu, Abuja
The Director General and Chief Executive Officer of the National Office for Technology Acquisition and Promotion (NOTAP), Dr. Obiageli Amadiobi, has advocated Franchising as a sustainable business model for the South East entrepreneurs.
She made this call during a one-day sensitization and unveiling of the NOTAP Franchising Guidelines for south east stakeholders and entrepreneurs for a successful franchising business.
The DG who was represented at the event by its Head of Department Corporate Planning (CP) Department, Mr. Emeka Orji, said that franchising business model had globally been proven to be successfully sustainable due to low business risks associated with it.
She defines franchising as a contractual business relationship between a licensor (the franchisor) and a licensee (the franchisee) that allows the business owner to use the licensor’s brand and methods of doing business to distribute products or provide services to consumers. She added that in essence, the franchisee pays the franchisor for the opportunity to use his established business model and brand name in running his business.
Dr. Amadiobi said the essence of the workshop was not just organised to explore the possibility of adopting franchising as a strategic platform to transform local dreams into national and global business realities.
She described the programme as an opportunity for business owners and intending entrepreneurs from the Zone to latch into the huge and untapped potentials provided by franchising business models in becoming business and brand ambassadors.
With over 800,000 franchise establishments across the globe, generating trillions in revenue, she described Franchising as a pathway to economic empowerment.
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