In a bid to arrest unemployment, and boost the local economy, the Franchisors and Distributors Forum (FRANDIS) has introduced new MSMEs franchises, developed through the Lagos MSMEs Franchise Framework Initiative.
The Initiative, which was launched in December 2022 and developed in 2023 as part of the expansion of the Lagos MSMEs franchise network, is a strategic move expected to create numerous job opportunities across the state.
The partnership is expected to create between 600 to1500 jobs in 18 months.
The Lagos State governor, Babajide Sanwo-Olu has declared his support for the Initiative partnership.
The governor’s support is a testament to his commitment to fostering economic growth and reducing unemployment among the youth.
The initiative will provide a platform for aspiring and women entrepreneurs and contribute to job creation, stimulating economic activity and increasing the per capita of Lagosians in the communities where these businesses will be situated.
“We are excited about the potential of these Lagos MSMEs Franchises to create jobs and stimulate local economies.
“Our goal is to empower local entrepreneurs, create new businesses, create new women businesses, create sustainable jobs, transform Lagos MSMEs into global brands, and contribute positively to the per capita of Lagosians,” said Mr Tayo Adedugbe, Founder of FRANDIS Forum.
According to Adedugbe, FRANDIS Forum has helped provide access to capital worth over 300 million naira to the MSMEs through its partnership with the Bank of Industry, strengthened the MSMEs in accessing thousands of dollars in grants and it is projected that the MSMEs will generate over 2 billion naira in revenue in 18 months.
He also disclosed that there had been interest from potential partners from Africa, Europe, and America, but the invitation would soon be extended to new potential franchisees and distributors in a few weeks so as not to miss out on a proven investment with guaranteed returns, especially in 2024.