Chicken Republic Speaks on Nigeria’s Challenging Business Climate Amid Mass Exit Concerns

• The MD of Chicken Republic said the company has struggled for survival in its 20 years in Nigeria
• According to him, despite this, the company has managed to survive without compromising quality
• He said that understanding the Nigerian landscape along with all its complexities has helped in navigating the hurdles

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Chicken Republic's managing director, Kofi Abunu, has stated that despite several difficulties throughout the company's 20 years in business, it has persevered without sacrificing product quality.

He claims that Chicken Republic, which was positioned as a revolution in delicious chicken, entered the market as a challenger brand and opened for business about the time the military dictatorship in Nigeria ended.

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In an interview with newsmen ahead of the 20th-anniversary celebration, he said that the company changed its positioning to extraordinary chicken for extraordinary people as it continued to challenge the status quo.

Speaking on the challenges of doing business in Nigeria in the last 20 years, he said:

“There is a saying among Nigerian entrepreneurs that goes, ‘If you can do business in Nigeria, you can do business anywhere.’ Things are tough here, even on a good day. But as with all things, there is a bright side to this."

How the business survived

Abunu said in a DailyTrust report that several factors contributed to the company's expansion from a single store in Lagos to over 187 locations throughout 26 states.

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The MD claims that the company has an advantage over major international companies because it has a thorough understanding of Nigeria and its complexity while maintaining its ability to be adaptable and agile.

He added:

"Focusing on problems keeps you stuck in the past. However, when you shout ‘Nice Nice’ with a big smile on your face, that will surely brighten your day and invite good things to come your way. We believe that by embracing this spirit, Nigerians can find the resilience and optimism needed to overcome challenges and pursue their dreams.”

Speaking on the development, Charles Abuede, a financial analyst, said that the depicted scenario is indicative of various interconnected factors.

He said,

"Notably, the challenging business environment in Nigeria, characterized by unfriendly conditions due to multiple taxation issues, poses a significant obstacle to ease of doing business."

American company set to leave Nigeria

Legit.ng reported that the minister of finance, Wale Edun, has said that economic volatility is responsible for forcing 800 enterprises to close business in 2023.

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Edun disclosed this in Abuja on Tuesday, May 28, during the sectoral report celebrating President Bola Tinubu's first year in office.

The minister said the exit of the companies from Nigeria was not unexpected.

Source: Legit.ng