From iOL

Moving to Nigeria’s oil industry hub more than 10 years ago, investment banker Ebele Enunwa was upset by a lack of places he wanted to eat.

To tackle the problem, he raised $1 million (R10.7m) from banks and friends to open a chain of fast-food outlets called Kilimanjaro. Now, rivals including Yum Brands, Domino’s Pizza and Johnny Rockets International are following suit and opening outlets.

The chains are entering an industry that has grown more than 10 percent a year this decade despite operating in a nation where chicken imports are banned, power supply is unreliable and a meal costs more than most people make in a day.

Outside of the business hub of Lagos, “the fast-food industry is seriously underserved,” Enunwa said.

Global growth has been key for Yum. The KFC owner gets about a quarter of its revenue from its international business unit and posted sales growth from the unit that was twice as fast as the whole last quarter.

KFC, which sells Nigerians fish burgers and vegetable fried rice in addition to the chicken that made it famous, is now the biggest international rival, having opened 25 restaurants since entering Nigeria in 2009. Domino’s and Cold Stone Creamery followed in 2012 and now plan to add about five outlets a year across the country.

Written by Chris Kay/Read more at iOL