Burger King Shows Interest in Nigerian Market
American global chain of hamburger fast food restaurants, Burger King has revealed plans to enter into the Nigerian market, as it looks to expand outside the United States.
The Chief Executive of Restaurant Brands International parent company of Burger King, Daniel Schwartz said the company will leverage on the huge population of the Nigerian market, which has about 190 million people with an average age of 18, a burger loving age.
In the last quarter, Burger King accounted for about two-thirds of Restaurant Brands International’s $8 billion in sales. The fast food chain has also embarked on an aggressive increase in the number of its outlets across the globe.
As at the end of September, it has more than 17,000 restaurants with just 7,300 of this in the United States.
Burger King is driven by modern lifestyle, changing food habits and increasing disposable income in the hand of middle-class people. The rapid growth of population and increasing urbanization is one of the major growth drivers.
A study by Euromonitor revealed that the global fast food market grew 4.9 per cent to $708 billion in 2017. However, if the global fast food chain decides to enter the Nigerian market, it should be ready to face stiff competition against local food chain outlets.
In Nigeria, there is a growing battle between traditional food outlets like Mr. Biggs, Sweet Sensation and Tantalizers and new entrants such as KFC, Spur, and Ocean Basket.
Burger King was founded in 1953 and focuses on providing ready to eat food such as salad, chicken and burgers.