Chicken Republic, one of Nigeria’s most recognized fast food brands out-performed its competition in 2023. The quick service restaurants (QSR) recorded the most sales of any fast food chain in the West African country. The company did this despite the rising inflation Nigeria experienced last year.
- Chicken Republic leads Nigeria's fast food market with a record-breaking N60.9 billion in sales.
- Strategic partnerships with delivery service Glove and enticing promotions fuel Chicken Republic's success.
- Despite economic challenges and rising inflation, Chicken Republic maintains dominance.
Data from Euromonitor International, a global market research provider, as seen in BusinessDay revealed that Chicken Republic had the highest sale value amongst its competitors at N60.9 billion. Sweet Sensation comes second with N4.58 billion, next is Mr Bigg’s at N2.68 billion.
“The Nigerian limited-service restaurant category is highly fragmented. We are seeing different brands focus on deals and promotions to boost their sales. For example, Chicken Republic offers ‘buy one get one free’ meals to entice consumers,” Thomas Verryn, senior research manager at Euromonitor International, said.
He also disclosed that Chicken Republic’s partnership with the delivery service, Glove contributed to the company’s profit margin, given Glovo’s efficient delivery system.
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Chicken Republic was founded by Deji Akinyanju in Nigeria in 2004. It specializes in chicken recipes, particularly fried chicken. It launched its first chain in the country's capital city, Lagos, and has since expanded to over 150 locations between Ghana and Nigeria. The business is a division of Nigerian food-based enterprise Food Concepts Plc.
According to the Association of Fast Food and Confectioners of Nigeria, the Nigerian food business is one of the best-performing in the nation and is said to be valued at over N1 trillion.
The report from Euromonitor International also revealed that the volume of sales from restaurants rew from the year prior. 2022 volume came in at 86.7 million, while 2023 saw a total of 87.8 million, while the value grew by 10.4 percent to N260.5 billion.
“Low consumer purchasing power impacted sales transactions in 2023, forcing most chained quick service restaurants to offer deals and promotions. Chicken Republic, for instance, is offering ‘buy one get one free’ meal deals, while Mama Cass is offering a 20 percent discount on various meals,” the report said.
