A Nigerian company, First Class Refreshment Limited, has entered into a franchise partnership with Saudi Arabia’s Silk United Company to market and distribute Saudi-manufactured products in Nigeria from a Lagos-based operation.
Disclosing the development in a statement on Wednesday in Kaduna, the Chief Executive Officer of First Class Group, Dr Shuaibu Burji, described the agreement as a significant milestone in the company’s international expansion drive.
He said the franchise deal, executed in Riyadh, authorises the Nigerian firm to adopt and operate Silk United’s business model in Nigeria, with Lagos designated as the centre for marketing, distribution and trade facilitation activities.
According to Burji, the partnership would enable First Class Refreshment to promote and supply a range of high-quality, non-oil Saudi products to the Nigerian market, while also managing logistics, customs clearance and market access for businesses and consumers.
He noted that the collaboration is expected to enhance Nigeria’s import-export value chain by improving access to internationally certified products, increasing trade efficiency and boosting consumer confidence.
Burji stressed that the development aligns with President Bola Tinubu’s economic aspiration of building a one-trillion-dollar economy by 2030.
He added that as a certified Authorised Economic Operator, First Class Refreshment is well positioned to scale its operations beyond Nigeria.
The CEO explained that the company also plans to export locally produced Nigerian snacks to international markets, deepen bilateral trade relations and support economic diversification efforts.
Burji further stated that the initiative complements Saudi Arabia’s Vision 2030 agenda by encouraging non-oil trade and establishing a sustainable commercial link between Nigeria and the Kingdom of Saudi Arabia.
With the Lagos office expected to commence operations in the coming months, the partnership is projected to open new opportunities for cross-border commerce and reinforce economic cooperation between both countries.