[Interview] Odimbite Odimbite, Co-Founder, MetroDelight Foods, Nigeria
Odimbite Odimbite is Co-Founder of MetroDelight, a fastfood chain in Lagos, Nigeria. His interview with Africa Business Communities:
Would you please introduce MetroDelight?
MetroDelight Foods Limited is a one-stop Quick Service Restaurant (QSR), a fast food chain established in Lagos, Nigeria. We hygenically make and sell nutritious home grown and tasty continental meals, African foods, snacks and confectioneries as eat-in, take-away or event venue deliveries format. Our ambience is created to accommodate children, adults and families.
In which industries does MetroDelight operate and who are your clients?
MetroDelight Foods operates in the Quick Service Restaurant sector of the Hospitality & Restaurants industry. Our clients are anyone that is hungry or will be hungry! Specifically though, we cater to individuals, families, corporates, governments, religious organizations, et cetera. Events, parties, weddings, meetings, house warmings, birthdays and trainings, you name it.
Why was MetroDelight started?
I grew up with relatives and I learned to cook different kinds of dishes from them, as well as shopping for the ingredients from various markets. Thus trained, I ended up enjoying shopping, cooking and eating high quality balanced meals which is what we brought into MetroDelight Foods. Founding this company chain was like taking what I had previously done into a bigger scale to benefit the larger society.
Secondly, I like businesses that have everyday relevance to societal basic needs and MetroDelight's QSR business model falls into this category. I enjoy having a treat of quintessential meals regularly.
What did you do before starting MetroDelight?
I started my career journey working for Multinationals like Sterling Health, GlaxosmithKline, GNLD International, MTN in a variety of roles, as well as NGOs. My background in manufacturing, quality management, Sales, Marketing, Human Resources, Operations, Supplychain and Strategy Consulting has been deployed in starting and running MetroDelight. There is a huge difference between working for a company and being an enterpreneur, employing staff, meeting the needs of various stakeholders and working the dream. It is worth the while especially when the passion is there.
What other companies/organizations have you founded?
Pyramid Networth Company was a Company we formed some years ago as a work-based investment club where we pulled resources to invest in the capital market. This offered me an opportunity to understand the fundamentals of investing and wealth building. We developed our own investment appraisal techniques which we used for buying and selling stocks. These techniques we saw later, work in any country and stock market anywhere in the world.
We began training our members, staff of other companies and interested groups willing to come together to form and run investment clubs whether work-baed or otherwise. We were so successful that within 15months the company assisted members set up personal investment accounts as well as other fringe benefits which accrued.
What can be done by entrepreneurs and government to stimulate the business environment in Nigeria?
Governments in Nigeria need to create enabling environments to encourage MSME business owners. Provision of critical infrastructure like power is critical. Over half of new businesses die within their first one year due to energy crisis and other issues. Multiple taxations abound and government officials are sometimes perceived as trying to discourage new businesses rather than nurturing them. Some form of reliefs could help businesses within the first three years of operations which will help start-ups stabilize.
Also, entrepreneurs need be patient as they step out to work their businesses. The road will not always be smooth. We must constantly innovate, search for new systems and new markets to stay ahead of the game. We must be courageous to change what isn't working and build on what works. Sometimes, an entrepreneur may feel like quitting but perseverance into the future will prove venturing out has great rewards.
Do you think women entrepreneurs typically have a harder time accessing loans through traditional bank channels?
Accessing funds through the traditional bank channels is a hurdle everyone including women face. Women may be more vulnerable in a male dominated industry with fierce competition in being able to access funds. A banker wants to see the financials, business plans and management capacity to part with funds and every loan applicant has to prove their case to obtain funding. However, some women have great abilities to raise funds even where it appears almost impossible. They've got impressive persistence and drive to succeed.
What can you say about the targets, plans and ambitions of MetroDelight for the rest of 2015?
MetroDelight Foods Limited has ambitious growth plans for the next few years. This year 2015, our plan is to double our current market share and build another outlet in Lagos. Major offline marketing campaigns to increase brand awareness is also in the works. We are open to having investors or partners to accelerate these goals as they partner with us.
Do you believe Social Media and the Internet to be a plus to the business environment, as it applies to your industry?
Ignoring social media and the internet in this century is a costly mistake a business shouldn't make. MetroDelight Foods Limited uses the social media and website for her marketing campaigns. Online customer engagement is an important revenue channel. In the QSR industry, over 18% of revenue can be linked to social media and internet activities. We are poised to take greater advantage of this channel in the coming months.
What expectations do you have for Nigeria's economy in the second half of 2015?
My expectations hinge on stable political environment with taming of corruption by the new government. We expect a stable exchange rate, improved power supply, enhanced agricultural produce as these form bulk of our inputs into our production process and security of lives and property.
We anticipate improved access to funds by MSMEs in order to increase production capacities and create more jobs.
Which African countries will perform best in 2015?
By my assessments, I will say Nigeria South Africa and Morocco. Nigeria has successfully navigated heat soaked general elections with new leadership committed to change now in office. This means there would be reduction in cost of governance, increased fight against corruption, blockage of wasteful loopholes and transperency in doing business. These should translate to increased GDP and economic prosperity.
South Africa has grown multinational businesses across Africa and stable government will improve economic prowess. Recent xenophobic issues will create internal shifts that will boost local activities and tame unemployment.
Morocco is positioning her economy as manufacturing hub of Africa. The upside potential is increased FDI, giant multinational manufacturers will begin moving from India and China. The Moroccan economy will bloom. Morocco will become the "African China" in the next few years once the tempo is maintained.
Africa Business Communities is conducting a series of interviews with CEO's and high-end professionals in Africa. Are you interested in an interview? Please send an e-mail to Andrea Ayemoba: andrea@africabusinesscommunities.com