On December 7, 2023, Bolt Food will be leaving the Nigerian market. They revealed this in a statement on Friday.
This decision is driven by business considerations, aiming to streamline resources and boost efficiency.
In March 2021, Bolt expressed interest in entering Nigeria’s food delivery scene, responding to increased demand during the pandemic.
Officially launching in October 2021, Bolt Food entered the competition with Jumia Food and Gokada in Lagos.
Expanding to areas like Ajah, Sangotedo, Festac, Satellite Town, Egbeda, and Ogba in April 2023, Bolt Food focused on affordability, variety, and service quality.
As they exit, efforts are in place to ensure a smooth transition for couriers and merchants.
While leaving the food delivery space, Bolt Food said it remains committed to other ventures in Nigeria.
The company will continue delivering quality services in different areas.
Valued at $834.7 million in 2022, the online food delivery market in Nigeria is predicted to grow at a rate of 12.2%, reaching $1,719.4 million from 2023 to 2028.
Facing competition from Glovo, Chowdeck, Buyfood, and Jumia Food, Bolt Food saw shifts, like Glovo partnering with Chicken Republic, affecting ties with Jumia Food and Bolt Food.
Challenges in the industry encompass managing expectations, food handling, market prices, and logistics.
Even with hurdles, the food delivery sector in Nigeria remains attractive, drawing in new customers seeking convenience and diverse food options.
