Nigeria's Food Service Industry to Hit $11.09bn by 2025

According to a report by Moniepoint, Nigeria's food service industry is expected to reach a market size of $11.09 billion by 2025, demonstrating resilience amid persistent inflation and rising operational costs. The report attributes this growth to sustained consumer demand for food and the rapid adoption of digital payment solutions, which enable restaurants and food vendors to improve operational efficiency and expand their customer base.

Despite challenges such as high food prices and reduced purchasing power, digital payment infrastructure is transforming Nigeria's food service industry by replacing traditional cash transactions with faster, safer, and more reliable payment systems. The report also notes that the online food delivery market in Nigeria is estimated to be worth $1.04 billion by 2024.

However, financial analyst Olumide Harris cautions that macroeconomic stability will be crucial for the sector to maintain its growth momentum, as businesses continue to face pressure without improvements in real income.