Nigerian Food Service Industry to Hit $19.31bn by 2030

The Nigerian food service industry is expected to grow significantly, reaching $19.31 billion by 2030, with an annual growth rate of 11.73%. This growth is attributed to a structural shift in the sector, including the emergence of food delivery super apps and cloud kitchens.

The industry has its roots in UAC's Kingswai and Mr. Bigg's, with Chicken Republic being a notable quick-service chain.

Tosin Eniolorunda, CEO of Moniepoint Inc, stated that financial inclusion is crucial for enabling transactions in the food service sector. The report highlights challenges such as payment infrastructure issues, which can lead to operational inefficiencies and stock discrepancies.

The introduction of bank transfers in 2010 created new challenges in confirming payments, especially during peak hours. The report also notes that women own 86.8% of businesses in the food service sector, underscoring the sector's female dominance in the Nigerian economy.