Nigeria's Food Services Industry to Reach $19.3bn by 2030

Nigeria's food services industry is expected to grow to $19.3 billion by 2030, up from an estimated $11.09 billion in 2025, with an average annual growth rate of 11.73% over the next five years. This growth is attributed to rapid digitalization, embedded financial services, and changing consumer behavior, as outlined in a report titled "Take Feed Nigeria Everyday Payment Story Behind It" by Moniepoint.

The report emphasizes the importance of digital payment infrastructure and food delivery platforms, including cloud kitchens, in transforming the industry. Tosin Eniolorunda, the Chief Executive Officer of Moniepoint, stated that the next phase of competition in the food services industry will depend on the integration of payment infrastructure into business operations.

The report also highlights the evolution of Nigeria's food services industry over the past four decades, tracing its development from the launch of Mr. Bigg's in 1986 to the rise of quick-service restaurant chains like Chicken Republic.