Bolt Food to stop operations in Nigeria

As from December 7, 2023, Nigerians will no longer be able to place food orders on the Bolt app as Bolt, the all-in-one mobility app, has decided to exit its food delivery service.

According to the company, the decision to shut down the service is in a bid to streamline its resources and maximise its overall efficiency. It would seem that Bolt would not be investing part of the €500 million it announced that it would be investing in Africa.

Bolt Food launched the food delivery service about two years ago in Nigeria and has been competing with likes of Jumia Food, Glovo, Chowdeck in most of the cities in the country.

Granted that companies have been facing a lot of challenges in the Nigerian environment ranging from rising fuel costs, rising inflation, managing customer expectations to limited coverage outside major cities, a recent IMARC report expects the Nigerian food delivery service market to reach US$ 1,719.4 Million by 2028, exhibiting a growth rate (CAGR) of 12.2% during 2023-2028.

ChowDeck, one of the major competitors in the market, recently claimed that it crossed ₦1 billion ($1.2 million) in monthly gross merchandise value (GMV) marking a 10x growth spurt for a company that reportedly crossed ₦100 million monthly GMV ten months ago.

Bolt Food is currently ten countries in Africa but this would be reduced to nine after it exits Nigeria.