Nigeria’s Food Services Industry to Hit $19.3bn by 2030

Nigeria's vibrant food services sector is poised for significant expansion, projected to hit $19.31 billion by 2030, according to a new industry study by Moniepoint. The sector is expected to grow at an average annual rate of 11.73% over the next five years, fueled by rapid digitalization, the integration of financial services, and evolving consumer habits.

Technological advancements have been pivotal in transforming the industry, tackling long-standing issues such as delayed settlements, payment confirmation bottlenecks, operational inefficiencies, and limited access to credit. The emergence of food delivery super-apps and a new wave of cloud kitchens operating without physical dining spaces have further accelerated this evolution. Food and beverage businesses now represent the second-largest merchant category on Moniepoint's platform.

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Moniepoint believes financial inclusion is not just about access. It’s about dignity, about enabling people to transact on their terms. What’s happening in the food service sector today is significant. The real competitive question today is how deeply that payment infrastructure is woven into the way the business actually runs day to day.

Tosin Eniolorunda, Group Chief Executive Officer of Moniepoint, highlighted that the future of competition in the food service industry will hinge on the deep integration of payment infrastructure into daily business operations. "The real competitive question today is how deeply that payment infrastructure is woven into the way the business actually runs day to day," he stated. Moniepoint aims to provide a digital operating system for these culinary entrepreneurs, connecting payments to inventory, procurement, credit, and growth plans, thereby driving sustainable scale for Nigeria's socio-economic development.

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Moniepoint is sitting right at the centre of that shift. We are ensuring that payments are connected to inventory, inventory to recipes, recipes to procurement, procurement to credit, and credit to growth plans. By building out tools like Moniebook and Orda that match the operational reality of these culinary entrepreneurs, who act as mini-factories converting perishable raw materials into time-sensitive output, we are providing the digital operating system that drives sustainable scale for Nigeria’s socio-economic development.