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

Nigeria’s food services industry is projected to nearly double in value over the next five years — from an estimated $11.09 billion in 2025 to $19.31 billion by 2030 — according to a new study by fintech company Moniepoint titled “What it Takes to Feed Nigeria Everyday.”

The report forecasts average annual growth of 11.73 per cent, driven by the expansion of digital payment infrastructure, the rise of food delivery platforms and a new generation of cloud kitchens that operate without physical dining spaces.

Tracing the sector’s evolution over four decades, the study highlights how technology has chipped away at long-standing operational headaches: settlement delays, payment confirmation bottlenecks, leakages and poor access to credit. Food and beverage businesses have now become the second-largest merchant category on Moniepoint’s platform, behind only retail.

Moniepoint Group CEO Tosin Eniolorunda argues the next phase of competition will be decided by how deeply payment infrastructure is woven into daily operations — connecting payments to inventory, inventory to recipes, and procurement to credit.

For entrepreneurs and investors, the message is clear: food services is one of Nigeria’s fastest-compounding consumer sectors, and the digital rails underneath it are where the margin battles will be fought.

Source: ThisDay