Nigeria’s increasingly affluent middle class, growing urban population, and tech-savvy generation are driving the country towards a technological revolution. One sector that’s reaping the benefits of this shift is the thriving food delivery market. Nigerian households, which already spurge about 60% of their income on food – a global record, could create a food delivery market worth a staggering $2-3 billion by 2032. Here, we explore seven striking insights on this blossoming industry.
1. A Fascinating Food Habit
Nigerians love their food, so much so that their expenditure on their beloved cuisine surpasses international standards. The average Nigerian household spends a whopping 60% of income on food – the highest in the world.
2. A Rising Trend Of Online Shopping
The penchant for digital shopping is rapidly expanding across Nigeria. This cultural shift, leveraged with a food love, is fueling an unseen consumption pattern that targets quick, convenient, and quality meals right at the doorsteps.
3. The Immense Market Potential
Based on Nigerians’ food buying habits and online shopping spree, economists believe the country’s food delivery market could blossom, reaching a valuation between $2 billion to $3 billion by 2032.
4. Urbanisation Fuelling The Demand
The swelling urban class and intensified digitization among them pave the way for the boom in food delivery services, making it a promising business venture in Nigeria.
5. A Gateway To Employment Generation
Nigeria’s food delivery market will not just touch the sky in monetary terms, but will also be a giant leap towards getting more people into the employment fabric – from delivery personnel to tech support.
6. Increased Investments
Glimmers of these trends have lured an array of both national and international investments into Nigeria’s food delivery market, bolstering its evolving entrepreneurial ecosystem while bringing the 2032 forecast closer to reality.
7. Future In Pandora’s Box
If trends continue, experts believe the food delivery market has the potential to revolutionize Nigeria’s entire food sector, perhaps even altering the way Nigerians shop, cook and eat.
The Nigerian food delivery market presents a blend of cultural, economic, and technological factors, steadily gearing up to take the world by storm. The next decade will be crucial in confirming whether this potential will unfurl into a groundbreaking reality.
Credit: BBC. TechCrunch, Reuters
