In a strategic move, Bolt Food, the online food ordering and delivery platform, has decided to conclude its operations in the Nigerian market, ceasing food delivery services by December 7, 2023. The company, which initiated operations in Nigeria in 2021, cited business reasons for this decision.
In an official statement, Bolt Food expressed, “At this time, we have made the difficult decision to discontinue our food delivery operations in Nigeria due to business reasons. The decision to exit this market is necessary to streamline our resources and maximise our overall efficiency as a company.”
This move aligns with the company’s broader effort to optimize resources and enhance operational efficiency. Since its inception last year, Bolt Food has collaborated with over 10,000 restaurants in Nigeria, delivering more than one million meals. The platform has successfully onboarded 23,000 agents and 12,000 merchants.
Bolt Food initially entered the Nigerian market amid the heightened demand for food delivery services during the pandemic. It faced competition from local rivals such as Jumia Food and Gokada. Despite the initial challenges, Bolt Food expanded its footprint to various locations, including Ajah, Sangotedo, Festac, Satellite Town, Egbeda, and Ogba.
The platform’s decision to exit the Nigerian market comes at a time when it operates food delivery services in 16 countries and 33 cities globally. The move aims to enhance Bolt Food’s strategic positioning and ensure a more streamlined and efficient operational model.
The company’s departure from Nigeria raises questions about the dynamic nature of the food delivery sector and the strategic considerations that companies must navigate to thrive in competitive markets.