Nigeria’s food service industry is expected to reach $19.31 billion by 2030, driven by the rapid adoption of digital payment solutions and technology-enabled business operations, a new report by fintech firm Moniepoint has revealed.
The report projects that the industry will grow from $11.09 billion in 2025, with digital innovation playing a key role in improving efficiency and expanding business opportunities across the sector.
According to the report, the introduction of real-time payment systems has helped address challenges such as delayed settlements, cash theft, payment confirmation issues, and limited access to credit, enabling food businesses to operate more efficiently.
Commenting on the findings, Moniepoint Group Chief Executive Officer, Tosin Eniolorunda, said digital payments have become an essential part of modern food service operations, supporting inventory management, procurement, business growth, and financial planning.
The report further noted that the industry has evolved beyond conventional restaurants to include food delivery platforms, cloud kitchens, and other technology-driven food businesses. It added that digital transaction records are improving access to financing by providing lenders with credible business data.
It also revealed that women own 86.8 per cent of businesses in Nigeria’s accommodation and food services sector, while quick-service restaurant terminal usage has risen by 2,823 per cent, reflecting the growing adoption of cashless payment systems. Visit www.jocomms.com for more news.
