Online food ordering and delivery platform Bolt Food has reportedly decided to cease its operation in the Nigerian market.
The food delivery business, which launched operations in Nigeria in 2021, stated that it will be leaving the country for strategic reasons.
In its statement, the company said: “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.”
According to the Guardian.ng report, the company will be shutting down its food delivery operations in the region by 7 December 2023.
The move is part of the company’s efforts to streamline its resources and maximise its overall efficiency.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Since its launch in 2021, Bolt Food has partnered with more than 10,000 restaurants in Nigeria and delivered more than one million meals.
It is said to have onboarded 23,000 agents and 12,000 merchants.
The company entered the Nigerian market when the demand for food delivery services surged due to the pandemic.
When the company forayed into the country, it competed with business rivals such as Jumia Food and Gokada.
Later, the food delivery platform expanded its reach into other places in the country, including Ajah, Sangotedo, Festac, Satellite Town, Egbeda and Ogba.
Bolt currently offers food delivery services in 16 countries and 33 cities worldwide.