Nigeria’s food service industry is booming, thanks to a new breed of tech-savvy entrepreneurs. The country’s love of food, along with the growth of internet ordering and food delivery services, has resulted in a significant business opportunity. Quick Service Restaurants (QSRs) alone accounted for more than half of the industry in 2023, as residents of cities such as Lagos grew increasingly reliant on convenient, affordable meals. The industry is presently valued at more than $10 billion and is expected to reach $17 billion by 2029.
This expansion is not happening by chance. It is powered by Nigeria’s vast population, which spends over 60% of their income on food, as well as the growing need for fast, convenient food delivery services. Let’s look at seven young entrepreneurs who are shaking up Nigeria’s expanding food business.
Oscar Pierre – Co-Founder and CEO of Glovo
Oscar Pierre, a non-Nigerian, has significantly impacted Nigeria’s food delivery sector with his company Glovo. Glovo, which launched in 2014, allows consumers to get meals, groceries, and even medicine delivered directly to their door. Under Oscar’s guidance, Glovo has expanded to over 500 cities worldwide, including major cities in Nigeria. The company’s success stems from delivering more than simply meal delivery, broadening its services to fulfill all types of on-demand need.
Henry Nneji – Co-Founder of FoodCourt
Henry Nneji is a co-founder of FoodCourt, a firm that allows customers to order meals from various restaurants in one transaction. The concept behind FoodCourt is simple: provide more variety and flexibility when ordering food.
FoodCourt joined Y Combinator, a worldwide accelerator program, in 2021 and has been progressively increasing its footprint in Nigeria’s meal delivery sector since then.
Tosin Onafuye – Co-Founder of ChowCentral
Tosin Onafuye co-founded ChowCentral with the goal of developing virtual restaurants that operate from existing kitchens. This enables the organization to serve high-quality meals without incurring the costs of a real restaurant.
ChowCentral has already generated $105,000 in monthly revenue since its inception in 2022, focusing on authentic West African foods. Tosin’s ability to blend technology with traditional cuisine distinguishes him in the culinary market.
Babafemi Aluko – Co-Founder of Chowdeck
Babafemi co-founded Chowdeck in Lagos in 2021, with the goal of improving food delivery speed and efficiency. He previously worked in technology for years, notably as a Senior Software Engineer at Paystack. Chowdeck immediately became famous by linking clients with their favorite local and international restaurants.
Within six months, the platform had delivered more than 80,000 meals. Chowdeck just raised $2.5 million in venture capital to expand its presence in Nigeria, making dining even more easy for clients.
Guy Futi – Co-Founder and CEO of ORDA
Guy Futi founded ORDA in 2020 with a single purpose in mind: to help African food merchants improve their companies using technology. ORDA offers technologies that help restaurant operators streamline their operations, from menu administration to delivery logistics.
Guy’s previous executive roles at Jumia, as well as his education at Oxford and Harvard, have helped him lay a solid basis for ORDA’s success.
Luther Lawoyin – Founder of PricePally
Luther Lawoyin founded PricePally in 2019 to address a prevalent issue in Nigeria: high food prices. PricePally connects clients directly with farmers and wholesalers, allowing them to buy in bulk and save money.
This benefits both consumers and farmers by decreasing food waste and assuring faster sales. Luther’s creative business concept has established PricePally as a game changer in Nigeria’s supermarket market.
Yinka Adewuyi – Co-Founder of GoLemon
Yinka Adewuyi is the brains behind GoLemon, an online grocery delivery service that will begin in 2023. With a background in product management at Paystack, Yinka applied his computer experience to the grocery market, allowing Nigerians to purchase from the comfort of their own homes.
GoLemon works directly with farmers and suppliers to ensure fresh and cheap groceries for Lagos people. GoLemon generated N150 million in sales in just four months, demonstrating its popularity.
