Key points
- Moniepoint estimates Nigeria’s food service industry reached $11.09 billion in 2025.
- Market projected to grow to $19.31 billion by 2030 at an annual rate of 11.73 per cent.
- Digital payments, cloud kitchens and delivery platforms are driving industry expansion.
- Instant payments and transaction-based lending are improving cash flow and access to finance.
Main story
Nigeria’s food service industry reached an estimated $11.09 billion in 2025, with digital payment infrastructure playing a major role in transforming business operations and supporting sector growth, according to a study by fintech company Moniepoint.
The findings were disclosed in a statement on Friday by Moniepoint Group Chief Executive Officer, Mr Tosin Eniolorunda.
The study projected that the market would expand to $19.31 billion by 2030, growing at a compound annual rate of 11.73 per cent, driven by wider adoption of digital payments, cloud kitchens and online food delivery platforms.
According to the report, the industry has evolved from cash-dependent operations characterised by payment delays, theft risks and limited access to credit into a technology-driven ecosystem supporting faster transactions, improved efficiency and business expansion.
The study traced the sector’s development from the establishment of Kingsway Rendezvous in 1973 and Mr Bigg’s in 1986 to today’s growing network of quick-service restaurants and digital food businesses.
It noted that food and beverage businesses now represent the second-largest merchant category on Moniepoint’s platform after the retail sector in transaction volume.
The report found that manual payment verification previously delayed transactions by between two and five minutes during peak business periods, while fragmented payment systems increased operational inefficiencies and revenue leakages.
It added that access to finance remained a major challenge, with traditional collateral-based lending excluding many viable businesses despite consistent transaction records.
According to the study, the International Finance Corporation estimated Nigeria’s micro, small and medium-sized enterprises financing gap at $32.2 billion in 2022, while women own 86.8 per cent of food service businesses.
The report said instant settlement, automated payment confirmation and transaction-based lending now enable operators to restock more quickly, improve cash flow and obtain financing without property collateral.
It added that these innovations, together with Nigeria’s cashless policy, contributed to a 2,823 per cent increase in quick-service restaurant terminal usage on Moniepoint’s payment platform.
The study also found that integrated business management tools now help restaurant operators monitor inventory, identify operational leakages and consolidate orders from delivery applications, social media platforms and physical outlets.
According to the report, transaction volumes typically peak between 1:00 p.m. and 2:00 p.m., with another surge around 7:00 p.m., while online food delivery activity remains strong beyond 10:00 p.m.
It further noted that card payment activity recorded its largest monthly increase between November and December, while April remained the slowest month, with transaction volumes 46.3 per cent below December levels.
Commenting on the findings, Eniolorunda said future competitiveness in the sector would depend on integrating payment systems with inventory management, procurement, credit and other daily business operations.
He added that Moniepoint’s digital solutions were designed to provide food businesses with an integrated operating system capable of improving financial inclusion, operational efficiency and sustainable growth.
The issues
Nigeria’s food service industry is increasingly embracing digital technologies to improve operational efficiency, expand access to finance and meet growing consumer demand. Digital payments and transaction-based lending are emerging as key drivers of growth, particularly for small and medium-sized food businesses.
What’s being said
“Future competitiveness depends on integrating payments with inventory, procurement, credit and other daily business operations.” — Tosin Eniolorunda, Group Chief Executive Officer, Moniepoint
What’s next
The industry is expected to continue expanding through wider adoption of digital payment systems, cloud kitchens, delivery platforms and technology-driven business management tools, with the market projected to reach $19.31 billion by 2030.
Bottom line
Digital payments are reshaping Nigeria’s food service industry, improving business efficiency, expanding access to finance and positioning the sector for sustained double-digit growth over the rest of the decade.
