November 10, (THEWILL) – Bolt Food, a food delivery service firm, says it is shutting down operations in Nigeria from December 7, 2023.
“At this time, we have made the difficult decision to discontinue our food delivery operations in Nigeria due to business reasons”, the firm said in a statement, saying the decision aimed to streamline resources and maximise its overall efficiency.
Bolt, which currently offers food delivery services in 16 countries and 33 cities, launched Bolt Food in Nigeria, in October 2021, after increased demand for food delivery services during the pandemic.
Since its launch in the country, Bolt Food claims it has partnered with over 10,000 restaurants, delivered over 1 million meals, and onboarded 23,000 agents and 12,000 merchants.
Food delivery businesses in the country face stringent macroeconomic challenges that have affected their operations. Rising fuel prices have led Logistics startups like Bolt to up delivery fees by 20-50%. A rising inflation rate also means these logistics companies will have increased operation costs.
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