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Too Many Cooks in the Kitchen

Bolt Food, the food delivery service of the ride-hailing company Bolt, announced its exit from Nigeria and South Africa. It entered the Nigerian and South African markets in October 2021 and March 2022, respectively, hoping to leverage its existing transportation network and customer base to offer a convenient and affordable food delivery service. However, both Nigeria and South Africa have experienced economic downturns in recent years. the food delivery market in Africa also faces several challenges and risks, such as managing customer expectations, ensuring food safety and quality, coping with fluctuating market prices, and overcoming logistical and infrastructural barriers. Moreover, food delivery businesses mainly target the middle-class market, which is the segment of the population that has the income and the inclination to order food online. However, the middle-class market in Africa has been shrinking due to economic downturns and the rising cost of living.