Economy Blues: Bolt discontinues Nigeria’s food delivery operations December 7 –Official

*Bolt Food, a food delivery service firm, announces it is winding down operations in Nigeria from December 7, 2023, over apparent pressing macroeconomic challenges and increasing  inflationary trend affecting the company’s operations in the economy

Isola Moses | ConsumerConnect

Citing stringent macroeconomic challenges amid rising inflation affecting its operations,

Bolt Food, a food delivery service firm, says it is shutting down operations in Nigeria from December 7, 2023.

The company, in a recent statement, said: “At this time, we have made the difficult decision to discontinue our food delivery operations in Nigeria due to business reasons.”

Bolt Food noted that its decision is aimed at streamlining resources and maximise its overall efficiency.

ConsumerConnect reports the company, which currently offers food delivery services in 16 countries and 33 cities, launched Bolt Food October 2021, in Nigeria, after increased demand for food delivery services during the damaging Coronavirus (COVID-19) pandemic.

In the last two years, the firm noted that Bolt Food had partnered with over 10,000 restaurants, delivered over 1 million meals, and onboarded 23,000 agents and 12,000 merchants.

It is also stated that food delivery businesses in the country have experienced stringent macroeconomic challenges, which affected their operations.

Besides, rising fuel prices have led logistics startups like Bolt to increase delivery charges by 20-50 percent in recent times.

A rising inflation rate also means these logistics companies will have increased operation costs as from more overhead costs in the economy.