Glovo Sees Nigeria Leading Growth After Strategic Investment

The on-demand delivery platform announced at its Future of Commerce summit in Lagos that Nigeria has become its fastest-growing market globally. Since launching in 2021, Glovo has invested over ₦37 billion ($27 million) in the Nigerian economy and facilitated the delivery of 38 million items—nearly doubling the value generated for local businesses.

This milestone validates a long-term strategy focused on empowering small and medium enterprises (SMBs) with digital tools and access to markets. “We’re committed to providing Nigerian SMBs with the technology they need to compete in today’s economy,” stated Reni Onafeko, Glovo Nigeria’s general manager.

Key Takeaways from Glovo’s Investment in Nigeria:

• Market Leadership: Nigeria now represents 25% of Glovo’s global business and is at the center of its African strategy.
• Economic Impact: The company has created opportunities for thousands of businesses and riders across the country.
• Growth Potential: Nigeria’s online food delivery market, currently valued above $1 billion, is projected to reach $2.7 billion by 2034—making it one of Africa’s most active on-demand economies.

Glovo highlighted several factors contributing to this success: a population exceeding 200 million, high urban density (55.8%), and increasing digital penetration (45.4%). The company is now focused on expanding beyond its current presence in 11 cities and diversifying into new product categories like groceries and retail.

“Nigeria has the population and momentum to support significant growth,” said Dima Rasnovsky, Regional General Manager at Glovo Africa. “We’re excited to be part of this journey as Nigeria continues to embrace digital commerce.”

With competition intensifying from both local players like Chowdeck and HeyFood, and global platforms, Glovo is focused on delivering value through technology improvements and expanding its service offerings to meet evolving consumer needs.