Glovo Nigeria Generates N71bn In Revenue For Local Partners

Glovo, a technological multi-category platform, stated that it has generated N71 billion in revenue for its local partners in Nigeria since its inception in 2021.

The general manager of Glovo Nigeria, Lambda Akinola stated this at the 2025 Future of Commerce Summit in Lagos.

The Summit brought together an influential gathering of ecosystem leaders, restaurateurs, policymakers, fintech pioneers, digital marketers, and investors for a full-day experience that explored the future of business in Nigeria’s fast-paced commerce landscape. The inaugural event served as a strategic platform for dialogue on innovation, resilience, and scaling within Nigeria’s food and quick commerce industries, as well as an opportunity to showcase Glovo’s evolving role as a technology and growth enabler for SMEs across the country.

Akinola, highlighted that Africa has been a critical part of Glovo’s journey since entering the continent in 2018 and has invested over €200 million in building and growing the delivery ecosystem on the continent.

She said “the Future of Commerce Summit is a reflection of Glovo’s deep commitment to building an inclusive, tech-enabled marketplace that supports real growth for our partners in Nigeria. As we look ahead, our focus remains on enabling restaurants partners and shops to scale through data, logistics, and financial inclusion.”

The Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, Folashade Ambrose pointed out that “the future of commerce in Lagos is digital, inclusive, and people-centered. With programmes like LASMECO and strategic collaborations with forward-thinking platforms like Glovo, we are not only bridging the financing gap for MSMEs but also driving innovation, job creation, and long-term economic resilience. Our vision is to build a 21st-century economy where no business is left behind.”

The summit underscored Glovo’s data-driven impact, revealing that since launching in Nigeria in 2021, the platform has generated over N71 billion in revenue for its local partners.

Glovo said, “with over 6,000 shops and restaurants having fulfilled orders via the app over the years, Glovo continues to demonstrate its capacity to drive partner growth at scale, being a first entry-point for most of them into the online world.

“In 2024 alone, quick commerce emerged as the fastest-growing segment with a 76 per cent growth in GMV, reinforcing Glovo’s role as a catalyst for rapid digital retail expansion. A notable transformation has also occurred in the way users transact via the app, cash payments dropped from 88 per cent of all orders in 2021 to just 39 per cent today, indicating a 55 per cent decrease.

“This shift aligns with the government effort to promote a cashless economy and highlights Glovo’s contribution to advancing financial inclusion in Nigeria.”

The company also unveiled its Yellow Effect Report, which chronicles the company’s social and economic contributions across Africa.

The report revealed that, between 2020 and 2024, Glovo generated over €1 billion in direct economic value for 45,000 businesses across six African countries, 90 per cent of which are small and medium-sized enterprises, highlighting its continent-wide impact in driving digital inclusion and local economic growth.