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OyaNow, a top provider of convenience, reliability, and quality service in Nigeria, is marking its 7th anniversary this September. Reflecting on its journey, OyaNow has evolved from a modest start in Abuja, where orders were managed via WhatsApp and phone calls, to a significant player in Nigeria’s logistics industry.
A BRIEF HISTORY:
- FOUNDED BY VISIONARY ENTREPRENEURS: Established by young Nigerian entrepreneurs with no prior industry experience, OyaNow has achieved impressive growth despite the lack of institutional funding.
- CURRENT STATS: Since 2017, OyaNow has expanded its customer base to over 50,000 and partnered with more than 500 merchants across Abuja, Lagos, and Kano. The company’s Gross Merchandise Value (GMV) stands at ₦4.6 billion ($3 million), with total revenue reaching ₦2.1 billion ($1.4 million).
ADAPTING TO MARKET CHANGES:
- INDUSTRY CHALLENGES: Despite the exit of major competitors like Bolt and Jumia from Nigeria’s $2.49 billion food delivery market, OyaNow remains focused on sustainable growth. The company handles 21,000 monthly orders, showcasing operational efficiency and customer commitment.
- ECONOMIC HEADWINDS: Facing Nigeria’s severe cost-of-living crisis, with inflation at 34% and food inflation at 40.9%, OyaNow continues to thrive. The naira’s devaluation and rising unemployment have posed significant challenges, yet OyaNow’s strategic focus has maintained its growth trajectory.
STRATEGIC APPROACH:
- POST-COVID RECOVERY: Navigating the COVID-19 disruptions, OyaNow prioritized profitability over high marketing expenditures. The company’s strategic investments, totaling ₦365.4 million ($230,000) in the past 11 months, have reinforced its stability.
- EXPANDED SERVICES: OyaNow has introduced new services like OyaConcierge, currently in beta testing with over 1,000 users in Abuja. Future ventures such as OyaShop and OyaTalk are in the pipeline, aligning with their slogan, “we dey Come.”
CALL TO ACTION:
- INVITING INNOVATORS: OyaNow seeks Nigeria’s brightest young innovators to join their mission. If you have a groundbreaking idea that could transform the Nigerian service industry, OyaNow invites you to submit a detailed business proposal to innovation@oyanow.ng. Include how your idea integrates with OyaNow’s platform, its target audience, and monetization strategies for sustainability.
OyaNow’s journey underscores the power of Nigerian ingenuity and innovation. As they continue to grow and evolve, they remain committed to shaping the future of Nigeria’s service industry.
For more information, visit the OyaNow app or follow their updates on social media.