Bolt, the Estonian ride-hailing company, says it will stay in Nigeria and continue investing after rival Uber’s suprising exit.
In a statement shared with TechCabal on Wednesday night, Bolt described Nigeria as an important market for its growth. Uber’s departure leaves Bolt as the other major international ride-hailing platform serving Nigeria, putting the company in a position to potentially capture drivers and riders who previously relied on its rival.
The statement came hours after Uber told its riders and drivers on Wednesday afternoon that it would wind down operations in Nigeria following a review of its business priorities and investment focus. Uber also exited Uganda, part of a global restructuring of its operations with plans to cut over 3,000 jobs globally.
“Nigeria remains an important market for Bolt, and we remain firmly committed to the country,” said Teddy Appa-Dankyi, senior general manager, Bolt West Africa. “We have built a strong community of riders and driver partners over the years, and our focus is on continuing to serve them while strengthening our operations and creating more opportunities across the market.”
Bolt, which entered Nigeria in 2016, has faced pressure from rising fuel prices and currency volatility, all of which have raised operating costs for drivers and ride-hailing platforms. Those pressures have fuelled tensions between the platforms and their drivers over fares and commissions. In March, ride-hailing drivers began a three-day strike in Lagos, protesting what they described as unsustainable fares, high commissions and rising fuel and vehicle maintenance costs.
Like Uber and other ride-hailing companies, its operations at local airports were also disrupted by the Federal Airports Authority of Nigeria’s (FAAN) efforts to introduce a new framework for airport pickups. Bolt later reached an agreement with the agency and was cleared to resume operations at FAAN-managed airports in August.
Bolt is now one of the largest remaining players in Nigeria’s ride-hailing market, alongside inDrive, LagRide and other operators, and across 33 cities in the country, including Lagos, Abuja, Ibadan, Kaduna, and Owerri.
“We recognise that there is understandably some uncertainty following recent developments in the industry,” Teddy Appa-Dankyi said. “However, our focus remains firmly on the long term. We will continue working closely with our drivers, riders, regulators and other partners to contribute to a reliable, accessible and sustainable mobility ecosystem in Nigeria.”
In July, Bolt integrated its ride-hailing service with ChatGPT, allowing users to search for rides, see fare estimates and driver arrival times before completing their booking in the Bolt app.
