![]() “But the impact of the fuel price hike will not be strong enough to kill the entire industry because those who need the service will continue to order rides.”Įven with the fuel subsidy, being an Uber or Bolt driver in Nigeria was not lucrative. “In the long run, the market size will shrink,” Adebayo told Rest of World. The industry had an estimated revenue of about $292 million in 2020, according to a report by South African think tank Cenfri. Gbenga Adebayo, chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON), believes that although the fuel price hike will shrink the ride-hailing industry’s growth, it won’t kill it. “Was 100 naira all I deserved to earn after driving for several hours on three trips? What could that money do for me? When did being a Bolt driver become a crime?” ![]() “I almost cried that day,” Ayodeji told Rest of World. Ride-hailing drivers, in particular, are struggling to keep up with their daily expenses. But the decision has pushed several Nigerians into deeper poverty and hard times. The World Bank has hailed this move as crucial to restoring economic stability in the country. The subsidy removal led to a 163% increase in fuel prices across Nigeria. On May 29, during his inaugural speech, Nigeria’s newly elected president, Bola Tinubu, announced an end to the country’s fuel subsidy, hoping to relieve some of its $108.3 billion debt burden. On May 29, he filled his car’s fuel tank with 13,000 naira (about $17), but when he went to refuel three days later, the price had nearly tripled, thanks to a change in government policy. ![]() ![]() Michael Ayodeji, a 40-year-old ride-hailing driver in Lagos, is living his worst nightmare. ![]()
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