The ride-hailing market is projected to reach a revenue of $252.70 million and have a significant user base.
By 2028, the number of users is expected to be approximately 36.89 million.
Ride-hailing companies in Nigeria face several significant challenges:
Regulatory Issues: Shifting regulations, such as the ban on motorcycle taxis in Lagos, have forced companies to adapt or pivot their operations.
Poor Infrastructure: Bad road conditions and traffic congestion hinder efficient service delivery.
Economic Challenges: Rising fuel costs increase operational expenses, affecting driver earnings and passenger demand.
Security Concerns: Incidents of carjacking and kidnapping deter users from sharing vehicles.
Lack of Trust and Awareness: Many Nigerians are skeptical about using ride-hailing services due to safety concerns and limited awareness about these platforms.