✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Driving Growth: How the Ride-Hailing Sector is Fueling Nigeria’s Gig Economy

By Femi Adeyemo May 1st was Workers’ Day in Nigeria, a holiday we’ve been celebrating to honor the hard work and productivity of Nigerians. As…

By Femi Adeyemo

May 1st was Workers’ Day in Nigeria, a holiday we’ve been celebrating to honor the hard work and productivity of Nigerians. As we celebrate Workers’ Day in Nigeria, it is essential to reflect on the labor marketplace that seems to have experienced a significant surge in recent years.

The gig economy has created new opportunities for economic empowerment and it is easy to understand the three major reasons behind the growth of the gig economy. Firstly, the high youth population. Nigeria has a large and growing youth population, resulting in a high demand for employment opportunities. The country has the largest population of youth in the world, with a median age of 18.1 years. About 70% of the population are under 30, and 42% are under the age of 15.

Secondly, the lack of formal job opportunities. The formal job market in Nigeria is unable to accommodate the influx of young job seekers, leading to increased unemployment. According to the report by Nigeria’s National Bureau of Statistics, youth unemployment stands at 42.5 per cent. Fittingly, this figure has earned Nigeria second place on the list of countries with the highest unemployment rates.

And lastly, access to smartphones and internet connectivity. The proliferation of affordable smartphones and affordable internet access has enabled more Nigerians to join the gig economy.

It can be said that the ride-hailing sector has become a driving force behind Nigeria’s gig economy, empowering both drivers and riders while contributing to the country’s overall economic growth.

Job Creation and Income Generation

The ride-hailing sector has emerged as a vital source of employment for thousands of Nigerians, especially in urban centers like Lagos, Abuja, and Port Harcourt. By signing up as drivers, individuals can leverage their personal vehicles to earn a steady income on a flexible schedule. This has been particularly beneficial for those seeking additional sources of income or transitioning from traditional employment to more flexible work arrangements.

Flexibility and Autonomy

One of the key attractions of gig work in the ride-hailing sector is the flexibility it offers. Drivers have the freedom to choose their working hours, allowing them to balance work with personal commitments and other responsibilities. This autonomy over their schedule empowers drivers to work when and where it suits them best, providing a level of flexibility often unavailable in traditional employment.

Empowering Entrepreneurship

The ride-hailing sector has also empowered entrepreneurial-minded individuals to establish their own businesses. Many drivers view their vehicles as assets that can generate income beyond just transportation services. Some have diversified their offerings by providing additional services such as delivery, logistics, or running errands through the same platform, thereby expanding their revenue streams and business opportunities.

Access to Financial Inclusion

For many drivers, participating in the ride-hailing sector has provided access to financial inclusion. Through digital payment platforms integrated into ride-hailing apps, drivers can receive payments directly into their bank accounts or mobile wallets. This not only enhances convenience but also facilitates financial transactions, savings, and access to credit and other financial services that were previously out of reach for many.

Boosting Urban Mobility

Beyond its economic impact, the ride-hailing sector has significantly improved urban mobility in Nigerian cities. By providing convenient, affordable, and reliable transportation options, these platforms have helped alleviate congestion, reduce the reliance on informal transit systems, and enhance overall accessibility. This has a ripple effect on productivity, efficiency, and quality of life for urban residents.

A Major Player in the Ride-Hailing Sector

The Nigeria ride-hailing sector is indeed a competitive landscape with several key players. Each one has its own strengths, market presence, and user base. Bolt has certainly made significant strides and gained prominence in Nigeria’s transportation landscape with its expansion to different cities across the country, enhanced earning potentials, improved rider experience, empower economic inclusion, driving innovation amongst others.

Bolt’s entry into the Nigerian market has not only revolutionized transportation but has also catalyzed economic empowerment and growth. Through its platform, Bolt has created a thriving ecosystem of drivers, riders, and partners, driving Nigeria’s gig economy forward. As Bolt continues to innovate and expand its footprint, its impact on Nigeria’s socio-economic landscape is poised to grow, paving the way for a more inclusive and prosperous future.

LEARN AFFILIATE MARKETING: Learn How to Make Money with Expertnaire Affiliate Marketing Using the Simple 3-Step Method Explained to earn $500-$1000 Per Month.
Click here to learn more.

AMAZON KDP PUBLISHING: Make $1000-$5000+ Monthly Selling Books On Amazon Even If You Are Not A Writer! Using Your Mobile Phone or Laptop.
Click here to learn more.

GHOSTWRITING SERVICES: Learn How to Make Money As a Ghostwriter $1000 or more monthly: Insider Tips to Get Started. Click here to learn more.
Click here to learn more.

SECRET OF EARNING IN CRYPTO: Discover the Secrets of Earning $100 - $2000 Every Week With Crypto & DeFi Jobs.
Click here to learn more.