UBA Partners LagRide To Empower 3,500 Drivers With $100m Facility

United Bank for Africa (UBA) Plc has partnered with LagRide, a Lagos State-backed e-hailing platform, to provide a $100 million facility aimed at empowering 3,500 drivers to transition from renting vehicles to owning them over a four-year period.

The initiative includes structured training to enhance professionalism and road safety, and will utilize compressed natural gas (CNG) vehicles to support Nigeria’s clean-energy goals.

The partnership is expected to drive financial inclusion, economic growth, and social progress, while providing safer and more secure rides across Lagos routes.

Speaking at the signing ceremony held in Lagos, the Group managing director/CEO of UBA, Oliver Alawuba, described the initiative as a key step toward accelating job creation, financial inclusion, economic growth, and safer urban mobility.

“This partnership is designed to finance up to 3,500 LagRide drivers in Lagos State. What this means is that at least 3,500 drivers will transition from renting vehicles to owning them within a period of about four years. This is a major step toward economic empowerment for the drivers. The initiative also includes structured training, which will improve professionalism and road safety across Lagos.

“For passengers, this partnership translates into safer and more secure rides across Lagos routes. Overall, the initiative is expected to drive financial inclusion, economic growth, and social progress,” he stated.

He noted that a distinguishing feature of the initiative is the use of compressed natural gas (CNG) vehicles, supporting Nigeria’s clean-energy goals and ensuring environmentally friendly transport.

Alawuba added, “another important aspect is that the vehicles involved will run on compressed natural gas (CNG), meaning cleaner energy and a better environment for everyone. There have been concerns around insecurity in ride-hailing services in Lagos, but these drivers will be professionally trained, ensuring a safer and more reliable passenger experience with LagRide.”

Chairman of LagRide, Diana Chen, emphasised the focus on drivers as the primary beneficiaries, saying “we are moving drivers from being individual workers to empowered platform participants, with structure, stability and a clear path to success as vehicle owners.

“Riders also benefit through an expanded fleet, improved service availability, and a more reliable ride-hailing experience.”

Chen added that CIG Motors, the vehicle partner, brings over a decade of experience and a nationwide workshop network to maintain the vehicles, ensuring safety and reliability.