At least $5.17 billion in market value, 2.8% of GDP, and about 3 million participants, that is the scale of Nigeria’s gig economy as new data shows how digital platforms are becoming a core part of how people earn and survive in the country.
This was revealed on Tuesday at the launch of Bolt’s flagship Gig Economy Report, conducted in partnership with Ipsos, held at the Radisson Blu Hotel, Ikeja GRA, Lagos.
The report was launched at a time when more than 92% of employed Nigerians work in the informal sector, focusing more on flexible, platform-based jobs.
Covering Nigeria and four other African markets, the report shows that gig work has gone beyond a side option to a main source of income.
Ride-hailing alone accounts for 24% of participation, second only to e-commerce, and nearly 6 in 10 workers remain active for over a year, pointing to sustained reliance rather than short-term engagement.
Speaking at the event, Teddy Appa-Dankyi, senior general manager for West Africa, Bolt, said, “Flexible earning opportunities are becoming an essential part of how many Nigerians earn today. This report shows that ride-hailing is not just about mobility, it is helping people diversify income, manage financial uncertainty, and participate more actively in the digital economy.”
From the presentation, the data show a labour market under stress but adapting quickly. Nigeria’s workforce has grown commendably, but formal jobs have not kept pace.
Youth unemployment is higher than the national average, pushing younger people toward gig work as a practical alternative.
The report notes that platforms provide low barriers to entry, allowing workers to start earning quickly, usually within days. For many, that speed is highly important as it fills gaps left by the formal economy.
“I like that I can earn daily, it feels good not depending on someone else’s schedule,” one driver said during the study.
At the policy level, government representatives acknowledged the sector’s indispensable role, describing ride-hailing as “a defining pillar” of the state’s transport system, adding that it is “creating jobs for thousands of drivers and offering mobility to millions of Nigerians.”
Nonetheless, the event stressed that growth must be matched with regulation, pointing to ongoing initiatives around driver accreditation, vehicle inspection, and digital monitoring systems.
Beyond access to income, the report spotlights changes in living standards, with 64% of respondents saying their standard of living improved significantly, while another 31% reported slight improvement after joining gig platforms.
The report also shows how the gig economy is feeding into financial inclusion. More than 85% of ride-hailing transactions are now cashless, giving drivers access to banking records, loans, and digital financial tools.
Weyinmi Aghadiuno, head of Regulatory and Policy for Bolt Africa, said, “As flexible earning opportunities become more common across Africa, there is an opportunity for policymakers, platforms and stakeholders to work together to ensure the gig economy continues to expand access to opportunity while remaining sustainable and inclusive.”
Still, the report flags some gaps. Participation is heavily male-dominated, with 96% of ride-hailing workers men and just 4% women, highlighting a major inclusion challenge.
There are also issues around costs, with drivers speaking about expensive fuel prices and the pressure to stay profitable, even as platforms introduced fare adjustments and incentive schemes to cushion the impact.
At the Bolt flagship Gig Economy Report launch, the panel session, moderated by communications executive Edafe Onoriode, included speakers who agreed that the gig economy is no longer emerging as it is already impacting how Nigerians live and work.
“The gig economy is no longer the future of work, it is a present reality,” she said.
Gig work is acting as a shock absorber in Nigeria’s economy, taking in workers the formal system cannot absorb, and giving them a way to earn, however uneven that income may be.
