In cities like Lagos, Abuja and Port Harcourt, app-based transport now fills gaps left by overstretched public systems, connecting people to work, commerce and opportunity. 

Yet this growth has unfolded during one of the most difficult economic periods in recent memory, forcing the industry to redefine what sustainability truly means.

Few shocks have tested the sector more than the removal of fuel subsidy. The sharp increase in petrol prices fundamentally altered the economics of ride-hailing overnight. 

For drivers, fuel became the single largest and most volatile cost input, while riders faced rising fares in an already inflation-strained economy. 

Platforms were left walking a tightrope: raise prices too aggressively and riders drop off; absorb costs entirely and the model collapses.

This moment exposed a hard truth. In Nigeria, sustainability in ride-hailing is not primarily about long-term climate targets or futuristic technology. It is about economic survival and value creation in the present. 

Can drivers continue to earn in a way that justifies staying on the road? Can riders still afford reliable transport without being priced out? And can platforms maintain trust while navigating policy shocks they do not control?

In response, ride-hailing operators have had to become far more locally responsive. Blanket global strategies mean little in an environment where fuel prices can double within months and disposable income is shrinking. 

What has mattered instead are targeted, market-specific interventions designed to stabilise driver earnings and keep rides accessible.

This is where companies like Bolt offer a relevant Nigerian case study. Following the fuel subsidy removal, the company rolled out fuel-support bonuses and targeted driver incentives in cities such as Lagos and Abuja to cushion the immediate income shock. 

While these measures did not erase the broader economic pain, they played a critical role in keeping drivers active on the platform at a time when many were considering leaving altogether. In a two-sided marketplace, that stability is not incidental; it is foundational.

Beyond short-term relief, Bolt has also had to make hard adjustments around pricing and incentives to reflect Nigeria’s new cost realities. 

Regular price reviews, coupled with performance-based rewards for drivers, have been part of an effort to balance fairness on both sides of the marketplace. 

For riders, this has meant fewer sudden price swings and more predictable service availability. For drivers, it has meant clearer earning potential in an otherwise unstable environment.

These actions point to a broader evolution in the sector. Ride-hailing platforms in Nigeria are no longer simply intermediaries matching supply and demand. 

They increasingly function as shock absorbers within the urban economy, smoothing out volatility where possible and intervening when external pressures threaten to break the system. 

That role requires constant recalibration, local insight and a willingness to prioritise long-term participation over short-term margins.

The focus on drivers is especially critical. In Nigeria, ride-hailing is not a side hustle for many, it is a primary source of income. Platforms that fail to recognise this reality quickly lose supply, leading to longer wait times, higher fares and declining rider trust. 

By contrast, those that invest in driver communication, incentives and support during difficult periods are better positioned to preserve service reliability, even when the macro environment is unfavourable.

For riders, value creation has become equally pragmatic. Affordability, availability and safety now outweigh novelty or premium features. In a country where transport costs take an increasing share of household income, consistency matters. 

Platforms that can keep cars on the road, minimise cancellations and avoid extreme fare volatility are the ones that remain relevant.

As Nigeria’s economy continues to adjust, ride-hailing will remain under pressure from policy shifts, infrastructure constraints and consumer sensitivity. The lesson from 2026 is clear, resilience in this sector is built locally. 

It comes from understanding Nigerian cost structures, responding quickly to economic shocks and treating drivers and riders not as abstract metrics, but as participants in a fragile but vital ecosystem.

In today’s Nigeria, sustainable ride-hailing in 2026 is not about grand promises. It is about keeping drivers earning, keeping riders moving and keeping urban life functioning when the economy makes none of that easy.

The post Ride-hailing in 2026: What Resilience Really Means in Nigeria’s Mobility Economy appeared first on Tech | Business | Economy.

Moderated by Pamela Onah, senior associate at U-Law, the session, titled “Building Big in Naija: Behind the Scenes of a Scaling Success Story”, revisited how Shuttlers has helped thousands of Lagos workers survive the city’s demanding commute. 

Okafor expatiated the startup’s survival instincts and the realities of building a transport-tech business in Nigeria’s unpredictable environment.

A Business Built From a Chevron Internship Shock

Recounting Shuttlers’ beginnings, Okafor explained how the idea originated from co-founder Damilola Olokesusi’s early experience at Chevron. She enjoyed the stability of corporate staff buses during her internship, but once it ended, the challenges of public transport hit hard. 

That led to the foundational question; Why shouldn’t other companies enjoy the same quality of staff mobility without owning buses?

He said, “Perhaps there could be a way that companies can benefit from the value that comes with providing a relationship, but why not necessarily incurring the overhead?” 

By 2019, both founders aligned, and in 2020 they began building technology systems to scale a problem everyone recognised but no one had solved.

Nigeria’s Challenges: Drivers, Fleet Partners and the Disarray of Transport

On the toughest part of Shuttlers’ growth journey, which Okafor revealed as supply-side instability, he said: “We’re selling reliability,” he noted, “but to make it work in an environment like ours, it’s just difficult.”

Shuttlers built an entire operational framework from scratch, onboarding tests, performance monitoring, back-office processes, psychometric assessments, marshals for high-capacity buses, and real-time trip management. Redundancies were added everywhere because the business could fail in seconds.

Mobility, he stressed, is politically sensitive. “You can’t do it without understanding the plans of the government or the laws that exist,” he warned. 

In Lagos, Shuttlers even co-created its regulatory category with the Ministry of Transportation.

Fundraising: Showing Investors You Understand the Nigerian Problem

Shuttlers raised $1.6m in 2021 and $4m in 2023, but Okafor made one thing clear; the money was won on operational discipline, not pitch decks.

Investors wanted proof of order in a famously disorderly sector. So the founders demonstrated the seven-stakeholder ecosystem, clear unit economics, and the ability to track every vehicle, driver, partner, and passenger activity end-to-end.

For him, honesty and realism were important: “You have to be grounded in reality… but you also have to be an optimist.”

He emphasised founder-investor fit, choosing investors who understand real-sector problems, not just technology.

When Tinubu Announced Fuel Subsidy Removal — “A Crazy Week”

On inauguration day, when the President declared “subsidy is gone”, Shuttlers faced immediate problems:

• Fleet partners panicked about high fuel prices.
• Corporate clients insisted on two weeks’ notice for any price change.
• Drivers threatened to abandon routes.

Shuttlers responded by securing bulk fuel ahead of market shocks. “We went to filling stations… and loaded them with upfront money so that they’ll be able to give us fuel when we need it.”

That move stabilised partners long enough to renegotiate with corporate clients. Having strong legal contracts, including force majeure, prevented business-crippling issues.

“That was a crazy week. Sleepless nights,” he recalled.

Building for the Long Term: Hiring, Systems and Staying Grounded

On how founders can build sustainably without burning out, Okafor admitted it’s still a learning curve. His biggest regret? Hiring too quickly in the early years.

He said founders must design roles clearly, assign measurable KPIs, and avoid the fantasy that “the right hire will magically solve everything.” 

He explained how Shuttlers now operates with precise ratios: how many operations staff per number of trips, how customer service scales with demand, and how to predict problems before they occur.

Advice to Founders: Entropy Is the Competition

“The biggest competition that you have in Nigeria, the sheer fact that it’s unorganised. Anything can come from anywhere, that’s your competition.”

Only founders with the stamina for constant uncertainty can survive.

The One National Reform He Wants

At the U-Law Black Friday event, Okafor was asked the one thing he’d like to change. He said that would be to create a national registry for commercial drivers, with clear identity, history, and penalties: “So that any problem you see today will not be inherited by the next generation.”

On Pricing, Profitability and Scaling with Debt

Shuttlers aims to remain affordable while becoming gross-margin positive. The real capital burden is the vehicles, which the company does not own. To grow its fleet beyond the current 457 vehicles, Shuttlers is now working with debt financiers to fund asset acquisition for its top-performing partners.

Managing Dispatch Riders: Incentives, Telemetry and Zero Tolerance for Indiscipline

Okafor also advised founders running dispatch-dependent businesses. He pressed on three things:

• Use incentives tied to performance.
• Invest in telemetry to track behaviour.
• Remove riders who break rules like switching off devices or deviating from routes.

At the U-Law Black Friday event, Okafor explained further, “The cost of not getting it right is much more expensive.”

Nigeria’s business terrain is not for the faint-hearted, but with structure, honesty, deep operational discipline and relentless problem-solving, it is still possible to build big in the country.

The post Startup Reality Check: ‘Unpredictability is the Competition,’ Shuttlers Co-Founder Tells Founders at U-Law Black Friday appeared first on Tech | Business | Economy.

The announcement, which revealed the financial impact of the subsidy removal, was made by Sunday Dare, the Special Adviser on Media and Public Communications to the President.

In a detailed bulletin outlining Tinubu’s achievements in the oil and gas sector, Dare also revealed that the president had signed five new executive orders aimed at boosting investments in the sector. 

These orders are expected to bring about $2.5 billion in new investments, enhancing the country’s energy policy framework.

Dual Pricing Mechanism Introduced

Among the reforms introduced is a dual pricing structure for petroleum products, allowing differentiation between transportation by trucks and by sea. 

This pricing model is expected to enhance logistics efficiency in the oil and gas supply chain while addressing regional price disparities.

The subsidy removal, announced in Tinubu’s inaugural speech, immediately resulted in a dramatic increase in fuel prices, with petrol prices jumping from ₦180 to approximately ₦620 per litre. 

By 2024, the price at retail filling stations had surged to between ₦1,200 and ₦1,400 per litre, depending on the region.

Economic Impact and Reallocation of Resources

The removal of the subsidy has freed up funds, which the government says can now be redirected toward critical sectors such as education, healthcare, and infrastructure development. However, questions about the effective utilisation of these savings are unanswered.

Finance Minister Wale Edun recently stated that the country has saved up to ₦20 trillion since the deregulation of the downstream sector, although this figure has been met with scepticism. 

It’s been argued that the government’s continued reliance on borrowing—such as a proposed $2.2 billion loan to address the 2024 budget deficit—raises doubts about how effectively the savings are being deployed.

Challenges and Full Deregulation

The transition to a fully deregulated petroleum market came with challenges as petrol prices were initially pegged at ₦620 per litre, with the Nigerian National Petroleum Corporation (NNPC) absorbing the implicit subsidy despite rising crude oil prices and the naira’s devaluation. 

However, mounting debts of approximately $6 billion owed to oil traders forced the NNPC to halt its subsidy mechanism, ensuring full deregulation.

This move has been met with mixed reactions from Nigerians, who face increasing economic stress due to inflation and rising living costs. 

While the government touts the benefits of subsidy removal, including the attraction of foreign direct investments and the stabilisation of the oil and gas sector, many citizens are continuously hit with its immediate economic repercussions.

The post Nigeria Saves $7.5 Billion Annually from Fuel Subsidy Removal – Presidency Reveals appeared first on Tech | Business | Economy.

The government’s oversight on issues such as human rights abuses, economic growth, national security, and infrastructural enhancements is no longer tenable. Addressing these issues is imperative for ensuring the nation’s enduring stability and continued prosperity.

1. Human Rights Violations: The Nigerian government has failed to ensure respect for human rights and the rule of law. Amnesty International has documented numerous human rights violations, including extrajudicial executions, enforced disappearances, arbitrary arrests, and incommunicado detention. The government must investigate these violations and bring suspected perpetrators to justice.
2. Fuel Subsidy Removal: The removal of fuel subsidies has led to increased fuel costs, causing economic hardship for millions of Nigerians. The government must implement transparent and well-structured reforms to ensure that the funds from the fuel subsidy program are used effectively.
3. Local Governance: Local governments in Nigeria have financial autonomy but are severely disempowered due to corruption, weak institutions, and oversights. The government must ensure transparency and accountability in local governance to revive local governments and improve the delivery of social services.
4. Security and Insecurity: The Nigerian military has committed gross human rights violations in the northeast, and the government must investigate these violations and bring suspected perpetrators to justice. The government must also address rising insecurity in the southeast and other regions.
5. Economic Development: Nigeria has the largest economy in Africa, but the majority of its citizens live below the national poverty line. The government must implement reforms to ensure that the country’s mineral riches are utilized efficiently and that the economy is developed to improve the quality of life for its citizens.
6. Youth Empowerment: The upcoming elections are important for young people, who make up a large portion of the population. The government must address youth empowerment and ensure that young people are able to fully participate in the political process.
7. Displacement and Enfranchisement: The conflict in the northeast has led to the displacement of over 240,000 Nigerians, and many of them will not be able to vote in the upcoming elections. The government must address the issue of displacement and ensure that all citizens are able to exercise their right to vote.
8. Corruption: Corruption is a big challenge in Nigeria, and the government must address it to ensure good governance and transparency. The government must also ensure that the funds from the fuel subsidy program are not diverted to corrupt activities.
9. Education and Healthcare: The delivery of social services, including education and healthcare, is inadequate in Nigeria. The government must address these issues to improve the quality of life for its citizens.
10. Elections and Political Stability: The upcoming elections are essential for Nigeria’s political stability. The government must ensure that the elections are free and fair and that the results are accepted by all parties involved.
11. Infrastructure Development: Nigeria’s infrastructure is in a state of disrepair, with poor road conditions, inadequate power supply, and limited access to clean water. The government must invest in infrastructure development to improve the quality of life for its citizens.
12. Environmental Protection: Nigeria’s environment is under threat due to pollution, deforestation, and climate change. The government must take steps to protect the environment and ensure sustainable development.
13. Food Security: Nigeria is facing a food security crisis due to poor agricultural practices, climate change, and inadequate storage facilities. The government must invest in agriculture and ensure food security for its citizens.
14. Energy and Power: Nigeria has an energy crisis due to inadequate power supply and poor distribution. The government must invest in energy and power infrastructure to improve the quality of life for its citizens.
15. Transportation: Nigeria’s transportation system is inadequate, with poor road conditions, limited public transportation, and inadequate airport facilities. The government must invest in transportation infrastructure to improve the quality of life for its citizens.
16. Housing and Urban Development: Nigeria’s housing sector is in a state of crisis due to inadequate housing stock, poor living conditions, and limited access to affordable housing. The government must invest in housing and urban development to improve the quality of life for its citizens.
17. Disaster Management: Nigeria is prone to natural disasters such as floods, earthquakes, and hurricanes. The government must invest in disaster management and preparedness to minimize the impact of these disasters.
18. Social Welfare: Nigeria has a large population of vulnerable groups, including the elderly, children, and people with disabilities. The government must invest in social welfare programs to improve the quality of life for these groups.
19. Public Health: Nigeria is facing a public health crisis due to inadequate healthcare facilities, poor sanitation, and limited access to healthcare services. The government must invest in public health to improve the quality of life for its citizens.
20. Water and Sanitation: Nigeria has inadequate access to clean water and sanitation facilities, leading to water-borne diseases and poor hygiene. The government must invest in water and sanitation infrastructure to improve the quality of life for its citizens.
21. Waste Management: Nigeria is facing a waste management crisis due to inadequate waste disposal facilities and poor waste management practices. The government must invest in waste management infrastructure to improve the quality of life for its citizens.
22. Tourism and Cultural Heritage: Nigeria has a rich cultural heritage and tourism potential, but the government must invest in tourism infrastructure and cultural preservation to promote tourism and cultural exchange.
23. Research and Development: Nigeria must invest in research and development to improve its economic competitiveness and address its development challenges. The government must establish research institutions and provide funding for research projects.
24. Digital Economy: Nigeria must invest in the digital economy to improve its economic competitiveness and address its development challenges. The government must establish digital infrastructure and provide funding for digital projects.
25. Good Governance: Good governance is essential for Nigeria’s development and stability. The government must ensure transparency, accountability, and the rule of law to improve the quality of life for its citizens.

As Nigeria marks a quarter-century of democracy day in governance, the nation is at a crossroads. The 25 important needs and areas outlined are not just policy points; they are urgent aspects that the Nigerian government must heed to safeguard the nation’s democratic principles and enhance a thriving, equitable society.

The post 25 Needs, Areas Nigerian Government Can No Longer Ignore appeared first on Tech | Business | Economy.

President Bola Tinubu announced the complete removal of the controversial fuel subsidy during his May 29th, 2023 inauguration.

This announcement has since led to increased transport fares in Nigeria, especially in the South West region.

Public transportation systems, which include buses, minibuses, and shared taxis, rely a lot on fuel to run smoothly. When the fuel subsidy was removed, the cost of fueling these vehicles increased significantly, a Techeconomy investigation has shown.

As a result, transportation providers frequently raised their prices to compensate for the higher costs of operating their vehicles. This adjustment directly affected individuals who rely on road transportation, as they suddenly had to spend more money on getting around.

This report examines the increasing transportation costs in Nigeria’s South-West region, particularly on major routes like Lagos to Akure, Oshogbo, Abeokuta, and Ibadan. Furthermore, we will explore the viewpoints of road transport operators and traders who have directly experienced the repercussions of these adjustments.

Lagos to Akure: Then and Now

Before the removal of fuel subsidies, a journey from Lagos to Akure was relatively affordable for commuters. Transport fares were within reach for the average citizen. However, since the subsidy removal, prices have surged dramatically.

A trip that once cost ₦4,100 may now set passengers back ₦5,600 or more, representing a staggering 36% increase in transport costs.

Lagos to Oshogbo

Similar to the Lagos-Akure route, the Lagos to Oshogbo journey has witnessed a significant price hike.

Before the subsidy removal, travelers could expect to pay around ₦6,000 for this trip. Today, the fare has surged to approximately ₦7,200, signifying a substantial 20% increase in transportation expenses.

Lagos to Abeokuta

Lagos to Abeokuta, a crucial route for many commuters, has also felt the brunt of fuel subsidy removal. Previously, a journey to Abeokuta cost around ₦1,000. Now, passengers must budget for approximately ₦2,000, marking a notable 100% rise in transport fares.

Lagos to Ibadan

The Lagos to Ibadan route, one of the busiest in SouthWest Nigeria, has witnessed its fair share of increased fares. Before subsidy removal, this journey was accessible at roughly ₦1,500. Today, commuters have to allocate around ₦2,500 for the same trip, resulting in a 67% surge in transportation costs.

Lamentations by Transporters and Traders

To gain a deeper understanding of these transformations, Techeconomy reporter interviewed transporters and traders actively operating within the South West Nigeria.

A passenger, simply identified as Ogunrinde, said he paid ₦2,200 from Lagos to Abeokuta instead of the usual ₦1000.

“Before, I used to spend ₦1000 from Lagos to Abeokuta, but today I paid ₦2,200,” Ogunrinde said.

According to Mr. Adebayo, a transporter, the elimination of fuel subsidies has had a substantial impact on their profit margins. They are compelled to raise fares due to the rise in fuel prices, affecting other expenses such as maintenance and insurance.

Mrs. Jumoke, a trader who frequently travels between Lagos and Akure for business purposes, conveyed her discontent, stating, “The increase in transportation fares is causing difficulties for my business. I used to travel twice a week, but now I can only afford to go once a week. This is directly affecting my sales.”

Government’s Perspective

In response to the increasing transport fares, the government has stated that the removal of fuel subsidies was necessary to address economic challenges and promote long-term sustainability.

They argue that the subsidy was costly and prone to corruption, and its removal would free up funds for critical infrastructure development.

However, critics argue that the government’s approach has placed an undue burden on the average citizen, particularly those in the lower income brackets.

The sudden and substantial increase in transport fares has made it more challenging for people to access basic services and has led to increased inflation.

[Feature Image Credit]

The post Fuel Subsidy Removal Caused 20%-100% Hike in South West Inter-State Transport Fares appeared first on Tech | Business | Economy.