Lagride, an e-mobility company supported by the Lagos government, has made headlines by securing a significant $100 million financing facility from the United Bank for Africa (UBA). This investment is set to enhance its Drive To Own program, which aims to transform the livelihoods of Lagos drivers. The report highlights positive developments indicating that this funding will play a crucial role in the growth of sustainable transportation in the region.
The Drive To Own Initiative
The Drive To Own initiative is designed to assist 3,500 drivers in Lagos in transitioning from daily earners to long-term asset owners and mobility investors. Chief Diana Chen, Chairwoman of Lagride, highlighted the program's goal of economically uplifting drivers, enabling them to evolve from mere operators to owners and eventually to investors managing multiple vehicles.
Strategic Partnership with UBA
This strategic partnership with UBA is expected to bolster Lagos's transportation ecosystem, fostering a more structured and technology-driven mobility sector. By empowering drivers through ownership, Lagride aims to create a sustainable model that not only benefits individuals but also enhances the overall efficiency of urban transportation in Lagos.
In a recent development, eHailing drivers in Nigeria are planning a protest against rising insecurity, highlighting the urgent need for safety measures. This comes shortly after Lagride secured significant funding to improve driver livelihoods. For more details, see the protest.
