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United Bank for Africa (UBA) Plc has signed a $100 million facility with Lagos State-backed e-hailing platform LagRide to enable 3,500 drivers transition from renting vehicles to full ownership, while promoting environmentally friendly transport across Lagos.
The initiative, launched in partnership with the Lagos State Government, aims to provide drivers with structured financial support and professional training over a four-year period. The move is expected to enhance road safety, raise service standards, and foster financial empowerment for drivers.
Speaking at the signing ceremony in Lagos yesterday, UBA Group Managing Director/ChiefExecutiveOfficer, Oliver Alawuba, described the partnership as “a key step toward accelerating 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. At least 3,500 drivers will transition from renting vehicles to owning them within about four years.
“The initiative also includes structured training to improve professionalism and road safety across Lagos. For passengers, this translates into safer and more secure rides. Overall, the initiative is expected to drive financial inclusion, economic growth, and social progress”, he said.
A standout feature of the program is the deployment of compressed natural gas (CNG) vehicles, supporting Nigeria’s clean-energy agenda. “Another important aspect is that the vehicles involved will run on CNG, meaning cleaner energy and a better environment for everyone. “These drivers will also be professionally trained, ensuring a safer and more reliable passenger experience with LagRide”, Alawuba added.
Chairman of LagRide, Diana Chen, highlighted the programme’s focus on drivers as the primary beneficiaries. “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,” she said.
Chen further highlighted the role of CIG Motors, the vehicle partner, in maintaining safety and reliability. “CIG Motors brings over a decade of experience and a nationwide workshop network to maintain the vehicles, ensuring safety and reliability for both drivers and passengers,” she noted.
The UBA-LagRide partnership marks a major milestone in Lagos’ effort to expand financial inclusion, professionalize ride-hailing services, and advance sustainable urban transport, while giving thousands of drivers a tangible stake in the city’s transport ecosystem.
