News
Uber Driver-Partners in Nigeria Share Life Transforming Experiences
Uber officially launched operations in Nigeria in July 2014, and since then, the technology company has been providing a safe, reliable and affordable transportation alternative for tens of thousands of Nigerians by simply tapping a button.
Operating extensively within Lagos and Abuja Metropolises, Uber has brought with it a new era of financial independence for the drivers who use the Uber app, as well as a new sense of freedom for riders.
In May 2017, as part of efforts to make its services even more accessible to a wider range of people, Uber lowered fares for uberX in Lagos by 40%.
Based on early results, drivers are earning more in fares for every hour they work.
This is led by an increase in the number of trips requested from first time users, showing that the reduced prices have helped reach new customers.
This has been beneficial to driver-partners but has also made it easier and more affordable for riders to get around their city.
“I was introduced to Uber by a friend and when I started, I found it very convenient, safe and flexible,” said Hugbo, a Lagos based Uber driver-partner. Hugbo loves that driving with Uber allows him to meet and chat to new people and will often extend his driving hours for this reason. “Uber has really exposed me to different people and the work flexibility is awesome!” notes Emuobohwo.
For Tyna, a female driver-partner on the Uber app, her story is one of women empowerment and financial independence.
“I love exploring professions that are not commonly taken on by women in Nigeria, like driving. Uber has given me the opportunity to be financially self-reliant.. From my experience, I’ve seen that Uber is safe and very easy to navigate because of the GPS they provide while driving, making it easy to track your route and find your rider,” concluded Tyna.
Alon Lits, Uber’s General Manager for Uber Sub-Saharan Africa maintains that Uber has every confidence – after years of experience – that driver-partners will continue to see more demand from riders, “We are continuously watching and reviewing the effects of the fare reduction and we are thrilled that the results show that it is working and drivers are making more than before.”
Uber’s mission is to help people get a ride at the push of a button – everywhere and for everyone.
The platform started in 2009 to solve a simple problem of connecting riders with drivers.
The Uber network is now available in over 475 cities in over 75 countries spanning 6 continents.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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