Business

Ride-hailing grows Nigeria’s economy

Published

3 weeks ago

April 23, 2026

A new nationwide report commissioned by Bolt and conducted by Ipsos has revealed that Nigeria’s gig economy has expanded into a $5.17 billion sector, with ride-hailing emerging as one of the strongest growth drivers and a major source of flexible income across the country.

The report underscores the growing importance of platform-based work in addressing Nigeria’s employment challenges, as limited formal job opportunities continue to push many citizens—particularly young people—toward digital earning opportunities such as ride-hailing and e-commerce.

According to the findings, more than 92 per cent of employed Nigerians work within the informal sector, highlighting the significance of flexible, technology-driven jobs in the country’s labour market. Ride-hailing alone accounts for 24 per cent of gig economy participation, making it one of the most accessible entry points into platform-based income generation.

Speaking at the launch of Bolt’s Gig Economy Report in Lagos, the company’s Senior General Manager for West Africa, Teddy Appa-Dankyi, said flexible earning opportunities have become central to how many Nigerians sustain their livelihoods.

He explained that ride-hailing goes beyond providing transportation services, playing a broader economic role by enabling users to diversify their income sources, cope with financial pressures, and participate more actively in the digital economy.

The report also indicates that gig work has become a relatively stable income stream for many participants. Nearly 59 per cent of ride-hailing workers remain active on platforms for more than a year, suggesting that the sector offers consistent income support rather than short-term engagement.

It further highlights the role of the gig economy in tackling youth unemployment—an issue that remains higher than the national average—as more young Nigerians combine flexible work with education, entrepreneurship, and other livelihood strategies.

Findings from Ipsos show that participants are largely attracted to gig work because of its low entry barriers and the potential for daily earnings. Many respondents said the flexibility of ride-hailing allows them to better manage their time while meeting financial responsibilities.

The study also reported improvements in living standards among many participants. About 64 per cent said their living conditions had improved significantly since joining platform-based work, while 31 per cent reported slight improvements.

Digital payments are also driving the sector’s expansion, with more than 85 per cent of ride-hailing transactions now conducted through cashless channels such as bank transfers and POS systems, further strengthening financial inclusion.

However, the report points to a notable gender imbalance in the sector. Women account for only 3 to 4 per cent of ride-hailing participants, highlighting the need for more inclusive policies and support systems to encourage female participation.

It also notes ongoing regulatory developments and the growing influence of worker associations advocating improved welfare and fair practices within the industry.

Despite these challenges, the report concludes that Nigeria’s gig economy is gradually shifting from a survival-based alternative to a more structured part of the labour market, with ride-hailing playing a central role in advancing digital inclusion, income generation, and the future of work.

Business

Air Peace cuts Abuja–London flights to three weekly

Published

3 weeks ago

April 25, 2026

The Exclusives

Air Peace has reduced its Abuja–London flight operations to three times weekly until July 1, 2026.

The airline said the adjustment takes effect immediately, attributing the change in schedule to the ongoing local and global constraints in the supply of Jet A1 aviation fuel.

According to the airline, the decision was taken as a proactive measure to maintain operational safety and reliability during the affected period.

The development was disclosed in a statement issued on Saturday by the management of Air Peace.

The statement titled: ‘Temporary schedule adjustment’ reads: “We sincerely appreciate your continued trust and loyalty. Due to the current Jet A1 (aviation fuel) supply constraints affecting flight operations nationwide and around the world, we wish to inform you that our Abuja-London service has been temporarily adjusted to three weekly flights until 01 July, 2026

“This measure is necessary to maintain the highest standards of safety and operational reliability during this period, with full operational frequency on our London service scheduled to resume from 01 July 2026.

“We recognise that this adjustment may impact your travel plans, and we deeply appreciate your patience and understanding. Please be assured that we are actively monitoring the situation and working closely with relevant stakeholders.”

The airline added that it would restore its full flight schedule once fuel supply conditions improve, assuring passengers that they would be kept informed with timely updates.

It also advised travellers whose bookings may be affected by the adjustment to contact its call centre for assistance.

Meanwhile, the International Air Transport Association recently expressed concern over a potential shortage of jet fuel.

The association’s Director-General, Willie Walsh, described the International Energy Agency assessment of possible jet fuel shortages as sobering.

The statement by Walsh reads: “The IEA’s assessment of potential jet fuel shortages is sobering.

“We have also estimated that by the end of May, we could start to see some cancellations in Europe due to a lack of jet fuel. This is already happening in parts of Asia.

“Along with doing everything possible to secure alternative supply lines, it’s important that authorities have well-communicated and well-coordinated plans in place in case rationing becomes necessary, including for slot relief,” the statement said.

Business

Consumer products must be labelled in English–FCCPC

Published

2 months ago

March 27, 2026

The Exclusives

The Federal Competition and Consumer Protection Commission (FCCPC) has called on manufacturers, distributors, and importers to label all consumer products in Nigeria in English so that consumers can easily understand the information.

Mr. Tunji Bello, the Executive Vice Chairman of the Commission, made this statement at an event marking the 2026 World Consumer Rights Day in Abuja.

Bello, represented by the Director of the Surveillance and Investigations Department of the Commission, Mrs Boladale Adeyinka, said the Commission had continued to encounter products that did not meet basic safety and quality standards.

According to him, there are so many products that are labelled in languages that are not the official languages of Nigeria.

”Every consumer product in Nigeria should be labelled in the English language; that is the official language in Nigeria. You see products in Chinese or Hindu; those products are falling short of the legal standards in the Federal Republic of Nigeria,” he said.

He said that if such products were found in the market, they were already deemed unsafe because consumers would be consuming what they do not know or what they are incapable of understanding.

Bello described the theme of the event, ‘Safe Products, Confident Consumers,’ as ‘apt’.

He said it captured a simple but important truth: that where safety was uncertain, confidence would decline, and where confidence declined, markets would become weaker, less efficient, and less trustworthy.

Speaking further, Bello noted, “We are gathered at a time when product safety has become central to market integrity, consumer confidence, and public welfare. Some of these failures arise from weak internal control.”

“Others reflect gaps in compliance culture. In certain instances, there are indications of deliberate disregard for legal and regulatory obligations.”

Tunji noted, “In certain instances, there are indications of deliberate disregard for legal and regulatory obligations. The effect is immediate and serious. Product safety, therefore, cannot be treated as a secondary matter. It is a core obligation, with clear public interest consequences.”

A representative from the Manufacturer Association of Nigeria (MAN), Mr Folorunsho Adeyemi, urged citizens to believe in Nigerian-made products.

Adeyemi said the market had been bedevilled with smuggling and counterfeiting, adding that most substandard products are smuggled into the country.

Also speaking, a representative of the Standards Organisation of Nigeria (SON), Mr. Isiaku Mohammed, said the organisation was collaborating with various agencies to make sure that only safe and standard products penetrated the markets.

Contributing, Mr. Salihu Mohammed, the Director of Planning, Research and Statistics of the National Agency for Drugs, Administration and Control (NAFDAC), urged the public to contact the agency over substandard products noticed in the market.

Mohammed said that any product with a NAFDAC number had gone through various scrutinies by the agency.

Mr Thomas Okosun of the Competition and Consumer Protection Tribunal called on the public to visit the tribunal for redress in the event of consumer rights breaches by service providers.

“If you pay for a product and they tell you that you cannot get a refund, please come to us,” he said.

The day also featured the 9th National Young Consumers Contest (NYCC) among secondary schools from across the country.

Business

How FirstBank is Driving Sustainability for Business Growth

Published

2 months ago

March 26, 2026

The Exclusives

In Nigeria’s evolving business landscape, Environmental, Social, and Governance (ESG) criteria are emerging as key drivers of growth and sustainability.

Large corporations are required to show responsibility—to the environment, to society, and to their stakeholders. FirstBank, a frontrunner in this space, is setting the pace with its robust sustainability/ESG approach hinged on three pillars.

FirstBank is investing in knowledge and infrastructure, impacting an average of 2,000 SMEs and corporate customers annually with workshops on sustainable finance and responsible business practices. The Bank has also equipped thousands of students with financial literacy programs, empowering them with essential skills for the future.

FirstBank is deepening access to financial services through its expansive FirstMonie agent network, which has over 300,000 agents across Nigeria, bringing banking closer to underserved and remote communities. The bank has made over 367 accessible branches for customers with physical challenges.

Aligned with Nigeria’s net-zero ambitions, FirstBank is financing clean energy projects and promoting sustainable practices. The Bank has achieved its target of planting 50,000 trees by 2025, which will sequester 720 tonnes of CO2 annually.

FirstBank is showing that ESG can help businesses grow responsibly while building resilience for the future. Companies that embrace ESG are better positioned to attract investors, earn customer trust, and navigate risks in a world that increasingly values sustainability.

As Nigerian businesses navigating ESG challenges, FirstBank’s approach offers valuable insights, showing that success lies in:

Developing actionable strategies to address environmental, social, and governance challenges

FirstBank’s ESG journey is a blueprint for Nigerian businesses seeking to thrive in a rapidly changing world. By embracing ESG principles, companies can unlock new opportunities, mitigate risks, and build a brighter future for all stakeholders.