Business
Lagos Launches Tech-Driven Taxi Scheme Rolls Out 1,000 New Cars
A comfortable and modernised taxi scheme has taken off in Lagos State, with the rollout of the first batch of 1,000 brand-new GAC-branded automobiles by Governor Babajide Sanwo-Olu.
The scheme, codenamed “Lagos Ride”, was launched at a well-attended ceremony held at the State House in Alausa, recently.
The taxi initiative, which is being operated on a lease-to-own basis, is a component of the State Government’s multimodal transportation blueprint being executed under the Traffic Management and Transportation pillar of the THEMES agenda of the Sanwo-Olu administration.
The initiative is a partnership between Lagos State-owned IBILE Holding Limited, and CIG Motors Company Limited, with the objective to provide clean and reliable means of taxis movement across the metropolis at affordable cost, using brand-new vehicles.
Operators are required to pay about N1.9 million down payment, with the sum covering the 20 per cent equity of cost of the vehicle, registration and insurance.
Each car used in the scheme comes with technology-enabled security features that monitor every journey undertaken.
While launching the scheme, Sanwo-Olu said the State had moved another step forward in its drive to develop an efficient transportation model in tune with modernity and comfort.
The Governor said the aim was not to run existing hailing ride operators out of the business, but to offer safer alternative and clear the roads of rickety cars being used for taxi business.
He said the scheme will provide opportunities to the operators to become owners of the vehicles within three to four years period.
“The need to provide better, dignifying and more rewarding means of transportation and livelihood for unemployed and underemployed population gave birth to the new ‘Lagos State Taxi Scheme’, which will be operated on a lease-to-own basis.
“Under this arrangement, a beneficiary will be provided a brand-new car which will become the driver’s property after completion of the payment of the vehicle’s subsidised cost.
“This taxi scheme will complement the various bus services which are making significant impact in the lives of our people; the water transport service, which is recording unprecedented patronage, as well as the Blue and Red Line Rail services, which are on course to commence commercial operations between the last quarter of this year and the first quarter of 2023”, the Governor said.
To improve riders’ and passengers’ security, Sanwo-Olu said a full security gadget, including a 360 dashboard camera that will give 24-hour audio-visual feeds to the control centre, had been pre-installed on each car deployed for the scheme.
He added that each car came with a physical panic button that could be used by anyone on board in case of assault or emergency. The panic button, the Governor said, is also on the mobile application and is connected to the Control and Command Centre.
By: Nkpemenyie Mcdominic, Lagos
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.