The news:
- Bolt has announced a 15% fare increase across all its ride categories in Nigeria, citing ongoing fuel scarcity and growing operational challenges drivers face, Technext reports.
- The company revealed this decision in a statement, explaining that the adjustment aims to provide fairer compensation for its driver-partners, whose livelihoods have been strained by the recent fuel price surge.
Lola Masha, Bolt’s Regional Manager for North and West Africa, emphasised that the fare hike is a move to recognise the essential role drivers play in keeping the service running.
"We believe this increase will help drivers earn a fair wage, enabling them to continue offering the safe and reliable transportation our riders depend on," she stated.
Per the ride-hailing platform, the decision follows months of discussions between Bolt, its drivers, and regulators, focusing on the rising operational costs, particularly fuel prices, which have surged by over 45% due to ongoing fuel shortages in the country.
Many drivers have resorted to cutting costs, including turning off their air conditioning during rides to conserve fuel.
Some have also been negotiating fares outside the app, further highlighting the difficulties they face. Bolt has expressed its commitment to supporting its driver-partners amid these challenges.
The company, not remiss about the impact the new development would have on passengers, also acknowledged that the fare increase might affect riders but remains focused on balancing driver earnings with affordability for customers.
"Bolt is committed to supporting our drivers while ensuring accessibility for our riders," the company said in a statement, adding that it will continue monitoring the economic landscape and make further adjustments if necessary.
As Nigeria continues to grapple with rising fuel costs and inflation, Bolt’s fare increase is a response to an industry-wide challenge. The company says it expects the additional income to enhance driver satisfaction, improve service quality on the platform, and maintain the loyalty of its customer base.
With the fare increase already in effect, both drivers and riders will be closely watching how this impacts the ride-hailing experience in Nigeria.
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This is not the first time the company will be helping its drivers cope with rising fuel costs. In December 2023, the e-hailing app introduced a ₦10,000 fuel subsidy for drivers in Lagos and Abuja who complete 50 trips weekly, as part of its ongoing support for its drivers.
Similarly in August 2024, Bolt Kenya announced that it had increased its base fares across all its ride categories by up to 10%, following a week-long protest from drivers demanding better compensation.
