Chinese automobile company, CIG Motors, to take over LagRide

CIG Motors is betting on making changes in LagRide to create more sustainable and driver-friendly ride-hailing service in Lagos.

Temmy Samuel

Chinese automobile company, CIG Motors, to take over LagRide

CIG Motors is a Chinese automotive company responsible for assembling and distributing GAC vehicles in Nigeria. The company is taking over LagRide, a ride-hailing service co-developed, co-owned and backed by the Lagos State Government. According to people familiar with the matter. CIG Motors will take over the ride-hailing operational management including managing the drivers operations, fleeting oversight, platform optimization, and vehicle financing. The takeover marks a significant shift in LagRide’s operations as CIG Motors is expected to improve the current vehicle financing system of the ride-hailing company, which has been criticized by drivers for being too expensive and difficult to repay. The existing model involves unfavorable repayment plans, making it challenging for drivers to pay off their vehicle loans. The total cost for the vehicles—either a GAC mini-SUV or a saloon car—amounts to ₦10 million ($6,541). By "overhauling" the system, CIG Motors is trying to intr…

About the author

Temmy Samuel

He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently chasing a BSc degree in Accounting.

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