Charged for Change: Bolt's Electric Tricycles in Nigeria

Bolt, a leading ride-hailing platform, has come with another mobility wonder in Nigeria. The ride-hailing company is launching a ₦3.2M electric tricycles in Lagos with 15% driver commission.

The Bolt's ET launch in Lagos is part of its green mobility strategy, and a shift towards sustainable urban transport in Nigeria. The project, beginning in May, is aimed at lowering operating costs for drivers and reduce emissions.

Key Details of Bolt’s Electric Tricycle Launch in Lagos

Detail	Information
Launch Date	Starting in May 2025
Number of Tricycles Deployed	25
Partnership	SGX Mobility, a Lagos-based electric mobility company
Existing Tricycle Business Locations	Jos, Uyo
Cost of Each Electric Tricycle	₦3.2 million ($1,996)
Down Payment	₦208,000 ($130)
Lease Duration	18 to 24 months
Weekly Lease Payment	₦32,000 ($20)
Monthly Lease Payment	₦156,000 ($97)
Daily Battery Swap Cost	₦6,500 ($4.06), roughly half the daily fuel cost of a petrol-powered keke
Top Speed of Tricycles	80km/h
Full Charge Runtime	Up to 12 hours
Battery Swap Station Location	Eagle Square, Surulere
Future Expansion Plans	Extend to other Nigerian cities and into Ghana, Uganda, Tanzania, Tunisia

This is not the first time Bolt is venturing into tricycle business in Nigeria. The company has been operating keke rides in cities like Jos and Uyo since 2020. But this is its first electric keke version in the country. So, the ET business is built on the platform's existing tricycle business in Nigeria.

Bolt will deploy 25 electric tricycles, developed in partnership with SGX Mobility, a Lagos-based electric vehicle company. These tricycles, known locally as "kekes," are now available through the Bolt app. Riders in Lagos can now choose electric tricycles as a ride option directly in the Bolt app.

The Bolt's Electric Tricycle come with a lease-to-own model that requires a ₦208,000 ($130) down payment and monthly payments of ₦156,000 ($97) (or ₦32,000 ($20) weekly) over 18 to 24 months. That's to say, each electric tricycle will cost ₦3.2 million ($1,996),

The daily battery swaps of the tricycles cost ₦6,500 ($4.06), roughly half the fuel cost of petrol-powered tricycles, potentially benefiting drivers financially. However, challenges like limited charging infrastructure, affordability, and energy access in Nigeria should be considered.

Although, the company is currently addressing some issues with battery swap stations, like one at Eagle Square in Surulere. Despite that, the operating financing model, lease-to-own financing model, should also be considered because this model has recently come under scrutiny in Nigeria.

Drivers using services like Moove and LagRide have often felt frustrated by tough loan repayment rules, which have caused issues like missed payments and losing their vehicles.

Many had to put in long hours just to earn enough to get by. Bolt, however, claims its approach is different and better, offering a way for drivers to own their vehicles with lower starting costs, steady weekly payments that are simple to manage, and a smaller share of their earnings taken by the company.

Additionally, traffic congestion solutions and the need for dedicated lanes, especially in Lagos, should also be considered as part of the mobility urban challenges.

According to Zankyang Duniya, Bolt’s Operations Manager, while Moove and LagRide focus on costly vehicles, Bolt uses cheaper tricycles, provides more flexible payment options, and is cutting its commission rate from 25% to 15% to help drivers keep more of their money.

Related Story: A Nigerian ride-hailing driver launches SimpliRide, with zero commission, and subscription-based model.

The Electric tricycles are built in partnership with SGX Mobility, a Lagos-based electric vehicle company. According to the SGX, the tricycles have the capability to run on their top speed 80km/h for up to 12h on a full charge.

The electric tricycles also support battery swap stations like the one at Eagle Square in Surulere. This means drivers can quickly and easily exchange batteries at a swap station once one is dead.

The Bolt's electric (EV) tricycles come at a time local tricycle workers are searching for alternatives to gasoline-powered vehicles, driven by soaring fuel costs. While some have switched to compressed natural gas (CNG) as a cheaper option, they face hurdles like limited refueling stations and expensive vehicle conversions.

Bolt’s EV tricycles step in with a fresh solution, offering drivers the chance to own their vehicles while producing zero emissions. The company is moving carefully, keeping an eye on how drivers and riders take to the new tricycles, and is ready to adjust the leasing terms or slow things down if needed.

If the launch succeeds, Bolt aims to expand to more Nigerian cities and other African countries, including Ghana, Uganda, Tanzania, and Tunisia.