Ride-hailing company Bolt has partnered with a Lagos-based electric mobility company to launch electric tricycles in Lagos, Nigeria’s economic nerve centre. The electric tricycles are an offshoot of Bolt’s overall bid to establish and expand an electric vehicle (EV) stronghold across West Africa.
Starting in May, Lagos roads will be adorned with Bolt’s electric tricycles. Riders in Lagos will be able to choose electric tricycles as a ride option directly in the Bolt app. Bolt already has a tricycle business in Nigeria, as it offers “keke” rides in cities like Jos and Uyo. Lagos’ electric tricycles are Bolt’s first electric version in the country.
TechCabal reports that each electric tricycle will cost $1996 (₦3.2 million). Bolt, however, chooses to operate a lease model, with drivers required to make a $130 (₦208,000) down payment and spread the rest over 18 to 24 months. Lease payments come in at $20 (₦32,000) weekly or $97 (₦156,000) monthly. Interestingly, daily battery swaps cost around ₦ $6,500 ($4.06)—roughly half the daily fuel cost of a petrol-powered tricycle.
Caroline Wanjihla, Bolt Africa’s spokesperson, asserted that the “launch is about building an ecosystem, not just introducing vehicles.” “We’re betting on driver economics. EV tricycles have lower running costs. And with our lease model, drivers can own their vehicles in two years, while saving on fuel and maintenance from day one.”
Bolt is leveraging the much scrutinised lease-to-own financing model with an interesting, unique twist. While drivers on platforms like Moove and LagRide face bottlenecks of inflexible repayment terms, mounting defaults, and vehicle repossessions, Bolt’s lease-to-own model comes with lower entry costs, predictable weekly payments, and a lower commission rate.
“The tricycles are much cheaper, and the payment is flexible. We are also tweaking the model to allow for 15% commission instead of 25% charged on vehicles,” Zankyang Duniya, Operations Manager at Bolt, said.
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According to Ayo Mustapha, the Corporate Finance Manager at SGX, the tricycles can hit top speeds of 80km/h, run for up to 12 hours on a full charge, and operate on a battery swap model: drivers will be able to quickly exchange batteries at a swap station located in Eagle Square, Surulere, a system designed to minimise downtime and make daily earnings more predictable.
Having successfully sealed its position amongst ride-hailing platforms with its focus on affordability and better driver conditions, Bolt is diversifying its offerings to include electric scooter rentals and electric-vehicle sharing services, with a strong emphasis on eco-friendly transportation. Bolt’s standout lures remain its localisation strategy, with which it has found success with local drivers in Africa, its ultra-focus on sustainability, and relatively less steep business model.
The Bolt EV tricycle launch comes at a time of heightened need for alternatives to gasoline-powered tricycles due to increased fuel prices. Compressed natural gas (CNG) has become the go-to cheaper fuel stopgap. Still, access to reliable refuelling infrastructure remains grossly uneven, and the cost of conversion is still a barrier for most low-income drivers. As such, Bolt’s EV push comes as a better ray of hope with the added promise of ownership and zero greenhouse gas emissions.
However, Bolt is cautiously watching how drivers and riders adapt to the new vehicles. Should demand falter, Bolt is prepared to tweak its lease structure, stifle adoption, and redeploy assets. Bolt also targets an extension to other Nigerian cities and into additional African markets, including Ghana, Uganda, Tanzania, and Tunisia.
Bolt’s introduction of electric tricycles is hugely significant for Nigeria’s drive towards sustainability and continuous search for a higher tourism score. Bolt’s electric tricycles address critical gaps in Lagos’ urban transport, especially in high-density and underserved areas where traditional public transport is limited. The tricycles are designed for manoeuvrability and affordability, making them attractive for daily commuters and tourists seeking efficient city navigation.
Electric tricycles produce zero emissions, directly reducing air pollution in Lagos, a city with significant traffic-related environmental challenges. This aligns with global trends in sustainable tourism, potentially attracting eco-conscious travellers and enhancing Lagos’ image as a progressive, green city.
Cleaner, quieter, and more reliable transport options can improve the tourist experience, making sightseeing and local exploration more appealing. Affordable, app-based booking of electric tricycles via Bolt could become a unique selling point for Lagos, distinguishing it from other African destinations and supporting the city’s ambition to grow its tourism sector.
Bolt’s move also signals growing private-sector investment in sustainable mobility, setting a precedent for other African cities facing similar transport and environmental challenges. The initiative could inspire innovation in eco-friendly tourism infrastructure across the continent, enhancing Africa’s appeal to international visitors seeking responsible travel options.
Bolt’s introduction of electric tricycles could be a major step in Nigeria’s journey into electric vehicles. Nigeria has set aggressive targets for EV adoption. The government’s Electric Vehicle Development Plan aims for 30% of vehicles produced locally to be electric by 2033, and the Energy Transition Plan targets 13 million EVS- 60% of the total vehicle fleet- by 2050, with full adoption by 2060.
While the Nigerian EV market is projected to grow at a compound annual growth rate of 57.9% between 2024 and 2030, the actual number of EVs on Nigerian roads remains low compared to global and even African peers like South Africa and Morocco. The market is still in its infancy, with limited consumer uptake and infrastructure.
