Lagos State Government and IBILE Holdings Limited partners with CIG Motors to expand LAGRIDE’s Smart Mobility and E-Hailing Fleet with 5000 new vehicles in Lagos, Nigeria.
The Lagos State Government (LASG), through IBILE Holdings Limited (IBILE), is excited to announce a groundbreaking Public-Private Partnership (PPP) with CIG Motors Company Limited (CIG). This strategic initiative aims to significantly expand the LAGRIDE e-hailing services, enhance the transportation infrastructure and foster economic growth in Lagos State.
This ambitious project involved the establishment of a Joint Venture Company (JVC) that will integrate an additional 5,000 vehicles into the LAGRIDE fleet to create a robust operation. The initiative underscores LASG’s commitment to realizing a safer, cleaner, and technologically advanced transportation system under its THEMES Agenda. The partnership also incorporates a historic introduction of 1000 electric vehicles (EV) to kick start the journey of an environmentally friendly and green LAGRIDE.
The partnership will also introduce a comprehensive suite of services to LAGRIDE such as Fintech payment solutions, Carpool services for corporates, Smart taxi schemes for the public, Logistics and delivery services, Driving academies for continuous driver training and culture retention amongst many other benefits.
The total investment of $69 million by CIG in the various vehicle models, as well as an additional $200 million over the next three years for operations, research and development, technology, and marketing, represents Lagos State’s commitment to creating a viable business environment for investors and an economically prosperous citizenry.
Mr. Oluwatobi Lawal, Group Managing Director of IBILE Holdings Limited, remarked, “This partnership is a significant leap forward in our quest to transform Lagos State’s transportation system. By leveraging cutting-edge technology and strategic investments, we are paving the way for a safer, more efficient, and environmentally sustainable transport solution for our citizens.
IBILE Holdings Limited is the investment company of the Lagos State Government, engaged in business advisory, equity investment, joint partnerships, service procurement, asset and portfolio management across various sectors.