/Bolt to finance low-emission cars in Nigeria
Bolt to finance low-emission cars in Nigeria

Bolt to finance low-emission cars in Nigeria

Bolt Technology, Uber Technologies’ rival in Africa and Eastern Europe, has signed an agreement to allow Nigerian drivers to participate in a leasing plan for 10,000 energy-efficient vehicles.

Under an agreement with Metro Africa Express, which has Yamaha among the investors, the transport services company’s drivers via in-app can input as little as 5% of the vehicle price, depending on their credit rating, and pay the remaining amount in five years, according to the statement released this week.

The use of energy-efficient vehicles – valued at around $20,000 each – “will allow significant reductions in carbon emissions”, Guy-Bertrand Njoya, CEO of Metro Africa Express, said in an interview. Electric vehicles and gasoline-powered cars will be available, he said.

Nigeria plans to cut gasoline subsidies until the second half of next year, a move that could cause prices to more than double in bomb. With government help, fuel prices in Africa’s largest economy are among the lowest in the world, at around 40 cents a liter.

Metro Africa Express, also known as MAX has set up charging stations in the cities of Lagos, Ibadan and Akure, all in southern Nigeria. Drivers of the company’s vehicles have achieved “a 15% savings compared to existing alternatives,” said Njoya.

MAX raised $7 million in 2020 from investors including Yamaha , and wants to raise additional funds to meet growing demand.

Estonia-based Bolt is the dominant company in Nigeria, with around 35,000 drivers. The agreement with MAX could attract another 10,000 drivers over the next five years, according to Femi Akin-Laguda, country manager for the company in the country.

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