Moove, a Lagos-founded mobility company, has announced that it will be ending its operations in Nigeria. The decision comes weeks after Uber, a major player in the ride-hailing market, withdrew from the Nigerian market. As part of its exit strategy, Moove will transfer ownership of eligible vehicles valued at over ₦35 billion to drivers currently operating them. This move is part of a programme called “Thank You Nigeria”, which aims to appreciate the contributions of its drivers.
According to Moove's co-founder, Ladi Delano, Uber's exit from the market fundamentally altered the economics of Moove's Nigerian business. With Uber being the principal platform that supported Moove's model at scale, the company explored alternative ways to continue operating but concluded that sustaining its existing model was not financially viable in Nigeria. As a result, Moove made the difficult decision to wind down its Nigerian operations.
Moove launched in Lagos in 2020 with a fleet of 76 vehicles and has since expanded to a global fleet of about 42,000 cars across 29 cities. In Nigeria, the company has served over 9,000 customers, generating roughly ₦57 billion in revenue. The company offers drive-to-own and rental products, which have been popular among Nigerians. However, with the exit of Uber and now Moove, the ride-hailing market in Nigeria is expected to undergo significant changes.
Under the terms of the exit arrangement, eligible drivers will take full ownership of the cars they operate, provided they settle any outstanding remittances accrued before the October deadline. Additionally, Moove intends to give cars to its Nigerian employees as part of the exit arrangements. This move is expected to benefit hundreds of drivers and employees who have been working with Moove in Nigeria.
The exit of Moove from Nigeria follows Uber's shutdown of its Nigerian operations after 12 years. The ride-hailing market in Nigeria has grown significantly over the years, with several platforms emerging to fill the gap left by Uber. However, with Uber and now Moove gone, remaining platforms such as Bolt and inDrive will face a market with fewer major players. Industry observers note that this development is likely to reshape the ride-hailing market in Nigeria.
Moove's exit from Nigeria is a significant development in the country's ride-hailing market. The company's decision to transfer ownership of its vehicles to drivers is seen as a positive move, which will benefit many Nigerians who have been working with the company. However, the exit also raises concerns about the future of the ride-hailing market in Nigeria and the impact on drivers and employees who depend on these platforms for their livelihood.
The transfer of ownership of eligible vehicles worth over ₦35 billion to drivers is expected to take effect from 1 October 2026. Moove has scheduled payments to be waived from this date, allowing drivers to take full ownership of the cars they operate. The company's exit from Nigeria marks the end of an era for the ride-hailing market in the country, and it remains to be seen how the market will evolve in the coming months.
Key points
- Moove to transfer ₦35 billion in vehicles to drivers as it exits Nigerian operations.
- Uber's exit from Nigeria fundamentally altered the economics of Moove's business.
- The ride-hailing market in Nigeria is expected to undergo significant changes following Moove's exit.
