Uber Contributes N34bn to Nigeria’s Economy – Report
A new report has revealed that ride hailing giant Uber contributed an estimated N34 billion to Nigeria’s economy in 2023.
The findings of the Uber Nigeria Economic Impact Report, which was conducted by Public First, was inaugurated at the recent Lagos Road Mobility Summit.
This was an event co-hosted by Uber and the Lagos State Ministry of Transport, which had the theme: “Reimagining an Inclusive Road Safety Strategy.”
It brought together key stakeholders from government agencies along with global safety experts and private sector leaders.
The report said that Uber provided significant value in convenience, safety and empowerment for drivers and riders.
The General Manager, Uber Sub-Saharan Africa, Deepesh Thomas, said at the summit that beyond the direct economic contribution, Uber riders enjoyed a consumer surplus valued at nearly N500 billion through savings in time, cost and convenience.
Thomas said that the report also focused on the socio-economic benefits for thousands of drivers on the platform.
He said that drivers earned N6.1 billon more in 2023, with their average earnings being 34 per cent higher than their next best alternative.
According to him, the study also placed a value of N6.3 billion on the flexibility drivers have to choose their own working hours.
“It is a key factor for 88 per cent of drivers who said this flexibility helps them balance family responsibilities.
“The report also found that safety and convenience are the primary reasons Nigerians choose the service.
“With 97 per cent of riders citing safety as a key reason for using the app,” he said.
Thomas noted that the study showed that this was particularly true for women, as 78 per cent stated that Uber was the safest way for them to get home at night.
He added that 79 per cent of riders agreed that the service helped to reduce drunk driving by offering a reliable way to travel after dark.
According to him, beyond individual benefits, the report indicated that Uber’s presence has a positive ripple effect on local communities.
The general manager said that the platform generated nearly N930 million for the nighttime economy and added N5.4 billion in value to Nigeria’s growing tourism sector.
He said that the study also noted that riders collectively saved more than 1.8 million hours in 2023, time that could be redirected to other personal and professional pursuits.
The summit itself served as a platform for dialogue on Nigeria’s road safety challenges.
The key participants included Mr Olasunkanmi Ojowuro, Director of Transport Operation, Lagos State Ministry of Transport, and representatives from the FRSC.
Marisela Ponce de Leon Valdes, a Senior Transport Specialist with the World Bank’s Sub-Saharan Africa Transport Policy Programme (SSATP) team, also presented insights from the Africa Road Safety Status Report 2025.
A high-level panel discussion with transport leaders underscored the importance of public-private collaboration.
The panellists were Efunlola Hughes, Head of Driver Operations for Uber West Africa, and representatives from LASTMA and other transport agencies.
The organisers said that by bringing together a diverse group of stakeholders, it highlighted the potential of technology-driven platforms in creating safer, more inclusive transport systems for all Nigerians. #Uber Contributes N34bn to Nigeria’s Economy – Report How Smart Money Powers Stocks and What Retail Investors Can Learn from It
