Lagos State Government Signs Joint Venture Deal with CIG Motors to Launch 5,000 New Smart Taxis
Lagos, Nigeria – In a bid to revolutionize the transportation system in Lagos, Governor Babajide Sanwo-Olu has signed a joint venture agreement with CIG Motors Company Limited to inject 5,000 brand new vehicles into the Lagos Ride (LAGRIDE) scheme, a $260 million investment.
The partnership between IBILE Holdings Limited, a state-owned corporation, and CIG Motors Company Limited aims to provide comfort and convenience to passengers while boosting the Lagos economy.
The new fleet will include 1,000 electric vehicles, demonstrating the state government’s commitment to reducing dependence on fossil fuels and minimizing carbon footprint.
The first phase of the rollout will see 2,000 units delivered in the coming weeks, with the remaining vehicles to be delivered in tranches.
The expanded LAGRIDE operations will also include car pooling and logistics services, further enhancing the transportation narrative in Lagos.
Governor Sanwo-Olu expressed his excitement about the partnership, stating that it marks a significant milestone in the state’s transportation history.