The Lagos State Government has signed a joint venture deal with CIG Motors Company Limited for the acquisition of 5,000 new vehicles to the fleet of LAGRIDE.
The partnership was signed between state-owned corporation IBILE Holdings Limited and CIG Motors on Monday, July 15, 2024.
In the coming weeks, Lagos State is expected to take delivery of 2,000 units of the new vehicles in the first phase, while the rest will be delivered in tranches.
Speaking on the new investment deal, Lagos State Governor Babajide Sanwo-Olu said it will further enhance efficiency and elevate smart mobility in the e-hailing sector.
The vehicles, Sanwo-Olu said, will be tailor-made for Lagos terrain to operate on low carbon emissions, improved technological interaction, and energy transition.
The governor added that the initiative was part of his administration’s vision to transform and modernise public transportation, giving the state an integrated urban transit system as a sustainable alternative to outdated vehicles being used for transportation.
He stated: “The partnership with CIG Motors started two years ago with 1,000 brand new cars and we have seen the benefits to our people in terms of job creation and economic empowerment.
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“We are set to enhance the scope and expand the fleet in order to extend the e-hailing service to other parts of the state. The introduction of electric-powered vehicles into the fleet is to change the narrative. We will begin to see a drop in carbon footprint. This demonstrates our commitment to energy transition towards sustainable energy sources.”
Sanwo-Olu noted that the partnership was not only about smart taxi and e-hailing taxi service, adding that the deal would also kick off carpooling services, chauffeur services, and tech-driven logistics services.
The governor said the partnership would enhance safety, turnaround time, and digitally enabled means of public transportation.
Also speaking, the Lagos State Commissioner for Transportation, Seun Osiyemi, said the deal would help LAGRIDE meet increasing demand and fulfilment ratio of customers, while also improving Fintech support solutions.
Aside from creating more jobs in driving, maintenance and administrative roles, Osiyemi said the scheme would boost the local economy with increased accessibility, thereby improving the transportation systems.
On his part, the Managing Director of IBILE Holdings Limited, Tobi Lawal, said the collaboration would deliver benefits, including enhanced transportation infrastructure.
Lawal added that the effort would also boost tourism, improve the aesthetics, and efficiency of Lagos State’s transport system.
The Managing Director of CIG Motor Company Limited, Diana Chen, said the partnership had further built confidence and credibility in its business relationship with the Lagos State Government, stressing that the firm had kept all terms of its dealings with the state.
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