LagRide Secures USD 100 M Credit Facility To Expand CNG Fleet In Lagos

Lagos-backed ride-hailing platform LagRide has secured a USD 100 M (EUR 95 M) credit facility from United Bank for Africa (UBA) to finance the acquisition of 3,500 vehicles and transition drivers from renters to asset owners over four years.

The financing structure allows drivers to bypass prohibitive upfront costs, while the fleet—comprised of compressed natural gas (CNG) vehicles supplied by CIG Motors—aligns with government fuel-cost reduction and clean-energy goals.

The move positions LagRide as a direct challenger to private incumbents like Uber and Bolt, especially as Lagos regulators tighten compliance requirements on e-hailing operators.

With the state acting simultaneously as policymaker and competitor, the deal marks a significant escalation in Lagos’ mobility market and signals intent to match the capital firepower of players like Moove.