Lagos: A new gig economy report commissioned by Bolt has revealed that Nigeria’s gig economy has surpassed $5.17 billion, with ride-hailing emerging as a key driver of flexible income opportunities across the country. The Senior General Manager, West Africa at Bolt, Mr Teddy Appa-Dankyi, said this during the launch of the gig economy report by Bolt on Tuesday in Lagos.
According to News Agency of Nigeria, Appa-Dankyi stated that the report highlighted how limited formal employment and a heavy reliance on informal work were pushing more Nigerians towards digital platforms as a practical means of earning income and navigating economic uncertainty. He noted that over 92 per cent of employed Nigerians operate outside formal wage structures, reinforcing the growing importance of platform-based work in supporting livelihoods.
Ride-hailing accounts for 24 per cent of participation within the gig economy, making it one of the most accessible entry points for income generation. Appa-Dankyi added that the sector provides sustained earning opportunities, with nearly six in 10 participants remaining active for more than one year. He emphasized that flexible earning opportunities are becoming an essential part of how many Nigerians earn today, with ride-hailing not just about mobility but also helping people diversify income, manage financial uncertainty, and participate more actively in the digital economy.
The report highlighted the role of youth in driving the gig economy, noting that while national unemployment stands at 2.99 per cent, youth unemployment remains higher at 5.05 per cent. The gap encourages more young Nigerians to explore platform-enabled work alongside education, entrepreneurship, and other pursuits. Appa-Dankyi stated that the gig economy contributes about 2.8 per cent to Nigeria’s Gross Domestic Product, underscoring its growing relevance in the national economy.
Participation in gig work has improved living conditions for many, with 64 per cent of respondents reporting significant improvement, while 31 per cent reported slight improvement in their standard of living. Flexibility, quick earning potential, and low barriers to entry were major factors attracting participants to ride-hailing platforms. Many workers valued the ability to earn independently, manage their schedules, and supplement existing income, particularly in the face of rising living costs.
Appa-Dankyi noted that gig work was enabling broader economic participation by absorbing labour, especially among underemployed populations, while serving as a buffer against economic shocks. The Head of Regulatory and Policy, Africa at Bolt, Ms Weyinmi Aghadiuno, said high maintenance costs continue to burden drivers and called on the government to support local vehicle assembly, as well as ensure access to spare parts and affordable repair services through incentives and financing options.
Aghadiuno urged the government to facilitate the development of dedicated maintenance hubs where drivers could access essential services at reduced costs, supported by clear and enabling policies. She also highlighted the importance of digital infrastructure, advocating wider access to affordable or free internet services to support drivers and other participants in the gig economy. Aghadiuno noted that expanding access for women would not only improve gender balance but also strengthen the overall impact of the gig economy on households and communities.
She further said women account for only about three to four per cent of ride-hailing participants, indicating significant potential for greater gender inclusion in the sector. As flexible earning opportunities become more common across Africa, there is an opportunity for policymakers, platforms, and stakeholders to work together to ensure the gig economy continues to expand access to opportunity while remaining sustainable and inclusive.
The growth of ride-hailing reflects a wider shift in Nigeria’s labour market, where flexible, technology-driven work is becoming an important pathway for income generation and economic participation.