LAGOS – One of Nigeria’s premier ride-hailing platforms, Bolt, has stated that its recent decision to adjust its pricing structure is to better compensate drivers amidst prevailing economic challenges.
Bolt implemented a price review for riders in the Federal Capital Territory (FCT).Effective from Friday, August 30, 2024, the company announced fare increases for its Bolt car category in Abuja.
The updated pricing encompasses adjustments across various components.
As per the management, the revised pricing for Bolt rides now entails a minimum fare escalation from N1,300 to N1,495, while the starting fee has been revised from N737 to N884.Moreover, the cost per kilometer has been modified from N124 to N152, and the charge per minute now stands at N25, up from N21.
Bolt’s management stressed that the price adjustments are part of a comprehensive strategy to amplify drivers’ overall earning potential.
“This initiative aims to ensure that drivers can cover their operational expenses while remaining accessible to riders,” the company articulated.
It reiterated its commitment to maintaining its status as the most competitive ride-hailing platform for drivers in Nigeria and guaranteeing that drivers are duly remunerated for their time and loyalty.
This development was prompted by persistent requests from Bolt drivers for the company to reassess the prices on the ride-hailing app due to the escalating cost of living.
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