Nigeria's Gig Economy Reaches $5.17 Billion in Growth

According to a report commissioned by Bolt and conducted by Ipsos, Nigeria's gig economy has grown to an estimated $5.17 billion, with e-commerce and ride-hailing services playing pivotal roles in expanding access to flexible income opportunities across the country. The report was unveiled in Lagos on Tuesday.

It indicates that ride-hailing services rank second in the gig economy, following e-commerce, which constitutes 38% of the sector. Approximately three million Nigerians are engaged in gig work, with 92% operating outside the formal wage structure.

The report shows that ride-hailing accounts for 24% of the gig economy, serving as a significant entry point for Nigerians seeking flexible work arrangements. It also highlights that 59% of ride-hailing participants remain active on platforms throughout the year, indicating a sustained reliance on this sector for income.

Teddi Appa Dankyi, Senior General Manager for West Africa at Bolt, emphasized that ride-hailing not only aids in diversifying income but also helps individuals manage financial uncertainty.