Nigeria's Gig Economy Reaches $5.17 Billion Amid Growth

A report commissioned by Bolt indicates that Nigeria's gig economy has grown to an estimated $5.17 billion, largely due to the expansion of ride-hailing platforms that offer flexible income opportunities. The report highlights the increasing role of platform-based work in Nigeria's evolving labor market, where individuals turn to digital platforms amid limited formal employment opportunities and economic uncertainty.

Notably, 92% of Nigerian employment operates within the informal sector. The report reveals that ride-hailing accounts for 24% of gig economy participation, with nearly 59% of ride-hail workers remaining active over the year, indicating a shift towards sustainable income sources rather than temporary solutions.

Teddi Appa Dankyi, Senior General Manager for West Africa at Bolt, emphasizes the importance of flexible work in Nigeria's economy. The report also points out a gender gap, with women comprising only 3% of ride-hail workers, suggesting a need for greater inclusivity in the sector.