Bolt launches electric three-wheelers in Nigeria

From the newsletter

SGX Mobility, a Nigerian electric mobility company, has partnered with Bolt to introduce electric tricycles in Lagos. The initial rollout will include 25 units, operating in two cities, Uyo and Jos, where Bolt already provides tricycle services. Riders have the option to either purchase the vehicles with instant cash or access them through a lease-to-own scheme.

• Nigeria—particularly Lagos, with its 8 million daily commuters—presents a significant opportunity for electric three-wheelers. These vehicles have the potential to accelerate e-mobility adoption by serving both passenger transport and last-mile delivery needs.

• The ambition is commendable for the country’s EV progress. However, a single swapping station will not be sufficient for 25 electric three-wheelers operating across two cities, especially given their popularity and the rapid battery depletion from constant use.

More details

• Bolt’s lease-to-own model addresses key concerns seen in the industry by offering lower upfront costs, fixed payments, and a reduced 15% commission rate—“compared to the 25% typically charged on vehicles,” said Zankyang Duniya, Bolt’s Operations Manager.

• The goal is to deploy 1,000 units by the close of 2025. As part of the agreement, Bolt and SGX will retain a 50% share of earnings, and enrolled drivers will work solely within SGX-operated fleets and through the Bolt app.

• The tricycles reach a top speed of 80 km/h and can operate for up to 12 hours on a full charge. They use a battery swap system, with designated stations such as the one at Eagle Square in Surulere, Lagos.

• Battery swaps cost $4.06 per day, roughly half the daily fuel cost of a petrol-powered keke. Lagos riders will now choose electric tricycles as a ride option via the Bolt app.

• Bolt’s electric tricycle initiative in Tanzania, launched in partnership with TRÍ and Watu Credit, has shown promising outcomes in urban mobility by offering 25 electric bajajis in Dar es Salaam to cut emissions and lower transport costs. After a year of observing its operational and economic viability in Tanzania, Bolt is now extending this model to Nigeria, a market with even greater commuter volumes and tricycle reliance.

• Bolt's decision to expand into Nigeria after successful piloting in Tanzania shows calculated risk-taking backed by real-world performance data. This sequential scaling sends positive signals to investors and development partners, demonstrating that the business model can be replicated across similar markets with a mix of urban density, informal transit demand, and supportive partnerships.

• Lagos suffers from severe congestion, with over 5 million vehicles on the roads daily. Electric tricycles, being compact and highly manoeuvrable, offer a practical solution for navigating tight urban spaces and avoiding traffic. 

• Battery swapping companies have a unique opportunity to build a recurring revenue model by servicing the growing fleet of electric tricycles. As adoption rises, strategically located swap stations can become essential urban infrastructure, attracting both drivers and fleet operators.

Our take

• Kenya's electric three-wheeler market has experienced significant growth, with registrations increasing from 39 units in 2023 to 324 units in 2024, a more than eightfold rise. This surge indicates a growing acceptance and readiness for electric mobility solutions in the country.

• Ride-hailing companies that offer EV rides in Kenya could unlock a major growth opportunity by integrating electric three-wheelers into their platforms. Despite rising demand, this segment remains untapped in the country. 

• Mobility companies with electric three-wheelers can expand into last-mile delivery and light cargo services, following the example of South Africa’s MellowVans and Green Scooters. This diversification boosts vehicle utilisation and unlocks new revenue streams beyond passenger transport.