Ride-hailing platform Uber is ending its operations in Nigeria amid worsening macroeconomic challenges affecting businesses across the country. The decision comes as companies operating in Nigeria face persistent economic pressures, including the severe devaluation of the naira, high inflation rates, and sharply increased fuel prices following the removal of national fuel subsidies. These factors have substantially driven up operational costs for drivers while diminishing consumer spending power, leading the company to exit Africa’s most populous market alongside several other multinational corporations facing similar headwinds.
- Uber has ceased its ride-hailing services in Nigeria due to difficult economic conditions.
- The rapid depreciation of the Nigerian naira and foreign exchange shortages have heavily impacted profitability and revenue repatriation.
- The removal of fuel subsidies resulted in soaring petrol prices, placing an unsustainable cost burden on local drivers.
- High consumer inflation has contributed to reduced disposable income, dampening demand for ride-hailing services.
- The exit follows a broader trend of multinational enterprises scaling back or withdrawing from the Nigerian market in recent months.
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Lies again? Woodlands Stadium (Grab Uber)
This is sad. President Tinubu is the worst president in Nigerian history