Advisors ReportsAdvisors Reports
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Lagos State expands LAGRIDE fleet with 1,000 electric vehicles, 4,000 new cars
Share
Sign In
Notification Show More
Font ResizerAa
Advisors ReportsAdvisors Reports
Font ResizerAa
Search
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
ConcessionEnergy TransitionEnvironmentTechnology

Lagos State expands LAGRIDE fleet with 1,000 electric vehicles, 4,000 new cars

Admin
Last updated: July 15, 2024 7:38 pm
Admin
Share
2 Min Read
advisors reports
SHARE

…IBILE holdings, CIG Motors for electric vehicle acquisition

Oredola Adeola

The Lagos State Government has entered a Joint Venture partnership with IBILE Holdings Limited and CIG Motors Company Limited to enhance the LAGRIDE fleet with 1,000 electric vehicles and 4,000 other brand-new vehicles.

The agreement was formalized at a ceremony led by Governor Babajide Sanwo-Olu in Lagos on Monday.

Advisors Reports’ check showed that the Joint Venture Agreement, which began in 2021, involves Ibile Holding Limited—a Special Purpose Vehicle owned by the Lagos State Government—and CIG Motors, part of the Chinese Investors’ Community.

That partnership led to the establishment of an automobile company and a vehicle assembly plant in the state, producing various classes of brand-new cars that now crisscross the Lagos metropolis, offering e-hailing services.

Since the inception of the agreement, IBILE Holdings Limited has been managing the investment agreements on behalf of the Lagos State Government.

Governor Sanwo-Olu in his remark on Monday stated that the government expects to receive 2,000 units of the new vehicles in the first phase, with subsequent deliveries in tranches.

He emphasised that the new fleet would include 1,000 electric vehicles, underscoring the government’s commitment to reducing dependence on fossil fuels and lowering carbon emissions.

Governor Sanwo-Olu stated, “We launched our first LAGRIDE initiative in 2022 with 1,000 brand-new cars and mini-SUVs, providing commuters with better transportation options and convenience.

“The new vehicles will be designed for our terrain, featuring low carbon emissions, improved technological interaction, and energy transition,” he said.

He emphasized that the partnership goes beyond e-hailing taxi services to include carpooling, chauffeur services, and tech-driven logistics.

The Governor highlighted the mutually beneficial relationship with CIG Motors and encouraged other private sector players to invest in the state’s transportation sector, enhancing mobility.

Governor Sanwo-Olu expressed the government’s interest in transforming Lagos into a city with an internationally standard, environmentally sustainable, and smart mobility system.

NMDPRA moves to enforce modular refinery retrofit, targets 50ppm Sulfur for PMS, AGO
General Electric splits into two, Vernova unit emerges as independent powerhouse
Ageing workforce: Adelabu approves training of 1,200 electrical engineers over next 10 years
Axxela Limited transitions into group structure with SBUs led by 4 MDs, 1 directorate
FG lifts NYSC posting restrictions, expands opportunities to private sectors, banks, oil industry for 2024 Batch “C”

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Copy Link Print
Share
Previous Article IPHC Nigeria Grace Chapel launches Book Readers’ Club to foster youth development, reduce cyber criminality, combat societal vices
Next Article  Port Harcourt Refinery to commence production in Aug, Kaduna by Dec 2024- NNPC Ltd GCEO
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad imageAd image

Latest News

In 100 days, renaissance boosts output to 200,000 bpd, delivers 1.9bcf gas to NLNG
Midstream News Oil & Gas Special Report Upstream
July 3, 2025
Nigeria’s active oil rigs rise to 44, over N326bn allocated to host communities
Energy Transition Impact News Oil & Gas Special Report Sustainability Upstream
July 3, 2025
Dr. Irune, OANDO MD calls for mindset shift, investment, collaboration to secure Nigeria’s energy future
Documentary Energy Transition Gas Green Finance Impact Local Content Midstream News Oil & Gas Sustainability Technology Transmission
July 2, 2025
NLNG CEO urges stakeholders to shift from rhetoric to performance for global competitiveness
Downstream Energy Transition Gas Impact Midstream News Sustainability Upstream
July 2, 2025
Follow US
© 2022 AdvisorsReports. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?