Rising Petrol Prices Force Moove out of Nigeria, One month after Uber’s Exit
Moove, a mobility financial technology company, has announced its decision to exit Nigeria, a month after Uber, the American ride hailing firm, decided to shut its operations in Nigeria.
The move may not have been unconnected with the declining performance of its operations as increasing fuel costs and declining patronage from the cost-of-living crisis being experienced in the country forces international companies in the transport ecosystem to rethink their stay in Nigeria.
Under the exit arrangement, Moove will give the drivers under its financing scheme and its staff the cars under their car in a measure worth over N35 billion.
The exits of Moove and Uber have put the transport sector under a new spotlight raising anxieties about a potential retreat of some other transport companies such as Bolt and InDriver with potential for a loss of over 50,000 jobs in the country.
