Uber shuts down operations in Nigeria effective September 2

Uber has pulled the plug on its Nigerian operations after more than a decade in the country, marking one of the most significant retreats by a major tech platform from Africa’s largest economy. The shutdown, effective September 2, ends a presence that began when Uber first rolled into Lagos back in 2014. The company is also leaving Uganda as part of the same move. Together, the exits coincide with a global restructuring effort that will eliminate approximately 3,300 positions, roughly 10% of Uber’s worldwide workforce. What drove Uber out When Uber arrived, it was one of the first major international ride-hailing platforms to set up shop, even tweaking its payment model to account for a population that overwhelmingly preferred cash over card transactions. Bolt launched in Nigeria in 2016 and immediately started undercutting Uber on price. What followed was a grinding price war that squeezed margins for both companies but hit Uber particularly hard. Beyond competition, Uber faced soaring inflation, volatile currency swings, and fuel price hikes that made every trip more expensive to facilitate. Nigerian drivers staged protests over the years, pushing back against fare structures and...