Governor Babajide Sanwo-Olu of Lagos State presided over the signing of a significant joint venture agreement between IBILE Holdings Limited, a state-owned corporation, and CIG Motors Company Limited.
This partnership, heralded as a transformative move for Lagos’ transport sector, involves the acquisition of 5,000 new vehicles for the LAGRIDE fleet, injecting $260 million into the state’s economy.
According to a statement from the Lagos State Government, the initial delivery will comprise 2,000 vehicles, with the remaining units to follow in subsequent phases. Notably, the fleet will integrate 1,000 electric vehicles, marking a pivotal step in the state’s commitment to reducing its reliance on fossil fuels.
Governor Sanwo-Olu underscored that this initiative aligns with his administration’s vision to modernize public transportation, aiming to establish a comprehensive urban transit system that offers sustainable alternatives to outdated vehicles currently in use. He emphasized, “This transportation solution is designed to meet the commuting needs of our citizens safely and comfortably within the metropolis.”
Highlighting the economic benefits of the partnership, Governor Sanwo-Olu added, “Through our investment arm, we are executing a successful joint venture with CIG Motor Company Limited to acquire 5,000 brand-new GAC vehicles for the LAGRIDE initiative.”
The Governor acknowledged the positive impact of the ongoing partnership with CIG Motors, which began with an initial batch of 1,000 vehicles two years ago. He expressed confidence that expanding the fleet would further enhance service delivery and extend e-hailing services across more parts of the state. The introduction of electric-powered vehicles is expected to revolutionize transportation dynamics in Lagos, promoting sustainability and environmental consciousness.
Commissioner for Transportation, Mr. Seun Osiyemi, highlighted that the collaboration with CIG Motors would address growing demand and elevate customer satisfaction. He emphasized the initiative’s role in fostering job creation across driving, maintenance, and administrative sectors, thereby bolstering the local economy and enhancing overall transportation efficiency.
Managing Director of IBILE Holdings Limited, Mr. Tobi Lawal, emphasized that the partnership would not only enhance transportation infrastructure but also contribute to boosting tourism and improving the aesthetic appeal of Lagos’ transport system.
Chief Diana Chen, Managing Director of CIG Motors Company Limited, affirmed the firm’s commitment to upholding all terms of the agreement with the Lagos State Government. She emphasized that the partnership had bolstered mutual trust and credibility, paving the way for sustained cooperation aimed at advancing Lagos’ public transportation sector.
This strategic collaboration between Lagos State and CIG Motors marks a significant milestone in efforts to revamp urban mobility, underscoring a shared commitment to innovation, sustainability, and economic growth in Nigeria’s bustling metropolis.
