The governor unveiled the scheme on Thursday, March 4, 2021 when he signed a partnership agreement with CIG Motors Company Limited.
The service will pilot with a fleet of 1,000 units of brand new Sport Utility Vehicles (SUVs) and will fully take off within the next six months.
The Cooperative Society in the Lagos Ministry of Wealth Creation and Employment will give operators brand new SUVs for a period of four years, during which they are to pay a monthly installment.
The operators will then have the opportunity to fully own the cars at the end of the credit tenure.
Governor Sanwo-Olu said the service is a social intervention programme initiated with an objective to create jobs and economic opportunities for Lagosians.
He said the service has been structured along a profitability model, and designed to be self-sustaining for expansion and growth.
“A major attribute of a modern megacity is a world-class transportation system with inter-connected services and mobility choices for the citizens.
“The task of bequeathing a safe, efficient, quick, and modern public transportation system is a key thrust of our administration’s development agenda.
“We are guided by the need for an equitable transportation system with mobility choices for our people,” he said.
The Lagos Ride Scheme is another innovative policy of our administration targeted at making life easier for Lagosians, improving mobility and creating a seamless multi-modal transportation system.— Babajide Sanwo-Olu (@jidesanwoolu) March 4, 2021
The Sanwo-Olu government was widely-criticised for crippling ride-hailing bike services with a ban on prominent bike routes last year.
His administration has also in the past initiated controversial regulatory issues affecting the operations of Uber and Bolt in the state.