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Driving in Nigeria changed overnight in May 2023, when the government ended subsidy on Premium Motor Spirit (petrol) colloquially known as ‘fuel subsidy’, more than doubling the cost of filling up a regular petrol tank. This affected everything from motor vehicles to motorcycles and three-wheeled rickshaws that serve countless passengers on short trips. The millions of petrol-powered back-up generators across Nigeria were not spared either. Amid the upheaval, the founders of SGX Mobility saw a green opportunity – to bypass the petrol station completely with affordable electric two- and three-wheelers. 

They have already developed their own electric vehicles and planning to route around the next big speed bump: a lack of dependable power for drivers to charge their batteries. SGX’s alternative is establishing franchised swapping stations where drivers can stop in and pick up a fully charged battery in just moments, at half the cost of petrol. Behind the scenes, SGX keeps a complete overview of all the vehicles and batteries through a cloud-based system. Drivers in and around Lagos are now offering rides through the Estonia-based ride-hailing platform Bolt – becoming Bolt’s first electric operators in Nigeria.

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With this foundational work in place, and with SGX now part of the GET.invest Nigeria country window, the company has sought guidance on accessing climate and green grants. GET.invest has also facilitated introductions to equity investors such as Persistent Energy, including supporting investor site visits to charging stations and other SGX facilities in Lagos. Finally, this increased visibility led to Mkobo Microfinance Bank signing an agreement to finance vehicle lease-to-own arrangements for prospective two- and three-wheel drivers — a key step in the company’s vision of financial empowerment. 

The outcome

SGX is currently under consideration by an equity fund, buoyed by GET.invest support and the launch of its agreement with Bolt. For the Bolt pilot, it is currently onboarding drivers and arranging financing for them through Mkobo Microfinance Bank. When its first phase of equity is raised, SGX intends to invest on a large scale in vehicle assembly and setting up battery swapping stations. It has agreed with Bolt to eventually place 1,000 of its electric three-wheelers on the ride-hailing platform in Lagos. From there, it hopes to reach out to more of Nigeria and West Africa. 

Cheaper-to-operate electric vehicles with accessible financing will open up commercial driving opportunities for more people, and SGX hopes it will bring more women into e-mobility platform as well – something that rarely seen in Nigeria now. Therefore, the company is also collaborating with a nongovernmental organisation, Luwatem Helping Hands, to provide three-wheelers to women drivers in Lagos. Luwatem has a network of hundreds of women who are viable candidates for onboarding as drivers or support staff, and the organization will contribute to financing vehicles and collaborate on women-led transport solutions. This will be another empowering side of the grassroots-driven e-mobility ecosystem that SGX is building. 

Disclaimer: This story was last updated in August 2025.