Bolt has reportedly layoffs 22 employees out of 45 that are currently operating in Nigeria. This news was disclosed by a source familiar with the matter.
The source cited that senior management staffs of the ride-hailing company are part of the employees that were affected by the layoffs. Mostly, Bolt staffs in Warri, Port Harcourt and Edo were all affected.
This Bolt Layoffs is the first job cutoffs the ride-hailing company would be doing that will affect its senior management staffs in Nigeria.
According to the source, Bolt’s recent job cuts are primarily aimed at enhancing efficiency and profitability by reducing costs. Specifically, the current round of layoffs is likely driven by challenges in the unit economics of operating in Nigeria.
High fuel prices and expensive spare parts are squeezing profit margins, making it difficult for drivers to earn enough from ride fares, leading to a decline in completed trips as customers struggle to afford rides amidst low purchasing power, inflation, and forex issues in the country.
Consequently, the business outlook for Bolt in Nigeria appears bleak, as indicated by the source.