Moove Exits Nigeria Weeks After Uber as Mobility Industry Faces Fresh Blow
Nigeria-founded mobility company Moove is withdrawing from the Nigerian market six years after launching in Lagos, dealing another setback to the country’s ride-hailing and vehicle-financing industry.
The company’s departure comes about five weeks after Uber announced plans to end its Nigerian operations, raising fresh concerns about the challenges facing mobility businesses in Africa’s largest economy.
Under the exit arrangement, eligible Nigerian drivers will gain full ownership of vehicles valued at more than ₦35 billion, equivalent to approximately $23.3 million.
Moove disclosed that more than 9,000 customers had used its Drive-to-Own and vehicle-rental products in Nigeria before the company decided to wind down its local operations.
Vehicles financed through the platform generated approximately ₦57 billion, or $38 million, in revenue, highlighting the scale of its business since its establishment in Lagos.
Although Moove has not publicly identified a specific reason for leaving Nigeria, its exit follows growing pressure on operators from rising costs and persistent challenges within the ride-hailing market.
Fuel prices, vehicle maintenance expenses, inflation and complaints about driver earnings have increased pressure on mobility companies, while declining consumer purchasing power continues to affect demand for transportation services.
Uber announced its Nigerian exit on September 2, 2026, after 12 years in the country, explaining that it was reviewing its business priorities and investment strategy across Africa.
The company said it would redirect resources towards markets where it could deliver greater value to drivers and passengers. Neither Uber nor Moove has attributed its departure to one specific Nigerian market condition.
Moove Joins Growing List of Mobility Companies Leaving Nigeria
Moove’s withdrawal adds to a series of departures that have affected Nigeria’s mobility industry over the past five years, as companies struggle to sustain their operations.
SafeBoda exited Nigeria in 2022 after describing its local business as unprofitable, while Hytch shut down operations in 2023 after failing to secure additional funding.
Uber’s departure in September 2026 and Moove’s subsequent withdrawal further highlight the difficulties confronting companies seeking to build sustainable transportation businesses in the country.
Reflecting on the company’s Nigerian roots, co-founder and co-chief executive Ladi Delano said Lagos remained central to Moove’s history and the business it had developed internationally.
Delano explained that he and fellow co-founder Jide Odunsi established Moove to help hardworking mobility entrepreneurs earn a living by providing access to vehicles and financing unavailable through conventional credit channels.
From 76 Vehicles to a $2.1 Billion Valuation
Founded in Lagos in 2020, Moove began with 76 vehicles and approximately $5.5 million in seed funding, targeting drivers who struggled to obtain financing through traditional lending institutions.
The company subsequently raised $23 million in Series A funding in 2021, followed by $105 million in Series A2 financing in 2022 and another $76 million in equity and debt in 2023.
Its expansion gained momentum in 2024 when Uber backed a $100 million Series B funding round. Moove later secured $250 million in Series C funding in 2026, reaching a reported valuation of $2.1 billion.
The company has raised more than $710 million in total capital, allowing it to expand beyond Nigeria into international markets and develop new opportunities in autonomous transportation.
Through its partnership with Waymo, the autonomous driving company owned by Alphabet, Moove manages robotaxi fleet operations and supports infrastructure in Phoenix, Miami and Las Vegas, with London expected to follow.
Moove now operates approximately 42,000 vehicles across 29 cities in 13 countries and generates about $420 million in annual recurring revenue, underscoring its international growth despite leaving Nigeria.
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