How to Start Bolt Business in Nigeria: A Profitable Guide
Do you want to start a business in Nigeria that will last and make you money? One of the most profitable activities you can undertake right now in Nigeria is to start a bolt business, particularly in the larger cities such as Ibadan, Lagos, Abuja, and Port Harcourt. Bolt offers drivers and car owners a flexible and lucrative option, which is perfect for the growing urban population in Nigeria and their need for reliable transportation.
Everything you need to know to launch a Bolt business in Nigeria is right here in this detailed guide. We'll go over the prerequisites, the initial investment, the possible profits, the registration process, and the best practices for growing your ride-hailing company.
Introduction to Bolt Business in Nigeria
How to Start Bolt Business in Nigeria: A Profitable Guide Bolt, formerly known as Taxify, is a major player in the Nigerian ride-hailing market. Through a mobile app, it links riders with drivers in the area. Reasonably priced, dependable, and user-friendly, the platform is well-known for all three.
You can join the Bolt business in one of three ways: as a driver, by offering your vehicle for rental, or as a fleet owner, managing one or more cars while others drive them.
Why Bolt Business is Profitable in Nigeria
Reasons to put your money into the Bolt company in Nigeria include:
- The heavy traffic in Nigerian cities has led to a meteoric rise in the use of ride-sharing applications.
- You get to choose your hours and work whenever it suits you.
- Entry is Easy: All you need is a vehicle and a valid driver's license.
- Different Ways to Make Money: Take the wheel or invest in a fleet and generate money without lifting a finger.
- Multiple sources of revenue from digital payments and cash on hand.
Business Models: Driver vs Car Owner
You can get into the bolt industry in one of two primary ways:
a. In my role as Co-Driver
To transport people, you either own or rent a car. Your earnings from completed trips will be reduced by Bolt's commission.
b. If you own a car or manage a fleet of automobiles, you can provide drivers for them. A predetermined schedule for payments (e.g., weekly or monthly) is agreed upon. Although it's less active, this still necessitates oversight and responsibility.
How to Start Bolt Business in Nigeria: A Profitable Guide
Step 1: Choose Your Model
Will you be a driver, a car owner, or both? Think about your time, money, and business goals.
Step 2: Get the right car
Your car must match Bolt's standards for vehicles (see section 5). You can buy a car, lease it, or get a loan to buy it.
Step 3: Paperwork for the car
Make sure your car has all the right papers:
- License for vehicles
- Certificate of roadworthiness
- Insurance (full or third-party)
- Card for Lagos: LASDRI
Hackney license for business use
Step 4: Sign up for the Bolt Platform
Register as a driver or partner on the Bolt Nigeria registration page.
Step 5: Go to training or onboarding
Bolt normally makes new drivers or partners go through training, either online or in person.
Step 6: Get the Bolt app and install it
You can get the Bolt Driver app from the Google Play Store or the Apple App Store. Then, log in with your account.
Step 7: Get behind the wheel or take care of your fleet
You can start taking excursions and making money as soon as you have the green light.
Bolt Driver Requirements and Car Eligibility
Driver Requirements:
- Must be 21 years or older
- Must have a valid Nigerian driver's license
- Must have National ID or NIN slip
- You must have a Smartphone (Android or iPhone)
- you must have a Clean criminal record
- Complete Bolt onboarding session
Vehicle Requirements for a bolt driver:
- Car must be 2010 model or newer (may vary by city)
- 4-door sedan or hatchback
- Good physical condition and working AC
- Valid insurance and documents
Examples of acceptable cars:
- Toyota Corolla
- Honda Civic
- Hyundai Elantra
- Kia Rio
- Toyota Camry
Bolt Car Financing Options in Nigeria
Here are several options for getting a car loan if you don't already have one:
a. Contract Hire from Automobile Dealers
The remaining balance can be paid over 12-24 months after the first deposit.
b. Lenders of Automobile Loans
There are a few lenders who specialize in financing cars for ride-hailing services:
- Automobile World
- The DriveMe
- At Sterling Bank, we Moove
- Rosabon was
d. Collaborating with Automobile Owners
One option is to pay for a car lease on a weekly or monthly basis.
How to Register on Bolt as a Driver or Partner
To sign up, do this:
a. Go to Bolt's main website
Head over to https://partners.bolt.eu/
b. Fill in the Required Information. Here's what you need to give:
- Name
- Send an email
- Number of the phone
- City
- About the car
c. Put files online
- Send copies of your
- License to drive
- Documents for the car
- Picture for a passport
d. Go to training
Before approval, Bolt holds training and verification meetings.
e. Start making money
You can go online and start taking trips once your account has been approved.
Bolt Commission and Payment System
For each trip that is finished, Bolt takes out a 15% to 20% fee. The real rate may be different depending on the place or the deal.
Payments are sent to the bank account you entered once a week. The following sources pay drivers:
- Fees for passengers
- Extra money or rewards
- Tips (not required)
Estimated Earnings and Profit Potential
These are the rules for full-time drivers:
Every day trips from 8 to 15
Making ₦15,000 to ₦30,000 a day
Income per week: ₦90,000 to ₦180,000
₦360,000 to ₦700,000+ a month
For people who own cars (and whose drivers pay):
Sending ₦25,000 to ₦35,000 a week (Lagos)
₦100,000 to ₦140,000 a month per car
Profit rests on how much fuel costs, how well the driver does their job, and how much demand there is in the city.
How to Succeed in the Bolt Business
You have learn How to Start Bolt Business in Nigeria: A Profitable Guide. Now let me tell you how you can succeed in the bolt business;
- To save money, use fuel-efficient cars.
- Do your work on weekends and during busy times.
- Take care of your car so it doesn't break down.
- Get better reviews and tips by giving great customer service.
- Think about getting more than one car if you own a fleet.
Common Challenges and How to Overcome Them
| Challenge | Solution |
|---|---|
| High fuel prices: Challenges | Use hybrid/fuel-efficient cars, work smarter |
| Vehicle wear and tear Challenges | Schedule regular maintenance |
| Bad drivers or remittance issues: Challenges | Use tracking apps, contracts, and daily monitoring |
| Bolt account deactivation Challenges | Follow policies, resolve complaints promptly |
Frequently Asked Questions (FAQs)
Q1: Can I start a Bolt business if I don't have a car?
You can rent a car or work with someone who owns a car.
Q2: How much can I make on Bolt every month?
Car owners can make ₦100,000 to ₦140,000 a month, while drivers can make ₦300,000 or more a month.
Q3: Which Nigerian city is best for doing business with Bolt?
A lot of people want to live in Lagos, Abuja, Port Harcourt, Benin, and Ibadan.
Q4: How long does it take for Bolt to approve something?
Usually between 2 and 7 days after finishing onboarding and sending in papers.
Q5: Can I drive for both Bolt and Uber?
Yes, a lot of drivers work on both sites to make the most money.
The Bolt business in Nigeria will still be a good way to make money, be flexible, and grow after 2025. You can be successful whether you drive or buy in a fleet if you plan, keep your cars in good shape, and know how the Bolt system works.
As Nigeria's ride-hailing industry continues to grow, getting involved with the Bolt ecosystem can help you make steady money and even grow your fleet, which can help you become financially independent in the long run.