Uber spent 12 years in Nigeria and decided to leave because the market it operated in could not deliver the economies of scale required to support its future ambitions.
In 2025, Uber recorded $193.45 billion in gross bookings from 13.57 billion trips globally, according to its financial results. That works out to an average of $14.26 per reported trip.
The problem for Uber was not necessarily that Nigeria lacked demand. The value of that demand may not have been high enough to justify the investment required to continue operations. Nigerian rides were significantly cheaper than the global average Uber trip, while riders were becoming more price-sensitive, drivers were facing higher operating costs, and competition was keeping pressure on fares.
Uber’s definition of gross bookings means the total dollar value, including any applicable taxes, tolls, and fees, of mobility rides, delivery orders (in each case without any adjustment for consumer discounts and refunds, driver and merchant earnings, and driver incentives), and freight revenue.
Originally published by TechCabal.