The world’s leading ride-hailing company Uber targets West African market for a expansion opportunities. Share climbed over 5% after the announcement.
Uber continues to widen its presence as the company is in talks with the West African regulators about expanding its market in the Western African continent. Since the company has already started operating in South and East Africa, the company wanted to have a strong presence also in West Africa.
Brooks Entwistle, Chief Business Officer at Uber told Reuters, “We have talked about West Africa today as being a big growth priority for us and launch priority for us moving forward.”
According to Entwistle, the population and congested nature of the cities on the continent make them appealing for the company.
The ride-hailing company also said that they are planning to offer a boat service in Lagos and Nigeria which the company recently offers in Mumbai, India. “We are looking at the waterways here, which are very interesting to us as it relates to a potential service,” Entwistle said.
Lagos labeled as “one of the fastest growing cities in the world” is a perfect target for Uber to expand its market. Entwistle said, “We did launch Uber Boat in Mumbai and we have watched the product develop. It’s in its early stages and we think there is high relevance here,” talking about Lagos.
Uber shares also rose to over 5% following the announcement.