UBA Partners CIG Motors, LagRide to Launch $100m ‘Drive To Own’ Vehicle Scheme
United Bank for Africa (UBA) has announced a strategic partnership with CIG Motors and LagRide to roll out a landmark $100 million vehicle financing initiative tagged ‘Drive To Own’. The scheme is designed to make car ownership more accessible to Nigerians, particularly commercial drivers and ride-hailing operators, while also stimulating growth within the automotive and transportation sectors.
The ‘Drive To Own’ programme offers structured, flexible financing that allows beneficiaries to acquire brand-new vehicles and pay over an agreed period, with ownership transferred upon completion. By reducing the heavy upfront costs typically associated with vehicle purchases, the initiative is expected to empower drivers, improve livelihoods, and enhance service delivery across urban transport networks.
UBA described the partnership as part of its broader commitment to economic development, financial inclusion, and support for small and medium-scale operators. CIG Motors, a major player in Nigeria’s automotive industry, will supply vehicles under the scheme, while LagRide’s technology-driven platform is expected to provide operational structure and access to verified drivers.
Industry stakeholders say the initiative could help modernise Nigeria’s transport system, reduce reliance on ageing vehicles, and create sustainable income opportunities. With rising demand for mobility services and increased focus on structured transport solutions, the $100m ‘Drive To Own’ scheme is being viewed as a timely intervention that aligns finance, technology, and infrastructure for long-term impact.
