It is not a collocation. A collocation is a pair of words that occurs frequently or in a fixed way. For example if I say "vice" you might say "versa." If I say "foot," you might say "ball." These are collocations. A dictionary of collocations can be consulted for free online, at Oxford, for example. Here: https://www.freecollocation.com/ By regularly consulting such reference books, you will improve your syntax in English significantly. To give someone a lift is a phrase that means to drive someone somewhere, especially by car.

It means that you will kindly take someone in your car to some location.

Yup, when you are driving a car, bike or something else and you see someone is standing on the roadside and you ask him to come in.. this is called lift and it is the connotation of travelling. You're right,☺️