CFAO and Yamaha Motor Co. Ltd have signed an agreement to manufacture and distribute motorcycles through a joint venture company in Nigeria.
The joint venture, which will be named CFAO Yamaha Motor Nigeria Ltd. (CYMNG), will be owned at 50% by CFAO and 50% by Yamaha Motor Co. Ltd.
A statement by the two companies said that CYMNG “will benefit from distribution rights to manufacture and distribute Yamaha motorcycles in Nigeria, the leading market in Africa with over one million new motorcycles sold per year”.
The premises, including an assembly plant, will be based in a CFAO multi-activity site in Lagos. Scheduled to commence operation in summer 2015, the factory has a production and sales target of 70,000 motorcycles in 2018.
Yamaha Motor Co. Ltd, one of the world’s leading manufacturers of motorcycles with a presence in about 200 countries, will contribute its manufacturing and marketing expertise.
With a strong and longstanding presence in Nigeria (112 years) and an extensive network in 20 cities and towns in the country, CFAO boasts in-depth knowledge of the local market, distribution networks and customer needs, whether BtoB or BtoC.
CFAO already imports and distributes Yamaha products in 16 other countries in Africa.
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