French company- CFAO and Japanese firm- Yamaha Motor Corporation have jointly opened an assembling plant in Lagos.
The newly opened CFAO-Yamaha Showroom and Assembly Plant has the capacity to produce 70,000 motorbikes annually and is also expected to churn-out outboard engines for boats as well as power generators.
The Chairman, Management Board of CFAO Group, France, Mr Richard Bielle said that the company had continued to invest in Nigeria because of its belief in the country’s potential for economic growth.
In the same vein, the President of Yamaha Motor Corporation, Japan, Mr Hiroyuki Yanagi said in the last 40 years of the company’s existence in West Africa, Nigeria had recorded the highest sales of motorcycles among the 16 African countries where Yamaha’s plants were domiciled.
Investors’ choice destination
Meanwhile, Lagos State Governor, Mr Akinwunmi Ambode during the grand opening ceremony stated that the state had what every investor desired.
Governor Ambode stressed that the leadership status of the Lagos as the most attractive location financially and socially for investment in Africa puts it in good stead both in Nigeria and on the African continent.
“With a population in excess of 21 million, a significant proportion of which comprises of the mid-class with strong purchasing powers, I am convinced that the State has what every investor desires in investing in any city,” he added.
Highest foreign direct investment
According to the governor, apart from the fact that Lagos accounts for 60 per cent of Nigeria’s industrial capacity, the State also attracts between 70 to 80 per cent of $6bn annual Foreign Direct Investment (FDI) into Nigeria.
He stressed that measures were being taken to increase the figure by 50 percent.
The Governor lauded the collaboration between CFAO of France and Yamaha of Japan to bring about the joint venture in Lagos Nigeria, saying the partnership was good news for the Lagos economy.
“The significance of locating this Assembly Plant in Lagos is very clear; Lagos remains the most attractive location financially and socially for investment in Africa, I have come to assure you that you have made the right decision to locate your business here,” he said.
He said the take-off of the CFAO Yamaha Plant in Lagos brought the number of assembly plants located in Lagos to 10, adding that the State still had the capacity to accommodate more plants.
Also, Managing Director of the company, Mr Olivier Levigne said the vision of the firm was to be a leader in its chosen field.