Tolaram, Toyota Tsusho partner on Africa investment
Tolaram, a leading manufacturer in Nigeria, has reached a mutual understanding with Toyota Tsusho Corporation to start a partnership focused on potential investment in Africa’s consumer and infrastructure sectors.
The Memorandum of Understanding (MoU) signed Thursday provides a framework for discussions on collaboration in consumer products, infrastructure development, and joint business opportunities, including creating a platform that functions as a gateway for global companies wishing to enter Africa.
Both companies say their complementary strengths could contribute to Africa’s sustainable economic growth and address key social challenges through long-term, responsible business development.
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Tolaram, headquartered in Singapore, has been present in Africa for about five decades, with up to 25 factories in Nigeria. It’s investments can be traced in the manufacture and distribution of consumer goods. It has a 30 percent stake in the Lekki deep seaport and the Lagos Free Zone in Nigeria, where Kellogg’s, Indofoods, Colgate, Arla Foods, and Diageo operate.
Toyota Tsusho, its partner, operates in 54 African countries under its “With Africa For Africa,” philosophy with engagements in business sectors that include mobility, green infrastructure, healthcare, and consumer goods.
