BANGKOK, THAILAND--(Marketwire - Jan 7, 2013) - World Moto, Inc. (
Nigeria is one of many countries where distributors, moto taxi operators, and officials have expressed strong interest in the Moto-Meter, and feedback from initial discussions has been entirely positive. Establishing a physical presence in the city is now essential for the Company as it enters the process of formalizing these discussions into a clear plan to introduce the Moto-Meter into Lagos and cities across Africa. World Moto intends to commence shipping inventory to this part of Africa by the third quarter of 2013.
According to Reuters, there are as many "as one million motorcycle taxis in Lagos, ferrying everyone from commuters to school children around a city whose major roads are almost permanently gridlocked." The city has a total population of 11 million people and represents a potential market for World Moto in excess of $150 million from sales of the Moto-Meter alone. In addition, many of the inhabitants of other cities in Nigeria rely solely on motorcycle taxis for intra-city public transport services and exposure in Lagos should rapidly open up these additional markets.
Note that saturation of the Moto-Meter is projected to reach 100% within three years of introduction in any given market and its life expectancy/repurchase cycle is estimated at three years. Market estimates do not include potential revenue from Yes services, mobile commerce, advertising, accessories, servicing, calibration and all associated offerings.
World Moto CEO Paul Giles stated, "Lagos is a perfect location for World Moto's debut on the continent of Africa which represents vast opportunities from Nigeria all the way south to Cape Town."
Watch the Moto-Meter in use on motorcycle taxis: http://www.worldmoto.com/videos.php
About World Moto
World Moto, Inc. is the global authority on the $500 billion dollar a year motorcycle taxi industry and creator of Yes, the "Need it Now!" service. World Moto has revolutionized the taxi industry by inventing the Moto-Meter, a landmark device that CNN, Newsweek, Wired, Moneylife, among others, are calling "the world's first motorcycle taxi meter" and "world's first portable taxi meter" and "first-ever black box for motorcycles," while the Times named it "one of the most significant innovations of this decade" and Fast Company declared it "The First Real Taxi Meter Innovation in 100 Years... a $3 billion dollar idea."
Watch Yes: http://www.worldmoto.com/yes.php
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