Finished products from Innoson Vehicle Manufacturing (IVM) local assembly plants located in Nnewi and Enugu. Vehicle brand is mostly for domestic markets and competes favorably with imports.

Nigeria’s economic collapse? – Innoson Motors shuts down production over dollar scarcity

Global Patriot Staff September 1, 2016 Business and Economy, Local, News, World Leave a comment 988 Views

Finished products from Innoson Vehicle Manufacturing (IVM) local assembly plants located in Nnewi and Enugu. Vehicle brand is mostly for domestic markets and competes favorably with imports.

A major vehicle assembly plant in Nigeria, the Innoson Vehicle Manufacturing (IVM), is shutting production due to the harsh economy and a lack of foreign exchange.
Innoson Motors chairman, Mr. Innocent Chukwuma, said workers have already been sent home because of a lack of parts from Japan, China and Germany, which account for much of the content of the vehicles they produce.
According to him, “production has stopped as we are waiting for the imported items for which there is a forex issue.”
“I believe they are doing something but if they can’t do anything, we’ll lay off some workers,” he added.
Launched in 2010, IVM last year raised its annual production target for 2016 from 4,000 to 6,000 vehicles due to a “Made in Nigeria” campaign that generated strong sales to the police, state agencies and churches.
Those ambitions are now looking shaky if promises of government assistance fail to materialize, Chukwuma said.
Reuters