The Chief Executive Officer of Innoson Vehicle Manufacturing (IVM) confirmed that its cheapest car sells for N22 million.

The company’s founder, Chief Innocent Chukwuma, made the disclosure during a recent virtual interview for television.

He explained that the entry-level vehicle comes with full air-conditioning, a rugged build, and a four-year warranty.

Chukwuma said:

“My cheapest car, with full air condition and very rugged, is about N22 million. That’s the cheapest one. I give a guarantee of four years on that car because it’s very strong.”

In response to concerns about affordability, the Innoson CEO said the company offers flexible payment options, including instalment plans for buyers.

He noted:

“If you want to pay slowly, I can allow you as long as you have a guarantor backing you."

On IVM’s current operations, the auto magnate stated that his plant has a production capacity of 60,000 units per year but was running at just 20% due to low demand.

Innoson on Tinubu's Nigeria First policy

The business mogul has also thrown his weight behind President Bola Tinubu’s 'Nigeria First' policy, describing it as a bold and game-changing initiative capable of transforming the manufacturing landscape.

He said with the full implementation of the policy, production could increase.

Chukwuma explained:

“We’re ready to scale. If demand increases, it’s simply a matter of hiring more hands and expanding the assembly lines. We can even exceed our current capacity. What we need is consistent orders and genuine support from government."

According to him the policy’s the potential to revitalise local industries and stimulate economic growth through local content promotion, the Nation reports.

He stated:

“When I heard about this policy, I felt so good. I believe now Nigeria has a clear direction. This policy is about telling ourselves the truth: we cannot continue to grow other nations’ economies at the expense of our own.

“It’s a message to Nigerians, especially those in leadership, to patronise made-in-Nigeria goods. This is the way to build a strong economy."

Nigerians react to cheapest Innoson car price

The price has sparked widespread debate online, with many Nigerians questioning the affordability of locally made vehicles.

@UnusualOscar said: "Made in Nigeria products are more expensive than foreign products. Even Zobo a locally made drink is expensive not to talk about a vehicle. We need more builders so there will be healthy competition to balance price to combat monopoly."

@Hpta2 commented: "Good car but the price is why we don't buy it."

@Kunleje reacted: "How can a locally made car be this very expensive. It is not for me a civil servant."