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Business News of Wednesday, 17 November 2021


Forex: Innoson to export vehicles to more African countries

CEO of Innoson Vehicle Manufacturing  Innocent Chukwuma CEO of Innoson Vehicle Manufacturing Innocent Chukwuma

To reduce pressure on the country’s foreign exchange (forex) demand, lnnoson Vehicle Manufacturing(IVM) Limited has announced plans to export its range of vehicles to more African countries and beyond.

Its Chairman, Innocent Chukwuma, stated this during a media interface in Nnewi, Anambra State.

He explained that the move would enable him have access to more forex to make him expand IVM footprints to Africa and beyond.

He stated that rather than depending on government for forex, his strategy to deepen his business footprint beyond Africa will further assist the forex market.

He noted that vehicles produced at the IVM plant could match those produced anywhere in the world.

He added that his brand of vehicles are produced to the highest standards and are fit for Nigerian roads.

Chukwuma said his range of vehicles, which included SUVs, wagons, commuter buses, have become a household name in the automobile industry.

He added that unlike other automobile assembly Plants, Innoson is a vehicle manufacturing plant.

“I need to correct one impression. While a lot of automobile companies in the country are assembly plants, ours is a manufacturing plant. We source most of our components locally. And that is the edge we have over others. If I see a local company that will add value to what we are doing through production of components, I will patronise them”.

He lauded the contribution of former Governor Peter Obi, who he said his contribution to IVM leaped the business to growth.

The IVM Chairman disclosed that Obi, when he held sway, placed orders for 500 SUVs, 700 buses and 500 pick up vans.

He maintained that Governor Willie Obiano equally continued along the same trajectory.

Chukwuma disclosed that the intervention of Obiano in the area of power supply to industries has helped to support businesses.

He noted that the governor ensured that industrial clusters are connected to a dedicated line on the national grid in order to address the issue of epileptic power supply which is capable of crippling businesses.