Nigeria To Become Africa’s Automobile Manufacturing Hub with FG's Nigeria-First policy – Innoson

• The government's policy is set to catapult Nigeria into becoming an automobile manufacturing hub in Africa
• The founder of the first made-in-Africa automobile, Innoson Motors, has confirmed that investors around the world are reaching out to collaborate
• He also urged industrialists to make a move into the sector, and spoke about plans to take the company public

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Chief Innocent Chukwuma, the founder of Innoson Vehicle Manufacturing (IVM), has called on the government to support Nigeria’s automobile industry with favourable policies.

He declared that Nigeria is set to become the number one automotive manufacturing hub in Africa, and policies that support local production of cars over importation can help achieve this.

Chukwuma urged industrialists in Nigeria to invest in the growing automobile manufacturing sector and harness the many benefits to Nigerians.

Chukwuma pointed out that government-friendly policies serve as an indicator to the investing community to inject more funds, while the reverse discourages further investments.

Innoson confirms plans to list on the NGX

Chief Chukwuma disclosed that Innoson Vehicle Manufacturing (IVM) is 97% ready to go public.

IVM is the first made-in-Africa automobile brand and has been in operation since 2007 in Anambra State, Nigeria.

The company prides itself on producing durable, affordable new automobiles for Africans, and there have been speculations about listing the company on the Nigerian Exchange (NGX).

The statement from the company founder and chairman, Chief Innocent Chukwuma while speaking on Channels Television news, confirms this move.

Chief Chukwuma said;

“I am 97% in the door of going public. We are 97% done. You know, it’s not something you just walk in and do; there’s a process. Our process now, we are 97 per cent at the finish line.”

He explained that this move would contribute to national development and self-reliance in the automobile industry.

More automotive factories to come to Nigeria

While speaking on a television programme, the Innoson founder commended President Bola Tinubu for the “Nigeria First” policy, noting that it would attract foreign investors to partner with local manufacturers.

Chief Chukwuma revealed that potential partners were already reaching out to Innoson to collaborate on setting up factories in Nigeria, an indication that investor confidence in the sector was growing.

He explained that the influx of investors would bring in more industrial activities and component factories into the country, creating hundreds of thousands of jobs for Nigerians.

“Motor manufacturing is an industry of industries; it has so many components. If you have many factories that are doing motors here, I believe even the engine factory will be here. Even so, many items factories will be here; Nigeria will move forward.”

FG supports made-in-Nigeria products with Nigeria-first policy

Recall that the Nigerian government recently unveiled a policy to reduce reliance on imported goods and services.

The Nigeria-first policy will prioritise local content in all government procurements and contracts, and make it a standard practice to choose local products over imported options.

FG to strengthen local automobile production

In related news, a major industry shakeup is about to hit the automobile industry in Nigeria as the government has taken a stand to regulate car importation.

The Director General of the National Automotive Design and Development Council (NADDC) listed the strategies the government would use to monitor the kinds of vehicles imported into the country.

Legit.ng reported that the government has a lineup of plans to encourage the local production and assembly of cars in Nigeria.

Source: Legit.ng