Decries banking sector’s uncooperative stance
Chief Executive Officer of Innoson Vehicle Manufacturing Company (IVM), Innocent Chukwuma, has commended the Federal Government’s ‘Buy Nigeria’ product policy but expressed concern over structural barriers that continue to frustrate local manufacturers, particularly the uncooperative stance of the banking sector toward indigenous industries.
Chukwuma, who spoke during an interview yesterday, described the policy as “one of the best things that has happened to this country,” stressing that it has the potential to strengthen local industries, create jobs, and reduce dependence on imported products.
He, however, lamented that the policy’s impact had been limited by poor implementation and lack of access to financing.
According to him, the Nigerian banking system has been a major obstacle to industrial growth.
It would be recalled that INNOSON Vehicles Manufacturing (IVM) Limited is planning to establish a Compressed Natural Gas (CNG) assembly plant in Bayelsa State.
The Managing Director and Chief Executive Officer, Innocent Chukwuma, dropped the hint yesterday when he visited Governor Douye Diri in Government House, Yenagoa. He said the investment would boost the state’s transportation sector, provide training and create jobs.
Chukwuma stated that the initiative would also promote a cleaner and greener environment and enhance the country’s capacity to meet its renewable energy target by 2030.
In his presentation, the company’s Corporate Communications Manager, Kamsi Ejiofor, explained that the objective was to introduce modern CNG buses, ambulances and vehicles that would enhance mobility and public efficiency in the state.
According to him, the plant would generate 1000 jobs and thousands of direct opportunities in assembly, maintenance, logistics and local manufacturing, as well as boost Bayelsa’s economy by enhancing its industrial base.
Responding, Governor Diri commended the CEO for the decision to site the CNG conversion plant in the state, noting that the investment would grow Bayelsa’s industrial base.
The automobile giants recently unveiled its first-ever locally produced electric vehicle (EV).
This was disclosed by IVM’s Head of Communications and Corporate Affairs, Cornel Osigwe, in a post on Facebook.
According to Osigwe, the electric vehicle was manufactured at the company’s production plant in Nnewi, Anambra State.
“I just test-drove the first Innoson electric vehicle produced in Nnewi. We are just starting,” Osigwe said in the post.
In another Facebook post, Osigwe wrote: “For benefit of doubt, the new Innoson Electric Vehicles as well the one I test drove hasn’t been certified and approved by the Innoson Vehicle quality control department for sales.
