The Chief Executive Officer of Innoson Vehicle Manufacturing Company (IVM), Innocent Chukwuma, has commended the Federal Government’s ‘Buy Nigeria‘ policy but expressed concern over structural barriers that continue to frustrate local manufacturers, particularly the uncooperative stance of the banking sector toward indigenous industries.
Speaking in a television interview, Chukwuma 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. However, he lamented that the policy’s impact has 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. “Any company seeking credit from Nigerian banks is not safe because you can’t understand how to move forward with the kind of conditions they impose,” he said. “Most companies that went into partnerships with banks have suffered losses. It’s better not to commit to them.”
His remarks come despite recent monetary policy adjustments by the Central Bank of Nigeria (CBN), including a reduction in interest rates aimed at easing credit access for businesses.
Chukwuma noted that the implementation of the ‘Buy Nigeria’ directive has so far been concentrated mainly at the federal level, urging state governments and private institutions to adopt the policy more broadly. “The policy is slowly taking off. For now, it’s mostly the federal government offices that are implementing it,” he said.
Looking ahead, the Innoson boss expressed optimism about the prospects of Compressed Natural Gas (CNG) vehicles, describing them as a game-changer for the company and the country’s transportation sector. “CNG vehicles are easy to maintain and very cost-efficient. When more Nigerians adopt them, they will be happier with the results, and sales will grow,” he stated.
Regarding product quality, Chukwuma maintained that IVM adheres to rigorous standards that match and, in some cases, surpass those of imported brands. “We produce vehicles that are not just durable but suitable for our environment. That’s why we’ve remained consistent for 18 years,” he said.
He also revealed that the company exports its vehicles to other African countries, but lamented the inadequate support from export financing institutions, particularly the African Export-Import Bank (Afreximbank), which he said lacks the necessary capacity to support local exporters effectively.
Despite these hurdles, Chukwuma noted a growing acceptance of made-in-Nigeria vehicles among Nigerians, citing the example of Anambra State Governor, Prof. Charles Soludo, who drives locally produced vehicles. “Many Nigerians are now proud to buy Nigerian-made products. Some have even made personal commitments to use only locally manufactured vehicles,” he said.
Chukwuma’s remarks reflect the persistent challenges facing Nigeria’s manufacturing sector, where well-intentioned policies are often undermined by weak institutional support and financial constraints — even as local firms continue to demonstrate resilience and innovation in driving industrial growth.
