Nigeria’s vehicle manufacturing company, Innoson, has said that 60 percent of its raw materials are sourced in the country contrary to public perception.
The Chairman and CEO of the company, Innocent Chukwuma, said Innoson Vehicle Motors (IVM) only imports engines and lights.
Chukwuma disclosed this when Dr. Emeka Okwuosa, CEO of Oilserv Group, an oil and gas company, visited the IVM plant in Nnewi, Anambra State.
Oilserv Group collaborated with IVM to support local production of automobiles in Nigeria.
Okwuosa said his company has procured N600 million worth of vehicles from IVM since the second quarter of 2020.
“We are partnering with IVM on vehicles that are going to be used in our oil and gas industry operations. We are partnering with IVM in the area of conceptualisation, manufacturing and use of local automobiles”, he said.
While commending Oilserv for supporting and promoting local capacity, Chukwuma encouraged other companies and individuals to consider the use of local products.
He stressed, “IVM only imports engine and light while all the electrical aspects and other equipment are sourced in-country.”
Chukwuma maintained that IVM is a 100 percent manufacturing company and not an assembling outfit.