Much Ado about Nothing? Innoson Motors CEO Tackle Nigerian Banks

 

The Chairman of Innoson Vehicle Manufacturing Company Limited in a recent interview has accused Nigerian banks of refusing to finance local manufacturing companies in the country.

 

Within the last two decades, Chief Innocent Chukwuma CON, Founder and Chairman of Innoson Vehicle Manufacturing Company Limited, has made a name for himself as the face of indigenous vehicle manufacturing in Nigeria.

The inception of Innoson Vehicles was not a sudden occurrence; it did not materialize through deceitful or dubious means. Rather, it commenced as a deliberate process, a journey marked by dedication, perseverance, and consistency.

This journey began with the establishment of Innoson Nigeria Ltd, which became the pioneer indigenous company to fully assemble motorcycles within Nigeria. This initiative significantly reduced the prices of motorcycles from N150,000 to N80,000, making them more accessible to the Nigerian populace. Subsequently, Innoson Technical was established, focusing on the production of plastic components for motorcycles and later expanding to include components for motor vehicles.

Drawing from his extensive experience in the production and dealership of automobile spare parts spanning over 30 years, the founder ventured into vehicle manufacturing, leading to the establishment of Innoson Vehicle Manufacturing Company Ltd in Nnewi, Anambra State.

A significant milestone occurred 14 years ago, on October 15th, 2010, when the then President of Nigeria, Goodluck Jonathan GCFR, commissioned a 10,000-vehicle production capacity at the Innoson Vehicle Manufacturing Plant in Nnewi. This event marked a pivotal moment in the journey of Innoson Vehicles.

Shortly after, the Governor of Anambra State, Mr. Peter Obi, demonstrated his confidence in the indigenous automotive manufacturer by placing an order for 1000 units of Innoson Vehicles, including Pick Ups, Buses, and SUVs. This act of support served as a catalyst for showcasing the durability and capability of locally made vehicles.

Innoson Vehicles has since evolved from manual production to a fully automated production plant with the capacity to manufacture 60,000 units annually, reflecting its commitment to innovation and advancement.

Despite its achievements, Innoson Motors has encountered numerous challenges inherent in operating a business in Nigeria. The country’s ranking of 131 out of 189 countries in the World Bank’s ease of doing business report underscores the obstacles faced by entrepreneurs. Chief Chukwuma, the founder, has highlighted the role of banks in exacerbating these challenges for Nigerian-owned businesses.

To promote transparency and showcase its operations, Chief Chukwuma recently organized a media tour of Innoson Motors’ facilities in Nnewi, Anambra State. During this tour, he provided insights into the company’s journey thus far and addressed the challenges encountered, particularly those stemming from the banking sector.