Innoson vehicle manufacturing shuts down, seeks govt help
There is more bad news for the Nigerian economy as Innoson announces that it has to shut down its operations because of its inability to access foreign exchange to procure raw materials.
The Chairman of IVM, Innocent Chukwuma, speaking to Reuters said that workers at IVM have already been sent home due to lack of parts from Japan, Germany and China, which account for much of the content of the vehicles they produce.
‘Production has stopped as we are waiting for the imported items for which there is forex issue,’ Chukwuma stated.
The manufacturing company launched in 2010 was rolling out from 4,000 to 6,000 vehicles due to a ‘Made in Nigeria’ campaign that generated strong sales to the police, state agencies and churches.
‘Those ambitions and plans no more look good if the promises of the government to assist fails to materialise. I believe they are doing something, but if they can’t do anything, we would be forced to lay off workers,’ Chukwuma said.
