Chief Innocent Chukwuma, the founder of Innoson Vehicle Manufacturing (IVM), says Nigeria is getting close to becoming the number one car manufacturing country in Africa, if the government continues to support local companies.
In a recent TV interview, Chukwuma revealed that Innoson is 97% ready to list its shares on the Nigerian Stock Exchange. He encouraged other Nigerian entrepreneurs to explore opportunities in the auto industry, saying the country has what it takes to lead the continent in vehicle production.
He commended President Bola Tinubu’s “Nigeria First” policy, which encourages local production and has started attracting foreign investors looking to partner with Nigerian manufacturers.
According to Chukwuma, “Once Nigeria’s policies support local manufacturing effectively, more people will establish industries,” Chukwuma said. “But when investors see manufacturers struggling to survive, it discourages further investment.”
He also shared that companies from different countries have approached Innoson for partnerships and are even considering building their car plants in Nigeria. But he made it clear: he doesn’t want Innoson to be the only player.
“I’m not saying that you allow only me to be doing that, I want more people to join. Motor manufacturing is an industry of industries; it has so many components,” he explained.
“If you have many factories that are doing motors here, I believe even the engine factory will be here. Even so, many items factories will be here; Nigeria will move,” he added.
Chukwuma also confirmed that Innoson is nearly done with the process of becoming a public company.
“I am 97 per cent in the door of going public. We are 97 per cent done. You know, it’s not something you just walk in and do; there’s a process. Our process now, we are 97 per cent at the finish line,” he affirmed.
“Beyond profit, Chukwuma maintained that his motivation is to contribute to national development and industrial self-reliance.
“We are not only doing this for personal gains, we are doing it to support our nation, so that our nation will be great. That is the main thing, it’s not only to make money,” he said.
The federal government’s “Nigeria First” policy was launched to support local businesses by giving preference to Nigerian products and services, especially in government contracts and procurement. The goal is to create jobs, reduce imports, and build a stronger local economy.
