Chief Innocent Ifediaso Chukwuma, the founder and Chief Executive Officer of Innoson Vehicle Manufacturing (IVM), Nigeria’s first indigenous automobile manufacturing company, has announced that the company’s most affordable car is now priced at ₦22 million, which is equivalent to $13,000 when using the exchange rate of Wednesday, May 28.
Speaking in a recent interview, Chief Chukwuma emphasized that despite the pricing, the entry-level IVM car offers significant value.
“My cheapest car, with full air conditioning and very rugged, is about ₦22 million. That’s the cheapest one. I give a guarantee of four years on that car because it’s very strong,” he stated.
The car, he explained, is built to withstand Nigeria’s road conditions and comes with full air-conditioning, a solid build quality, and a four-year warranty, showcasing the company’s confidence in the durability of its vehicles.
To address affordability concerns, Chief Chukwuma announced that flexible payment plans are available, including installment options supported by guarantors. This move, he said, is aimed at increasing access to locally manufactured cars for both individual and institutional buyers.
“If you want to pay slowly, I can allow you as long as you have a guarantor backing you. ”Despite having an installed production capacity of 60,000 vehicles per year, IVM is currently operating at only 20% capacity. The CEO attributed the underutilization to limited demand, a problem he believes can be solved with consistent patronage, especially from government institutions.
“We’re ready to scale. If demand increases, it’s simply a matter of hiring more hands and expanding the assembly lines. We can even exceed our current capacity. What we need is consistent orders and genuine support from the government.”
Chief Chukwuma has expressed strong support for President Bola Ahmed Tinubu’s ‘Nigeria First’ policy, describing it as a game-changing initiative that could revolutionize the country’s manufacturing sector.
“When I heard about this policy, I felt so good. I believe now Nigeria has a clear direction. This policy is about telling ourselves the truth: we cannot continue to grow other nations’ economies at the expense of our own.”
He emphasized that the full implementation of the policy could significantly enhance local production, increase employment, and stimulate economic growth by promoting local content.
“It’s a message to Nigerians, especially those in leadership, to patronize made-in-Nigeria goods. This is the way to build a strong economy.”The IVM boss’s optimism is further backed by legislative support.
Recall that the Nigerian Senate moved the Local Automotive Industry Patronage Bill, 2025, to its second reading. The bill, which mandates all government ministries, departments, agencies (MDAs), and especially members of the National Assembly, to procure only made-in-Nigeria vehicles, was widely lauded as a bold step to not only support Nigerian manufacturers but also retain jobs, reduce forex pressure, and boost industrialization.
The bill, which is part of the Local Content Development Policy, is aimed at encouraging homegrown manufacturers like Innoson Motors and reducing the country’s dependency on imported vehicles.
Innoson Vehicle Manufacturing (IVM) was founded in 2007 and is headquartered in Umudim, Nnewi, Anambra State. Innoson Vehicle Manufacturing is the flagship of the Innoson Group. IVM designs, produces, and assembles a variety of vehicles, including Passenger cars, Pick-up trucks, SUVs, Buses, and Specialized military vehicles
The company sources over 70% of its vehicle components locally, contributing significantly to Nigeria’s industrial base. Over the years, IVM has expanded its footprint across West Africa and is recognized as a symbol of African ingenuity and resilience in automobile engineering.
With renewed political support and a shifting national consciousness toward local production, industry watchers believe Innoson Motors could become the backbone of Nigeria’s push toward industrial self-reliance. However, sustained policy implementation and consumer buy-in will be key to unlocking its full potential.
