Copyright bizwatchnigeria
The Chief Executive Officer of Innoson Vehicle Manufacturing (IVM) (IVM), Innocent Ifediaso Chukwuma, has praised the federal government’s “Buy Nigeria” product policy as a vital tool for strengthening the country’s industrial base. He however warned that its potential remains untapped due to weak execution and systemic obstacles. Speaking in an interview, Chukwuma described the policy as “one of the best things that has happened to this country,” underlining its capacity to create jobs, reduce reliance on imports and empower local manufacturers. Yet, he also expressed frustration over the policy’s limited impact so far, attributing the stagnation to a banking sector. He opines that the banks do not fully support indigenous industry. “The banks are still a major obstacle to industrial growth,” he said. Highlighting key hurdles, Chukwuma pointed to the limited access to financing for local manufacturers. He noted that without adequate credit support, domestic producers cannot expand operations or compete effectively with imported products. Even with good policies in place, he said, the absence of funding continues to slow industrial growth. In a related development, BizWatch Nigeria reported that the Federal Government and the European Union plan to host a High-Level Health Investment Forum to boost local pharmaceutical production and strengthen Nigeria’s manufacturing base. The initiative reflects a wider push to develop local industries and reduce reliance on imports. Meanwhile, Innoson plans to set up a compressed natural gas (CNG) assembly plant in Bayelsa State. The project, according to Chukwuma, will create jobs, enhance mobility, and link the company to the growing renewable energy space. It is also expected to build local capacity in assembly, maintenance, and logistics. The company recently unveiled its first locally produced electric vehicle at its Nnewi, Anambra State facility. The move signals Innoson’s commitment to innovation and its drive to strengthen Nigeria’s manufacturing value chain. Chukwuma’s remarks highlight a recurring issue in Nigeria’s industrial policy — strong intentions but uneven implementation. He stressed that for the Buy Nigeria agenda to achieve its goals, financial institutions and government agencies must work together to help local firms compete on cost, quality, and scale.
