Nigeria-First policy will lift local industries, says Innoson chairman

Nigeria-First policy will lift local industries, says Innoson chairman

Founder of Innoson Vehicle Manufacturing Company Ltd (IVM), Chief Innocent Chukwuma, CON, says many foreign investors have been calling to partner with IVM since the announcement of the Federal Government’s Nigeria-First policy.

He said the newly approved policy would revitalise struggling local industries and attract global investors to Nigeria’s manufacturing sector.

He spoke on The Morning Brief, a Channels Television’s breakfast programme, on Tuesday.

Chukwuma said the policy, which prioritises the use of locally made goods and services in all government procurement processes, would mark a turning point for Nigeria’s industrial growth.

Chukwuma, who has been championing indigenous manufacturing, highlighted the impact this policy could have on encouraging both local and international investors to set up operations in Nigeria.

He said, “If the Nigerian policy on local manufacturing is strong, more people will set up industries. But when investors see that we, the manufacturers, have suffered so much just to survive, it discourages them.

“With this policy, more people will invest. I’ve been getting calls from across the world—people who want to partner with me to take advantage of this opportunity.”

“I felt so good when I heard about this policy. Now, Nigeria has found the way forward because it is good to tell ourselves the truth. If we start telling ourselves the truth, Nigeria will become great.

“This government is different from others because a lot of truth is coming out, especially in urging Nigerians to patronise locally made products,” he said.

The Innoson boss continued, “How can you be paying workers in other countries while working in Nigeria? When you import, you are paying their workers. But when you buy locally made, you are supporting your fellow Nigerians.”

The IVM founder explained that Nigeria has the potential to become a leading hub for automotive production in Africa, provided the right environment is created for new factories and component manufacturers to thrive.

“I’m not saying only Innoson should be doing this. I want more people to join. Motor manufacturing is the industry of industries—it has many components. Some can go into component production, and Nigeria can become the hub of motor manufacturing in Africa. That will help our nation,” he noted.

He added, “We are not doing this for personal gain alone. It’s about supporting our country so it becomes great. If it were just about money, there comes a time when you have enough and stop working. But we are building a future for Nigeria.”

When asked whether Innoson is considering listing on the Nigerian Stock Exchange to raise capital and scale operations, Chukwuma confirmed that plans are already in motion.

“We are 97 per cent through the process of going public,” he revealed. “You don’t just walk in and do it—it’s a process, and we’ve almost completed it. Very soon, you’ll hear that Innoson is listed on the stock market.”

According to him, international interest in the company is growing, with both foreign automakers and Nigerian investors expressing readiness to partner with IVM.

“Some auto factories overseas want to join me because they see how I create. Nigerians also want to invest, so I’m now in the position of choosing the right partners to move forward. I’ve worked hard for this, so I must make the right decision,” he said.