foremost auto manufacturing outfit, Innoson Vehicle Manufacturing Company
Limited (IVM), is still producing vehicles with full complement of its workers,
and has not shut the plant in Nnewi as reported recently in various sections of
the media.
Building a bus from the scratch in Innoson, Nnewi on Friday, 2nd September, 2016.
facts were contained in a statement issued by the management of the company in
reaction to the publications which purported that the plant had laid-off worker
and shut down production over FOREX crises.

however, that IVM, like many other manufacturers in the country, is experiencing
low production occasioned by scarcity of FOREX to import vital components, the
statement signed by the Public Relations and Media Assistant, Cornel Osigwe, assured
that the auto maker is hopeful that the Federal Government would soon find a
lasting solution to the challenge.
management faulted part of the erroneous reports which specifically stated: “Nigeria’s major vehicle assembly
plant, Innoson Vehicle Manufacturing Company Limited (IVM), has announced its
decision to shut down production due to lack of foreign exchange to import
vehicle components”.
Production in progress at the Innoson plant, Nnewi on Friday, 2nd September, 2016.
The IVM spokesman described the reports
as “a deviation from the interview (the Chairman of the Innoson Group), Dr. Innocent
Chukwuma, granted to Reuters News Agency which was correctly published by them,
but was totally distorted by the various news platforms”.
Highlighting what it said is the correct
position, the statement added: “Innoson Vehicle Manufacturing Co Ltd (@innosonmotors)
has not shut down its manufacturing plant and is not planning to do so. In as
much as the company is experiencing low production due to the inability to get
the required volume of FOREX to source for its vehicle components outside
Nigeria, it still has absolute faith in the Federal Government and the Central
Bank of Nigeria’s (CBN’s) ability to fix FOREX scarcity problems.
Inside Innoson plant in Nnewi on Friday, 2nd September, 2016.
“Innoson Vehicle Manufacturing Co Ltd has not laid off its
staff due to the low activities in production. Rather, what Chief Chukwuma said
was “I believe they (Federal Government) are
doing something but if they can’t do anything, we will lay off some workers, 

“Innoson Vehicle Manufacturing Co Ltd believes in the Federal
Government’s drive to boost the manufacturing sector and is aware that this presentFOREX
scarce challenge is a phase that will soon pass”
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