Innoson Motors denies Shutting Production down

Nigeria’s top indigenous automobile company Innoson Motors has denied claims that the company closed shop due to an inability to secure funds to buy materials needed for vehicle production.

National Helm reports that the company’s Public Relations and Media Assistant, Cornell Osigwe, released a statement yesterday, clearing the air on the current state of affairs of the company.

“We are constrained to respond to the news report on Innoson Motors laying off workers and shutting down production over Forex crises which were widely reported by various news mediums yesterday and today,” Osigwe said.

The company noted that it is facing challenges in securing funds at the forex market which in turn slowed down production, however, Osigwe added that the company has faith that the present administration will fix the market issues soon.

See the full statement:

The report which stated in some of this news platforms that “Nigeria’s major vehicle assembly plant, Innoson Vehicle Manufacturing (IVM), has announced its decision to shut down production due to lack of foreign exchange to import vehicle components” is a total deviation from the interview Dr Innocent Chukwuma granted to Reuters News Agency and which was correctly published by them but was totally distorted by various news platforms.

The company will, through this medium, state the correct position;

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 have absolute faith in the Federal Government and CBN ability to fix forex scarcity problems.

Innoson Vehicle Manufacturing Co Ltd has not laid off its staff due to the low activities in production, rather what the Dr Chukwuma said was “I believe they (Federal Government) are doing something but if they can’t do anything we’ll 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 present forex scarce challenge is a phase that will soon pass.