Economic Recession: Innoson vehicle plant suspends production over dollar shortages
As Nigeria’s economy slipped into recession, the 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.
“Production has stopped as we are waiting for the imported items for which there is forex issue,” Chukwuma stated. IVM was launched in 2010 and raised its annual production target for 2016 from 4,000 to 6,000 vehicles due to a ‘Made in Nigeria’ campaign that generated strong sales to the police, state agencies and churches.
“Those ambitions and plans no more look good if the promises of the government to assist fails to materialise. I believe they are doing something, but if they can’t do anything, we would be forced to lay off workers,” Chukwuma said.