By Our Reporter
The Chief Executive Officer of Innoson Vehicle Manufacturing, IVM, company, Innocent Chukwuma has expressed concern over structural barriers that continue to frustrate local manufacturers, particularly the uncooperative stance of the banking sector towards indigenous industries.
The IVM boss also commended the federal government ‘buy Nigeria’ p0licy, describing it as one of the best things that has happened to the country. He noted that the policy has the potential to strengthen local industries, create jobs and reduce dependency on imported products.
He, however, lamented that the policy’s impact has been limited by poor implementation and lack of access to financing. According to him, the Nigerian banking sector has been a major obstacle to industrial growth.
“Any company seeking credit from Nigerian banks is not safe because you cant understand how to move forward with the kind of conditions they impose,” adding that most companies that went into partnership with banks have suffered losses. He said local industries seem better off not committing to the banks.
His remarks come despite recent monetary policy adjustments by the Central Bank of Nigeria,CBN, including a reduction in interest rates aimed at easing credit access for businesses.
Chukwuma noted that the ‘buy Nigeria’ policy is only being concentrated at the federal level, and urged State governments and private institutions to adopt the p0licy more broadly. He, however, said that moving forward, he was optimistic about the prospects of the Compressed Natural Gas, CNG, vehicles, describing them as ‘game changer’ for the company and the country’s transportation sector.
He said: “CNG vehicles are easy to maintain and very cost efficient, stressing that when more Nigerians adopt them, they will be happier with the results and sales will grow.
Speaking on the product quality of his vehicles, he maintained that his company adheres to rigorous quality standards that even surpass those of imported brands, adding; “we produce vehicles that are not only durable but suitable for our environment.”
Chukwuma boasts of IVM staying power, stressing they have been in existence for the past 18 years. He further added that their vehicles are in use by other African countries. He, however, expressed optimism at the growing demand of made in Nigeria vehicles by Nigerian despite the challenges.