Innocent Chukwuma, the founder of Innoson Vehicle Manufacturing (IVM), has expressed hope that the Federal Government’s recently approved “Nigeria First” policy will resurrect the country’s struggling local industries and draw in foreign investors.
According to Chukwuma, who spoke on The Morning Brief, a Channels Television breakfast program, the policy, which places a premium on using locally produced goods and services in all government procurement procedures, could be a turning point for Nigeria’s industrial growth.
Chukwuma, who has long advocated for indigenous manufacturing, highlighted the potential benefits of this policy for entice both domestic and foreign investors to establish businesses in Nigeria.
He claimed that more people will start businesses if the country’s policy on local manufacturing is strong. But it detertes investors when they learn that we, the producers, have endured a lot just to survive. More people will invest with this strategy. People from all over the world have been calling me to discuss how to use this opportunity in partnership.
When I learned about this policy, I was so happy. Because telling ourselves the truth is a good thing, Nigeria has now found a way forward. Nigeria will become great if we start being truthful with ourselves. This administration stands out from other ones because a lot of truth is being exposed, particularly when it is urging consumers to buy locally produced goods, he said.
How is it possible to work for an Innoson company in Nigeria while earning money there? You are paying their workers when you import. However, you are supporting your fellow Nigerian when you purchase locally produced goods. Nigeria provides for Nigeria.
READ MORE: “Nigeria First” Policy to Contribute 3trn to the Economy – Minister
A Manufacturing Hub in Africa
As long as the right conditions are created, the IVM founder noted that Nigeria has the potential to become a leading hub for African automotive production.
“I don’t believe Innoson should be the only one to do this,” I said. More people should join, please. The industry of industries is the motor manufacturing industry, with its many components. Some companies can start producing components, and Nigeria could be Africa’s center for motor manufacturing. That will aid our country,” he said.
He continued, “We’re not doing this for personal gain alone.” It’s about continuing to support our nation until it is great. There will come a point when you have enough money and stop working, as would be the case with money. However, we are creating a future for Nigeria.
Chukwuma confirmed that the plans are already being worked out when asked whether Innoson is considering listing on the Nigerian Stock Exchange to raise capital and scale operations.
He stated that the “we are 97% through the process of going public.” You don’t just enter and do it; it’s a process that’s almost finished. You’ll soon learn that Innoson is listed on the stock market.
According to him, there is growing international interest in the business as both foreign automakers and Nigerian investors express interest in partnering with IVM.
“Some foreign auto factories want to work with me because they like what I produce. I’m now in the position of deciding which partners are best for me because Nigerians want to invest as well. He said, “I’ve worked hard for this, so I have to make the right choice.”
Nigeria-First Approaches
The Federal Executive Council (FEC) gave the government’s “Nigeria-First” policy its approval on May 5 and places indigenous production first in public sector contracts.
Mohammed Idris, the minister of information and national orientation, stated that an executive order would soon support the policy.
“Without this policy, Nigeria always comes first in all procurement procedures,” he says. Without giving a clear and compelling reason, Idris told reporters at the State House in Abuja, “No foreign goods or devices that are already being produced locally will be purchased.”
He added that the policy is intended to “foster a new business culture that is bold, confident, and very Nigerian” and to encourage government investment in local industries.
Idris added that new guidelines that will favor local manufacturers and service providers have been directed to the Bureau of Public Procurement (BPP).
Source: Channels TV
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