The Chief Executive Officer of Innoson Vehicle Manufacturing (IVM), Chief Innocent Chukwuma, has confirmed that the company’s most affordable car now sells for N22 million.
Speaking during a recent virtual interview, Chukwuma explained that the entry-level vehicle comes equipped with full air-conditioning, a rugged design, and a four-year warranty.
“My cheapest car, with full air condition and very rugged, is about N22 million. That’s the cheapest one. I give a guarantee of four years on that car because it’s very strong,” he said.
Addressing concerns over the high cost, the IVM founder noted that the company offers flexible payment options, including instalment plans for interested buyers.
“If you want to pay slowly, I can allow you as long as you have a guarantor backing you,” he added.
Chukwuma revealed that IVM’s production facility has the capacity to manufacture 60,000 vehicles annually, but is currently operating at just 20% due to low demand.
He also expressed strong support for President Bola Tinubu’s ‘Nigeria First’ policy, calling it a bold and game-changing initiative for local manufacturing.
“We’re ready to scale. If demand increases, it’s simply a matter of hiring more hands and expanding the assembly lines. We can even exceed our current capacity. What we need is consistent orders and genuine support from government,” Chukwuma explained.
He praised the policy’s focus on local content promotion, describing it as a step toward economic revival and industrial self-reliance.
“When I heard about this policy, I felt so good. I believe now Nigeria has a clear direction. This policy is about telling ourselves the truth: we cannot continue to grow other nations’ economies at the expense of our own,” he stated.
Chukwuma called on government officials and Nigerians at large to patronise made-in-Nigeria products, stressing that local support is key to building a strong and self-sustaining economy.
