Founder of Innoson Vehicle Manufacturing Company Ltd (IVM), Chief Innocent Chukwuma, CON, has applauded the Federal Government’s newly approved Nigeria-First policy, stating that it has the potential to transform Nigeria’s economy by revitalising struggling local industries and attracting global investment into the manufacturing sector.
Speaking during an interview, Chukwuma, who is known for his commitment to indigenous manufacturing, described the policy as a “turning point” in Nigeria’s industrial development journey. The Nigeria-First policy, recently approved by the Federal Executive Council (FEC) on May 5, prioritises the use of locally produced goods and services in all government procurement processes.
According to Chukwuma, if properly implemented, the policy could boost investor confidence and inspire a wave of industrialisation across the country. “If the Nigerian policy on local manufacturing is strong, more people will set up industries. But when investors see that we, the manufacturers, have suffered so much just to survive, it discourages them,” he said. “With this policy, more people will invest. I’ve been getting calls from across the world—people who want to partner with me to take advantage of this opportunity.”
The auto industry mogul said he was delighted when he first heard about the policy. “I felt so good when I heard about this policy. Now, Nigeria has found the way forward because it is good to tell ourselves the truth. If we start telling ourselves the truth, Nigeria will become great,” he added. “This government is different from others because a lot of truth is coming out, especially in urging Nigerians to patronise locally made products.”
Chukwuma emphasised the importance of supporting domestic manufacturing, noting that continued importation of foreign products translates to economic losses. “How can you be paying workers in other countries while working in Nigeria? When you import, you are paying their workers. But when you buy locally made, you are supporting your fellow Nigerian. Nigeria pays for Nigeria.”
He called on more Nigerians to venture into the automotive and components manufacturing business, saying that the sector holds immense potential for job creation and economic growth. “I’m not saying only Innoson should be doing this. I want more people to join. Motor manufacturing is the industry of industries—it has many components. Some can go into component production, and Nigeria can become the hub of motor manufacturing in Africa. That will help our nation,” he explained.
On the question of whether Innoson will list on the Nigerian Stock Exchange, Chukwuma confirmed that plans are already underway. “We are 97 per cent through the process of going public,” he revealed. “You don’t just walk in and do it—it’s a process, and we’ve almost completed it. Very soon, you’ll hear that Innoson is listed on the stock market.”
He also disclosed that both local and international interest in the company has grown, with foreign automakers and Nigerian investors eager to collaborate with IVM. “Some auto factories overseas want to join me because they see how I create. Nigerians also want to invest, so I’m now in the position of choosing the right partners to move forward. I’ve worked hard for this, so I must make the right decision,” Chukwuma said.
Meanwhile, Minister of Information and National Orientation, Mohammed Idris, speaking at the State House in Abuja, said the Nigeria-First policy would soon be backed by an executive order. “This policy means Nigeria comes first in all procurement processes. No foreign goods or devices that are already being produced locally will be procured without a clear and justified reason,” he said.
Idris added that the policy is meant to foster a new business culture that is “bold, confident, and very Nigerian,” and will ensure that government spending helps drive demand for Nigerian-made products.
In a similar vein, Minister of State for Industry, Trade and Investment, John Enoh, noted on May 12 that the economic value of implementing the Nigeria-First policy could amount to as much as N3 trillion annually.
With key industry leaders like Chief Innocent Chukwuma throwing their weight behind the policy, expectations are high that Nigeria may finally be taking bold steps toward industrial self-reliance and sustainable economic growth
