Indigenous automobile production company; Innoson Motors has debunked the report of some media houses that it had shut down its operations in Nigeria as a result of the current economic recession.
Mr Cornel Osigwe, spokesperson of the company, described such reports as mere distortion of facts and Innoson Vehicle Manufacturing Co Limited has not shut down its manufacturing plant and is not planning to do so.
In a statement released to that effect, the company admitted to a decline in production, but reiterated that the company has not shut down and does not intend to do so. The statement reads in part:
The report which stated in some news platforms that “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” is a total deviation from the interview Dr Innocent Chukwuma granted to Reuters News Agency and which was correctly published by them but was totally distorted by various news platforms.
Innoson Vehicle Manufacturing Co Limited has not shut down its manufacturing plant and is not planning to do so.
In as much as the company is experiencing low production due to the inability to get the required volume of forex to source for its vehicle components outside Nigeria, it still have absolute faith in the Federal Government and CBN ability to fix forex scarcity problems.
Innoson Vehicle Manufacturing Co Ltd has not laid off its staff due to the low activities in production, rather what the Dr Chukwuma said was “I believe they (Federal Government) are doing something but if they can’t do anything we’ll lay off.
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