To talk about the competitive strength of Nigeria’s automobile industry is to be making a mere rhetoric in an area that is relatively unknown in the country. The number of used cars, as well as brand new ones being imported into the country speaks volumes of Nigeria’s long way to a virile, competitive and strong automobile industry.
In spite of the existence of a functioning automobile company in Nigeria, the sector remains much at infancy because of some challenges that largely stem from preference for foreign automobiles, lack of government’s support, low patronage of locally made automobiles, among many others.
Historically, the industry, has its origin in the 70’s when the Federal Government entered into joint venture agreement with a number of foreign automotive manufacturing firms to set up a couple of assembly plants in the country. But 40 years later, only one or two of such foreign firms are still assembling motor parts in Nigeria.
These ups and downs in this sector, however, have not in any way deterred the only manufacturing firm, wholly owned by a Nigerian, from its operation and it produces different brands of vehicles that ply Nigerian roads side by side with the foreign ones.
Located in Nnewi village of Anambra State, Innosons Vehicle Manufacturing Limited (IVM) has been the leading hope of Nigeria in automobile business.