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Nairaland Forum / Nairaland / General / Car Talk / Innoson Motors Shut Down Production Over Dollar Scarcity (537 Views)
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Innoson Motors Shut Down Production Over Dollar Scarcity by Cornerstone99: 11:41am On Sep 01, 2016 |
A major Vehicle assembly plant in Nigeria, the Innoson Vehicle Manufacturing (IVM) is shutting production due to the harsh economy and a lack of foreign exchange. Innoson chairman Innocent Chukwuma said workers have already been sent home because of a lack of parts from Japan, China and Germany, which account for much of the content of the vehicles they produce. According to him, production had stopped “as we are waiting for the imported items for which there is a forex issue.” “I believe they are doing something but if they can’t do anything we’ll lay off some workers,” he added. Launched in 2010, IVM last year raised its annual production target for 2016 from 4,000 to 6,000 vehicles due to a “Made in Nigeria” campaign that generated strong sales to the police, state agencies and churches. Those ambitions are now looking shaky if promises of government assistance fail to materialise, Chukwuma said. Can you shut down your business simply because dollar is rising daily? follow me on Palmchat for more news. ID: 100210876 |
Re: Innoson Motors Shut Down Production Over Dollar Scarcity by Jetjacky(m): 11:42am On Sep 01, 2016 |
Where is your source link? |
Re: Innoson Motors Shut Down Production Over Dollar Scarcity by thesicilian: 11:57am On Sep 01, 2016 |
Jetjacky:True. I heard it on radio early this morning also. |
Re: Innoson Motors Shut Down Production Over Dollar Scarcity by derrick333(m): 12:10pm On Sep 01, 2016 |
Which way 9jà ![]() |
Re: Innoson Motors Shut Down Production Over Dollar Scarcity by Cornerstone99: 2:19pm On Sep 01, 2016 |
I am opening mine soon.... Watch out! |
Re: Innoson Motors Shut Down Production Over Dollar Scarcity by mashnino(m): 6:11pm On Sep 01, 2016 |
Is it the same innoson i know?
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