Innocent Chukwuma, the CEO of Innoson Motors, reports a growing demand for electric vehicles (EVs) in Nigeria, largely driven by soaring petrol prices.
During an interview with Channels Television, Chukwuma revealed that more Nigerians are turning to EVs as a cost-effective alternative.
Chukwuma said, “People have so much interest in electric vehicles because of the high cost of fuel. Some people are buying it immediately. That’s why I am able to develop it.
“I produce the carcass and if people need electric vehicles, what I need is to bring electrical components and put on it.
“If you need an engine, we will put an engine on it. If you need CNG, we will put CNG engine for you.”
Chukwuma highlighted how the economic landscape, marked by rising fuel prices and foreign exchange fluctuations, is impacting both businesses and individuals alike.
“The petrol price hike is affecting business generally. The foreign exchange is going up, everything is going up and it’s affecting everything.
“Everything has changed. It’s not affecting only the industry, it’s affecting everybody,” he noted.
Nigeria’s Potential for Full Automotive Production
Chukwuma is confident in Nigeria’s capacity to manufacture vehicles from start to finish. However, he emphasized that low sales are currently holding back full-scale production, including the localization of essential components like engines.
“We have the capacity to do a car from beginning to end but because of some items, the producers in Nigeria cannot make good sales. They cannot be here producing it,” Chukwuma said.
He outlined that Innoson Motors aims to localize engine production and other key parts once they reach an annual sales volume of 10,000 vehicles.
“If I can sell 10,000 motors in one year, I will localise the engine because localising the engine is my agreement with the overseas when I started. We plan to localise, but we must reach up to 10,000 vehicles in one year.
“The engine is a major component that we are not doing here,” he explained.
Chukwuma is optimistic that full localization is achievable, pointing out that the Nigerian government is also working to establish nearby component manufacturing facilities to support Innoson Motors.
This initiative would further enhance the company’s ability to source parts locally, contributing to Nigeria’s goal of self-sufficiency in automotive manufacturing.
