By Chukwudi Enekwechi
NIGERIA’S march towards home grown industrialization was recently boosted when Bank of Industry inducted ten outstanding customers of the bank into their Hall of Fame. Most importantly was the recognition to the founder/chairman of INNOSON Vehicles  Manufacturing Company, Nigeria’s first indigenous motor vehicles manufacturer.

It is pertinent to remark that similar awards have been bestowed on INNOSON by the Federal Government, Vanguard Newspaper and numerous other organizations, both locally and internationally for his outstanding contributions towards the realization of President Jonathan’s vision in revitalizing the automobile manufacturing sector.

Luxury bus manufactured by Innosons Motors

From the inception of the Jonathan administration, he made it clear about his determination to ensure that Nigeria does not continue to serve as the destination point for the dumping of foreign produced motor vehicles. The INNOSON Vehicles  Manufacturing Company immediately keyed into the vision by innovating the local production of Nigeria’s first indigenous automobile manufacturing plant at Nnewi, Anambra state.

With the setting up of the factory, hope came alive that indeed it was possible for Nigerians to replicate what has been achieved in other developed countries like USA, UK, Germany, Japan, China, India  to mention but a few. As a result many unemployed Nigerians were given employment by the company, and there is no doubt that such spectacular feat by the INNOSON Group contributed greatly to the famous rebasing of Nigeria’s Gross Domestic Product rating, which has placed Nigeria as the biggest national economy in Africa. This is no doubt the right step in the right direction.

With the emergence of automobile manufacturing companies in Nigeria such as INNOSON, Nigeria is at the threshold of emerging as an industrialized economy.

Recently, the World Bank rated Nigeria as one of the few countries that her GDP will grow by 5% in 2015. This obviously is cheering news taking into account that the country is at present waging a lingering battle against some centripetal forces in the North East.

Centripetal forces

What was previously thought to be the exclusive preserve of developed countries, and unimaginable in black Africa has been accomplished by the INNOSON Group under the Jonathan administration, by being the first indigenous company to manufacture wholly-made in Nigeria vehicles.

It is gratifying to note that the company has factored the high cost associated with acquiring new vehicles in their policy, and has started producing cars that an average Nigerian can afford at the reasonable cost of one million naira. Government on its part has directed all federal Ministries, Departments and Agencies to source their vehicles locally.

This policy is meant to encourage local manufacturing of vehicles, and by so doing create jobs, and halt the capital flight associated with the importation of foreign made vehicles.

Simply put, if this policy is well implemented, it will help to boost the nation’s economy, as the huge foreign exchange being wasted in the transactions will be spent at home, and strengthen the naira. Furthermore, with the local manufacturing of vehicles, the much touted technological transfer will be realized faster than envisaged.

It must be stated here that no nation has ever attained greatness by depending on importing every item they need, rather it is through deliberate and concerted efforts such as we see in the INNOSON miracle that countries evolve into developed or what we refer to as advanced countries. INNOSON’S patriotism in investing billions of dollars in setting up a vehicle manufacturing plant in Nigeria is laudable, and the only way the country can reciprocate such uncommon patriotism is to guarantee steady patronage of their products.

In fact, it will amount to economic sabotage to patronize foreign made vehicles in this era when government is devoting much of its efforts to encourage local automobile manufacturers.

We have in the past been regaled with stories of Nigerians stashing away billions of naira outside the shores of this country; we are also aware that some well-to-do Nigerians have billions of naira investments in Dubai, London, USA to mention but a few. Yet despite all the drawbacks of doing business in Nigeria such as lack of power and inadequate infrastructure, INNOSON Group has braved it, and made the country proud by being the first indigenous company that started manufacturing vehicles within Nigeria, bereft of any foreign colourations.. Such a wholly indigenous automobile company must therefore be given all the necessary support to thrive.

Obviously, the advantages of choosing this path are numerous, as apart from creating needed jobs for Nigerians, it will have multi-faceted impact on the nation’s economy, since other ancillary companies are likely to spring from there. One can easily say that this is a win – win game for Nigeria if only the local, states and federal governments make it a policy to patronize local manufacturers like INNOSON, rather than frittering away scarce foreign exchange through the flagrant importation of foreign made vehicles.

Such importations only serve to boost the economies of other countries, create jobs for their youth while back home we contend with an army of unemployed graduates.

As INNOSON begins to expand into neighbouring African countries, it comes as a challenge to other Nigerian entrepreneurs to follow suit, not only by setting up factories in Nigeria, but by emulating the example of INNOSON.