My highest professional accomplishment remains delivering the Federal University of Technology Owerri (FUTO) Convocation lecture. And the most amazing thing about that experience was that the University sent a special car to the airport with FGN to pick me up. That car has the “IVM” logo. People, I had just landed from the United States a few hours ago, and was going to touch Innoson Motors for the first time. (Sure, two cars came with Toyota as a backup.)
Of course, I went with IVM and it was indeed built for African roads. Quickly after that, I contacted Innoson Motors through my contacts with HRH Dr Obi Gibson Nwosu, Eze Uzu II (the traditional ruler of Awka) and at the end, I posted IVM products on my website. (Then, IVM had a poor website and I felt we could improve its position). That page generates tons of traffic for Innoson. They gave me a great ride; I thanked them by showcasing their products.
Now, Governor Charles Soludo has taken all to the mountaintop: IVM is the official car of the governor in Anambra state. What a moment for Nigeria. We need MADE in Nigeria to be used by Nigerians. All the way to $1 trillion GDP by 2028 for Nigeria.
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The Threat of Dangote/Peugeot alliance:
My response: I will not throw the tribal element to this. Buhari’s government has actually supported Innoson Motors very well. It generates tons of revenue from law enforcement. IVM CEO has said so publicly. Yet, as you noted, Dangote/PAN presents a test for IVM, not because of tribe but business model. Dangote/PAN can raise $1 billion to finance sales, allowing governments/people to buy cars and pay over time at low interests, IVM may not have that capacity.
No one wins by making cars but by providing credits to acquire cars. That is where IVM needs smart bankers, not just engineers. Yet, this market is so big that all of them should be fine if Nigerians are empowered via economic opportunity.
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