Nigerian automobile manufacturer, Innoson vehicle manufacturing company with its headquarters in Nnewi, Anambra, Nigeria, has rolled out locally made tricycles popularly called “Keke Napep” in Nigerian parlance.
It has been disclosed that the current price of tricycles in Nigeria is sold from around N750,000 to N900,000, with the price constantly increasing. With the arrival of lnnoson local tricycle brand, it has been speculated that the company may sell at N500,000 which will no doubt crash the price of tricycles in the Nigerian market.
In April, the manufacturer disclosed that the company acquired a 150,000 sqm land in Owerri, Imo state Nigeria, for the establishment of a new plant, adding that the construction works are already ongoing.
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The head of corporate communications Innoson group, Mr. Cornel Osigwe, revealed that the company is already serving 5 African countries including Sierra Leone, Congo, Côte d’Ivoire, and Mali. The company is expected to ramp production capacity to 60,000 cars annually when the new plant is completed.
Innoson has no doubt been active in playing a role to stimulate Nigeria’s economy through job creation and conservation of scarce foreign exchange. Despite the low patronage of Innoson vehicles from the Nigerian government, it is gratifying to note that the automobile company has continued to receive patronage from the governments of neighboring West African countries, with the company projected plan to expand its operations to other African countries which will see Innoson vehicle dotting their landscape.
In the year 2020, according to NBS, it disclosed that Nigerians spent about N304.23 billion importing motorcycles and tricycles into the country within nine months. With the increasing price of the Keke Napep, Nigerians are being ripped off by the exorbitant cost of buying tricycles.
According to the chairman of the National Coordinator of the National Tricycle Dealers Association, Engineer Femi Komolafe, he disclosed that some investors in Nigeria hijacked the importation of tricycles because of the backing of the law from the National Assembly, backing the importation of tricycles as a means of poverty alleviation, so they took advantage by flocking the country with it.
It became a hot cake which led to the sharp rise in the demands which these importers took advantage of to fleece those wanting to use them for transport business. When they discovered that Nigeria is a major market for tricycles, they began to increase the prices. Today, Nigeria is faced with a precarious situation where the Naira continually falls against the dollar.
It is therefore advisable for the government to halt certain imports and focus on local industries in the country, like the Innoson automobile company. Innoson no doubt has the potential to address the crash of the naira against the dollar and other foreign currencies, which was created by importing vehicles as well as tricycles.
It makes no sense that the government continues to import tricycles for outrageous amounts, yet it has an automobile company that manufactures one at a lesser price. If given the support needed from the government, Innoson can transform the Nigerian economy into an industrialized one.
Just like the USA continues to pride Ford motors as its own, it is high time the Nigerian government pushes Innoson motor to be a household brand that will place the country on a world map and also compete with other top brands. The Innoson brand will no doubt put a stop to the excessive importation of automobiles into the country that is seriously affecting the naira as well as the economy. Local manufacturing of vehicles and tricycles will also help to conserve the country’s elusive foreign currencies and also make it affordable for Nigerians to buy.