Innoson motors may lay off workers over forex scarcity

Innoson Vehicle Manufacturing (IVM), an indigenous auto company, may soon be forced to cut its workforce over the persistent forex scarcity.

According to Innocent Chukwuma, chief executive officer of Nigeria’s major domestic vehicle assembly firm, the company is unable to purchase imported components, hence its flagship white buses will have no engine for now.

According to Reuters, Innoson is struggling to survive over its inability to secure the needed parts from Japan, China and Germany.

“We are waiting for the imported items for which there is a forex issue,” Chukwuma was quoted to have said while disclosing that production has also stopped.

In spite of the dour situation of things, he expressed confidence in the ability of the federal government to come to the rescue of the car manufacturing company.

“I believe they are doing something but if they can’t do anything we’ll lay off some workers,” Chukwuma added.

Innoson’s product line includes heavy duty vehicles, middle and high-level buses.