Innoson Builds New Plant as it Gets Set to Compete With Dangote Truck, Names Location
- The chairman of Innoson Vehicle Manufacturing Company Limited revealed plans to construct a vehicle manufacturing factory
- According to Rivers Project Legacy Limited, the action marks a significant expansion of the firm's activities in the southern part of Nigeria
- He said the development will undoubtedly raise the social and economic standards in Opobo Kingdom and Rivers state overall
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Plans to build a vehicle manufacturing facility in Rivers state have been disclosed by Innocent Chukwuma Ifedaso, the chairman of Innoson Vehicle Manufacturing Company Limited.
Source: UGC
As per Ifedaso's proposal letter dated June 7, 2024, which was made accessible to journalists and written to Sim Fubara, the governor of Rivers state, the move signifies a noteworthy extension of the company's operations in the south-south region of Nigeria.
He emphasised the significance of Opobo Kingdom's geographic location and historical background, pointing out that the company's goal of advancing the local industry and fostering socio-economic development across the country is perfectly aligned with the establishment of the manufacturing plant.
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“This groundbreaking development is poised to elevate the social and economic standards in Opobo Kingdom and neighbouring communities in Andoni and Ogoni in Rivers State. We look forward to the successful takeoff of this major investment.
“The new facility is expected to bring substantial economic benefits to the region, fostering an environment of industrial growth and innovation. The establishment of this plant is a significant step forward in boosting local manufacturing capabilities and underscores Innoson’s commitment to supporting the Nigerian economy.”
The Sun reported that Ifedaso claimed that following several discussions and convincing from the board and management of Rivers Legacy Projects Limited, headed by Dagogo Fubara, he had first chosen the state for its south-south headquarters before deciding on Opobo.
He stated that the company was prepared to start building the manufacturing facility in Opobo and that it would definitely boost the social and economic standards in Opobo Kingdom and Rivers State as a whole.
He emphasised that the company's establishment would help the community and Rivers state in a number of ways, including the creation of jobs, the development of skills, economic growth, the development of the community, the generation of money, and the attraction of additional investment and industrialisation.
“Opobo Kingdom, with its rich historical significance and strategic location, presents an ideal environment for our expansion plan. Establishing a manufacturing facility in this area aligns perfectly with our mission to promote local industry, create employment opportunities, and drive socio-economic growth across the nation.
“We have conducted a preliminary assessment and are convinced that Opobo Kingdom offers numerous advantages for our operations, and the establishment of our manufacturing facility in Opobo will yield significant benefits to both the local communities and the Rivers State government.”
Hailed as a revolutionary move, Rivers Legacy Projects Limited, under the direction of Dagogo Fubara, made the decision possible. Innoson was persuaded to invest in the area by the team.
Fubara noted the tremendous advantages the investment will provide for the residents of Opobo Kingdom and the larger Rivers state community, expressing his happiness at having been a key player in procuring the funding.
He stated:
“This development is expected to create numerous employment opportunities, enhance skills development, drive economic growth, and attract further investments to the region.”
Dangote explains why he invested in vehicles
Legit.ng reported that the true proprietors of Dangote Sinotruk West Africa, the recently opened fully knocked down CKD truck assembly facility in Lagos, were disclosed by Aliko Dangote, the chairman of Dangote Industries Limited.
He said that the factory is a joint venture with a total investment of more than $100 million, with Dangote Industries owning 60%, Sinotruk China owning 30%, and Anders holding 5%. During his speech at the plant's inauguration, he revealed this.
The governor of Lagos state, Babajide Sanwo-Olu, and Senate President Godswill Akpabio attended the opening ceremony on June 9.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
