Innoson Motors denies shutting down production, staff lay-off
– This past week, there were rumours that Nigerian car company, Innoson Motors had shut down production
– The company has come out to deny the rumours saying they are false
– The company also denied laying off some its staff
Africa’s first indigenous car manufacturer, Innoson Motors has denied the rumours in the media this past week that it has stopped production and laid off some staff.
Innoson Motors C.E.O, Chief Innocent Chukwuma
In a message posted on its Twitter page, the company asked its followers and the general public to ignore the rumours.
See the tweet below:
Pls do ignore the News, @innosonmotors is still producing vehicles and NO staff was laid off. Thank you
— Innoson Motors (@innosonmotors) September 1, 2016
Nigerians had been lamenting since the rumours filtered in last week with some blaming the federal government for mismanaging the economy.
READ ALSO: Recession: No cause for alarm, we will come out soon – Kemi Adeosun
Figures released by the National Bureau of Statistics (NBS) on Wednesday, August 31, showed that Nigeria had officially gone into recession.
The NBS figures showed that in the Gross Domestic Product (GDP) for the second quarter of 2016, Nigeria’s economy contracted by 2.06 percent.
The country’s economy shrank by 0.36 percent to hit its lowest point in 25 years. The second quarter report makes Nigeria’s economy the worst in three decades.
To cushion the effects of the recession, Nigeria is already in talks with the Chinese import-export bank China Exim Bank for a $21 billion loan to finance the 2016 budget and develop new infrastructure projects.
Meanwhile, an 18–seater bus manufactured by some ex-Niger Delta militants trained at Innoson Kiara Academy, a branch of Innoson Motors is to be presented to President Muhammadu Buhari. through the president’s special adviser on Amnesty Programme, General Paul Boroh (rtd).
In a related development, the Oluwo of Iwo land, Oba AbdulRasheed Akanbi has urged President Buhari, state governors and other political office holders to start using vehicles assembled in Nigeria.
READ ALSO: Buhari’s government goes on borrowing spree abroad as recession bites harder
According to him, patronising made-in-Nigeria vehicles, would help the local automakers to become better and create jobs for thousands of unemployed youths in the country.
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