Innoson Motors CEO Confirms Price of Cheapest Car on Sale, Nigerians React
- Innoson Motors CEO, Innocent Chukwuma, has announced that its cheapest car is priced at N22 million
- The car comes with air-conditioning, a rugged build, a four-year warranty, and flexible payment options
- Nigerians are reacting with mixed feelings, with many questioning the affordability for average citizens
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Chief Executive Officer of Innoson Vehicle Manufacturing (IVM) confirmed that its cheapest car sells for N22 million.
The company’s founder, Chief Innocent Chukwuma, made the disclosure during a recent virtual interview for television.
Source: Facebook
He explained that the entry-level vehicle comes with full air-conditioning, a rugged build, and a four-year warranty.
Chukwuma said:
“My cheapest car, with full air condition and very rugged, is about N22 million. That’s the cheapest one. I give a guarantee of four years on that car because it’s very strong.”
In response to concerns about affordability, the Innoson CEO said the company offers flexible payment options, including instalment plans for buyers.
He noted:
“If you want to pay slowly, I can allow you as long as you have a guarantor backing you."
On IVM’s current operations, the auto magnate stated that his plant has a production capacity of 60,000 units per year but was running at just 20% due to low demand.
Innoson on Tinubu's Nigeria First policy
The business mogul has also thrown his weight behind President Bola Tinubu’s 'Nigeria First' policy, describing it as a bold and game-changing initiative capable of transforming the manufacturing landscape.
He said with the full implementation of the policy, production could increase.
Chukwuma explained:
“We’re ready to scale. If demand increases, it’s simply a matter of hiring more hands and expanding the assembly lines. We can even exceed our current capacity. What we need is consistent orders and genuine support from government."
Source: Facebook
According to him the policy’s the potential to revitalise local industries and stimulate economic growth through local content promotion, the Nation reports.
He stated:
“When I heard about this policy, I felt so good. I believe now Nigeria has a clear direction. This policy is about telling ourselves the truth: we cannot continue to grow other nations’ economies at the expense of our own.
“It’s a message to Nigerians, especially those in leadership, to patronise made-in-Nigeria goods. This is the way to build a strong economy."
Nigerians react to cheapest Innoson car price
The price has sparked widespread debate online, with many Nigerians questioning the affordability of locally made vehicles.
@UnusualOscar said:
"Made in Nigeria products are more expensive than foreign products. Even Zobo a locally made drink is expensive not to talk about a vehicle. We need more builders so there will be healthy competition to balance price to combat monopoly."
@Hpta2 commented:
"Good car but the price is why we don't buy it."
@Kunleje reacted:
"How can a locally made car be this very expensive. It is not for me a civil servant."
Expert explains why luxury cars cost more
A luxury vehicle expert has shed light on why premium cars come with significantly higher price tags than entry-level models, amid discussions on affordability in Nigeria's auto market.
Osazee Otabor, a luxury vehicle specialist, told Legit.ng that the pricing difference is primarily influenced by a car’s engineering, technology, and brand value.
Noting that the cost of luxury cars goes beyond branding, he said:
“Luxury vehicles are priced higher not just because of their nameplates, but because they deliver a superior ownership experience. This includes advanced safety and driver-assistance systems, high-end interior finishes, powerful and refined engines, and a suite of cutting-edge features that enhance both performance and comfort.”
He added that exclusivity and heritage also play a role in market value:
“Beyond features, there's also a strong emphasis on innovation, brand heritage, and exclusivity, all of which add to their market value.”
On the other hand, Otabor said budget-friendly cars are designed for essential mobility, not luxury.
“Conversely, entry-level vehicles focus on affordability and basic functionality. They are designed to meet essential mobility needs, with fewer premium features and more cost-conscious production methods.”
He concluded by emphasising that a vehicle’s price mirrors the total value it delivers to the buyer:
“Ultimately, vehicle pricing across all categories is a direct reflection of the value proposition, engineering depth, and lifestyle alignment offered to the buyer.”
Nigeria okays China's plan to build factories
Earlier, Legit.ng reported that automakers from China were approved to open electric vehicle factories in Nigeria.
The move was said to be part of a broader partnership to harness solid minerals and boost local industrialisation.
With this new development, Chinese companies will now compete with local automakers like Innoson Vehicle.
Editorial assistant Ololade Olatimehin provided exclusive commentary from a luxury vehicle specialist for this report.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
