In continuation of its planned expansion, the extension of the Innoson Vehicles Manufacturing (IVM) factory in Umudim, Nnewi, Anambra State, is nearing completion at a rapid pace. Once finished, trucks will be manufactured there.

The completion is in addition to expansion development going in in Imo State and somewhere in Akwa Ibom.

Analysts say the growth trajectory of IVM is very encouraging even in the face of pinching government policies and forex crisis.

However, there seems to be light close to the end of the tunnel as the Federal Government, through the Ministry of Industry, Investment and Commerce is developing a scheme with auto producers and dealers to drop the import of auto spare parts by 40 % come 2025.

Already, about N75bn is expected to be pumped in across all indigenous industries to grow GDP and productivity.