Recession: Innoson vehicle plant suspends production over dollar shortages

innocent-chukwumaNigeria’s major vehicle assembly plant, Innoson Vehicle Manufacturing (IVM), has announced its decision to shut down production due to lack of foreign exchange to import vehicle components.

This is coming on the heels of the recent report of the National Bureau of Statistics (NBS), which indicates that Nigeria’s recession had worsened with Gross Domestic Product (GDP) dropping to -2.06 per cent for the second quarter of 2016.
The Chairman of IVM, Innocent Chukwuma, told Reuters that workers at IVM have already been sent home due to lack of parts from Japan, Germany and China, which account for much of the content of the vehicles they produce.

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