OgunNewsFact:
Nigerians have continued its streak of sufferings under various guise as Nigeria’s pioneer indigenous vehicle manufacturing company, Innoson Vehicle Manufacturing Company Limited, has laid off about 50 percent of its work force, News Express learnt.
 
A source close to the company blamed the development on a combination of declining patronage by government, high cost of the dollar and difficulty in procuring foreign exchange for imported vehicle components.
 
Whereas the immediate past Federal Government of Dr. Goodluck Jonathan and Anambra State Government under Mr. Peter Obi encouraged and patronised Innoson, the reverse is the case presently, with the incumbent Anambra State Government under the watch of Chief Willie Obiano preferring to import vehicles from the USA and elsewhere.
 
“Things are no longer the same at Innoson and the vehicle plant at Nnewi has laid off about 50% of the workers,” the source said.
 
The source also disclosed that Innoson Technical & Industrial Co. Ltd., producers of motorcycle parts and plastic products, has cut staff by some 25%. He said that Company Chairman, Mr. Innocent Chukwuma, started the retrenchment exercise from the Emene plant in Enugu State.
 
The source told News Express: “Mr. Chukwuma addressed the staff late in July and announced that because of the bad shape of the economy, 25% of the staff would have to go home and wait till December when they would be recalled if things improved.  The next day the list of affected staff was released and they had to go home after collecting their July salary. Of course, no one has been recalled because, rather than improve; the economy has become even worse since then.”   
Other organisations had also cut-off their staff strength to be able to meet the prevailing economic situation, this however has increased the rate of unemployment in the Nation.
 
Culled from newsexpressngr.com

Nigerians have continued its streak of sufferings under various guise as Nigeria’s pioneer indigenous vehicle manufacturing company, Innoson Vehicle Manufacturing Company Limited, has laid off about 50 percent of its work force, News Express learnt.
 
A source close to the company blamed the development on a combination of declining patronage by government, high cost of the dollar and difficulty in procuring foreign exchange for imported vehicle components.
 
Whereas the immediate past Federal Government of Dr. Goodluck Jonathan and Anambra State Government under Mr. Peter Obi encouraged and patronised Innoson, the reverse is the case presently, with the incumbent Anambra State Government under the watch of Chief Willie Obiano preferring to import vehicles from the USA and elsewhere.
 
“Things are no longer the same at Innoson and the vehicle plant at Nnewi has laid off about 50% of the workers,” the source said.
 
The source also disclosed that Innoson Technical & Industrial Co. Ltd., producers of motorcycle parts and plastic products, has cut staff by some 25%. He said that Company Chairman, Mr. Innocent Chukwuma, started the retrenchment exercise from the Emene plant in Enugu State.
 
The source told News Express: “Mr. Chukwuma addressed the staff late in July and announced that because of the bad shape of the economy, 25% of the staff would have to go home and wait till December when they would be recalled if things improved.  The next day the list of affected staff was released and they had to go home after collecting their July salary. Of course, no one has been recalled because, rather than improve; the economy has become even worse since then.”   

Other organisations had also cut-off their staff strength to be able to meet the prevailing economic situation, this however has increased the rate of unemployment in the Nation.
 
Culled from newsexpressngr.com

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This makes me sad. Sign of times with a weak exchange rate. CBN should prioritize enterprising manufacturers such as the owner of innonson when allocating the scarce but essential dollars. I am an advocate of capitalism and freedom but I'd endear the governors to be more patriotic with their purchases.

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