OilServ acquires N600m IVM vehicles, partners firm on local content development

*Collaboration focuses on conceptualisation, manufacturing, use of local automobiles in Nigeria ─Dr. Emeka Okwuosa

*IVM remains a 100 percent manufacturing company, not an assembling outfit, says Chief Innocent Chukwuma

Isola Moses | ConsumerConnect

As part of its support to further advance local production of vehicles in Nigeria, Oilserv Group, an oil and gas company, is collaborating with Innoson Vehicle Motors (IVM) to improve the lot of automobile industry in the country.

Dr. Emeka Okwuosa, Chairman/Group Chief Executive Officer (CEO) of Oilserv Group, who Tuesday, August 4 commended the IVM during the tour of its manufacturing plant in Nnewi, Anambra State, stated that the visit was aimed at encouraging local content, according to Vanguard.

Okwuosa said: “We are partnering with IVM on vehicles that are going to be used in our oil and gas industry operations.

“We are partnering with IVM in the area of conceptualisation, manufacturing and use of local automobiles.”

He observed that the company is a testimony to the development of local capacity in Nigeria, added that since the second quarter of 2020, it has procured N600 million worth of automobiles from IVM.

On the partnership, Chukwuma Nkwodinmah, Group Head, Supply Chain at Oilserv Limited, also said that the partnership had gone a long way in promoting local capacity in the country.

Chief Innocent Chukwuma, Chairman/CEO of IVM, in his remark during the visit applauded the Management of Oilserv for their support in promoting local capacity building.

While urging other companies and individuals to do same, Chief Chukwuma said that IVM sources about 60 percent of its materials in-country.

The IVM Chairman stated that the firm remains a 100 percent manufacturing company, and not an assembling outfit.

“IVM only imports engine and light while all the electrical aspects and other equipment are sourced in-country,” said Chief Chukwuma.