This is the story of one of today’s most inspirational Africans. If you want to be an entrepreneur, keep this name in mind: Innocent Chukwuma.
Innocent is a Nigerian tycoon born in 1961, when many West African nations gained independence. This means that Innocent’s possibilities as an adult in the 1980s were different from those of his parents who lived under colonial rule.
Innocent is the youngest of six siblings, therefore entry to higher education may be challenging given the family’s size and other circumstances. Nonetheless, his curiosity has led him to be interested in engines, as he has always desired to be an engineer. Even if he got admitted to university, he was unable to complete his degree.
He was from a poor household and could not afford to retake the exam. As a result, he must locate a work. That is what he accomplished by entering the field of his interest, where he may work with engines and spare components.
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At the time, Nigeria had almost no middle class, and most Africans had little or no savings, making it difficult to acquire a car. Most families could only afford bicycles, and many did. As a result, there was a thriving sector in motorcycle spare parts and repair shops. Innocent Chukwuma seems to have an easier time getting a job in that domain. But if you are as ambitious as he was, you can start at the bottom of the ladder and work your way up to the top.
Innocent used his friendship with one of his brothers to ask him to apply for a bank loan on his behalf. Of course, if your sibling is in a better situation, you would act accordingly. That is how he began his own spare parts business and set himself apart from his competition. To cut the market price of his items, he formed partnerships with manufacturers, primarily Chinese. He was able to lower his costs by about half. Instead of reselling his product at market pricing and pocketing a large profit, he cut his price, beating the competition while also benefiting the clients. His fame swiftly expanded, as did his money.
However, as nothing goes smoothly, the Nigerian government decided to outlaw bikes in all major Nigerian cities in 2006. Obviously, the replacement parts market collapsed, but this did not dissuade Chukwuma. Instead, he saw a gap and turned it into an opportunity by importing buses. Innocent anticipated the demand for public transportation, as bicycles are no longer authorized. He did not take this opportunity for granted, and instead diversified into vehicle manufacture.
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That is how Innoson Vehicle Manufacturing (IVM) began in 2007. The plant initially began making buses, which were praised for their sturdy construction and adaptability to African terrain. Later, he entered the compact passenger car category.
The number of Innocent’s car plants is a testament to his hard work, dedication, and brilliance. He employs more than 7,000 people around the country. The Nigerian government shows its support for Innocent by making his company one of the primary vehicle providers to the country’s police, firefighters, and hospitals.
Innocent is not just Nigeria’s first passenger automobile manufacturer, but also the first to source raw materials locally, creating indirect jobs for thousands of families. Innocent Chukwuma rises up the social ladder thanks to his entrpreneurship skills, demonstrating to the public that devotion and hard work can lead to success.