FG should save industries from collapse …Geoelis chairman
Dim Elias Nwosu, Managing Director of Geoelis Cables limited says the federal government should develop and implement a bailout plan that would help Nigerian firms remain in business after the COVID-19 pandemic.
Nwosu made the call after donating the sum of N1 million to Anambra state government in support of its efforts at containing the spread of Corona Virus and cushioning the hardship of the people of the state.
The cable manufacturer who was represented by Mr Chukwubundu Ezebube, the Executive Director of the company said leaving the private sector firms on their own could lead to the collapse of Nigerian industrial sector.
He said the bailout programme for firms would save the country the adverse resultant job loses and recession.
“The last one month has not been easy for the private sector, you can see for yourself that nothing is happening, everything is at standstill
“For us in Geoelis Cables we have not been producing, there are some machines that don’t go off but they have down for more than three weeks, when we are running it becomes difficult to pay tax and salaries.
“Government must work out a way to support the firms just as they are addressing the individuals or households.
“The industries are suffering, they need palliative to avoid possible collapse and you know what that means to the economy of the country,” he said.
The Geoelis boss said the company made the donation after seeing the economic hardship people were passing through as a result of lockdown and in response to the call of the government
He said Anambra state government required every assistance it could get to enable it contain the spread of COVID-19 and reach out those in need.
“It is a clarion call which we have to respond to because government cannot do it alone. We have to all join hands to chase the disease out of Anambra and by extension out of Nigeria,” he said.