COVID-19: Industrialist seeks bailout for firms

COVID-19: Industrialist seeks bailout for firms

Donation
By Chimezie Anaso
Awka, April 17, 2020(NAN) The Managing Director,  Geoelis Cables Ltd., Chief Elias Nwosu, has called on the Federal Government to develop and implement a bailout plan to assist indigenous firms remain in business in post COVID-19 era.

Nwosu made the call after donating N1million to Anambra government in support of its efforts at containing the spread of COVID-19 and cushioning the hardship of the people of the state.

The industrialist, who was represented by Mr Chukwubundu Ezebube, the Executive Director of the company, said deliberate policy must be put in place to avoid total collapse of the industrial sector.

He said there should be a bailout programme for firms as the resultant job loses would not be healthy for the economy.

“The last one month has not been easy for the private sector; you can see for yourself that nothing is happening, everything is at a standstill.

“For us in Geoelis Cables, we have not been producing; there are some machines that don’t go off but they have been down for more than three weeks, it will soon become 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.

Nwosu said the company made the donation after seeing the hardship the people were passing through as a result of the lockdown and in response to the government’s call for support.

He said that Anambra government required every assistance it could get to enable it contain the spread of COVID-19 and reach out to 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. (NAN)
APC/KOO/GY
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Edited by Kevin Okunzuwa/Grace Yussuf