NDC Senatorial Candidate, Onunkwo Identifies Major Threats to Anambra Industries

By Chibuzo Obidike

The Founder, Chairman and Chief Executive Officer of Seahorse Lubricant Industries Limited, Chief Dr. Ebuka Onunkwo, has identified epileptic power supply, insecurity and high interest rates as major challenges threatening industrial growth and investment in Anambra State.

Onunkwo stated this while taking Anambra journalists on a fact finding tour of his company as part of efforts to verify the sources of livelihood of politicians seeking to represent the people.

He said power remains the biggest challenge facing industries in the state, revealing that almost all the electricity used by Seahorse comes from diesel powered generators.

According to him, the high cost of diesel has significantly increased the company’s operating expenses and made local businesses less competitive.

“99.9 percent of our power comes from diesel generators. We buy diesel, and today you know the cost of diesel in Nigeria. So it is a very big challenge,” he said.

Onunkwo also identified insecurity as another major concern, saying some people are already considering leaving the state because of security challenges.

Despite this, he said he had refused to abandon his investment, insisting that development would suffer if business owners and investors continued to leave Anambra.

“If all of us start running away, who can come and develop our state?” he asked.

He further cited high interest rates as a major obstacle for young entrepreneurs and new investors who depend on loans to establish or expand businesses.

Onunkwo also raised concerns about the possible influence of political affiliation on investment decisions, saying some prospective investors may fear that businesses could face victimisation if they are not aligned with the political party controlling government.

He, however, said such challenges had not stopped Seahorse from operating, stressing that the company would remain resilient and continue contributing to the state’s economy.

The industrialist, who is also the NDC Senatorial Candidate for Anambra South, said the challenges confronting businesses require deliberate policy interventions capable of creating a more competitive environment for industries and attracting fresh investment into the state.