Nigeria’s Industries Won’t Survive Without Reliable Power, Security — Onunkwo

By Our Reporter

Nigeria’s industrial sector will continue to struggle unless the country addresses its persistent power crisis and insecurity, the senatorial candidate of the Nigeria Democratic Congress (NDC) for Anambra South, Chief Ebuka Onunkwo, has said.

Onunkwo, Chairman and Chief Executive Officer of Sea Horse Lubricants, made the assertion during a facility tour of his company in Ozubulu, Ekwusigo Local Government Area of Anambra State, by members of the Nigerian Union of Journalists (NUJ), Anambra State Council, led by the state chairman, Odogwu Emeka Odogwu, PhD.

He identified epileptic power supply, insecurity, poor road networks and multiple taxation as some of the major challenges undermining industrial development and discouraging investment in Nigeria.

According to Onunkwo, the country’s unreliable electricity supply has forced manufacturers and other industrialists to depend heavily on diesel and petrol to power their businesses, thereby driving up production costs.

“Everybody in Nigeria is aware that we do not have a reliable source of power supply. This has made industrialists rely heavily on diesel and fuel, which has significantly increased the cost of doing business,” he said.

Onunkwo recalled that when he established Sea Horse Lubricants in 2017, a litre of diesel sold for less than N200, but the price has since risen to almost N2,000 per litre.

He described the increase as a major burden on businesses, particularly manufacturers whose operations require constant electricity.

To address the challenge, the industrialist proposed the establishment of independent power stations within industrial clusters across the country.

He argued that dedicated power infrastructure would provide industries with cheaper, stable and reliable electricity while reducing their dependence on diesel-powered generators.

Onunkwo further pledged that, if elected to the Senate, he would sponsor a bill to be known as the “Industrial Power Act.”

“The Industrial Power Act will make it a constitutional requirement for power stations to be built in industrial clusters so that industries can have access to cheap, steady and reliable power,” he said.

On insecurity, Onunkwo said the deteriorating security situation had negatively affected industrial activities and discouraged foreign investors from investing in Nigeria.

He argued that state governments could significantly reduce insecurity by deploying a greater portion of their security votes toward addressing the problem.

“If governors can commit 50 per cent of the security votes they receive to fighting insecurity, the problem will come down drastically,” he said.

The industrialist also criticised the prevalence of multiple taxation and levies imposed on businesses, describing them as a heavy burden on industrialists and a major disincentive to investment.

He promised that, if elected, he would sponsor legislation to outlaw multiple and unnecessary taxation and levies on businesses, particularly infant and emerging industries.

According to him, creating a business-friendly environment is essential if Nigeria is to attract investment, create jobs and accelerate industrialisation.

Onunkwo also highlighted the contribution of Sea Horse Lubricants to employment and social development, disclosing that the company employs hundreds of youths, men and women.

He added that he had supported indigent members of society through scholarship programmes and housing projects.

“I have always believed that business should not only be about making profit but also about impacting lives. If I am given a bigger platform, such as the Senate, I will sacrifice more for humanity and do more for my people,” he said.

Earlier, the Anambra State NUJ Chairman, Odogwu Emeka Odogwu, PhD, said the purpose of the visit was to appreciate Onunkwo for his numerous contributions to humanity and community development.

Odogwu also assured him of the union’s readiness to partner with him in his various endeavours.

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