The Chairman/Managing Director, Chicason Group, Nnewi , in Anambra state, Chief Chika Okafor, has lamented that the harsh economic condition in Nigeria is causing serious adverse effects on industries, especially with the difficulties in sourcing industrial raw materials and high cost of power among others.

Okafor who fielded questions from newsmen at his company premises Nnewi, Wednesday, disclosed that many companies including the Chicason Group, were now struggling for survival under the current dwindling economy, adding that the company now operates below capacity due to unavailability of raw materials. The industrialist also said that lack of foreign exchange has limited their purchasing power, especially in manufacturing products like engine oil, toiletries, and several others.

He called on the federal government to come to the aid of industrialists through the provision of foreign exchange, and find ways to tackle the perennial problem of power in the country.

“Power generation, lack of raw materials, foreign exchange are some of the teething problems facing the survival of industries in Nigeria.

“Government should give support to manufacturers here in Nnewi. This is the only town that has grown to what it is today with 99 percent contribution from indigenes, and almost nothing from government,” he noted.

He stressed that companies now face several challenges every day, insisting that the most pressing ones are power and foreign exchange for the procurement of raw materials, saying his factory runs 175,000 litres of diesel every week here.

“We are managing to sustain the factory from what we make from other businesses. We have a mining arm, agriculture, real estate and we are also into oil and gas,” he added.

Okafor disclosed that at the last management meeting, the company realised the need to retrench about 200 staff due to low output.