Obinna Odogwu, Abakaliki
The Standards Organisation of Nigeria (SON), on Tuesday, disclosed that illegal activities of producers and importers of fake products in the country have cost the nation huge economic fortunes, to the tune of N15 billion annually to counterfeiters.
A former Director in the organisation, Engr. John Achukwu, made this disclosure during the stakeholders’ workshop on Reduction of Substandard Products in Nigeria for South-East zone held at Monabliss Hotel and Suits, Abakaliki, Ebonyi State capital.
Achukwu, while delivering paper on the topic: Trends in Counterfeit and Substandard Products in Nigeria, lamented that “the issue of substandard products is killing country both economically and otherwise.”
“An estimated N15 billion is believed to be lost annually to fake or counterfeit products in terms of loss of tax revenues to the government, income to local management and employment generation to Nigerians,” he lamented.
Delivering lecture on the topic, Impact of Substandard Products on the Nigerian Economy, a former Director of Operation in SON, Mr. Nelson Adebiyi, revealed that 80 percent of substandard products in the country were imported from Asian countries while 20 percent came from other countries of the world. He added that the organisation has destroyed fake AVR products worth N500 million.
In his speech, Director-General of SON, Osita Aboloma, represented by the Regional Coordinator of SON (South East), Engr. David Obi, said that the organisation would leave no stone unturned in ridding the country of fake products.
He said that the organisation has put relevant measures in place to achieve its targets of ensuring that Nigerian markets were fake products-free as well as ensuring that Nigerians get value for their money.