The Standards Organisation of Nigeria, SON, Monday, stated that the federal government loses N15 billion annually to counterfeiters.
Engr. John Achukwu, the former Director of the organization, made this known during stakeholders’ workshop on “Reduction of Sub-standard Products in Nigeria for South-East zone” held at Monabliss Hotel and Suites, Abakaliki, noted that the illegal activities of producers and importers of fake products have impacted negatively on the huge economic fortunes of the nation.
Achukwu, while delivering paper on the topic: “Trends in Counterfeit and Sub-standard Products in Nigeria,” lamented that “the issue of sub-standard 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”, Mr Nelson Adebiyi, the former Director of Operation in SON, revealed that 80 per cent of sub-standard products in the country were imported from Asian countries while 20 percent came from other countries of the world.
He added that SON has destroyed fake AVR products worth N500 million.
Osita Aboloma, the Director General of SON, represented by Engr. David Obi, the Regional Coordinator of SON (South East), 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 their lofty targets of ensuring that Nigerian markets were fake-products free to ensuring that Nigerians get value for their money.
