The Standards Organisation of Nigeria (SON) has disclosed that the federal government loses N15 billion annually to counterfeiters.
A former director in the organisation, Engr John Achukwu made the revelation in a paper he presented at the stakeholders meeting workshop on “Reduction of Substandard Products in Nigeria”, for South-East zone in Abakaliki, Ebonyi State, yesterday.
He said that the illegal activities of producers and importers of fake products in the country have cost the nation huge economic fortunes.
Achukwu, while delivering paper on the topic: “Trends in Counterfeit and Substandard Products in Nigeria,” lamented that the issue of substandard products is killing the 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,” the former Director of Operations in SON, Mr Nelson Adebiyi, revealed that 80 per cent of substandard products in the country were imported from Asian countries while 20 per cent came from other countries of the world.
He added that the organisation (SON) has destroyed fake AVR products worth N500 million.
In his speech, the 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 lofty targets of ensuring that Nigerian markets were fake-products free as well as ensuring that Nigerians get value for their money.
He said that now that the enabling laws establishing SON has been amended by the National Assembly, the agency will be able to effectively carry out its mandate.
“Before the amendment, SON could not prosecute offenders, but now we have prosecutorial powers,” he said.
PMB Mourns Victims Of Bomb Blasts
President Muhammadu Buhari has commiserated with families of victims of bomb blasts at a viewing centre in Mandarari, Konduga local...
Govt Ready To Pay Judiciary Staff – Kogi SSG
With the recent payment of one-month subvention to the state judiciary, Kogi State government has said that it is ready...
FG Assures ILO Of Moving Workers Out Of Poverty
The federal government yesterday assured global leaders attending this year’s International Labour Conference (ILC) holding in Geneva, Switzerland that it...
Cleric Tasks Christians On Thanksgiving
Christians across the world have been charged to imbibe the spirit of thanksgiving, supplication and adoration to God as a...
Police Deny Discovery Of Arms In Adamawa Poly Mosque
Adamawa State Police Command, have denied reports that arms was allegedly discovered in the Mosque inside the State Polytechnic Yola...
US-China Trade War Plunges Huawei Smartphone Sales By 40%
Huawei founder Ren Zhengfei has said international sales of the Chinese telecoms giant’s handsets have sunk 40% in the past...
Former Egyptian President Morsi Dies In Court
Egypt’s deposed President,Mohamed Morsi has died following a session in court, a state-run television station and newspaper reported yesterday. Morsi,...
POLITICS18 hours ago
APC Kicks As Bauchi Govt Suspends Inauguration Of 9th Assembly
COVER STORIES7 hours ago
Fear Grips Lawmakers As FG Begins Probe Of Constituency Projects
NEWS22 hours ago
1 Killed, 6 Vehicles Destroyed As Kona, Fulani Clash.
NEWS15 hours ago
Taraba Govt Deny Imposing Curfew On Jalingo.
AFRICA16 hours ago
Former Egyptian President Morsi Dies In Court During Sitting
NEWS21 hours ago
Windstorm Destroys Over 1000 Houses In Zamfara LGA
FOOTBALL23 hours ago
PSG Consider Neymar Sale As Club Chairman Warns To Players
NEWS3 hours ago
EDHA Inaugurated, Okiye Emerges Speaker