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.