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Nigeria Loses N50bn To Substandard Products Yearly –OPS

Counterfeit goods from Asian countries are costing Nigeria about N50 billion yearly in revenue loss, the Organised Private Sector (OPS) has said. They lauded President Muhammadu Buhari’s effort towards fighting the influx of substandard products imports into the country, Already, President Buhari has read a riot-act to Indian companies with interests in Nigeria that his administration would not tolerate any form of export from India found not to be in compliance with approved standard and quality.
A chieftain of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Gbenga Bada, who spoke with New Telegraph in Lagos, said that Buhari was showing leadership qualities that Nigeria had been missing.
He said that President Buhari’s position on substandard products would bring about a change in paradigm in the activities of unscrupulous importers, who engage in shipping of substandard goods through the country’s seaports and land borders into the country because of their collaborations with some government agencies.
Bada stressed that Standards Organisation of Nigeria (SON) and other relevant government agencies should not be the only ones condemning the influx of substandard products that have infiltrated Nigerian markets. He said that substandard product importation was an organised networking business that had gone nuclear because of the involvement of syndicates and ‘best brains’ whose aim is to flood the Nigerian markets with fake products after collaborating with the manufacturers of the products that are based abroad.
Bada urged the National Assembly to enact a law that would introduce capital punishment as last resort for offender who engage in the importation of substandard products. According to him, this will send the right signal to others that Nigeria is no longer a dumping site country.
The renowned entrepreneur advised government to intensify efforts to get fake products out of Nigerian market.Bada explained that some genuine owners of businesses in the country had closed shops since they could not compete favourably with substandard products imported into the country. He said:
“President Buhari has again demonstrated his leadership quality. His speech to the Indian investors that he would not tolerate substandard import from India is good because the Asian markets are responsible for the highest importation of substandard products in Nigeria.
“Substandard products cost Nigeria about N50 billion yearly in revenue loss to syndicates of this nefarious business.” The Director-General, SON, Joseph Odumodu, had stated that the country lost N1 trillion to the importation of substandard products, mostly from Asian countries in 2011, before his agency’s aggressive effort to reduced it.

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