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SUB-STANDARD PRODUCTS COST NIGERIA OVER N1TRN YEARLY - SON

By NBF News
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The importation of substandard products,  mostly from Asian countries, costs Nigeria over N1 trillion, the Director-General of the Standards Organisation of Nigeria(SON),   Dr  Joseph   Odumodu, said  yesterday  in  Lagos

Odumodu   who spoke  exclusively  with  LEADERSHIP during  the  1st  Nigeria  Quality  Summit  2012,  that  held  at  Eko  Hotel,  Victoria  Island,  Lagos  said: 'Statistics from a survey we conducted   in  2011, showed that an estimated annual loss to sub-standard products is  in excess of N1trillion.'

He added: 'Nigeria is losing  so  much  to  sub-standard  and  fake  products  that's  why  we saw  the need  to  put  together  a  conference  like this  to  educate  all  stakeholders  on  the  importance  of  maintaining  high  standards.'

He called for urgent action to check the problem   in order to save the country's industries from total collapse in the   years ahead.  The DG said that the substandard products undermine the nation's economy.

According to him, over 80 per cent of sub-standard products, imported into the country originated from Asian countries.'This scourge is worse than terrorism,' he said.

Odumodu called on the federal government to hold bilateral discussions with Asian countries to prohibit trade activities that  were inimical to development of Nigeria's economy.