SUB-STANDARD PRODUCTS COST NIGERIA OVER N1TRN YEARLY - SON
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.