Bimbola Oyesola; Charles Nwaoguji
The Lagos Chamber of Commerce and Industry (LCCI) has raised concern over the growing number of fake and substandard products in the country.
The President of LCCI, Mr. Babatunde Ruwase, made the observation at a press briefing on the state of the economy on Wednesday in Lagos.
Ruwase said that the counterfeiting of products posed a grave danger for the health and safety of the citizens. According to him, the issue constitutes a major challenge to leading brands in the consumer and durable products sector, as it erodes their market share, profit margin and impacts adversely on their reputation.
Ruwase called for better investment in the capacity of the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC), toward tackling the problem of fake and substandard products.
He urged the Federal Government to address concerns about overlapping responsibilities of SON, NAFDAC and the Weight and…