The Lagos Chamber of Commerce and Industry (LCCI) on Wednesday raised the alarm over the growing number of substandard and fake products in Nigeria.
The President of LCCI, Babatunde Ruwase, raised the alarm at a press conference on the state of the economy, in Lagos.
He noted that the counterfeiting of products posed a grave danger for the health and safety of the citizens.
Ruwase lamented that 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.
The LCCI president called for better investment in the capacity of the Standard 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 Measures Unit of Federal Ministry of Industry, Trade and Investment.