The Manufacturers Association of Nigeria (MAN) on Thursday in Ilorin said the inestimable damage caused by the menace of counterfeit products poses graveous threat to the country’s economy.
Chief Bioku Rahmon, the MAN Chairman for Kwara/Kogi States, said this in Ilorin in his welcome address at the 8th Annual General Meeting and Commissioning of Secretariat Building of the association.
He asserted that these damages can be comprehended as cutting across the three triangular ends of the manufacturers, the common man, and the government.
“On the first end of that triangular, the manufacturers suffer from the menace of counterfeit products because today, we are witnessing gross erosion of our margins of Expected Profit (EP) and Return-On-Investment (ROI) by the influx of counterfeit products.
“These products continue to claim lion portions of the markets share from us.
“Disappointingly, we comply with stringent government regulations and standard products because the substandard products out there are available on the cheap,” he said.
Rahmon explained that counterfeit products harms the common man by suffering damage to health, safety and well being after consuming or using these substandard products available in the market.
According to him, significant sums are wasted on clinical diagnosis, medical treatments and surgeries by victims thereafter.
He observed that this is not limited to drugs, but also for roofing sheets, iron rods and other products.
The MAN chairman however assured that the association would continue to address the menace of counterfeit products in Nigeria and proffer solutions with strong collaboration with the government and other stakeholders.
Gov. AbdulRahman AbdulRazaq of Kwara commended the business community for their strategic partnership with the government, sressing that the rise was a tribute to the efforts of the administration to bring inclusive growth to the state.
AbdulRazaq said the growth in the number of functional firms has positive impacts on the standard of living of the people of the state.
He stated that the rising inflation and security challenges in the country are surmountable with everybody playing their best roles.
The governor reiterated his administration’s resolve to continue to assist the business community in the state.
For his part, Mr Mansur Ahmed, the National President of MAN, described the association as the backbone of economic development and sustainable growth while appreciating efforts of the AbdulRazaq administration to improve the business climate in Kwara State.
He pointed out that the manufacturing sector was the backbone of any economy, because it is a sector that provides and sustains wealth creation.