$200b counterfeit business recorded in Nigeria annually

By IAfrica
In Nigeria
Aug 16th, 2014
0 Comments
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The counterfeiting business in Nigeria is said to worth between $75billion to $200billion annually.
The National Agency for Food and Drug Administration and Control (NAFDAC) blamed high level of greed for the flourishing business.
NAFDAC Director of Special Duties, Mr. Abubakar Jimoh made the disclosure during a public enlightenment programme designed to sanitize and educate Nigerian Youth Corp Members at the Abuja camp.
He said, “the pharmaceutical Security Institutes data estimates that drug counterfeiting is a $75billion business while the world Customs Service puts it at $200 billion business annually.”
Hence, he said one of the major challenges being faced by regulatory agencies around the world is the counterfeiting of regulated products.
Quoting World Health Organization, Jimoh said in wealthy economies, counterfeits account for less than one percent of the market value, but fifty percent (50% ) of Internet sales are counterfeit.
He also told the NYSC members that in emerging economies, counterfeit are estimated at ten percent while in some part of developing world, counterfeit are put at about thirty per cent (30%).
The global offensive against the illicit narcotic trade led by the USA and Mexico, “has resulted in drug barons increasingly directing their resources into the less risky and more lucrative drug counterfeiting business-creating international syndicates and making drug counterfeiting more global sophisticated and militarized.
He however said Nigeria has put in place measures to contain counterfeiting in the country, which include sustained public enlightenment programmes, capacity building for it workers review of the law with the view of making them more of a deterrent.
Above all he said NAFDAC is currently spearheading global efforts in the use of cutting-edge technologies to fight counterfeit drugs and other regulated products.

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