The Standards Organization of Nigeria has stated that he value of illicit trade in Africa is at $50 billion annually.
The Director General of Standards Organization of Nigeria, SON, Joseph Odumodu, has put the value of illicit trade in Africa at $50 billion annually.
Making the disclosure in Lagos, the SON Boss said 80 per cent of phones and accessories in the country, were either substandard or counterfeit.
He also estimated that 70 per cent of television sets in Africa comprised fairly-used sets, noting with displeasure that in 2011, when he was appointed as Director General, the value of used tyres in the nation’s market had hit about 50 million.
Odumodu noted that Africa had become a dumping ground for sub-standard products with the attendant socio-economic risks to the various economies.