NEXT: Anti-Counterfeit Collaboration Turns to Government
The counterfeit issue has become so widespread in the Nigerian marketplace that non-governmental organizations and major brands alike have turned to the government for help. The Anti-Counterfeit Collaboration (ACC) was formed in 2006 and aims to mobilize brand owners, enforcement agencies, and other interested parties (Sproxil being one), in a joint effort to combat counterfeiting.Interestingly, many non-pharma companies - such as Nokia and KFC - have been leaders in this effort, as they increasingly feel the loss in market share as well. The CEO of KFC Nigeria, who is also the chairman of the ACC, affirms the presence of fake products in the fast food industry, too. In fact, a recent consumer survey shows that somewhere between 60-80 percent of goods sold in the Nigerian market - including pharmaceuticals, luxury goods, software and computer hardware, audio and visual products, motor vehicle parts, and food and beverages - are counterfeit.
Fake products have grown so rampant that they discourage foreign investment, lead to consumer doubt and negative health effects, and lessen the financial stability and brand legitimacy of authentic manufacturers. The ACC maintains that the government needs to put policies in place for better surveillance. For more information, read this article.