Can you tell a ‘fake’ from an original? Can you spot a gimcrack from an authentic?
Netizens are digging their wits at the proliferation of ‘fake’ products in the Nigeria. At every twist and turn, they’ll say a fake product is waiting for you, and you will most likely pay an outrageous sum for it.
From fake popular wine brands, non-alcoholic drinks, chocolates, toothpaste, soap, milk, and other household goods, the list is endless. Why are fake products being tolerated in millions when they pose a huge threat to the lives of Nigerians and the economy as well?
Counterfeits have been argued to have the positive effect of inducing awareness for brands and this is especially so for fashion products and for brands that were less known at the time of infringement.
An X user posted:
“Jokes and memes aside, this fake products thing is VERY scary and evil. Especially regarding the consumable things. People just sit down in one corner, mix rubbish, get their rubbish to be a perfect clone of the original, sell the rubbish and fill their greedy pockets. It’s sick,”
Another X user identified wrote:
“Your negligence to illegal factories led to the proliferation and porosity of fake product consumption in Nigeria.”
The Haze Counterfeiting Creates
As of 2016, a staggering 80% of products circulating in the country were counterfeits, a haunting figure that has likely not dwindled below 50% today.
This clandestine industry thrives on deception, posing serious threats to both public health and the nation’s economic landscape.
The Global Counterfeiting Dilemma
The issue extends beyond Nigeria’s borders, resonating in a global symphony of illicit trade. A report by Frontier Economics in 2017, drawing from an OECD study in 2016, projected that counterfeit and pirated goods’ international trade in 2022 would soar to a staggering $991 billion.
Shockingly, by 2019, the Global Counterfeiting & Trademark Infringement Report revealed that the actual global counterfeiting surpassed expectations, reaching a staggering $1.2 trillion.
The Complex Identity of Counterfeits
While counterfeits are often condemned for their negative impacts, some argue they inadvertently contribute to brand awareness, particularly for lesser-known brands.
However, the stark reality is that counterfeit products pose a severe threat to consumers, as echoed by a concerned user who highlighted the “scary and evil” nature of fake products, especially in the consumables market.
The Hidden Brutality of Counterfeiting
Behind the scenes, counterfeiting unleashes a brutal assault on industries and economies. Billions of dollars are lost annually worldwide, with Nigerian industries grappling with direct sales losses and damage to their reputation. Moreover, the fight against counterfeiters incurs hefty expenses, including investigations, litigation, and ongoing efforts to protect intellectual property rights.
Trademarks are Guardians of Authenticity
Trademarks emerge as the unsung heroes in the battle against counterfeiting. These marks serve as beacons of authenticity, helping consumers distinguish genuine products from their deceitful counterparts.
In a saturated market, trademarks play a pivotal role in brand identification and consumer protection.
The Ripple Effects on Innovation and Foreign Investments
Counterfeiting’s tentacles extend to the heart of innovation and foreign investments. Original manufacturers face a dilemma, unable to openly acknowledge the existence of counterfeits for fear of repelling consumers.
This fear-mongering not only compromises product quality but also hinders innovation in the Nigerian market.
Tackling the Menace Head-On
Addressing the counterfeiting epidemic demands robust enforcement of existing laws and the creation of comprehensive legislation that extends beyond the pharmaceutical sector. The Counterfeit and Fake Drugs and Unwholesome Processed Foods (Miscellaneous Provisions) (Amendment) Act serves as a foundation, prescribing penalties that deter counterfeiters while protecting victims.
As Nigeria stands at the crossroads of battling this insidious underworld of counterfeit trade, a united front is imperative.
Only through stringent enforcement, comprehensive legislation, and a collective societal stance can the nation hope to emerge victorious against the shadowy forces that threaten its economic and consumer landscape.
The war against counterfeits is not just about protecting brands; it’s about safeguarding the well-being and future of the Nigerian people.
Before you buy anything, please double check!
Culled in by Fortune Omosola
