CFAO NIPEN group decries saturation of market by fake pens, seeks reorganization of SON
Leading manufacturers of writing pen, CFAO NIPEN producers of ageless Bic pen brand has called on the federal government to rescue the nation’s education industry by reviewing the activities of Standards Organization of Nigeria (SON) with a view to making the agency more active in its work.
The call was made by the Chairman, Board of CFAO NIPEN, Mr. Steve Faderin, who spoke at the company’s 41st Annual General Meeting in Lagos, said the Federal Government should come to the aid of the manufacturing sector to avoid a total collapse of the economy.
He said stiff competition from manufacturers of cheap and substandard products has created pricing gap for genuine manufacturers in the country.
According to him, “The weakening of naira, scarcity of foreign currency, drastic fall of over 70 per cent in oil prices have badly impacted the business environment. Additionally, stiff competition from cheaper, substandard competitors has created a pricing gap for NIPEN’s products.
“But in spite of this scenario, the premium ball pen and crates categories maintained about the same sales volume as the previous year. In the razor category, whilst we sustained our market leadership position, the overall market contracted due to the decline in disposable incomes and the unrelenting assault by counterfeiters.
He said NIPEN would continue to apply its Kaizen programme of quality enhancement of its products and maintain adjustments of operational tactics to reduce exposure to foreign exchange fluctuations.