The Iron Rod and Steel Distributors Employers Union of Nigeria (IRSDEUN) has called for dissolution of the current management of theStandard Organisation of Nigeria(SON), citing concerns over the agencys alleged ineffectiveness in curbing circulation of substandard products in the Nigerian market.

In a press statement signed by the national president of the union, Chief Gbenga Awoyale, the iron rod distributors expressed dissatisfaction with SONs handling of substandard products, particularly in the iron rod and steel industry.

The union claimed that despite existing regulations and quality control measures, substandard iron rods and steel continued to flood the nations market, posing serious risks to consumers and tarnishing the reputation of legitimate distributors.

It is sad to note, that in connivance with some bad eggs in SON, substandard steel producers now fake trademarks and scaling disclosures. It is evident that SON has failed in its mandate to ensure that only products that meet the necessary quality standards are allowed into the market. Wires are now sold for iron rods and our steel qualities so poor. The proliferation of substandard iron rods not only poses safety hazards but also undermines the integrity of our industry, Awoyale said.

The iron rod distributors also called for stringent and concerted measures by the organization and its team to crack down on production and distribution of substandard products, while also advocating for thorough investigations and penalties for violators.

Severally, we have extended hands of fellowship to the SON leadership as distributors, to join hands with them in tackling the menace of substandard steel products. We have made our ways at the National Assembly whom have made firm resolutions against substandard steel production. But implementation of these efforts have become a mirage, as SON continues to act comfortably unperturbed even when the surge of building collapse continues to increase in Nigeria, claiming lives, Awoyale added.

Following the call for the dissolution of the SON, the Iron Rod and Steel Distributors Employers Union of Nigeria also emphasized the need for government intervention in regulating the price of iron rods and steel products, as the Naira exchange rate shows signs of significant improvement.

The union also took the opportunity to commend the Central Bank of Nigeria (CBN) for its efforts in safeguarding the Naira against the persistent depreciation.

While the Central Bank of Nigerias leadership under the governorship of Yemi Cardoso deserves a pat on the back for its efforts that have led to remarkable appreciation of our local currency, we call on the Federal Government to put in place price regulation mechanisms to ensure the far-reaching effects of the Naira appreciation on average Nigerians.

It is instructive to note that in January 2024, when the Naira-Dollar exchanged for about the same price as now, a ton of iron rod was about N500,000 until February when it increased by about a million. Unfortunately, when the exchange rate returns to what it was before the price increase, tonnage price remains constant at about N1.5m while the quality continues to decline, leading to discrepancies and financial strain on distributors. This needs urgent attention from Federal and State Governments. Gluttonous elements who dont care about Nigerians comfort must not be allowed to thrive.

We particularly commend the CBN for its proactive measures to protect the Naira from continuous devaluation. We acknowledge the Central Banks efforts in maintaining exchange rate stability and minimizing the negative impact on the economy, especially in the face of global economic uncertainties.

The unions dual demands for price regulation and acknowledgement of the CBNs interventions underscore the complex challenges facing the iron rod industry in Nigeria. As discussions on these issues gain momentum, industry stakeholders are eagerly awaiting responses from relevant government bodies and policymakers on potential measures to address these concerns and foster a more stable and sustainable business environment for iron rod distributors, they said. (Nigerian Tribune)