The aim of this research is to gain a clear insight on the challenges counterfeit and unwholesome product pose to the growth of any economy and its antecedent consequences on the survival of local organisations. The methodology adopted in this paper reviewed critically the existing literature both online and print on the definitions of counterfeiting, its overview in the Nigerian economy, challenges and impact. The study employs a pragmatic approach to advance management techniques in dealing with counterfeit and unwholesome product in the Nigerian economy. The study concludes that counterfeit and unwholesome product in the country is an economy killer that has the tendency to not only destroy local industries but also discourage foreign investments. Consequently, the study recommends among others the need for regulating agencies to be more proactive in handling issues of counterfeit and unwholesome product in the country.