Egyptian market regulator, Nigeria’s FCCPC activate MoU

*The Federal Competition and Consumer Protection Commission and the Egyptian Competition Authority, Tuesday, January 31, solidified their engagements in a Memorandum of Understanding in Cairo, the Egyptian capital

Gbenga Kayode | ConsumerConnect

The Federal Competition and Consumer Protection Commission (FCCPC) says the Nigerian market regulator and its counterpart, the Egyptian Competition Authority (ECA) have solidified their engagements in a Memorandum of Understanding (MoU).

ConsumerConnect reports the FCCPC, which said this Thursday, February 2, 2023, recalled the market regulator in the West African country, in 2019, began discussions with the ECA in furtherance of its mandate under the Federal Competition and Consumer Protection Act (FCCPA) with respect to enhancing competition law and policy on the continent.

The FCCPC noted its key mandates include protection of consumers, and promoting fair competition in Nigeria, with its scope of application to all undertakings, conduct and commercial activities within or having effect within Nigeria.

The regulatory Commission stated: “In this regard, the FCCPC and ECA have solidified their engagements in a Memorandum of Understanding (MoU).

“Considering that both countries are part of the largest economies in Africa, and the mutuality of both agencies’ objectives and mandates, the FCCPC and ECA Tuesday, January 31, 2023 at the Egyptian Competition Authority’s Headquarters in Cairo, Egypt, executed the MoU.”

According to FCCPC, both agencies recognise and acknowledge the purpose and benefits this collaboration portends – strengthens economies and promote shared prosperity.

It also stated: ‘The MoU will address crucial issues that seek to progress both agencies engagements through joint investigation, capacity development, sharing of information and experiences to ensure consumers and businesses derive the protection and benefits that are inherent in the economic expansion this engagement enhances.”

In his remarks on the occasion, His Excellency Ambassador Nura Abba Rimi (Ambassador of Nigeria to Egypt) stated, “the MoU and its scope presents a very important starting point, and key competition regulators like the FCCPC and the ECA are vital to market entry and stability.

“This MoU is an indication of both agencies mutual commitments to promote trade and fairness.”

Mr. Babatunde Irukera, Executive Vice-Chairman and CEO of FCCPC, welcomed the attendance of Nigeria’s Ambassador to Egypt, and thanked his colleague at COMESA for their support and appreciated the warm hospitality of the Egyptian Competition Authority for hosting both the MoU Execution and the African Heads of Competition Dialogue Meeting.

Irukera further stated that “signing this MoU today (Tuesday) in a manner of speaking is an end somehow as it concludes the significant work of engagement, negotiation and modification.”

He further said the event marked the formal beginning of “a framework and platform to increase trade between our countries, promote market fairness and ensure our continent progresses from the standpoints of choices for consumers, market entry and stability.”

In his speech, Dr. Mahmoud Momtaz, Chairman of the Egyptian Competition Authority, welcomed the distinguished attendees, highlighting the close relationship and cooperation with the FCCPC.

Momtaz noted that the MoU is an outcome of collaboration between the two agencies, and portends enhanced integration and joint regulatory action among African countries.

He also noted that such cooperation would contribute to addressing enforce cross-border effectiveness of competition regulation between both countries, and on the continent.