Nigeria, Egypt sign MoU to promote trade
The Federal Competition and Consumer Protection Commission and the Egyptian Competition Authority on Thursday signed a Memorandum of Understanding to promote trade fairness between both countries.
The process began in 2019 when the FCCPC and the ECA initiated discussions on enhancing competition law and policy between both parties.
According to a statement by the management of FCCPC, the key mandates of the FCCPC 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.
“In this regard, the FCCPC and ECA have solidified their engagements in a Memorandum of Understanding.
“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 on Tuesday, January 31, 2023 at the Egyptian Competition Authority’s Headquarters in Cairo, Egypt, executed the MoU. Both agencies recognise and acknowledge the purpose, and benefits this collaboration portends – strengthen economies and promote shared prosperity.”
The statement noted that the MoU recognises crucial issues that seek to progress both agencies engagements through joint investigation, capacity development, and 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, the Ambassador of Nigeria to Egypt, Amb Nura Rimi was quoted saying, “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.”
The Executive Vice Chairman, FCCPC, Babatunde Irukera welcomed the attendance of Nigeria’s ambassador to Egypt, thanked his colleagues 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 said,“Signing this MoU today in a manner of speaking is an end somehow as it concludes the significant work of engagement, negotiation and modification. By the same token, it marks 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.”
During his speech, the Chairman, Egyptian Competition Authority, Dr Momtaz Mahmoud welcomed the distinguished attendees, highlighting the close relationship and cooperation with the FCCPC and noting that the MoU was 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 cross-border effectiveness of competition regulation between both countries, and on the continent.