The procedure took place in 2019 when the FCCPC and ECA began to talk about improving competition law and policy between their respective organizations.
The FCCPC and the ECA signed a Memorandum of Understanding on January 31, 2023, at the headquarters of the Egyptian Competition Authority in Cairo, Egypt, because the two countries are part of the largest economy in Africa and the common goals and objectives of the agency. mandate.
“In this regard, FCCPC and ECA have strengthened their engagement in the Memorandum of Understanding.” A statement by both parties read in part.
The statement further notes that the agreement identifies critical issues that aim to develop the involvement of the two agencies through coordinated research, capacity building, and information sharing and experience sharing to ensure consumers and businesses receive the protection and advantages that come naturally with increased economic growth. give rise to
The management of the FCCPC stated that the organization’s two primary responsibilities are to protect consumers and promote fair competition in Nigeria, with the scope of application including all businesses, conducts, and commercial operations in or involving Nigeria.
Amb Nura Rimi, the Nigerian ambassador to Egypt, said, “The MoU and its scope provide an important starting point, and key competition regulators like the FCCPC and ECA are essential for market entry and stability. This MoU is an indication of the agencies’ joint commitment to promote trade and fairness.
Babatunde Irukera, executive vice chairman of FCCPC, welcomed the presence of the Nigerian ambassador to Egypt, thanked the Common Market for East and Southern Africa (COMESA) friends for their assistance, and thanked the Egyptians for their hospitality. The Competition Authority to host both the signing of the Memorandum of Understanding and the Dialogue Meeting of African Competition Chiefs.
“Signing this MoU today in a way of speaking is the end because it completes the important work of engagement, negotiation, and modification. In the same way, it marks the official start of the framework and platform to increase trade between our countries, promote market fairness and ensure our continent moves forward from the point of view of choice for consumers, market entry, and stability. Irukera stated.