Nigeria has signed a Memorandum of Understanding with Egypt to promote trade fairness between both parties.
The Federal Competition and Consumer Protection Commission took a bold step to seal the agreement with the Egyptian Competition Authority (ECA) which is a watch dog that Strengthens competition in the country.
The process began in 2019 when the FCCPC and the ECA initiated discussions on enhancing competition law and policy between both parties.
The agreement was sealed at the ECA headquarters in Cairo with an MoU signed in that regard on January 31, 2023, according to a release by the FCCPC.
The MoU is expected to 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, FCCPC said.
The Ambassador of Nigeria to Egypt, Nura Abba Rimi said, “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 FCCPC Executive Secretary, Babatunde Irukera said the MoU marks the start of a fresh relations with Egypt but this time would promote market fairness.
The FCCPC boss 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.”