The Executive Vice Chairman and Chief Executive Officer of the Federal Competition and Consumer Protection Commission, Mr. Tunji Bello, has inaugurated the pioneer team of the Joint Market Monitoring Taskforce.

The taskforce is set up to address the growing challenge of product counterfeiting across the country.

This was disclosed by Bello at the inauguration of the taskforce in Abuja on Wednesday.

He emphasized that with consumers and businesses alike facing significant economic pressures, ensuring value for money has become more critical than ever.

He said, “It’s no news that our markets are flooded with fake, counterfeit and substandard consumer products that are not-fit for intended purposes or clearly unsafe or injurious to consumer welfare.”

Represented by the FCCPC Director of Surveillance and Investigations, Mrs. Boladale Adeyinka, Bello noted that the inauguration of the taskforce underscores the Commission’s unwavering commitment to protecting Nigerian consumers from harmful and substandard products, while also fostering a competitive and fair marketplace.

He stated that the FCCPC Act empowers the Commission to rid the market of hazardous and unsafe products, and to eliminate deceptive, unfair, and misleading business practices. This also includes addressing anti-competitive conduct that significantly hinders market competition.

He emphasized that the Commission, in carrying out its responsibilities, places a high premium on collaboration with key stakeholders to achieve more impactful and sustainable results.

Bello noted that with the large number of players and stakeholders in the marketplace, effective monitoring can only be achieved through joint effort and shared responsibility.

The FCCPC boss stressed the need for regulators, market executives, and union leaders to work collaboratively as a unified team to ensure the marketplace functions effectively for everyone.

He further explained that the inauguration marked the deployment of the first set of JMMT teams across four markets within the FCT, as the Commission officially launched Phase 1 of its joint market monitoring operations, which will eventually be extended to markets nationwide.

Stakeholders present at the event included representatives from four major markets within the FCT: Wuse Market, Utako Market, Garki International Market, and Garki Modern Market.