Nigeria signs MoU with Egypt to promote trade

Joy Onuorah
Joy Onuorah

A Memorandum of Understanding has been signed by the Egyptian Competition Authority and the Federal Competition and Consumer Protection Commission to further commercial fairness between the two nations.

The FCCPC and the ECA started talking about improving competition law and policy between their two organizations in 2019, however, the process got under way.

According to a statement by the FCCPC administration, the organization’s main responsibilities include fostering fair competition in Nigeria and protecting consumers, with its area of applicability including any commercial endeavors taking place in or having an impact on 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.”

According to the statement, the MoU acknowledges significant issues that aim to advance the engagements of both agencies through collaborative research, capacity building, and the sharing of knowledge and experiences to ensure that consumers and businesses receive the protection and advantages that come naturally with the economic expansion this engagement fosters.

The words made by the Nigerian ambassador to Egypt, Amb. Nura Rimi, were recorded.

“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.”

In his remarks, Dr. The Chairman of the Egyptian Competition Authority, Momtaz Mahmoud, welcomed the distinguished guests and emphasized the close relationship and cooperation with the FCCPC.

He also noted that the MoU was a result of collaboration between the two agencies and portends increased integration and shared regulatory action among African nations.

He added that such cooperation would help solve the issue of how effectively competition legislation crosses borders inside both nations and across the continent.

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