The Federal Competition and Consumer Protection Commission (FCCPC) on Wednesday in Abuja inaugurated a Joint Market Monitoring Taskforce (JMMT) to monitor prices of goods across markets and protect consumers from unsafe products.
Speaking at the event, the EVC /CEO of the Commission, Mr Tunji Bello, said the event underscores FCCPC’s commitment and resolve to protect Nigerian consumers from harmful and unsafe products and also to promote business competitiveness in the Nigerian market.
Represented by Director Surveillance and Investigations, Mrs. Boladale Adeyinka, he noted that it is no news that Nigerian markets are flooded with fake, counterfeit, and substandard consumer products that are not fit for intended purposes and also unsafe or injurious to consumer welfare.
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The EVC added that “At a time when both consumers and businesses are experiencing economic challenges, getting value for money expended on products has become very imperative.
“Section 17 (m) (1) (g) (p) (r) (s) (t) of the FCCPA mandates the Commission to seek ways and means of removing hazardous and unsafe products from our markets, eliminate obnoxious and unscrupulous business and marketing practices that are deceptive, unfair and misleading, including anti-competitive practices that substantially prevent or lessen competition in our markets.
“The commission in delivering her mandate prioritises cooperation and collaboration with key stakeholders for greater success.
“There are many players and stakeholders in our marketplaces. Effective market monitoring operations require all hands to be on deck; that is, the regulators, as well as the market executives or market union leaders, need to come together as a team to make our market work for all.
“Today, the commission will be inaugurating the first set of JMMT covering 4 Markets within the FCT as we flag off Phase 1 of the joint marketing monitoring operations, which will be established in all our markets across the nation,” he explained.
The FCCPC boss noted that the terms of reference to guide the operations of JMMT have been discussed and communicated to members of the JMMT, who have also made commitments to support the commission’s effort.
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