FCCPC inaugurates monitoring group for stable market prices

FCCPC inaugurates monitoring group for stable market prices

The Federal Competition and Consumer Protection Commission (FCCPC) has inaugurated the Joint Market Monitoring Taskforce (JMMT) as part of its commitment to sanitizing Nigerian markets, beginning with key markets in the Federal Capital Territory.

Speaking at the flag-off ceremony for the first phase of the Taskforce in Abuja, the Executive Vice Chairman of FCCPC, Mr. Tunji Bello, called on market leaders and executives to support the initiative.

Bello, represented by the Director of Surveillance and Investigations, Mrs. Boladale Adeyinka, reaffirmed the Commission’s commitment to consumer protection.

“This event, again, 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.”

“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”.

“At a time when both consumers and businesses are experiencing economic challenges, getting value for money expended on products has become very imperative,” he stated.

He cited Section 17 of the Federal Competition and Consumer Protection Act (FCCPA), which empowers the Commission to eliminate hazardous products and unethical marketing practices, stating that the FCCPC “prioritizes cooperation and collaboration with key stakeholders for greater success.”

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“The Commission in delivering her mandate, prioritizes 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.

“And 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 market monitoring operations which will be established in all our markets across the nation,” Bello explained.

“Present with us today to flag off the Phase 1 are representatives of 4 Markets within the FCT namely Wuse Market, Utako Market, Garki International Market, and Garki Modern Market while 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,” the FCCPC boss added.

Bello urged the public to support the Commission by providing credible information or alerts on violations of consumer protection laws through its official email, hotlines, complaint portal, or social media platforms.

In a remark, the Head of Monitoring and Enforcement at Abuja Market Management Limited, Mr. Musa Shelleng, applauded the FCCPC for establishing the Taskforce.

He called for continued trader sensitization and pledged the support of the Market Management toward achieving the Taskforce’s goals.

Also speaking, the Chairman of Garki Market, Mr. Paul Nnamani, praised the initiative and vowed to educate his members on adhering to the Taskforce’s terms of reference. He also urged traders to avoid unethical practices and ensure consumers get value for their purchases.

Other market leaders and executives in attendance emphasized the importance of inclusive stakeholder engagement to ensure the success of the Joint Market Monitoring Taskforce.

FCCPC inaugurates monitoring group for stable market prices