The Federal Competition and Consumer Protection Commission(FCCPC) has constituted a Joint Market Monitoring Taskforce(JMMT), tasked with the responsibility of riding the markets of fake, counterfeit and substandard consumer products.
The Executive Vice Chairman /Chief Executive Officer of the Commission, Mr Tunji Bello, who inaugurated the taskforce in Abuja on Wednesday, explained that the first set of JMMT, would cover four markets in the Federal Capital Territory,Abuja under its phase one subsequently would be established in all the markets across Nigeria.
Bello, represented by FCCPC’s Director, Surveillance and Investigations, Mrs Boladale Adeyinka, explained that the setting up of the Taskforce underscored the commitment and resolve of the Commission to protect Nigerian consumers from harmful and unsafe products as well as promote business competitiveness in the Nigerian markets.
He added: “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.
“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, priorities cooperation and collaboration with key stakeholders for greater success.
“There are many players and stakeholders in our marketplaces. Effective market monitoring operations requires 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.”
Bello noted that the terms of reference to guide the operations of JMMT have been discussed and communicated to the members of the JMMT, adding that members of the committee have also made commitments to support the Commission’s effort.
