ECOWAS, NCA, Sign MoU To Foster Economic Competition, Monitor Market Dynamics

The ECOWAS Regional Competition Authority (ERCA), and the National Competition Authorities (NCA) have signed a Memorandum of Understanding to foster economic development within the ECOWAS region.

The Economic Community of West African States initially had 15 members, with the withdrawal of Mali, Niger and Burkina Faso from the bloc, leaving 12 countries in the bloc.

The decision to intensively monitor the market dynamics aimed at strengthening economic bonds was disclosed at the 8th statutory meeting of the Competition Consultative Committee (CCC) of ERCA.

The Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC) Adamu Abdullahi, said, “In our collaborative efforts to foster fair competition and promote economic development within the ECOWAS region.

Abdullahi who is also the Chair of the Competition Consultative Committee (CCC) of ERCA noted that “One of the key agenda items is the finalization and validation of a draft Memorandum of Understanding between ERCA and the National Competition Authorities (NCA).

“This MoU underscores our commitment to enhancing cooperation in data collection and the administration of the ECOWAS Competition Information System (ECIS).

“By strengthening our collaboration in this area, we can improve our ability to monitor market dynamics and enforce competition regulations effectively.

“Additionally, We will review the terms of reference for a market study that ERCA intends to undertake in close collaboration with the NCAs. This study holds the potential to provide valuable insights into market trends, challenges, and opportunities across various sectors within our region.”

According to him, the study will be instrumental in formulating evidence-based policies and strategies to promote competition and economic growth.

The Acting EVC added that the meeting will culminate in the election of the Bureau of the Committee for the next four years.

“Together, we have the opportunity to shape the future of our region’s economic landscape and create a conducive environment for businesses to thrive and consumers to benefit”.

Also in attendance were the Honourable Minister of Industry Trade and Investment, (FMITI) represented by the Head, of the Special Duties Department, FMITI Mr. Simon Omo-Ezomo, ECOWAS Commissioner for Economic Affairs & Agriculture Mrs. Massandjé Toure-Litse.