The ECOWAS Regional Competition Authority (ERCA) has said that harmonised competition policies among Member States is critical to achieving a common market place and the African Continental Free Trade Area (AfCFTA).
The Acting Executive Director of ERCA, Dr Simeon Koffi, made this known on Monday in Abuja at the opening of the FCCPC-ERCA Joint Advocacy and Sensitisation Workshop on ECOWAS Regional Competition Policy.
According to Koffi, the advocacy and awareness workshop aims enlightening stakeholders and ECOWAS citizens on ERCA’s mandates, its implications for businesses and trade in the ECOWAS region and also competition law in Nigeria.
He said that the workshop also aimed at ensuring participants become more familiar with the provisions of the regional competition Policy.
This, he said, would enable the stakeholders who will be expert on the field make recommendations to the ERCA on the one hand and to the Member States on the other.
“Although most ECOWAS member States are in the process of adopting competition and consumer protection rules, there is still a long way to go with regard to compliance with regional provisions as well as international best practices.
“Indeed, what is still lacking in the region are adequate and harmonised competition policies which are necessary for the creation of the West African common market.
“With a view to the implementation of the AU’s Agenda 2063, in particular the African Continental Free Trade Area (AfCFTA), it is crucial that ECOWAS Member States harmonize their competition policies in line with the regional competition framework.
“In this regard, ERCA and the Member States should consider an in-depth dialogue on this issue.
“This first advocacy and awareness workshop is to you more information about ERCA’s mandate and its implications for businesses and trade in the ECOWAS region and also competition law in Nigeria.
“It is why the meeting will consists of presentations and discussions in plenary on ERCA’s mission, its framework for collaboration with the National Competition Commissions.
“Of which GCCPC and prospects, especially within the framework of the African Continental Free Trade Area,” Koffi said.
Koffi also commended the Federal Competition and Consumer Protection Commission (FCCPC) for all its achievement so far, describing the FCCPC as one of the most viable competition commission in the ECOWAS region.
He said that the relative progress made by the FCCPC wasthe result of Nigeria’s commitment to competition and consumer protection monitoring.
Mr Babatunde Irukera, Executive Vice Chairman, FCCPC said that the role of competition as a driver of trade and economic growth cannot be overemphasised, especially in developing countries of West Africa.
Irueka said competition creates a level playing ground for businesses to compete fairly and ethically which in turn encourages innovation among businesses which results in increase in quality and decrease in pricing.
“The goal of AfCFTA is to create a single market economy within the African region. “This objective is in sync with the ECOWAS Community Treaty which seeks to promote trade integration amongst member states.
@With a single market economy and competitiveness of local businesses, cross border trade will certainly be on the increase.
“The FCCPC will continue to support ERCA’s advocacy efforts to sensitize consumers, business enterprises, governments and all key stakeholders on the competition principles.
“And policies at both the regional and national levels, in order to ensure a smooth operation of both national and regional competition policies,” Irueka said.
