Nigeria ranks 125th in CPI
The Executive Vice Chairman, Federal Competition and Consumer Protection Tribunal (CCPT), Babatunde Irukera, has said that Nigeria ranks 125th in the global Consumer Protection Index (CPI). He added that the tribunal receives 1,000 complaints bordering on consumer challenges weekly.
Irukera disclosed this during a three-day retreat for members of CCPT themed ‘Laying the Foundation for a Successful Competition and Consumer Protection Tribunal in Nigeria’, yesterday, in Nasarawa.
He said: “Before I resumed duty, CCPT was receiving approximately 700 to 1,000 complaints yearly; but now, we do that weekly and many cases are still open. The cases that closed had satisfactory resolution. Right now under FCCPT, we have over eight cases in court and two of they are already resolving.”
Chairman of the CCPT board, Sharatu Shafi, remarked: “I must state that the CCPT may not have come at a better time than now when competition and consumer protection index have become a global tool for assessing the investment potential of any country, determine the rate of foreign direct investments (FDIs), and accelerate the Ease of Doing Business (EoDB). All of these have implications for national economic growth and development.”
“Nigeria stands at 125th position in the global competition and consumer protection index. With the launching of the Nigeria Economic Sustainability Plan (NESP) to replace the Economic Recovery and Growth Plan (ERGP), joining the ECOWAS Regional Competition Authority (ERCA), and signing the African Continental Free Trade Area (AFCTA) agreement, which seeks to expand market frontiers across the continent, it has become our duty to safeguard fair competition and ensure the protection of Nigerian consumers.”
She explained that the tribunal also has the mandate to stem anti-trust issues and guarantee consumer satisfaction through the exercise of its judicial duties.
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