CPC Moves to Regulate Nigeria’s E-Commerce Industry

 In Investor News

The Consumer Protection Council (CPC) has made fresh moves to regulate the e-commerce business in Nigeria; they are also partnering with online marketing companies in Nigeria to protect online shoppers from fraud.

This was disclosed on Wednesday 14th March, 2018 in Abuja at a joint press conference addressed by CPC and representatives of online marketing companies in the country to mark World Consumer Rights Day.

To mark the Day, CPC engaged the online marketing companies where it was agreed that consumers must be protected as well as protecting legitimate and responsible online marketing companies and their brands.

It was also agreed that only a robust ethical and well-regulated industry could promote Consumer’s confidence and eliminate distrust, prevent fraud and market entry by those who seek to exploit and defraud.

The parties also recognised that technological disruption and innovation remained a vital catalyst for economic expansion, commercial penetration and shared prosperity.

Both parties acknowledged that clear and transparent guiding principles guidance and a regulatory framework is important to growing and sustaining a vibrant E-commerce industry.

Five guiding principles were adopted which according to the parties would ensure protection of consumers, enhance efficiency and eliminate fraud as well as create a robust online marketing platform in the country.

Addressing the media, Babatunde Irukere, the Director General of CPC, noted that the aim of the meeting was a “day global attention is drawn to consumer’s right.” He said the theme of this year’s celebration is “Making the Digital Marketplaces Fairer.”

He said, “E-commerce is an expanding business area with an incredible catalyst for economic growth. “One achievement of this meeting is that for the first time we have adopted five principles that we recognised are due to what we recognise as essential in the market place.”

He added that it was to ensure “a more structured and regulatory framework to ensure appropriate consumer benefit and adapting to a quick step towards addressing consumer complaints.

“We are moving towards holding a stakeholder engagement which includes consumers, which will allow consumers to challenge organisations and suggest principles that would be institutionalized,” he said. He said one of the frameworks in the new collaborative themes would be to dish out sanctions accordingly to defaulting online marketing companies to protect consumers and instill confidence in the system.

CPC moves to regulate Nigeria’s e-commerce industry

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