BY FAVOUR NNABUGWU

ABUJA – Regulatory agencies in the country have strengthen policies in various sectors of the economy to protect the right of consumers of good and services.

The effort of the regulatory agencies to ensure that the right of consumers of good and services, including investors, are not trampled upon were made known as the Consumer Protection Council, CPC, marked World Consumer Right Day with a one-day stakeholders forum   yesterday.

Consequently, regulatory agencies, including the Central Bank of Nigeria, CBN, National Insurance Commission, NAICOM, Securities and Exchange Commission, SEC, Nigerian Deposit Insurance Corporation, NDIC, have reviewed existing policies  to guard against infringing on consumers’ right.

Mrs Ify Umuenyi, Director-General of CPC, said the need to protect the right of the country’s buyers of goods and services had taken the front burner among regulatory bodies, especially in the financial service sector.

According to her, “the importance of the financial services sector to any nation’s economy is unquestionable.
“This, perhaps, underscores the resolve of Consumers International, CI, to revisit financial services as its theme, ‘Consumers for Fair Financial Services’ for the year 2011 World Consumers Right Day celebrations”.