The Nigerian Senate has passed the Federal Competition and Consumer Protection Commission Act. The bill provides legal framework to combat unfair business practices, promote competition and protect consumers rights.
This will address the trade concerns, emergence of cartels and private monopolies. The Act will further enforce product safety and consumer protections standards for Nigerian consumes
Senate President, Dr. Abubakar Bukola Saraki, had said “the National Assembly has prioritized extending competition and fairness standards to the private sector. When enacted, the new law will protect the interest of persons who establish businesses, consumers and investors.”
“The new law will encourage innovation, enterprise and wider choices for consumers” added the Senate President. “We now have a national competition and consumer protection policy that fills the legal and regulatory void that previously existed. This will truly make Nigeria a healthier environment for ease of doing business and consumer purchasing.”
The House of Representatives had passed a similar Bill in March. Both legislative chambers will reconcile their respective bills, pass it again through both chambers, then the bill will be sent for the President’s assent.