President Muhammadu Buhari has signed into law, the Federal Competition and Consumer Protection Bill.
This Act, according to Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang, seeks to establish the Federal Competition and Consumer Protection Commission as well as the Consumer Protection Tribunal to try violations of the Act.
Enang explained that the law was conceived to promote economic efficiency, maintain competitive market in the Nigerian economy, protect the Nigerian economy, protect the interest and welfare of consumers by providing consumers with wide variety of quality products at competitive prices.
The presidential aide who also said the Act prohibited restrictive or unfair business practices in the Nigerian economy, added that the Act repealed the Consumer Protection Council Act and sections 118 – 128 of the Investment and Securities Act.
Enang listed other functions of the Commission to include, among others: (a) initiate broad based policies and review economic activities in Nigeria to identify anti-competitive, anti-consumer protection and restrictive practices which may adversely affect the economic interest of consumers and make rules and regulations under this Act and any other enactment with regards to competitions and protection of consumers.
