The Nigerian Senate has passed the Bill to guarantee competition and combat unfair business practices by traders.
The passage of the Bill followed the consideration of the report of the committee on trade and investment at the plenary on Thursday.
The bill is titled; “the Federal Competition and Consumer Protection Commission Bill.”
President of the Senate, Dr. Bukola Saraki believes through the Act, the Senate has moved Nigeria one step closer to establishing a legal framework to promote competition and protect the rights of consumers.
Aiding the economy
The Consumer Protection Commission Act according to its content, will significantly aid the nation’s economy by addressing various trade concerns and the emergence of cartels and private monopolies.
“When enacted, the new law will make it difficult for unscrupulous actors to collude on pricing, thereby limiting competition and providing little protection for consumers,” the Senate President stated.
The Act will further enforce product safety and consumer protections standards for Nigerian consumes.
According to the Senate President, “the National Assembly has prioritised 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. 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,’’ he added.
The House of Representatives had passed a corresponding legislation in March.
The two chambers must now harmonise their respective bills, then pass it again through both Houses. After that, the legislation will be sent to the President for his assent.