The Private Sector Coalition on the Federal Competition and Consumer Protection Bill wishes to commend the leadership of the National Assembly for the passage of this all important Bill. Indeed, this act marks the beginning of a new era in the business environment in Nigeria.
When signed by the President and implemented, the law would address the issue of anti-competitive and abusive market practices such as price fixing, excessive pricing, abuse of dominant position, etc as well as instil sound business culture in Nigeria. The law will impact on the operations of MSMEs by opening access to markets and reducing the cost of inputs.
It will also cater for the interest of consumers in two broad ways. Firstly, by promoting competition among business operators, consumers are bound to enjoy lower prices and high quality and variety of goods and services. Secondly, a part of the law is dedicated to protecting the rights of the consumer, such as the right to information, safety, choice, redress, etc. The law will put in place an improved framework for consumer protection. The Commission to be established under it will take over the functions of the Consumer Protection Council, which will cease to exist.
We want to particularly thank the President of the Senate, Dr Abubakar Bukola Saraki and the Speaker of rhe House of Representatived, Dr Yakubu Dogara for their personal efforts towards the eventual passage of this Bill.
Finally, we use this opportunity to call on the President to give speedy assent to the Bill as soon as it is forwarded to his Office. This would be in line with the efforts of this administration in reforming the business environment in Nigeria.