President Muhammadu Buhari has assented to the Federal Competition and Consumer Protection Bill, thereby making it the Federal Competition and Consumer Protection Act 2019.
By this, Nigeria has promulgated perhaps the most prolific legislation for promoting consumer confidence, choice and fair pricing. By the same token, the law deepens the framework for encouraging and supporting small and medium scale businesses by ensuring a playing field that eliminates entry barriers and operational obstacles which prevent sustainability and profitability.
By this law, the Federal Government has cemented the most needed efficient and transparent framework for meaningful and credible disposition of public enterprises, expanding economic growth and assuring shared prosperity. As a leading market in Africa, a vibrant competition framework is a key tool in reducing poverty, increasing value for money and ensuring consumer satisfaction.
According to Mr. Babatunde Irukera, Director General, Consumer Protection Council, this demonstration of fidelity to consumers and citizens while continuing to promote Nigeria as a leading destination for investment is an outstanding achievement, and a historic milestone in the development of Nigeria and prioritization of her people both from consumer protection and economic competitiveness standpoints.
Irukera said “We at the Consumer Protection Council will engage every tool and provision in this new law, and any other enactment for the protection of consumers to ensure fair treatment and respect for Nigerian consumers.”