President Muhammadu Buhari has given his assent to the establishment of the Federal Competition and Consumer Protection Commission.
The Special Assistant to the President on National Assembly, Senator Ita Enang, disclosed this on Wednesday.
The Act also made provision for the establishment of the Consumer Protection Tribunal to try offenders or those who would violate its provisions.
By the provisions of the Act, unfair, misleading practices and certain agreements that impede competition are now criminal offences.
Enang said, “The law is 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 a wide variety of quality products at competitive prices as well as prohibiting restrictive or unfair business practices in the Nigerian economy.
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“This law repeals the Consumer Protection Council Act and Sections 118 – 128 of the Investment and Securities Act.”
Speaking on the development, the Director-General, Consumer Protection Council, Mr Babatunde Irukera, said the new law would help promote economic competitiveness in the country.
Irukewa explained that it deepen the framework for encouraging and supporting small and medium scale businesses.
He said, “Nigeria has promulgated perhaps the most prolific legislation for promoting consumers’ confidence, choice and fair pricing.
“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.”