Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari has assented to the Federal Competition and Consumer Protection Act, 2019, aimed at promoting economic efficiency, maintain competitive market in the Nigerian economy, protect the economy, as well as protect the interest and welfare of consumers.
Presidential Liaison to the National Assembly (Senate), Senator Ita Enang, in a statement explained that the Act establishes the Federal Competition and Consumer Protection Commission as well as the Consumer Protection Tribunal to try violations.
The new Act among others eliminates anti-competitive agreements, misleading, unfair, deceptive or unconscionable marketing, trading and business practices.
It also resolve disputes or complaints, issue directives and apply sanctions where necessary.
According to Enang, “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 wide variety of quality products at competitive prices as well as prohibit restrictive or unfair business practices in the Nigerian economy.
“This law repeals the Consumer Protection Council Act and sections 118 – 128 of the Investment and Securities Act.
Further functions of the Commission 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; (b) advise the Federal Government generally on national policies and matters pertaining to all goods and services and on the determination of national norms and standards relating to competition and consumer protection; (c) report annually on market practices and the implications for consumer choice and competition in the consumer market; (d) eliminate anti-competitive agreements, misleading, unfair, deceptive or unconscionable marketing, trading and business practices; (e) resolve disputes or complaints, issue directives and apply sanctions where necessary; (f) create public awareness through seminars, workshops, studies and make available information with regard to the exercise of its powers and performance of its functions to the public.