President Muhammadu Buhari has assented to the Federal Competition and Consumer Protection Bill, thereby making it the Federal Competition and Consumer Protection Act 2019.
A statement released in Abuja yesterday, signed by the Director General of the Consumer Protection Council (CPC), Babatunde Irukera, indicated that by this, Nigeria has promulgated the most prolific legislation for promoting consumer 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,” Irukera stated.
Irukera stated that 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,” he stated.
He noted that new act, which is a 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.
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