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President Muhammadu Buhari has given legal backing to the establishment of the Federal Competition and Consumer Protection Commission.
Buhari’s National Assembly Liaison Officer, Senator Ita Enang, said on Wednesday that the legal backing came with the signing into law of the Federal Competition and Consumer Protection Bill by the President.
The Act also established 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 punishable 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.
“This law repeals the Consumer Protection Council Act and Sections 118 – 128 of the Investment and Securities Act.”
The Director-General, Consumer Protection Council, Mr Babatunde Irukera, said Buhari’s assent to the bill would help promote economic competitiveness in the country.
The CPC boss said the new legislation would deepen the framework for encouraging and supporting small and medium scale businesses.
Irukera said the Federal Government had cemented an efficient and a transparent framework to protect consumers.
He said, “Nigeria has promulgated perhaps the most prolific legislation for promoting consumer’s 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.”
He said the CPC would use the provisions in the new law to ensure fair treatment and respect for consumers.