With the passage of the Federal Competition and Consumer Protection Commission Act, the Senate has moved the country one step closer to establishing a legal framework to combat unfair business practices, promote competition and protect the rights of consumers.
The Consumer Protection Commission Act, according to a statement by the Media Office the Senate President, will significantly aid the nation’s economy by addressing various trade concerns and the emergence of cartels and private monopolies.
The statement quoted the Senate President, Dr. Abubakar Bukola Saraki, to have said that, “the National Assembly has prioritized extending competition and fairness standards to the private sector. When enacted, the new law will protect the interest of persons who establish businesses, consumers and investors.
“The new law will encourage innovation, enterprise and wider choices for consumers”
It could be recalled that the House of Representatives passed a corresponding legislation last March. The two chambers must now harmonize their respective bills, and then pass it again through both houses. After that the legislation will be sent on to the President for his signature.
