Admin l Friday, October 27, 2017
IKEJA, Lagos, Nigeria – The Private Sector Coalition on Competition Bill has called on President of the Senate, Dr. Bukola Saraki and his counterpart in the House of Representatives, Alhaji Yakubu Dogara to expedite action on ongoing harmonization of the Federal Competition and Consumer Protection Bill(FCCPB) to ensure its speedy passage.
Execute Director, Nigeria Employers Consultative Association (NECA), Mr. Timothy Olawale who was speaking at a press conference said the specific objective of the bill as listed in section 1 are to promote and maintain competitive markets in the Nigerian economy; promote efficiency, protect and promote the interest and welfare of consumers by providing consumers with wider variety of quality products at competitive prices; prohibit restrictive business practices and unfair business practices which prevent, restrict or distort competition or constitute an abuse of a dominant position of market power in Nigeria and contribute to the sustainable development of the Nigerian economy.
He explained that when passed the bill is expected to improve the existing legal and institutional framework for consumer protection in Nigeria as well as for the first time introduce economy wide rules on market competition.
“The outcome should be an improved business environment that would ensure level playing field for businesses to operate, especially making room for MSMEs and innovative startups to penetrate the market as well as a robust mechanism for protecting the interest of consumers.
According to him, salient part of the bill includes prohibition of agreement in restraint of trade. “This is covered under Part VII, section 60 -70. Covered under this part are agreements by businesses directly or indirectly fixing a purchase or selling price of goods or services, dividing market by allocating customers, suppliers, territories or specific types of goods or services; limiting or controlling production or distribution of any goods or services, markets, technical development or investment; engaging in collusive tendering or making the conclusion of an agreement subject to acceptance by the other parties of supplementary obligations which by their nature or according to commercial usage have no connection with the subject of such agreement; withholding of products from a dealer by a supplier and imposition of minimum resale prices.
There are also provision in the bill dealing with monopoly situation and the regulation of mergers and acquisition in such a way as to ensure that competition is not eliminated or inhibited by reason of merger.
“The consumer protection aspect spells out the rights and obligations of the consumer as well as clearly defines the obligation of business owners and liability for failure to meet up with these obligations. It leaves little or no room for administrative overreach in enforcing consumer rights”, he said.
