The President, Abuja Chamber of Commerce and Industry (ACCI), Mr Adetokunbo Kayode, has commended President Muhammadu Buhari for signing the Federal Competition and Consumer Protection Bill into an Act.
The Media and Strategy Officer of ACCI, Mr Gena Lubem said this in a statement issued on Monday in Abuja.
Kayode said that the law was important to the organised private sector because of the deregulated nature of the Nigerian economy.
According to him, the law will make for critical market forces of demand and supply to determine the prices for goods and services.
“In this regard, companies and business entities will introduce innovative measures with the aim of meeting the taste and preference of the consuming public.
“It is, therefore, my expectation that within the shortest possible time, the business environment in Nigeria will revolutionise, and if it is implemented properly and impartially, the entire economy will be better for it.
“Signing this legislation into law has both short and long term benefits, hence the law abrogates agreements that seek to impose restrictions on undertakings or associations purporting to set minimum prices for goods or services. Such are void under this law.
“It is already in the public domain that the new Federal Communication Commission (FCC) will also have the power to investigate the abuse or undertakings that tend to introduce dominance in the market.
“The commission is also mandated to direct any undertaking to immediately cease abusive practice. In addition, it also has the power to apply appropriate sanctions when the situation demands,” he said.
Kayode said that the law carried some fundamental elements which allow the president to act only when the commission formally advises him to regulate a particular sector or aspect of business.
He, however, said that in the early phase of the law, some businesses may find it difficult to adjust.
“I know that from the global experience of competition regulation, the law will immensely benefit both producers and consumers,’’ Kayode said.
President Buhari assented to the Federal Competition and Consumer Protection Act 2019 last Wednesday.
The law is to promote economic efficiency, maintain competitive market as well as protect the Nigerian economy
The law would also protect the interest and welfare of consumers by providing consumers with a wide variety of quality products at competitive prices.
It would also prohibit restrictive or unfair business practices in the Nigerian economy. (NAN)