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In other words, competition law consists of rules that set limitations on business practice for the purpose of ensuring fair and ethical participation in business. Usually, the competition law is part of the competition policy of a country and the competition policy will contain laws and policies as part of a more comprehensive strategy to regulate business practices. The competition policy of a country or a region is meant to build a healthy environment for business participation and completion so that the market is not dominated by a small group of powerful businesspeople. It is important to understand the difference between competition law and competition policy.
Objectives Of Competition Law In Nigeria
Competition law must strike a balance between creating an open market environment in which business interests can participate and pit their goods and services against one another, on the one hand, and protecting the consumer by ensuring that there are standards within that open market environment that must be met by competing business interests. The proposed Nigerian legislation in this regard covers both of these objectives. Section 2 of the Nigerian Federal Competition and Consumer Protection Bill provides for the objects the Act is to promote and they are as follows:- The balanced development of the Nigerian economy.
- The welfare and interests of consumers, and provide them with competitive price and product choices.
- Maintain and encourage competition and enhance economic efficiency in production, trade and commerce.
- Expansion of opportunities for domestic enterprises to participate in world markets.
- Enhance the ability of small and medium enterprises to compete effectively.
- Prohibit restrictive business practice which prevents, restricts or distorts competition or constitutes the abuse of a dominant position of market power n Nigeria.
Principles Governing Competition Law
The principles discussed below will explain how and why competition law seeks to control and regulate certain trade practices.Sign up to the Connect Nigeria daily newsletter
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Prohibition of Cartel
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Control of Cartels and Restrictive Agreements
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Abuse of Dominant Position
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Merger Control
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