Competition Law In Nigeria’s Legal History
There is currently no comprehensive legislation on competition law in Nigeria. This area of commercial law, although it has generated significant interest, has not received commensurate representation in the country’s law books.Read more about The law and you
Nevertheless, there are several laws that cover areas relating to the regulation of the market in certain sectors of the economy, and there have been several efforts to introduce comprehensive competition legislation, as will be shown below:
- Central Bank of Nigeria Act
- Consumer Protection Council Act
- Counterfeit and Fake Drugs and Unwholesome Processed Foods (Miscellaneous Provision) Act
- Electric Power Sector Reform Act
- Foods and Drugs Act
- Investment and Securities Act
- National Agency for Foods and Drugs Administration and Control (NAFDAC) Act
- National Universities Commission Act
- Nigeria Civil Aviation Authority (NCAA) Act
- Nigerian Communications Act
- Nigerian Investment Promotion Commission Act
- Ni9gerian Tourism Development Corporation Act
- Standards Organisation of Nigeria Act
- Trade Malpractices Act
- Weights and Measures Act.
Advantages Of Introducing Competition Law In Nigeria
- To attract foreign direct investment: When foreign investors seek fertile economies to invest their resources, they usually consider the legal system of the country in question, to make sure that it protects their interests and provides a reliable system where their rights can be enforced.
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- To protect the public: Consumers also benefit from a comprehensive competition law framework, because the laws ensure that business people do not engage in trade practices that raise prices unfairly, or tilt the market in favour of a particular trader, thereby compromising on the value or quality of the product.
- To protect local and small businesses: Competition law makes sure that big business corporations do not take over the market and create a monopoly. Therefore, small businesses can continue to participate in a healthy business environment where there are laws that encourage competition on fair terms.
- To improve the country’s international reputation: In addition to attracting foreign direct investment, the existence of a comprehensive competition law regime will improve Nigeria’s reputation as a safe destination for companies and businesses.
Conclusion
Competition law is becoming increasingly important on the global scene because of the effects of globalization and the growth of transactional trade. It is pertinent to note the distinction between competition law and consumer protection. While competition law seeks to provide a fair and open marketplace for business to operate and grow, consumer protection laws protect the rights of consumers and make sure that businesses do not exploit them. Featured Image Source: The ConversationGot a suggestion? Contact us: editor@connectnigeria.com