A non-governmental organisation, under the aegies of the Centre for Social Change and Citizenship Education (CENSOCHANGE), has urged President Muhammadu Buhari to immediately approve the federal competition and consumer protection bill.
The bill was passed by the national assembly in December 2017 and has since been sent to the president for approval.
It seeks to eliminate monopolies at all levels of the Nigerian market, prohibits abuse of dominant market position and penalise restrictive trade and business practices.
It also provides for the removal or elimination of hazardous goods and services from the market and their replacement with safer and more appropriate alternatives.
According to the group, anti-competition regulations have been very weak in the country, “a situation which led to monopolies in different sectors of the economy and the flagrant abuse of consumers rights by products manufacturers and service providers”.
“We will like to commend the national assembly for the great works they did that led to the passage of the very important bill and are using this medium to plead with President Buhari to assent to that bill without further delay,” the statement read.
“When it becomes law, this legislation will end misleading, unfair and unconscionable marketing and trading practices. It will promote consumer interests.
“Nigerian has taken too long to get to this point and any further delay will be detrimental to the economy, healthy living of Nigerians, the economy and the total environment. We urged the President to do the needful and immediately assent to this draft law.”