In 2018, the National Assembly enacted the Federal Competition and Consumer Protection Act 2018. The Act seeks to, amongst several others, promote and maintain competitive markets in the Nigerian economy, protect and promote the interests and welfare of consumers, etc.
Despite Nigeria’s economic size, there was no law to manage anti-competitive trade prices like monopoly, abuse of dominance and price regulation until the Act was enacted. The government in particular had monopoly over the telecommunication industry for several years until the early 2000’s. Several international and multinational companies in Nigeria also hold significant monopoly over various sectors. With the enactment of this legislation, companies are properly regulated/monitored by the new Federal Competition and Consumer Protection Commission.
In this article, we shall be looking at the key features of the Federal Competition and Consumer Protection Act 2018 (Act), how the Act prevents anti-competition and protects consumers.