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Proposed New Consumer Law to Regulate Pricing, Says CPC

25 Jan 2013

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National Assembly



Raheem Akingbolu
The proposed consumer protection bill, by the Federal Government, if it sails through at the National Assembly, will regulate pricing and enhance healthy competition, THISDAY investigation has revealed.

Deputy Director, Public Relations at the Consumer Protection Council (CPC), Mr. Biodun Obimuyiwa, who disclosed this, said the law would also herald the establishment of Consumer Protection and Competition Commission, which will better regulate the relationship between service providers, manufacturers of goods and the consuming public.

He said; “Among other benefits, the proposed law will address issues related to price fixing and right of consumers. It will also check unhealthy competition among companies, which in some cases often resulted in organisation running down one another,”
The Deputy Director also noted that the law will allay the fears of some foreign investors, who are reluctant of doing business in Nigeria because of non-availability of competition law.
Minister of Trade and Investment, Mr. Olusegun Aganga, stated in Abuja last week that a competition and consumer protection law that would enable businesses to operate more effectively in the Nigerian market place is underway.

He spoke at the maiden edition of the Nigeria Consumers’ Award (NiCA) which saw NICON Insurance and 13 other providers of products and services emerging winners.

NiCA was organised by the Consumer Protection Council (CPC) to re-energise the Nigerian market-place for a healthy competition, which is capable of increasing consumer satisfaction from interactions between the consumer and provider of product and services.

Aganga, who was represented at the event by the Minister of State for Trade and investment, Chief Samuel Ortom, said government was poised to ensure that appropriate safeguards were being put in place to protect investors and consumers alike.

“Citizens’ empowerment and well-being are key performance indicators of the Transformation Agenda of the present administration,” he said, adding that this informed the resolve to take to the National Assembly, in no distant future, a Competition and Consumer Protection Bill.

According to the minister, when passed into law, the bill would bring about a competition regime that would enable businesses to operate more effectively in the Nigerian market place.
“It will also enable the nation to harness the gains of privatisation and deregulation, modernise the legal provisions for consumer protection in Nigeria and at the same time build the required synergy between competition and consumer protection in the country.”

Aganga, who disclosed that that appropriate safeguards were being put in place to protect investors and consumers, urged all players in the nation’s economy to contribute their quota to the growth of the national economy
The minister said the bill would soon be sent to the National Assembly by President Goodluck Jonathan.
He said, “Citizens’ empowerment and well-being are key performance indicators of the Transformation Agenda of the administration of Mr. President, Dr. Goodluck Ebele Jonathan.

“This informed our resolve to take to the National Assembly, in no distant future, a competition and consumer protection Bill which, when passed into law, will bring about a competition regime that will enable businesses to operate more effectively in the Nigerian market place.

“It will also enable the nation to harness the gains of privatisation and deregulation, modernise the legal provisions for consumer protection in Nigeria, and at the same time build the required synergy between competition and consumer protection in the country.”

The Minister said that the government was poised to ensure that appropriate measures were put in place to protect investors and consumers.

Tags: Business, Consumer Law, Featured, Nigeria

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