The National Assembly Business Environment Roundtable (NASSBER) has commended the House of Representatives for passing the Federal Competition and Consumer Protection Commission Bill.
In a letter to the Speaker of the House of Representatives from the NASSBER Secretariat, the Chief Executive Officer of the Nigerian Economic Summit Group, Mr. Laoye Jaiyeola stated: “NASSBER expects that when signed into law after passage by the Senate, the legislation will promote healthy business competition and strengthen consumer rights in Nigeria.”
NASSBER is a platform for the legislature and the private sector to engage, deliberate and take action on a framework that will improve the Nigerian business environment. It is a partnership between the National Assembly, Nigerian Economic Summit Group, UK Department for International Development ENABLE II programme and Nigerian Bar Association Section – on Business Law.
Being one of the priority legislations identified in the Comprehensive Review of Institutional, Regulatory, Legal, and Constitutional Instruments Affecting Business in Nigeria by NASSBER; the Bill is expected to create an opportunity for small businesses to compete and thrive alongside large ones.
Furthermore, NASSBER’s Economic Impact Assessment Report highlights that, “competition law and policy is based on clear insights from economic history and that public interest is best served by free competition in trade and industry.”
Global research suggests that real prices drop by between 25-50 per cent as a result of competition and deregulation in previously uncompetitive industries and quality of service also improves.
