5 interesting facts you need to know about the new Federal Competition and Consumer Protection Act
5 Interesting facts you need to know about the New Federal Competition and Consumer Protection Act Credit : von.gov.ng Great news! President Muhammadu Buhari just signed into law the Federal Competition and Consumer Protection Bill thereby making it the Federal Competition and Consumer Protection Act. The New Federal Competition and Consumer Protection Act repeals the Consumer Protection Act, Cap. 25, Laws of the Federal of Nigeria, 2014. The Act seeks to ensure economic efficiency, maintain competitiveness in the Nigerian Market, encourage innovation, prohibit restrictive business practices and protect the welfare of consumers most especially as regards the right to choose and have access to a variety of products and services at fair and competitive prices. The Act has introduced new provisions that if implemented, would revitalize the economy significantly. I would highlight five of them for the purpose of this blog post. 1. Scope of ...